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

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

Postby Brute 23 » Tue Jan 16, 2018 2:10 pm

TexasBred wrote:
Brute 23 wrote:Bankers and loan officers have become sales people now. They are a smiling face to represent the machine. They are not what they use to be. Their job is to smile, promote the bank, and enter the numbers in to the computer. A lot of these banks purposely hire incompetent people so they can train them to say what the bank needs them to say.

Not all banks are this bad... but its heading that way.

I use to be ok with saying let people make their own bad choices its their problem but now that my tax dollars are used to prop these people up when they fail their business has become my business.

After banking 18 years I couldn't disagree with you more. Bankers do not make your decisions for you other than to turn you down which is a decision you did not want. As for smiling, promoting the bank etc. that pretty much applies to any line of work if you want to keep getting the jobs to keep your company going. Incompetence?? Hardly. You may not understand what they're doing or why but I assure you they do, like it or not. You have no idea the tens of thousands of regulations they operate under. Reason I left....not worth the headache any longer when you do everything right yet are written up for violating some off the wall insignificant regulation. Brute, given a free hand to operate most banks would not make 25% of the loans they make today and it has nothing to do with their board of directors, officers and staff....it's gov't. There is your incompetence.


I don't disagree on the govt part.

Im seeing these guys that are getting hired that are my age. They are the flunkies... the rejects... they are incompetent... I wouldn't hire them to maintain my yard.

Give you a prime example. Guy I know went to A&M and has some kind of accounting degree paid for by Grandpaw. After 6 years or what ever he got out, couldn't pass the CPA exam, bounced around from here to there couldn't get a job. Still lives in grandpaw's "rent" house. Grandpaw finally gets him a job as a loan officer at a bank GP is on the board at. Now this guy who has not done any thing with his life is a financial expert. He his now coaching all his other lazy, good for nothing buddies and getting them banking jobs also. These guys don't know jack about jack. They spit out what ever the bank tells them to.

The problem with credit cards is people have so many misconceptions about how they work vs debit cards. I go round and round with people until finally they just admit they like using them because they think its a safety net. They say they are safer... and they are not. They say they get points... so I tell them you can get DC that do the same thing. They say they need it for work... I show them I use a dc for my company expenses. People will say I like using other people's money... your not using other people's money... your paying a bank to let your use your own money at a later date.

The fact is you spend more when you walk in with a credit card. Why else would a business pay for that service if they didn't think they would make it up off the customer.
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Re: Americans now $1 Trillion in credit card debt.........

Postby backhoeboogie » Tue Jan 16, 2018 2:17 pm

TexasBred wrote:I know what you're saying but bankers only do what they're suppose to do. They cannot make your decisions for you nor plan your future. Only make sure their money is secured and repaid. Can't blame anybody for that.


I guess I am not much different. It would be nice if everyone who owes me would pay me.

I sold 48 tons of patio stone to a guy from out of town. He wrote me a hot check. It took me 4 months and two 100 mile trips to get my money. He tried to renegotiate the price on the stone the whole time.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Nesikep » Tue Jan 16, 2018 2:19 pm

Bigfoot wrote:Credit card= spending money you don't have, to buy things you don't need, to impress people you don't like.

and you didn't like it when you got it home anyhow.. George Carlin said that many many years ago and it's true to this day

I worked like heck to get out of CC debt.. I had to use it to pay rent and live for a whole winter when I was unemployed, living out of the back of my Chevy Blazer by the end of it.. Haven't been in debt since and have a little money in the bank.. Feels a whole lot better
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Tue Jan 16, 2018 2:30 pm

Nesikep wrote:
Bigfoot wrote:Credit card= spending money you don't have, to buy things you don't need, to impress people you don't like.

and you didn't like it when you got it home anyhow.. George Carlin said that many many years ago and it's true to this day

I worked like heck to get out of CC debt.. I had to use it to pay rent and live for a whole winter when I was unemployed, living out of the back of my Chevy Blazer by the end of it.. Haven't been in debt since and have a little money in the bank.. Feels a whole lot better


My boss, a young sales guy around my age, and myself were eating lunch one day. The other young guy and I were talking about buying homes, debt, ect. He and I had a lot of the same views. My boss was just laughing a long and joking with us. At the end my boss finally said (in a serious tone)... Ill never be a real wealthy man. I tried rolling the dice in my younger days and looking back I have always been the happiest when I didn't owe any one a be nice thing even if I didn't own a be nice thing... You could tell that was 100% honest. :nod: That is true, honest, wisdom.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Nesikep » Tue Jan 16, 2018 2:42 pm

With the way the real estate market is around here you just CAN'T make any money at it, even with low interest... a million bucks doesn't get you a place you can make a living on, and if interest rates are ever raised to a reasonable level again it will completely tank the market and everything.
On the other hand you can't save any real wealth (not money) because of the current inflation without real estate. The game is rigged and you just can't win if you're starting off around here now.
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Re: Americans now $1 Trillion in credit card debt.........

