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First Quarter Credit Card Delinquency Rate Jumps 11%

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posted on Jun, 8 2009 @ 10:04 AM
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First Quarter Credit Card Delinquency Rate Jumps 11%


www.cnbc.com

Credit card holders who in ordinary years might have used their tax refunds to pay down their balances apparently spent the money elsewhere as the recession deepened in the first quarter.

That's one of the conclusions that may be drawn from data showing the delinquency rate for bank-issued credit cards rose 11 percent in the first three months of the year, according to credit reporting agency TransUnio.
(visit the link for the full news article)


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Credit Card Debt for the Tween Set
Anyone else been experiencing CREDIT CARD hassles?




posted on Jun, 8 2009 @ 10:04 AM
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As expected with the credit crunch the foreclosures the economic crisis we can not forget that in America people live on credit card spending.

Now the credit lines and balances are to the point that people can not afford them anymore, so the most alternative answer is to stop paying them.

But beware that if you own a bank account the new bankruptcy laws passed under the Bush administration can make easier for the credit card companies to come back at you and freeze your accounts to get what you own.

www.cnbc.com
(visit the link for the full news article)



posted on Jun, 8 2009 @ 10:26 AM
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reply to post by marg6043
 



But beware that if you own a bank account the new bankruptcy laws passed under the Bush administration can make easier for the credit card companies to come back at you and freeze your accounts to get what you own.


provided you fail to secure the bank account under your individual states exemption laws. Depending on the state you live in, there is a maximum amount of $$$ USD that you're allowed to claim as "exempt" in which they can't touch it.

Just throwing that out there.



posted on Jun, 8 2009 @ 10:32 AM
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The 'credit card' crunch is the next shoe to fall. When that happens, the feds, banks and those who've already bellied up to the trough and righted their ship with tax dollars will blame the little guy consumer for the economic fallout when card defaults send the economy in to it's next swirl around the bowl.

There will be no bailout of the mainstreeter who bought into the 'live now, pay later' life that we were taugh to know, love and embrace.

See, it'll all boil down to being the little guys' fault, not the greedy bastard bankerbarons that run the world.


ps . . . the 'popup' that reared it's ugly head when I opened this page was none other than an ad for a Capital One mastercard boasting a swell 'introductory' interest rate of 5.99 percent . . . with guaranteed approval, of course.

Go figure.


[edit on 8-6-2009 by GoalPoster]



posted on Jun, 8 2009 @ 11:37 AM
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I told BoA that as soon as they lowered my interest rate back to what I signed on for I'd gladly pay my balance. They told me that if I paid it off, they'd lower it. I told them I wanted that in writing and then I'd pay it off. They told me they couldn't do that, so I told them if they couldn't put it in writing then I couldn't pay on my account at all.
Crooks.

I know it's probably hurting my credit rating and I've got the money, but they've pissed me off so bad, I'm going to make them wait a couple of months and, hopefully, sweat a little longer - it's a pretty large balance.

Edit to add: they're calling me every day now, lol, and it's the same conversation everytime they call.

[edit on 8/6/2009 by Iamonlyhuman]



posted on Jun, 8 2009 @ 11:47 AM
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Send these people to debtor prison, ha. You owe, you pay. Stick to your signed agreement, unless your word and honor mean nothing. You don't pay what you owe, then you're no better than a common thief!



posted on Jun, 8 2009 @ 11:50 AM
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Originally posted by Divinorumus
Send these people to debtor prison, ha. You owe, you pay. Stick to your signed agreement, unless your word and honor mean nothing. You don't pay what you owe, then you're no better than a common thief!


LOL, read my post above


Now, as long as THEY stick to the agreement, I will too.



posted on Jun, 8 2009 @ 11:59 AM
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Originally posted by Divinorumus
Send these people to debtor prison, ha. You owe, you pay. Stick to your signed agreement, unless your word and honor mean nothing. You don't pay what you owe, then you're no better than a common thief!


What about all the people in government and police that murder. They sign on saying they will do within the law. They are just murderers so why aren't they in prison for murder?



posted on Jun, 8 2009 @ 12:05 PM
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reply to post by marg6043
 



Delinquincies are also going up as revenge for what the banks have done. They have raised everyone's rates resulting in highly monthly payments. They at the same time have slashed everyone's credit to the amount owed which has the effect of ruining their credit scores. They also single handedly destroyed the economy with their prior irresponsible actions.

