Thankfully we have Bailed out many of these institutions to insure they still have the ability to continue loan sharking.

Your 350 billion dollars at work.

Your 350 billion dollars at work.

Dammit. Sorry.

I'm glad I don't even own a credit card. They are evil.

I've noticed the exact opposite trend. My credit card company keeps lowering my rates, increasing my line, and offering all kind of "teaser" promotions (0% APR for year, etc.).

I've also seen reductions in my rate rather than increases. Mauybe because I pay my bill on time, generally overpaying at least a little bit? But I could be wrong.

They are about to slap the cc banks around, and this practice should be curtailed. With prime rate at 3.25% and falling cc rates are usurious

Try buying something from Dell using their credit line. Within two months the rate is jacked up to 24%. It is loan sharking.

Cheers

I've noticed the exact opposite trend. My credit card company keeps lowering my rates, increasing my line, and offering all kind of "teaser" promotions (0% APR for year, etc.).

That's what mine does too. I don't know why. I may put a couple of hundred on it a month and pay it off every month.

You can switch to a 0% for 12 months easily - they are giving them away. Then pay it off in 12 months and you've had a year's free credit.

(I may be a Liberal but I'm not insane)

Try buying something from Dell using their credit line. Within two months the rate is jacked up to 24%. It is loan sharking.

I bought a new laptop last year from Dell on a 0% APR for a year promotion. They didn't do anything like you suggest.

Why can't the Christian right get as upset and vocal about usury as it does about gays? Much more in the Bible about it, and it would do much more good in our society if it were curbed.

"My credit card company keeps lowering my rates, increasing my line, and offering all kind of "teaser" promotions (0% APR for year, etc.)."

#6 | Posted by katieberry

Yep. I actually called my credit card issuers to get them to stop raising my credit line.

"I'm glad I don't even own a credit card. They are evil."

#5 | Posted by _2112_

Try to rent a car without one.

Are all your transactions done then in cash? Do you write checks? Use a debit card?

Credit cards in and of themselves are not evil. People tend to treat credit cards as free money.

My real complaint with the credit card companies is that they have made it too easy for people to obtain a credit card, or worse, multiple credit cards, then making it too easy to use the credit card by giving credit limits way above what people are capable of paying back.

I have two credit cards: one strictly for gas purchases and one for "big" purchases. I use a credit card for the "big" purchases because I can have some sort of recourse with a product or service if there is a problem.

I use my credit card(s) as cash; that is, the two are paid in full every month. I haven't carried a balance in years.

I suppose I can consider myself fortunate in that I have not found myself in financial distress to the point where running up the balances on multiple cards is my only option to stay afloat.

That's what mine does too. I don't know why. I may put a couple of hundred on it a month and pay it off every month.

#10 | Posted by goatman at 2008-12-18 11:21 PM

Captain Obvious Strikes again!
Why would they jack up the interest rate on you if you don't carry a balance that is generating interest! They lower it in the hopes you will get lax in your discipline and overextend!

On a side note, I think Grendel is Mat Drudge.

Call it a hunch.

I love my Citi Card, it gives me an erection everytimr I pull it out of my wallet just like I get when I go to Sams Club or Wal Mart or when I fill up my tank with some gas from Big Oil.

Zot,

Living without a CC is easy have been doing it for years. If I need to rent a car I have to put cash down but then I get it back when I turn in the car. No big deal.

I was in a situation where I had to live off a credit card for a few months. The way the CC companies treated me after years of being a great customer told me what they thought of me. I don't do business with folks who consider me no better than a piece of shit.

"I love my Citi Card, it gives me an erection
#18 | Posted by fwthom"

How can you tell?

Dear Tao, don't tell me let me guess..you and your wife and family have health insurance.

just like I get when I go to Sams Club..."

I think he means getting a boner just walking into the place.

That is some sick stuff.

And the Fed's very angry with these credit card kids, and is going to spank them....in 18 months or so.

Fuck.

HANS, DX understood my meaning, but it would be a double boner if Sams ever let me use my Citi Card. Now, however I just whip out my Discover card. The last big item I bought at Sams was that Samsung 50 in. plasma TV with help from Bush's stimulus check.

I don't know what's not to like about credit cards. People who don't like them usually don't manage their money right anyway and then they blame the card. It's like buying a really sharp knife and cutting your finger and then blaming the knife. Ergo credit cards and knives can be useful TOOLS like the libs on DR.

Rambling Thom

They're also cutting credit lines of the cards they issue so they can lower your credit score.

The FICO score is based on how much credit debt you have compared to how much total credit you have. The banks like to see 33% on average.

By lowering the total credit line, they've just upped your credit usage percentage which adversely affect your score.

Example: You have $10,000 total credit line and you carry 3,300 in debt. The banks consider that reasonable (and optimal). Now, with that same debt of 3,300 still owed, the credit card co's cut your limit to $5,000, your debt ratio is now 66%.

It makes getting new credit much more difficult, lowers your FICO score and allows them to ream you with much higher interest rates.

BTW, canceling credit cards also has a negative affect on your FICO score. It's a lose/lose proposition.