Postby True Grit Farms » Tue Jan 16, 2018 2:45 pm

Credit cards are great for those that can afford one. Fraud is a big thing now in banking, and running a business off debit cards is a bad deal and a good way to lose your tail. A debit card is your money, a credit card is someone else's money. You will probably get your money back through the bank in a fraud case, but the bank doesn't have to give you your money back when you use a debit card. It could take months to sort things out when it comes to fraud case's. You are nuts if you run a business off of debit cards.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Hunter » Tue Jan 16, 2018 2:51 pm

I use a credit card for 99% of my spending. Why, b/c I get the points and I don't buy anything I can't afford.
Credit cards are safer b/c if my CC number is stolen I am only out a certain amount if any....maybe $50.
If my debit card number is stolen I am out the money until I prove to the bank. Not sure on the amounts as every bank may be different.

An accounting degree is not easy and the CPA is definitely not an easy test.
Why does it matter who paid for his college?
I am not sure a loan officer makes a lot of big decisions. He will take a persons profile to higher ups or loan committee and they decide on the loan.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Rafter S » Tue Jan 16, 2018 3:21 pm

jltrent wrote:NBC News (NBC) -
A just-released federal reserve report shows credit card debt has reached a record one-trillion-dollars.
Couple that with survey results from creditcard-dot-com that found those in debt are outright pessimistic about digging their way out.
"About two thirds of American adults with debt aren't convinced that they're ever going to get out of it," Matt Schulz, Creditcard.com.
Matt Schulz says their survey comes at the beginning of a year where debt could get worse because interest rates are rising and wages are still stagnant.
"You add all of that up and it's a bit of a perfect storm when it comes to dealing with debt..."
But deal with debt, we must, he says and the most effective way out that he likes is a balance transfer credit card.
"Nerdwallet" just released its top ten balance transfer cards that Schulz says are attractive because they're interest-free.

"Including some that allow you to not pay interest on that balance for 15 months or even 21 months," said Matt Schulz.
Even though balance transfer cards can be tricky because of fees and strict deadlines, Schulz says they're still a god-send.
"That interest grows faster than you would believe."
So...that means making debt-reduction a resolution worth keeping.


I disagree with that statement. Transferring credit card balances to another credit card is putting a band-aid on a bleeding artery. It's dangerous because it makes people feel like they gained something, when they really did almost nothing toward solving their problem. The best way to get out of a debt crisis is to stop borrowing and live on what you make (and listening to Dave Ramsey's radio program will also help).

Transferring balances to a card that doesn't require payments for 15 or 21 months is even worse because it's just pushing the problem down the road.
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Re: Americans now $1 Trillion in credit card debt.........

Postby dun » Tue Jan 16, 2018 3:35 pm

Craig Miller wrote:One of the worst commercials I hear on the radio "Don't let the credit card company TRICK you into thinking you have to pay them". Ya, don't let them trick you into paying them back for money you borrowed from them....

Those commercials always really PO me too.
Years ago I had a secretary that would run up her credit card and when it got too high she would get another one and use it to pay off the first one, wash and repeat. I talked to her mother about it and suggested she have a chat with the daughter about the way she handled money. Her mother was in her 40 and said that she handled her money exactly the same way.
I use a credit card instead of checks or cash over $20. Pay it off at the beginning of the month and start over. Money is sitting in the bank (barely) earning interest. Works for me.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 3:45 pm

Brute 23 wrote:[Im seeing these guys that are getting hired that are my age. They are the flunkies... the rejects... they are incompetent... I wouldn't hire them to maintain my yard.

Give you a prime example. Guy I know went to A&M and has some kind of accounting degree paid for by Grandpaw. After 6 years or what ever he got out, couldn't pass the CPA exam, bounced around from here to there couldn't get a job. Still lives in grandpaw's "rent" house. Grandpaw finally gets him a job as a loan officer at a bank GP is on the board at. Now this guy who has not done any thing with his life is a financial expert. He his now coaching all his other lazy, good for nothing buddies and getting them banking jobs also. These guys don't know jack about jack. They spit out what ever the bank tells them to.

The problem with credit cards is people have so many misconceptions about how they work vs debit cards. I go round and round with people until finally they just admit they like using them because they think its a safety net. They say they are safer... and they are not. They say they get points... so I tell them you can get DC that do the same thing. They say they need it for work... I show them I use a dc for my company expenses. People will say I like using other people's money... your not using other people's money... your paying a bank to let your use your own money at a later date.

The fact is you spend more when you walk in with a credit card. Why else would a business pay for that service if they didn't think they would make it up off the customer.

