Americans now $1 Trillion in credit card debt.........

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Re: Americans now $1 Trillion in credit card debt.........

Postby Hunter » Wed Jan 17, 2018 10:12 am

TexasBred wrote:
Hunter wrote:
TexasBred wrote:Banks make money on your money laying there doing nothing. What they don't lend today they invest tonight.


FYI, you are not the only one that has or does work for a bank.

Well excuse me. I did not mean to insult you or your intelligence. Hope you're not one of those Brute is talking about. :lol2: BTW we have several other bankers on the board as well.


Not claiming I am smarter than anyone here but you were the one who responded to my statement about banks making money off of credit cards.

Credit card servicing company usually gets those fees that are collected.

Just trying to provide more insight.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Wed Jan 17, 2018 10:28 am

The CC companies have learned how to get other people to peddle their product. Get a bank or a college or an Angus group to push it to their people. The people think well it must be good because my credit card is thru my bank... wrong. That is to benefit the bank... not the customer. The credit card companies know its a volume game. If they sign up X amount of people, X % will carry a balance month to month.

When I went to college the only way I could get money from my student loans was on a master card. Guess what... it also had a $1000 credit limit automatically. That is not right.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Wed Jan 17, 2018 10:51 am

Brute 23 wrote:The CC companies have learned how to get other people to peddle their product. Get a bank or a college or an Angus group to push it to their people. The people think well it must be good because my credit card is thru my bank... wrong. That is to benefit the bank... not the customer. The credit card companies know its a volume game. If they sign up X amount of people, X % will carry a balance month to month.

When I went to college the only way I could get money from my student loans was on a master card. Guess what... it also had a $1000 credit limit automatically. That is not right.


It's called "marketing". It's a college major and a damed good one. :lol2:
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Wed Jan 17, 2018 11:16 am

TexasBred wrote:
Brute 23 wrote:The CC companies have learned how to get other people to peddle their product. Get a bank or a college or an Angus group to push it to their people. The people think well it must be good because my credit card is thru my bank... wrong. That is to benefit the bank... not the customer. The credit card companies know its a volume game. If they sign up X amount of people, X % will carry a balance month to month.

When I went to college the only way I could get money from my student loans was on a master card. Guess what... it also had a $1000 credit limit automatically. That is not right.


It's called "marketing". It's a college major and a damed good one. :lol2:


There a line between getting your product seen and taking advantage of people. Im betting your a christian man. Talk to your preacher about it. See if he agrees its people's own fault and they get what they deserve.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Wed Jan 17, 2018 11:44 am

Brute 23 wrote:
TexasBred wrote:
Brute 23 wrote:The CC companies have learned how to get other people to peddle their product. Get a bank or a college or an Angus group to push it to their people. The people think well it must be good because my credit card is thru my bank... wrong. That is to benefit the bank... not the customer. The credit card companies know its a volume game. If they sign up X amount of people, X % will carry a balance month to month.

When I went to college the only way I could get money from my student loans was on a master card. Guess what... it also had a $1000 credit limit automatically. That is not right.


It's called "marketing". It's a college major and a damed good one. :lol2:


There a line between getting your product seen and taking advantage of people. Im betting your a christian man. Talk to your preacher about it. See if he agrees its people's own fault and they get what they deserve.

Brute this has nothing to do with the preacher or anyone else and yes people usually get what they deserve. You see it everyday. Even in your business you probably dangle a carrot in front of them knowing you're gonna jerk it back and maybe just give them a half carrot. If you take the bait blame only yourself, not the banker, the credit card company or anyone else.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Wed Jan 17, 2018 12:51 pm

TexasBred wrote:
Brute 23 wrote:
TexasBred wrote:
It's called "marketing". It's a college major and a damed good one. :lol2:


There a line between getting your product seen and taking advantage of people. Im betting your a christian man. Talk to your preacher about it. See if he agrees its people's own fault and they get what they deserve.

Brute this has nothing to do with the preacher or anyone else and yes people usually get what they deserve. You see it everyday. Even in your business you probably dangle a carrot in front of them knowing you're gonna jerk it back and maybe just give them a half carrot. If you take the bait blame only yourself, not the banker, the credit card company or anyone else.


