Here's what the problem with money is

[Truck Fump / h1b]

The point of a credit card is to make payment more easy. For instance, you are expected to payoff the entire American Express bill every month. It can be used to borrow money, but is also used to just speed money along.

With more and more goods and services being delivered, cash payments are difficult, and credit cards are becoming the norm.



Credit card companies love people who take out huge, high interest loans, and pay them back. But they also like people who do not take out loans, and just have a lot of cash flow. I get insane numbers of credit card offers, and have a line of credit of over a $100k.

What credit card companies hate is people who take out huge loans, and then walk away from them. I already proved I am not that type of person.

you're as dumb as Alexandertsolis.

convenience trumps all.

catering to that mindset is like being a crack pusher to children.

 

[Truck Fump / h1b]

The point of a credit card is to make payment more easy. For instance, you are expected to payoff the entire American Express bill every month. It can be used to borrow money, but is also used to just speed money along.

With more and more goods and services being delivered, cash payments are difficult, and credit cards are becoming the norm.



Credit card companies love people who take out huge, high interest loans, and pay them back. But they also like people who do not take out loans, and just have a lot of cash flow. I get insane numbers of credit card offers, and have a line of credit of over a $100k.

What credit card companies hate is people who take out huge loans, and then walk away from them. I already proved I am not that type of person.

actually no.

The bad debt they can sell to large institutions and get bailout money.

 

[Truck Fump / h1b]

In 2005 it was a full court press to get bad loans on the books.

 

[Truck Fump / h1b]

"i got a robopen, and i got an army" -- the military industrial complex.

 

[Walt]

you're as dumb as Alexandertsolis.

convenience trumps all.

catering to that mindset is like being a crack pusher to children.

I would rather pay a lower price, with an EZ-Pass, going through the tollbooth is a moment, than wait ten minutes, pay a higher price, in pennies. If you offer me a lower price with cash, I will seriously consider it, but right now it is effectively always a higher price with cash.

I am amazingly price conscience, even when the difference in price is not that important. I get paid thousands of dollars to use credit cards. I get a zero interest revolving loan by paying the statement balance. I could easily pay the current balance, but I enjoy working things out to my maximum benefit.

Credit cards are great for responsible people. AssHat's problem is he is not responsible.

 

[Into the Night]

You should probably read this...genius...


Next time player that you read something on the internet that is nonsense, remember that you can ignore it...

and player, you can keep on ignoring nonsense, unless people forget that...

Money reduces the time and effort to trade…

as then... we are stuck with idiots wasting our time and effort, with their endless money stories...

Get it now player, or are you still wondering what to reply to me?

Spamming. No argument presented.

 

[Into the Night]

If you pay off your statement balance, they are not scams.

They are scams.

Some Americans have a real problem paying off their statement balances, but tens of millions of Americans have no problem doing it.

Bringing up straw men does not help you.

 

[Into the Night]

I would like to argue that it is not money but a poverty of money under Capitalism that is the problem.

A 'poverty of money'????? WTF is THAT??!?

Capitalism doesn't even require money! It has worked with direct barter and still does, on occasion.

The government is printing dollars much faster than any wealth being created by capitalism. The problem is too many dollars. Their value is becoming less and less.
I think it's only a matter of time before people reject them as a currency. What they will move to is as yet undetermined, but people are already looking for an alternative currency.

 

[Into the Night]

The point of a credit card is to make payment more easy.

No. The point of a credit card is to borrow money. The loan is usually unsecured.

For instance, you are expected to payoff the entire American Express bill every month.

AMEX is not a credit card. They are also a scam.

It can be used to borrow money, but is also used to just speed money along.

It is used to borrow money.

With more and more goods and services being delivered, cash payments are difficult, and credit cards are becoming the norm.

Unfortunately. There ARE far better alternatives. Stay out of debt.

Credit card companies love people who take out huge, high interest loans, and pay them back. But they also like people who do not take out loans, and just have a lot of cash flow. I get insane numbers of credit card offers, and have a line of credit of over a $100k.

I don't believe your credit rating claim.

What credit card companies hate is people who take out huge loans, and then walk away from them. I already proved I am not that type of person.

You have proved nothing. Anecdotes are not a proof.

 

[Into the Night]

actually no.

The bad debt they can sell to large institutions and get bailout money.

There's a lot of truth to this.

Bad debt is sold to collection agencies. These bottom feeders have no way to collect the bad debt and often break the law. When a collection agency realizes they can't bully someone into paying them, they sell it to another collection agency. Round and round it does, until there is no one left to buy the bad debt. I rank these morons right up there with Nigerian Prince letters.

