Comments on: Credit Card Chargeoffs Rise to Over 10% http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html Mon, 23 Nov 2009 10:17:20 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-50653 Anonymous Fri, 17 Jul 2009 20:27:06 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-50653 Get latest articles and information about commodities markets and trade in indian commodities markets with our <a href="http://www.mcxtipsindia.com/free-mcx-commodity-tips.php" rel="nofollow">Free MCX Commodity Tips</a>.Also when you need <a href="http://www.mcxtipsindia.com" rel="nofollow">MCX Tips</a> Call us Get latest articles and information about commodities markets and trade in indian commodities markets with our Free MCX Commodity Tips.Also when you need MCX Tips Call us

]]> By: Bruce Krasting http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49429 Bruce Krasting Thu, 25 Jun 2009 11:48:50 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49429 We have always had an adversarial relationship with our lenders. <br /><br />We have to write them monthly checks. They charge us stupid fees for any excuse they can create. Who do you hate more, your CC company, the IRS or your HMO?<br /><br />You can't mess with the HMO or the IRS but that CC company?<br /><br />Debt repudiation by a large number of card holders is not far away. The only reason to pay the minimum is to keep the remaining credit limit available for future use. When they cut those limits to the current outstanding level you take that incentive to pay away.<br /><br />A few years ago their was a craze to improve your credit score. It created access to debt/opportunity. That is no longer the case. No one is lending to anyone. No new store cards, no cc in the mail, no increase in limits, no cheap refi, no balance transfer deals.<br /><br />Access to credit got you a shot at the ultimate prize. You could buy a house and make a fortune like everyone else was doing.<br /><br />We now know that was a busted concept. There is no incentive any longer to maintaining a a good credit rating.<br /><br />The comments on this piece may be tongue in cheek. But I think they accurately reflect the state of mind of a very large chunk of the people who have a CC in their wallet. We have always had an adversarial relationship with our lenders.

We have to write them monthly checks. They charge us stupid fees for any excuse they can create. Who do you hate more, your CC company, the IRS or your HMO?

You can't mess with the HMO or the IRS but that CC company?

Debt repudiation by a large number of card holders is not far away. The only reason to pay the minimum is to keep the remaining credit limit available for future use. When they cut those limits to the current outstanding level you take that incentive to pay away.

A few years ago their was a craze to improve your credit score. It created access to debt/opportunity. That is no longer the case. No one is lending to anyone. No new store cards, no cc in the mail, no increase in limits, no cheap refi, no balance transfer deals.

Access to credit got you a shot at the ultimate prize. You could buy a house and make a fortune like everyone else was doing.

We now know that was a busted concept. There is no incentive any longer to maintaining a a good credit rating.

The comments on this piece may be tongue in cheek. But I think they accurately reflect the state of mind of a very large chunk of the people who have a CC in their wallet.

]]> By: VG Chicago http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49427 VG Chicago Thu, 25 Jun 2009 09:08:57 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49427 Harlem Dad: It's MOWA time, my friend! :)<br /><br />By all means, don't tighten your belt just to pay off these criminals. These credit card companies are gangsters, sharks, the vilest form of animals in the financial fauna – lower than vipers.<br /><br />Family comes first! Get your kids all the fancy toys they've always wanted but you've been telling them you can't afford. Things like new bikes, Play Stations, nice clothes from GAP Kids. Get them iPods, MacBooks, all the music they want. Take them to DisneyLand and Seaworld this summer. They need to see Shamu's relatives. They deserve it. And they'll love you for that. You'll be their champ. Numero Uno Dady! Fill their hearts with joy! That's what matters in life -- not whether some gangster was paid off on time or not.<br /><br />I just got my daughter 5 new dresses and roller skates. She's ecstatic! Tomorrow I'll get her a new bike. In three weeks I'll take her and my wife to Greece. She's already talking about the sand and the waves of the Adriatic (and she's only 3). She draws pictures about it. It sparked up her imagination. <br /><br />Vinny G. Harlem Dad: It's MOWA time, my friend! :)

By all means, don't tighten your belt just to pay off these criminals. These credit card companies are gangsters, sharks, the vilest form of animals in the financial fauna – lower than vipers.

Family comes first! Get your kids all the fancy toys they've always wanted but you've been telling them you can't afford. Things like new bikes, Play Stations, nice clothes from GAP Kids. Get them iPods, MacBooks, all the music they want. Take them to DisneyLand and Seaworld this summer. They need to see Shamu's relatives. They deserve it. And they'll love you for that. You'll be their champ. Numero Uno Dady! Fill their hearts with joy! That's what matters in life — not whether some gangster was paid off on time or not.