Our whole business model is not designed around making money off of people in trouble, or people who make bad decisions, or people who don't know better. That is the difference. The CC companies prey on those people and the statistics show that.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Nesikep » Wed Jan 17, 2018 1:05 pm

I'd like to know how much of that money is interest-bearing... how much of it doesn't get paid off at the end of the month... I'd bet at least 3/4 of that

So you have 750 billion collecting interest at somewhere around 18% interest, which means every 4.2 years 750 billion is paid in interest, THAT MONEY COMES OUT OF THE ECONOMY.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Bestoutwest » Wed Jan 17, 2018 1:36 pm

I hate using credit to buy things, but it's a necessary evil. But we're smart about it. Credit card offered us 21 months to pay something off at 0%, so we've got the payments set so they pay off in 21 months. We only use credit cards for dire emergencies, which is hardly ever, and then pay it off as quickly as possible. I wish less people would use them less, but it's their money. If they want to pay $100 for a $30 dinner out then so be it. I know people would think I've spent a lot of money just for a few pounds of hamburger.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Wed Jan 17, 2018 2:01 pm

Nesikep wrote:I'd like to know how much of that money is interest-bearing... how much of it doesn't get paid off at the end of the month... I'd bet at least 3/4 of that

So you have 750 billion collecting interest at somewhere around 18% interest, which means every 4.2 years 750 billion is paid in interest, THAT MONEY COMES OUT OF THE ECONOMY.


Around $900 billion. The $1T number includes amounts that get paid monthly.

66% of people who have credit cards admit they have carried a balance.

The poor and young carry the largest balances.
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Re: Americans now $1 Trillion in credit card debt.........

Postby ddd75 » Wed Jan 17, 2018 4:10 pm

brute.. I sure agree the banks do hire the most dumba$$ people around.. (friends)
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Re: Americans now $1 Trillion in credit card debt.........

Postby Nesikep » Wed Jan 17, 2018 4:50 pm

Brute 23 wrote:
Nesikep wrote:I'd like to know how much of that money is interest-bearing... how much of it doesn't get paid off at the end of the month... I'd bet at least 3/4 of that

So you have 750 billion collecting interest at somewhere around 18% interest, which means every 4.2 years 750 billion is paid in interest, THAT MONEY COMES OUT OF THE ECONOMY.


Around $900 billion. The $1T number includes amounts that get paid monthly.

66% of people who have credit cards admit they have carried a balance.

The poor and young carry the largest balances.

either way, all that interest is money that's being removed from the economy.. means less spending in the end and everyone suffers from that
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Re: Americans now $1 Trillion in credit card debt.........

Postby ga.prime » Wed Jan 17, 2018 5:08 pm

The nicest, friendliest women anywhere work as bank tellers. It's really phenomenal.
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where'd it come from, how'd it get there?

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Re: Americans now $1 Trillion in credit card debt.........

Postby backhoeboogie » Wed Jan 17, 2018 5:47 pm

If I buy a car, its not because the bank is making me do it. If I buy a hamburger, its not because the banks say I have to.

Brute I don't understand your hatred for banks. They've loaned me money to buy caterpillars, backhoes, a farm etc. All of which made money for me.

Its kind of hard to buy something online, from places like Florida, and fly down there to pay cash. A credit or debit card makes life simple. But the bank doesn't tell me I gotta buy things.

Plenty of nickels in the checking account. I buy $150 item online, use a credit card, no big deal. When the bill comes I pay it. Pretty simple.

If I need to buy 50 head of cows, I can use my credit line. Go to the bank next week and flip around some savings to cover things. No big deal. Really not much different than using a credit card except it might actually cost a little bit.
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Re: Americans now $1 Trillion in credit card debt.........

Postby True Grit Farms » Wed Jan 17, 2018 5:51 pm

Nesikep wrote:
Brute 23 wrote:
Nesikep wrote:I'd like to know how much of that money is interest-bearing... how much of it doesn't get paid off at the end of the month... I'd bet at least 3/4 of that

So you have 750 billion collecting interest at somewhere around 18% interest, which means every 4.2 years 750 billion is paid in interest, THAT MONEY COMES OUT OF THE ECONOMY.


Around $900 billion. The $1T number includes amounts that get paid monthly.

66% of people who have credit cards admit they have carried a balance.

The poor and young carry the largest balances.

either way, all that interest is money that's being removed from the economy.. means less spending in the end and everyone suffers from that

Jezz the money isn't burned it's just redistributed.
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Re: Americans now $1 Trillion in credit card debt.........

Postby ga.prime » Wed Jan 17, 2018 6:20 pm

ddd75 wrote: banks do hire the most dumba$$ people around..

Yet, you fall below that bar.
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