Andy1234

Earnings to Watch This Week

Cat looks like its going to pullback for the next day or two.

Credit Cards: Do the Banks Own the Senate?

The first rule I learned back in the 90's is never trust credit cards.....the banks have much more freedom to move the interest rates on them. Buy a house with a fixed rate mortgage....this is some pretty simple stuff.

I don't have any credit card bills.
On May 15 12:42 PM Alan Young wrote:

> I think some "my balance sheet is clean so why isn't yours" posters
> miss the point.
>
> In the business world, if you take out a loan at 8%, you plan to
> pay 8%, and the lender can't come back and say, "now it's 24%." But
> if you borrow with a credit card, that's exactly what can happen.
>
>
> I can make a perfectly responsible decision to maintain a certain
> debt load at a certain interest rate, and then be ruined when the
> bank suddenly demands 2 or 3 times as much interest on that same
> balance. Of course I wouldn't borrow at such a high rate, but that's
> not the question here.
>
> Why are banks allowed to demand of credit card customers a privilege
> which would be a non-starter with any other kind of loan?
>

Credit Cards: Do the Banks Own the Senate?

Let's say you are responsible…..and rather than buying cadillac SUV's with little down….and little savings, or buying Seven for all mankind, Rock and Republic Jeans, Unlimited text messages on a phone bill of $100/month, Buying Beer every weekend, having a kid, etc…..let's suppose you ONLY buy these things when you can afford to….or possibly wait a couple of years to save before buying……..that you saved enough money to not buy it on a credit card….or buy a fixed rate loan. Even if I were to run up a credit card bill….I could go to the bank and get a low interest FIXED loan if I wanted to…..they send me in the mail all the time for a $5,000-$10,000 loan. Good credit comes from constraint….and financial education.

The problem with idiots…is by definition…they are idiots. Without any financial education…or possibly basic algebra math skills/exponential compounding…they will get taken advantage of. They will learn their financial education the much harsher way.

The problem with socialism….is it completely promotes idiot behavior…..and undermines anyone who is essentially a good citizen. You will be left with a bunch of idiots running around this country (either by purpose or not).

Credit Cards: Do the Banks Own the Senate?

I don't really get all these regulations?

I still think people need to educate themselves for just about anything in life....otherwise you will always get the short end of the stick.

Reckless spending should have harsh consequences that treat people a lesson. I am not a fan of the banks at all....but there has to be some constraint in the system.

It seems as though the "good" well positioned people in America are the ones getting treated the worst.

Government needs to drastically be reduced in size......and taxes lowered all around. The government itself needs restraint in spending.....and we need to increase the private sector. This would lead to more productivity and a higher standard of living. Right now we have things backwards.....which just increases inflation in the long run. (increased government spending, increased taxes, growth in money supply, shrinking of private sector).