I'll take your' word on the grandpa/grandson deal. Never seen it myself but do know several banking "families" where several generations have been extremely successful. The guy you describe would probably be a failure at about anything he tried so not the banks fault. Only grandpa's fault for allowing it. Eventually these goofballs will get the bank in big trouble with regulators and cost them a ton of money.
As for credit cards, etc. it is the borrowers that has to be responsible for his own actions. Banks don't make anything off issuring debit or credit cards except a late charge if you pay late and finance charge if you choose to pay it out monthly. As for credit card vs debit card it's as broad as it is long. Neither is a safety net, neither is a savings account, however, I'm more selective where I use my DC as apposed to the credit card. Pay your account in full and you are not paying the bank for anything as there is no charge for either DC or CC. People who are tempted to spend more when they use a credit card simply need to learn some discipline. The bank nor the retailer is twisting their arm however, the retailer will use all his marketing skills he can to entice you to buy whether cash, check or credit...just good business. He don't care how you pay nor how much you spend. His job is to sell. Credit in the hands of a disciplined man can be an awesome tool. In the hands of a fool it can be poison.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 3:47 pm

backhoeboogie wrote:
TexasBred wrote:I know what you're saying but bankers only do what they're suppose to do. They cannot make your decisions for you nor plan your future. Only make sure their money is secured and repaid. Can't blame anybody for that.


I guess I am not much different. It would be nice if everyone who owes me would pay me.

I sold 48 tons of patio stone to a guy from out of town. He wrote me a hot check. It took me 4 months and two 100 mile trips to get my money. He tried to renegotiate the price on the stone the whole time.



Glad it worked out. Sort of hard to repossess 49 tons of rocks.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Hunter » Tue Jan 16, 2018 3:53 pm

Banks make money off of commercial credit cards. Not sure about retail or individuals.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Caustic Burno » Tue Jan 16, 2018 3:55 pm

I carry zero debt I guess that is the product of being raised by depression era parents. My grandpa lost 300k when the banks collapsed. Then the guvmit men showed up and went to killing people’s hogs and cattle and pushing them in trenches. Lawyers came through and bought up people’s mineral rights for five to ten dollars off starving
people. Never found out why he was so down on preachers bet it was a good story.

That said I have a credit card as it is the only way to safely order stuff off the internet.
Last edited by Caustic Burno on Tue Jan 16, 2018 3:59 pm, edited 1 time in total.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Tue Jan 16, 2018 3:58 pm

TexasBred wrote:
Brute 23 wrote:[Im seeing these guys that are getting hired that are my age. They are the flunkies... the rejects... they are incompetent... I wouldn't hire them to maintain my yard.

Give you a prime example. Guy I know went to A&M and has some kind of accounting degree paid for by Grandpaw. After 6 years or what ever he got out, couldn't pass the CPA exam, bounced around from here to there couldn't get a job. Still lives in grandpaw's "rent" house. Grandpaw finally gets him a job as a loan officer at a bank GP is on the board at. Now this guy who has not done any thing with his life is a financial expert. He his now coaching all his other lazy, good for nothing buddies and getting them banking jobs also. These guys don't know jack about jack. They spit out what ever the bank tells them to.

The problem with credit cards is people have so many misconceptions about how they work vs debit cards. I go round and round with people until finally they just admit they like using them because they think its a safety net. They say they are safer... and they are not. They say they get points... so I tell them you can get DC that do the same thing. They say they need it for work... I show them I use a dc for my company expenses. People will say I like using other people's money... your not using other people's money... your paying a bank to let your use your own money at a later date.

The fact is you spend more when you walk in with a credit card. Why else would a business pay for that service if they didn't think they would make it up off the customer.

I'll take your' word on the grandpa/grandson deal. Never seen it myself but do know several banking "families" where several generations have been extremely successful. The guy you describe would probably be a failure at about anything he tried so not the banks fault. Only grandpa's fault for allowing it. Eventually these goofballs will get the bank in big trouble with regulators and cost them a ton of money.
As for credit cards, etc. it is the borrowers that has to be responsible for his own actions. Banks don't make anything off issuring debit or credit cards except a late charge if you pay late and finance charge if you choose to pay it out monthly. As for credit card vs debit card it's as broad as it is long. Neither is a safety net, neither is a savings account, however, I'm more selective where I use my DC as apposed to the credit card. Pay your account in full and you are not paying the bank for anything as there is no charge for either DC or CC. People who are tempted to spend more when they use a credit card simply need to learn some discipline. The bank nor the retailer is twisting their arm however, the retailer will use all his marketing skills he can to entice you to buy whether cash, check or credit...just good business. He don't care how you pay nor how much you spend. His job is to sell. Credit in the hands of a disciplined man can be an awesome tool. In the hands of a fool it can be poison.


It's a fact about the credit card spending. There are plenty of studies out there because people don't see it as spending "their" money.

38% of American have credit card debt. That's an epidemic.

If we go off the... "its their choice" logic why don't we just legalize drugs, why do they cap interest rates... just let people do what they want and fall on their butts.

These banks give loans and credit cards to people who do not need them. They blindly send them out to kids, dead people, pets, people they know have a bad history of paying bills, people who don't understand the terms, ect... That's irresponsible on their part and taking advantage of people. There is a special place in be nice for people who do that.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 4:13 pm

Hunter wrote:Banks make money off of commercial credit cards. Not sure about retail or individuals.

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