So you are left with people who cannot afford their bills and with the unemployment situation little choice but not to pay someone. That someone will always be the credit cards first. Why not? - they already ruined your credit. Not paying isn't going to change much for most individuals. Eventually the banks will get pennies on the dollar for their loans and they onl have themselves to blame.

To sum it up the banks have destroyed our incomes and demanded higher payments for themselves. I won't be happy until the default rate nears 100%. At that point the goverment may just start looking out for the average citizen and real substantial action will have to be implemented.



posted on Jun, 8 2009 @ 12:59 PM
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Originally posted by GoalPoster
ps . . . the 'popup' that reared it's ugly head when I opened this page was none other than an ad for a Capital One mastercard boasting a swell 'introductory' interest rate of 5.99 percent . . . with guaranteed approval, of course.

Go figure.
[edit on 8-6-2009 by GoalPoster]


Yeah, the introductory rate is good for 5 seconds maybe? After that it goes to 29.95% or your first born, whichever is less.



posted on Jun, 9 2009 @ 09:57 AM
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Originally posted by Divinorumus
Send these people to debtor prison, ha. You owe, you pay. Stick to your signed agreement, unless your word and honor mean nothing. You don't pay what you owe, then you're no better than a common thief!


that has got to be one of the most logically inclined arguments i've ever seen in my life.

So by your ignorant reasoning, if someone loses their job, they should give up their home, their food, their car, and their clothes, so they can pay off their credit cards?

But what you fail to grasp is if they give up ANY of those, they will not be able to find a new job in order to pay things off.

You say people are no better than a common thief, but i say it's people who think the way you do who are the thieves. people who think the way you do take what you believe to be rightfully yours without regard to human decency or even the law.

Big difference, bub. Maybe one day someone will be able to explain it to you.



posted on Jun, 9 2009 @ 10:10 AM
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reply to post by Fremd
 


He's saying if you can't afford to buy it DON'T USE A CREDIT CARD to buy it. Save up for it and then buy it. The USA is sorely lacking in financial discipline. I get so frustrated at people who have optional bills like cable TV, broadband Internet, Cell phone(s), and still rack up credit card debt- and then default on it. It's called sacrifice! I can understand a mortgage/rent payment and a car payment. Going into debt on anything else is unwise.



posted on Jun, 9 2009 @ 10:35 AM
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Originally posted by jjkenobi
I can understand a mortgage/rent payment and a car payment. Going into debt on anything else is unwise.


I would say that going into debt for a college education and medical bills need to make that short list too, a lot more so than a car payment.



posted on Jun, 9 2009 @ 10:45 AM
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reply to post by jjkenobi
 


How about going into debt to save your life or get medical care for your kids? Or fix your car so you can go to work? Or to fly to a relatives funeral or wedding? Or to expand your business.?Etc. There are many good reasons to use credit.

Things happen and few people expect to not be able to pay their credit card bills. Let's say you have it under control, then out of nowhere the credit card companies jack up their rates, doubling your payments and you can't afford them any longer? They cut your limits to nothing and your credit score goes down. Next thing you know your health, auto, life insurance company jacks the rates up because of your lower credit score. Then you get layed off because no one can afford to spend because of their higher debt costs?

It is a vicous circle and much of the damage has been caused by the banks themselves not by the people who were paying as required before the banks screwed them over. You can be sure that people will not be using credit going forward and Americans will pay for this with continued job losses and drastically lower levels of economic activity.



posted on Jun, 9 2009 @ 10:48 AM
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Originally posted by jjkenobi
reply to post by Fremd
 


He's saying if you can't afford to buy it DON'T USE A CREDIT CARD to buy it. Save up for it and then buy it. The USA is sorely lacking in financial discipline. I get so frustrated at people who have optional bills like cable TV, broadband Internet, Cell phone(s), and still rack up credit card debt- and then default on it. It's called sacrifice! I can understand a mortgage/rent payment and a car payment. Going into debt on anything else is unwise.


No, that's what you're saying. And i agree with you. What he's saying is send everyone to debtor prison (which doesn't exist, mind you) because they can no longer afford to pay their bills.

I'm not sure which post you were reading, but it wasn't the same one as me.



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