Credit card debt in the US is getting out of hand

[zinfamous]

Hey, I'm the asshole around here.

Red prolly can, boy scout and all. Plus 1 for him. Edit: you can too, wanker, @zinfamous



And I think the car repo issue is going to be massive. Payments more than my house ever was, when peeps make less. @Fenixgoon yes, I hope to make $ on the backs of car manufacturers ridiculous financing....repos


Wait, didn't the tax payers bail GM out for a massive loss before? Fuckers should have had to file BK.

@Thump553 True, unless the banks were suffering, but I paid for all the heloc closings.

yeah, I KNOW it's super easy for me. I fucking have one (HELOC) to pay the plumbers and roofers. My point is that RedSquirrel is an ignorant sock puppet that doesn't understand the world outside of the fantasy that he constructs inside his brain.

Hell, he literally wouldn't understand why your business is able to exist.

The repo thing is going to hurt the people with those loans, but it's not going to collapse the entire economy like mortgages did, affecting so many sectors and people that have never had such a loan, is my point. Those institutions that front that money are...just scammy individual businesses for the most part. I don't think they are tied into anything else.

 

[IronWing]

yeah, I KNOW it's super easy for me. I fucking have one (HELOC) to pay the plumbers and roofers. My point is that RedSquirrel is an ignorant sock puppet that doesn't understand the world outside of the fantasy that he constructs inside his brain.

Hell, he literally wouldn't understand why your business is able to exist.

The repo thing is going to hurt the people with those loans, but it's not going to collapse the entire economy like mortgages did, affecting so many sectors and people that have never had such a loan, is my point. Those institutions that front that money are...just scammy individual businesses for the most part. I don't think they are tied into anything else.

You’ll have to wade through the web of LLCs to find out who really owns the auto/title loan joints. The major banks were the major backers of the payday loan industry.

 

[zinfamous]

You’ll have to wade through the web of LLCs to find out who really owns the auto/title loan joints. The major banks were the major backers of the payday loan industry.

well now, maybe it's worse than I thought.

I just recall reading an article about this maybe a year or two ago, that while this is indeed a problem, the known and predicted web of what would be swallowed up in these kind of loans is a fraction of what was going on with sub-prime--that, and the people directly effected (those that seek such loans in the first place), is a much, much smaller population. Granted, the poorest of the poor so of course they are going to be boned as usual...but eh, maybe not? I wonder if such loans can be discharged if the whole thing does collapse? I dunno.

 

[highland145]

You’ll have to wade through the web of LLCs to find out who really owns the auto/title loan joints. The major banks were the major backers of the payday loan industry.

Eventually, lost their asses in SC. They refused to self regulate so the state shut the majority of them down.

 

[IronWing]

Eventually, lost their asses in SC. They refused to self regulate so the state shut the majority of them down.

Same here in Arizona. It took a citizen initiative to regulate the payday lenders. The corrupt legislature then tried to overturn the new law.

 

[MrSquished]

Same here in Arizona. It took a citizen initiative to regulate the payday lenders. The corrupt legislature then tried to overturn the new law.

Joe Biden is trying to cap credit card fees around $8. The Republicans are pissed. Literally on the floor of Congress there was a republican arguing that Americans like higher fees. There is a video clip of this.

That party is corrupt to the core. And you know Republicans love payday lenders too

 

[IronWing]

Google Ellington, SC...Savannah river site. Peeps were screwed and never compensated. 100% cause they were black and on the Savannah river.

So I googled Ellenton. That lead me to the Ellenton riot. That led me to Wade Hampton III. That reinforced my belief that our nation, particularly the former Confederate states, would have fared better if the Union had executed the entire Confederate officer corps at the conclusion of the war. CC delinquency rates would probably be lower today if they had.

 

[MrSquished]

Republicans vote to block cap on credit card fees in the House Financial Services Committee - pure party line vote 28-22

Opportunity Wisconsin: ICYMI: Rep. Bryan Steil votes to keep credit card fees high

KENOSHA, Wis. – In case you missed it, Congressman Bryan Steil and Republicans in the House voted last week to keep credit card fees high and block a rule that is estimated to save more than 45 million Americans an...

www.wispolitics.com

 

[jpiniero]

Joe Biden is trying to cap credit card fees around $8. The Republicans are pissed. Literally on the floor of Congress there was a republican arguing that Americans like higher fees. There is a video clip of this.

