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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (75342)	12/11/2006 9:14:56 PM
From: kris b	Read Replies (3) \| Respond to of 110194

Don't you think the credit card industry No, it is the credit card holders fault. I get several solicitations a week but I don't even want to wipe my ass with them, the paper is too rough, so I throw them away. I am using one credit card with balances running from $ 5k-$15K a month, which I pay promptly by the due day. I never let the blood suckers make even a penny of me in interest. Only complete moron carries balances and pays between 10%-18% in interest for lousy consumer goods. I have friends who don't pay on time. By the time they are finished paying it costs them twice the original price. MORONS I paid cash( $30K each) for two of my cars, so can they.

To: Crimson Ghost who wrote (75342)	12/11/2006 10:53:19 PM
From: benwood	Read Replies (1) \| Respond to of 110194

It's true that the credit card companies are the enablers, but how do they keep doing it for years and years? Either it's a workable business model or somebody is enabling them somehow. The deregulation has led to credit card companies sponging up a huge share of disposable income of those in the subprime market. What they do used to be illegal (loan sharking) but now is simply S.O.P. And trapping people who make their payments on time but miss place a utility bill, say, and see interest rates jump by 75% or more -- why on earth is that even legal? The industry has well designed traps, not much different than Enron, really. The goal is to be collecting fees, penalties, and 22% interest or more from the masses who've hit any sort of speed bump an become entrapped. But as others have pointed out, it's all voluntary to become continuously indebted. It's taken years of grooming, of people spouting nonsense about how it's only the debt service level that matters. The pushers capitalize on a widespread defect in our culture: the inability to delay gratification combined with the fear that there isn't enough to go around. Should be interesting to see how the Entitlement Generation comes to grips with it's irrational thinking and behavior.