Ergo credit cards and knives can be useful TOOLS like the libs on DR.

Rambling Thom

#25 | Posted by fwthom at 2008-12-19 07:57 PM | Reply | Flag:

Versus the useless TOOLS (repubs) relegated to the junk draw?

Not much gets by Hans.

suzy,

yep i do what does that have to do with me choosing to live without credit cards?

thom,

CC's are tools but most tools won't turn in the hands of their owners. It took 3 month of unemployment for me to rack up 2k debt and begin falling behind in payments, it took the CC companies one month to jack my rates. It took 5 years before they lowered them back. The fact is most CC companies don't give a rats ass about their customers and it's easy to see. I don't have anything against the CC themselves but like I said i don't do business with folks who treat me like crap. If you haven't been turned into a number by CITI or Discover or whoever you deal with then good on you. Seems someone who gets a hard on spending money should not be lecturing others about finacial responisibility though. Just a thought.

Look, if you need some quick money for medical activities, then charge it. They cannot do any kind of replevin action on treatment or meds. This also applies to groceries or anything that you use up after you bought it. Think of it as creating money. In fact, every time you use your credit cards, you are acting like a little bank. The best thing, of course, is that your loan is unsecured. Pay it back, or you'll ruin your credit score! What? (snicker)Yeah, sure, pay it back. Right. (snort)(snicker)

On a side note, I think Grendel is Mat Drudge.

Call it a hunch.

Curious.

Why do you think I am Matt Drudge?

One other question: Do you think Matt Drudge buys his computer on credit?

One more: Do you know that Matt Drudge is Jewish?

Cheers

One more: Do you know that Matt Drudge is Jewish?

I didn't know that. But I'll bet Bani does.

TAO,

There are many bad customers too. There are people who don't pay their bills and eventually go bankropt. I don't see credit card companies crying and whining about them. It's just business.

If you want a loan you never have to pay back then go to a relative or a good friend. Anyway that is my philosophy of lending, I only "lend" money that I never expect to get back.

If you could knock Matt Drudge's hat off you would see the yamaka underneath.

Thom,

Oh I agree with you about bad customers. I know how the game is played on both sides. I just decided a few years ago to take my ball and go home.

TAO,

People lived OK before CC, TV, cell phones, computers, and cars. I can't imagine how but they did. If I knew you outside of the blogosphere, I would lend you money. You are an honest person.

I used to use a Chase credit card once in a while. I was once 2 days late with a payment and they jacked my rates to 35%. They not only lost my CC business, but the 2nd mortgage on my house and I don't ever use credit cards anymore. Pretty stupid way to treat your customers..

I try thom I try. I also try not to borrow money. Payback is a bitch as they say. Not how people usualy mean it but everytime I have had to borrow money from freinds or family I always paid them back but despite my best planning it always hurt more than I thought it would and almost always took longer than I thought it would which makes me feel horrible when it is a friend or family.

I do ok with no CC, I do have a TV but only a 25", no cell phone don't need the bill, however the computer thats a necesity! Doing without a car would not be bad in a world not built for cars but when 20 miles is considered around the corner a car really is a necceity. However my 11 year old ford does the job just as well as a fancy new car. Maybe one day I will be able to get that new Mercedes SL or Porsche 911 Turbo, and the 50" plasma but I learned a long time ago not to let my happiness be tied into the stuff I own. I'm trying to teach my kids that too but it is tough when their freinds all have the latest wing ding and whozit.

Funny thing is with kids though they want all the latest shit but they are laughing the hardest when we are playing hockey with the dollar store set we have or having a tickle war in the living room or disc golf at the free park down the street.

I guess what I mean is you can spend all the money in the world and not buy as much happiness as spending some time with the ones you love.

(OK sappy Tao hour is over)

All of you silly adults... boasting about your flawless credit and all the crap thrown at you because of it. You really think your credit is going to matter?

Stupid reality, always messing with people. Everyone who played by the rules is going to get shafted because your credit will get you nowhere once we bottom out in this economy. You will be like everyone else...

All of you silly adults... boasting about your flawless credit and all the crap thrown at you because of it. You really think your credit is going to matter?

Stupid reality, always messing with people. Everyone who played by the rules is going to get shafted because your credit will get you nowhere once we bottom out in this economy. You will be like everyone else...

#39 | Posted by newfreethinker at 2008-12-20 02:59 PM | Reply | Flag:

Credit matters now more than ever. I'm not saying people should be using it simply because it's there, but there is a credit shortage right now and it does matter more then ever.

Hey, if you like paying astronomical interest rates just to borrow money (CC, Mortgage, Car, School loans) go ahead but it's a sure fire way to squash long term gains.

"You will be like everyone else...

#39 | Posted by newfreethinker "

Everyone else lives in their mom's basement, like you? Really?

I buy almost everything using my credit cards - because it's a lot more convenient than carrying loads of cash around. But, I pay the full balance on them every month, so I have zero finance charges. I don't know (and don't care) if the credit card companies make any money based on my behavior, but I do know it's not from me, at least directly anyway.