Close To Half Of Americans Have More Credit Card Debt Than Savings

[Mr. H.]

What gets me is that institutional interest rates are near zero, yet credit card companies continue to charge exorbitant rates.
That ain't right.

 

[Papageorgio]

No, we keep running up government debt by spending more than we can afford.

No. We keep running up debt because the government has a credit card. Just like the individual as referred to in the OP.

You have given us two answers, which is correct?

If the government were run on pay as you go as it was in the nineties, we would balance the budget.

So the issue isn't taxes are to low, the issue is our out of control spending.

So we need to reign in spending.

I agree with that.

So start by reining in the area of spending that is most out of proportion. Defense.

25% across the board cuts, over three years, then close all the tax loopholes. That should allow us to balance the budget in three years.

 

[NYcarbineer]

No. We keep running up debt because the government has a credit card. Just like the individual as referred to in the OP.

You have given us two answers, which is correct?

If the government were run on pay as you go as it was in the nineties, we would balance the budget.

So the issue isn't taxes are to low, the issue is our out of control spending.

So we need to reign in spending.

I agree with that.

So start by reining in the area of spending that is most out of proportion. Defense.

25% across the board cuts, over three years, then close all the tax loopholes. That should allow us to balance the budget in three years.

I think it's best to stay within the realm of the possible in these sorts of discussions.

 

[zeke]

What gets me is that institutional interest rates are near zero, yet credit card companies continue to charge exorbitant rates.
That ain't right.

What gets me is that the heads of those credit card companies are some rich rich sumbitches. The very same rich rich that you republicans don't want to tax more or mess with in the least.

Unless you want to bitch about the credit card interest rates. Which those high rates are the vehicle that allows those executives to have those million dollar salaries and such.

Surely you wouldn't want to deny those richy rich people their millions of dollars.

 

[Mr. H.]

What gets me is that institutional interest rates are near zero, yet credit card companies continue to charge exorbitant rates.
That ain't right.

What gets me is that the heads of those credit card companies are some rich rich sumbitches. The very same rich rich that you republicans don't want to tax more or mess with in the least.

Unless you want to bitch about the credit card interest rates. Which those high rates are the vehicle that allows those executives to have those million dollar salaries and such.

Surely you wouldn't want to deny those richy rich people their millions of dollars.

Us Republicans take no issue with others more fortunate, while you sick Democrats envy and covet the most menial of trinkets.

Fuckin' brotch.

And don't call me Surley!

 

[Moonglow]

What gets me is that institutional interest rates are near zero, yet credit card companies continue to charge exorbitant rates.
That ain't right.

What gets me is that the heads of those credit card companies are some rich rich sumbitches. The very same rich rich that you republicans don't want to tax more or mess with in the least.

Unless you want to bitch about the credit card interest rates. Which those high rates are the vehicle that allows those executives to have those million dollar salaries and such.

Surely you wouldn't want to deny those richy rich people their millions of dollars.

Us Republicans take no issue with others more fortunate, while you sick Democrats envy and covet the most menial of trinkets.

Fuckin' brotch.

And don't call me Surley!

Shirley not....

 

[zeke]

Us Republicans take no issue with others more fortunate, while you sick Democrats envy and covet the most menial of trinkets.

Then why are you complaining about credit card rates? Those millionaire credit card company executives NEED those high rates to make their money. Why would they look out for credit card users?

 

[Mr. H.]

Democrats Are The Real Party of The Rich - Conn Carroll

 

[Dekster]

Republicans have hordes of people more than willing to vote against their own best interest in the deluded belief that if they support the 1%ers they will magically become one of them some day in the not so distant future!!

Sure they certainly do. "It isn't welfare when I am getting it, but an entitlement/right. It is only welfare when my neighbor gets it" mentality is ramped.

 

[Dad2three]

Republicans have hordes of people more than willing to vote against their own best interest in the deluded belief that if they support the 1%ers they will magically become one of them some day in the not so distant future!!

Sure they certainly do. "It isn't welfare when I am getting it, but an entitlement/right. It is only welfare when my neighbor gets it" mentality is ramped.

Red States Mostly Welfare States Dependent On Blue States But Likely Too Uninformed to Know

Red States Mostly Welfare States Dependent On Blue States But Likely Too Uninformed to Know


Blue States are from Scandinavia, Red States are from Guatemala A theory of a divided nation


In the red states, government is cheaper, which means the people who live there pay lower taxes. But they also get a lot less in return. The unemployment checks run out more quickly and the schools generally aren’t as good. Assistance with health care, child care, and housing is skimpier, if it exists at all. The result of this divergence is that one half of the country looks more and more like Scandinavia, while the other increasingly resembles a social Darwinist’s paradise.
Blue States are from Scandinavia Red States are from Guatemala The New Republic

 

[Iceweasel]

What gets me is that the heads of those credit card companies are some rich rich sumbitches. The very same rich rich that you republicans don't want to tax more or mess with in the least.

Unless you want to bitch about the credit card interest rates. Which those high rates are the vehicle that allows those executives to have those million dollar salaries and such.

Surely you wouldn't want to deny those richy rich people their millions of dollars.

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

 

[zeke]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

 

[Iceweasel]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

If you don't know the difference between the federal interest rate and credit card interest rates I'm not going to bother.

You say I'm the one not blaming the rightful perpetrators but it's their fault because they gave people credit cards that they aren't paying off? The amount of the interest rate isn't relevant to people having more debt that savings. You own stupid, it seeps through your pores and sullies the forum.

 

[Remodeling Maidiac]

I got rid of all credit cards after my divorce. My ex wife had cards I didn't even know about and the debt was quite large. If I don't have the cash the purchase isn't made.

 

[LeftofLeft]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

 

[Dad2three]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

MORE right wing crap


"But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit."








Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf


Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf


Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime




It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.

Lest We Forget Why We Had A Financial Crisis - Forbes


Loans that were under government regulation did better than private loans, especially if they were regulated by the "Community Reinvestment Act."



Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie

MORE HERE:



FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

TALK ABOUT A STUPID POST

Examining the big lie: How the facts of the economic crisis stack up

Here are key things we know based on data. Together, they present a series of tough hurdles for the big lie proponents.

•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.

Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

•Private lenders not subject to congressional regulations collapsed lending standards

Examining the big lie How the facts of the economic crisis stack up The Big Picture

FACTS on Dubya s great recession Page 2 US Message Board - Political Discussion Forum

 

[Dad2three]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

NOTHING on your bullshit premise that the poor caused the subprime crisis? lol

 

[Dad2three]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

So no, after getting your talking points demolished, you've chosen to run away, even though you were online earlier today, lol

 

[LeftofLeft]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

So no, after getting your talking points demolished, you've chosen to run away, even though you were online earlier today, lol

More regulations on banks, stricter regulations on consumer loans......which means some people will get denied. Banks don't get to do high interest rates, consumers who can't payback loans don't get them. It's not about Black and White. Its about Black and Red. Simple.