As each bad loan is sold off, that collection agency claims a loss on their tax records. These far exceed any profit made from bullying people, so they basically pay no taxes and can even get tax refunds. Essentially communism. Those 'refunds' are just printed money.

 

[Into the Night]

I would rather pay a lower price, with an EZ-Pass, going through the tollbooth is a moment, than wait ten minutes, pay a higher price, in pennies. If you offer me a lower price with cash, I will seriously consider it, but right now it is effectively always a higher price with cash.

I am amazingly price conscience, even when the difference in price is not that important. I get paid thousands of dollars to use credit cards. I get a zero interest revolving loan by paying the statement balance. I could easily pay the current balance, but I enjoy working things out to my maximum benefit.

Credit cards are great for responsible people. AssHat's problem is he is not responsible.

Paying your tollbooth fees by borrowing, eh?

Are YOU bad off!

 

[Walt]

The bad debt they can sell to large institutions and get bailout money.

You will never get full value for a bad debt. You will always get pennies on the dollar for it. That is never good.

The best you can hope for is to use the debt as collateral, and make enough money off the other debt to payoff a low interest rate loan. This is still losing money. No one wants to be holding bad debt.

People used to think it was a good idea to be an originator of bad debt. You could make a bad loan, and before anyone realizes it is a bad loan, you sell it off. The problem with that is when it all falls apart, you are still holding some of the loans. Worse yet, as it starts to fall apart, the loan sales slow, and you end up holding more of the bad loans. And do not expect a bailout, because you do not have enough of the bad loans to be systemically important.

 

[Walt]

They are scams.

Paying your debts is now a scam to the Republican Party. That is where we are.

 

[Walt]

Paying your tollbooth fees by borrowing, eh?

Are YOU bad off!

Wow, you are really not financially an adult.

 

[Into the Night]

You will never get full value for a bad debt. You will always get pennies on the dollar for it. That is never good.

The best you can hope for is to use the debt as collateral, and make enough money off the other debt to payoff a low interest rate loan. This is still losing money. No one wants to be holding bad debt.

People used to think it was a good idea to be an originator of bad debt. You could make a bad loan, and before anyone realizes it is a bad loan, you sell it off. The problem with that is when it all falls apart, you are still holding some of the loans. Worse yet, as it starts to fall apart, the loan sales slow, and you end up holding more of the bad loans. And do not expect a bailout, because you do not have enough of the bad loans to be systemically important.

Credit cards are unsecured debts. There is no collateral. They are often high interest loans, even usury. Usury that is illegal in many of the States they are sold in. Ever wonder why so many of them are based in Delaware? Delaware has no law against usury.

 

[Into the Night]

Paying your debts is now a scam to the Republican Party. That is where we are.

Word stuffing. I never said this.

 

[Into the Night]

Wow, you are really not financially an adult.

Hey...it is YOU justifying going into debt to pay your toll fees!

 

[Walt]

Credit cards are unsecured debts. There is no collateral. They are often high interest loans, even usury. Usury that is illegal in many of the States they are sold in. Ever wonder why so many of them are based in Delaware? Delaware has no law against usury.

I think you mean South Dakota.

Anyway, a debt does not have to have collateral to be used as collateral. If you are a creditor holding a debt, you are considered to hold an asset. You will [possibly] be receiving payments on that debt. You can use that collateral on getting a loan.

So lets say you are a bank, with holding $100 million in mortgages, but there is a run on the bank, and the depositors want $50 million of their deposits back, RIGHT NOW!!! Obviously, you cannot end the mortgages, so instead, you get a loan using the mortgages as collateral. Usually the rate you would pay as a bank is much lower than the mortgage rate, so with any luck, you can still make a profit.

https://www.findlaw.com/state/delaware-law/delaware-interest-rates-laws.html

 

[Walt]

Hey...it is YOU justifying going into debt to pay your toll fees!

Seriously, you have never used EZ-Pass?

 

[danielpalos]

A 'poverty of money'????? WTF is THAT??!?

Capitalism doesn't even require money! It has worked with direct barter and still does, on occasion.

The government is printing dollars much faster than any wealth being created by capitalism. The problem is too many dollars. Their value is becoming less and less.
I think it's only a matter of time before people reject them as a currency. What they will move to is as yet undetermined, but people are already looking for an alternative currency.

Man invented money for the convenience, especially when used as legal tender.