You do realize that the fees are how the CC companies pay for the losses from deadbeats? Take that away and only people with good credit and pay their bills on time will have CC.

... Honestly that doesn't sound like a bad idea...

 

[nOOky]

I think some of our views are colored by the fact that we all know people that are struggling to make ends meet, and are in serious credit card debt to survive. Versus the people many of us know that are in serious credit card debt because of their horrible financial decisions. I know more people in financial debt because they must drive a new monster truck versus a Toyota Corolla because they have two kids and absolutely need a huge vehicle.

 

[MrSquished]

You do realize that the fees are how the CC companies pay for the losses from deadbeats? Take that away and only people with good credit and pay their bills on time will have CC.

... Honestly that doesn't sound like a bad idea...

OH yea? They don't make any money from interest? Or any other fees and processing fees, etc? and they'd still make money from late fees btw. Have you even seen their profits year over year? They'd make nothing? Wow you are really good at this.

 

[jpiniero]

OH yea? They don't make any money from interest?

What do you think the fees are?

Housing, btw, is pretty much favred without some sort of mass White Collar unemployment or a return to the 80s mortgage rules where it was difficult to get a mortgage above 30% DTI. People don't like that though.

 

[AdamK47]

The truth in lending for auto loans was supposed to help consumers avoid predatory lenders. The problem is, Americans either don't pay attention or are ignorant to the information presented to them when they sign.

16% on a 72 month loan for a vehicle with a 20% markup? Show me where to sign.

 

[nakedfrog]

What do you think the fees are?

Housing, btw, is pretty much favred without some sort of mass White Collar unemployment or a return to the 80s mortgage rules where it was difficult to get a mortgage above 30% DTI. People don't like that though.

Uh... you're implying that credit card interest and late fees are the same thing for some reason?

 

[MrSquished]

What do you think the fees are?

Housing, btw, is pretty much favred without some sort of mass White Collar unemployment or a return to the 80s mortgage rules where it was difficult to get a mortgage above 30% DTI. People don't like that though.

You think interest rates are late fees? Wow. I knew conservatives were ignorant but this is a good one.

This is about capping late fees to $8, you are just making up in your mind this is about capping interest rates. I mean these aren't even in the same ballpark. But when you are a right wing loon with these imaginary scenarios in your head like you posted above, reality doesn't matter much does it.

 

[[DHT]Osiris]

What do you think the fees are?

Interest is the money you pay for letting someone else hold on to your money (or buy things for you). Fees are the extra money you pay when you don't pay the money you owe.

If you don't pay the money you owe, you often owe more of both of the above.

 

[manly]

You think interest rates are late fees? Wow. I knew conservatives were ignorant but this is a good one.

This is about capping late fees to $8, you are just making up in your mind this is about capping interest rates. I mean these aren't even in the same ballpark. But when you are a right wing loon with these imaginary scenarios in your head like you posted above, reality doesn't matter much does it.

CC interest rates are pretty high as well, but people do revolve their balances so it doesn't seem to deter some people from getting reamed.

But even if late fees were $8 and interest rates were reasonable, CC issuers would still have their lucrative swipe fees.

jpiniero might be a conservative if they're arguing for banks to keep their high junk fees, and calling anyone who is late on a payment a "deadbeat."

 

[SteveGrabowski]

You do realize that the fees are how the CC companies pay for the losses from deadbeats? Take that away and only people with good credit and pay their bills on time will have CC.

... Honestly that doesn't sound like a bad idea...

They charge fees to the sellers too and make plenty of bank off that.

 

[highland145]

I may have seen this article here....

Will CFPB’s $8 cap on credit card late fees encourage late payments? | Bankrate

The CFPB's new late fee rule will limit issuer late fees to $8, if it's implemented. Some are concerned this could encourage consumers to pay late more often.

www.bankrate.com

 

[MrSquished]

CC interest rates are pretty high as well, but people do revolve their balances so it doesn't seem to deter some people from getting reamed.

But even if late fees were $8 and interest rates were reasonable, CC issuers would still have their lucrative swipe fees.

jpiniero might be a conservative if they're arguing for banks to keep their high junk fees, and calling anyone who is late on a payment a "deadbeat."

I have a good memory of who posts what. That guy is a right wing Trump party member through and through. Consistently not in reality, like his posts here.