I just got my daughter 5 new dresses and roller skates. She's ecstatic! Tomorrow I'll get her a new bike. In three weeks I'll take her and my wife to Greece. She's already talking about the sand and the waves of the Adriatic (and she's only 3). She draws pictures about it. It sparked up her imagination.

Vinny G.

]]> By: Harlem Dad http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49417 Harlem Dad Thu, 25 Jun 2009 02:50:31 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49417 I recently paid off the last of some pretty severe credit card debt. And, wow, do I feel like a fool. I recently paid off the last of some pretty severe credit card debt. And, wow, do I feel like a fool.

]]> By: BitterRenter http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49416 BitterRenter Thu, 25 Jun 2009 02:29:48 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49416 I have paid my balance in full every month for years. Yet my credit card company charges 10% APR on purchases and has the nerve to charge <b>25% APR</b> on cash advances. With those rates, I am tempted to return to using my checkbook instead of the credit card. I have paid my balance in full every month for years. Yet my credit card company charges 10% APR on purchases and has the nerve to charge 25% APR on cash advances. With those rates, I am tempted to return to using my checkbook instead of the credit card.

]]> By: VG Chicago http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49415 VG Chicago Thu, 25 Jun 2009 02:26:06 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49415 Here's another gem from Citi: <b>Citi boosting salaries to offset lower bonuses</b> Check it out: <br /><br />http://news.yahoo.com/s/ap/20090624/ap_on_bi_ge/us_citigroup_compensation<br /><br />Say, if you still have that Citi credit card hanging around in your wallet, now's a good time to pull a MOWA on these bastards.<br /><br />Vinny G. (having just returned from Sacks Fifth Ave, saddled 100+ new expensive items I have absolutely no use for... and I charged them all to my Citi card, but of course...LOL) Here's another gem from Citi: Citi boosting salaries to offset lower bonuses Check it out:

http://news.yahoo.com/s/ap/20090624/ap_on_bi_ge/us_citigroup_compensation

Say, if you still have that Citi credit card hanging around in your wallet, now's a good time to pull a MOWA on these bastards.

Vinny G. (having just returned from Sacks Fifth Ave, saddled 100+ new expensive items I have absolutely no use for… and I charged them all to my Citi card, but of course…LOL)

]]> By: VG Chicago http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49409 VG Chicago Wed, 24 Jun 2009 23:16:45 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49409 Good! Sounds like more Americans are pulling a MOWA on these criminal credit card issuers. <br />MOWA = "Max Out, Walk Away".<br /><br />Vinny G. -- frantically rushing out the door, and heading straight for the mall... credit cards in hand... :) Good! Sounds like more Americans are pulling a MOWA on these criminal credit card issuers.
MOWA = "Max Out, Walk Away".

Vinny G. — frantically rushing out the door, and heading straight for the mall… credit cards in hand… :)

]]> By: Mo http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10.html#comment-49408 Mo Wed, 24 Jun 2009 23:14:57 +0000 http://www.nakedcapitalism.com/2009/06/credit-card-chargeoffs-rise-to-over-10/#comment-49408 Interesting observation on trying to bleed non-deadbeats.<br /><br />I'm a "pay in full" credit card user. Last month, my bill showed that there was no minimum payment due. I thought to myself - wow - is this some deal I didn't know about? I called (Chase) and asked about this. I was told they gave customers a month "off" from paying the minimum amount. The rep. noted that I paid in full each month and informed me that if I didn't pay the bill, I would be charged interest. So it was a holiday from a minimum payment - but not an interest free holiday!<br /><br />I think you could say they thought they might be able to bleed this non deadbeat.<br /><br />what a bunch of crooks Interesting observation on trying to bleed non-deadbeats.

I'm a "pay in full" credit card user. Last month, my bill showed that there was no minimum payment due. I thought to myself – wow – is this some deal I didn't know about? I called (Chase) and asked about this. I was told they gave customers a month "off" from paying the minimum amount. The rep. noted that I paid in full each month and informed me that if I didn't pay the bill, I would be charged interest. So it was a holiday from a minimum payment – but not an interest free holiday!

I think you could say they thought they might be able to bleed this non deadbeat.

what a bunch of crooks

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