Remember when the "experts" said that BLM needed to "peacefully protest" for their mental health during a "pandemic", but everyone else had to stay home? Then grandma's funeral was cancelled and then they had a national funeral for George Floyd and he had a golden casket? Now cities are paying BLM millions and millions of dollars after they caused billions in damage? And they're still pushing their "vaccines" on children...
Why is it that in the financial world, corporations always get a pass when they don’t pay back their debts according to their agreement. Or get bailouts because they over-leverage and make bad decisions. Yet, individuals always get the moral argument of “do the right thing, pay it back”.
Lol bro. You got charged interest for taking out a loan. That's all a credit card is: a form of loan. Did you really think somebody out there would give you a loan for free?
I understand life is tough, but ultimately you spent the money and you should have known that there would be interest charged. Credit cards are not that hard to understand.
Honestly, regardless of what anyone might say here in the comments... and regardless of my own personal feelings on the matter, this is probably the only real answer that's going to stop any of this.
If people just say fuck it all and throw their hands up in the air, they can't garnish the wages of everyone. In most cases, those companies have already gotten their money back 10 fold by the time someone gets to the point of saying screw it.
They give up, because of everything you said: fees, interest etc. that balloons into a monster.
Now, there are plenty of libertarian types who claim to have all of the answers and claim to live entirely perfect lives where they themselves never make any mistakes whatsoever, who will say things like "well people just shouldn't get credit cards".
And while I do agree with the overall sentiment of that, it's a sentiment that outright refuses to place ANY blame whatsoever on the usurers who fuck people over in this nation.
People get financially desperate. Sometimes they need an emergency fund, whatever the case is, not all debt is just frivolous spending.
In a lot of cases, the current revolving debt we see is a situation where someone signed up for a credit card several years ago, when their interest rate was single digit. Now, after we've lived through all of the horseshit with covid, and everything else, suddenly interest rates are over 30%.
I wish I were joking. Over 30 fucking percent.
And people excuse this with, "Well you shouldn't have gotten a credit card".
People should make financially responsible decisions, yes, but this doesn't excuse fucking usury. I'm sorry, but it doesn't.
There was a time in this nation when that sort of shit was made illegal, and it blows my mind that we're creeping right back into it and not a single peep has even been made about the legality of it.
So, I go back to saying this:
You're likely doing the one thing that's going to stop this all. I doubt our economic situation gets any better whatsoever so long as people are still living the status quo and paying their minimum payments on debt (which is designed to never be paid off).
If everybody collectively says fuck it, and stops paying them, they'll be forced to bring their interest rates back to some resonable level and stop absolutely fucking people.
I have no issue paying for debt I've accrued. What I do have an issue with, is when interest rates, fees and other horseshit is so fucked up that you end up taking on 10x the debt, and they hide all of that in fine print.
Also, in before "But you should always read the fine print" faggots chime in. Yea, you can keep claiming that you read the fine print on every single interaction you've ever had in your life, and hell, maybe you have, but you're an extreme, extreme minority, so your voice doesn't apply.
This is one of the reasons I have a hard time blaming the people who are taking on the debt as the problem.
Our fucking govt is printing money hand over fist. We're going so far into the red in our national debt, it's hard to even fucking conceptualize the amount of money.
But sure, the problem is some dude working to pay rent and feed his family, because inflation and this economic shitshow has fucked him so hard he's now having to explore alternative means of financing daily expenses.
It's totally him that's the problem, not the entire fucking out of control apparatus.
If people argued from a more genuine starting point, and didn't just hand waive those facts away, I'd have more interest in having that discussion.
But for whatever reason, we have this tendency on our side to blame the individual and then just hand waive away literally every other aspect that lead there.
If people just say fuck it all and throw their hands up in the air, they can't garnish the wages of everyone.
Sure they can, there's an entire industry devoted to debt collection. They get judgements against people at an industrial scale, and despite all the tough talk from internet tough guys, 99.9% of debtors won't even show their face in court. Default judgements are the easiest thing to get.
Then it's just a matter of sending the garnishment to an employer, who will comply with it because they don't want to be on the hook. There goes 25% of disposable income.
Yeah kinda true. Debt collectors should be able to win those cases easily, but they're really lazy about it since nobody ever shows up. If a debtor actually shows up in court and says "prove it" they'll be shocked and scrambling
The problem is that irresponsible assholes make up the majority, though there certainly are those that just get a bad draw. Unfortunately, both camps tend to fall into the same ideological camps.
For instance, a kid I grew up with is a typical Bernie bro type. And he’s this way because of his genuine circumstances. I’m high school, his father had cancer. This basically bankrupted the family. It came after they were already struggling financially because he caught meningitis a few years earlier. After graduating, his father had finally passed, leaving them in tons of debt. And then, the state took his house through imminent domain to expand the airport, giving them pennies on the dollar for the one financial asset they had left that could have saved them.
Someone like this, I can understand when they develop the ideology they do. And they’re right to feel the way they do about government and economic policy. But the 99% of people that agree with them tend to be morons that ended up in the same boat as someone like him because they bought too many Nike’s
I do have sympathy for someone like your friend. That's a rough start to life, and I can understand why someone might end up super jaded and just over it all.
To be clear, I am not supporting in any way, the people who buy too many tennis shoes they don't need.
But the fact of the matter is, the numbers don't lie, more Americans than ever are now living on rotating debt. I can't imagine that every single one of them are just buying sneakers. Especially when I know for a fucking fact that this administration has fucked our whole economy so hard a gallon of milk is $6.
When that shit happens, and suddenly debt explodes alongside of it, you can't tell me it's all from people buying sneakers.
A large percentage of that is literally people trying to maintain some standard of living they had before the covid inflation. These people are being used like cattle.
If you were stuck with two choices, and you HAD to choose one of the two:
Let your kids go without food, clothign, shelter etc.,
or
You take on a credit card.
What would you choose?
I can't blame people for the actions of the usurers that fuck them over in these situations.
The same shit happened in 2008. Predatory lending moved in to offer people things like payday loans, at insane fucking INSANE rates. But here we are, once again, with the same people swooping in ready to offer out 40% interest credit cards.
Yup. I should also add 2008 is right around when all this was happening with my friend. I believe his dad died in '07, and it was right after the housing crash that the state was taking (I mean "buying") his house from them. So it was not only devalued from the crash, but then devalued further from what the government will offer to pay for it. They don't have a choice in the matter, either. They have to sell. Pretty shitty circumstances. I used to get in a lot of debates with him online during the '16 election, but always felt bad because I knew the perspective and experiences he was coming from. But... he was also the only person I knew who was justified in feeling that way really, at least at that time
So the government seized his house, and now he votes for people who want to use government to seize others' wealth. Sounds like he didn't learn anything.
Debt is basically a necessity to turn money into more money. Problem is most people aren’t responsible enough to manage debt.
Credit card debt is a bit different because of rates. It should only be used in 1) absolute emergencies 2) building credit (pay off balance immediately/each billing cycle), or 3) using 0% promotional offers, particularly if the cash equivalent can be used better elsewhere (like paying down another loan with interest, investing properly, etc).
Too many just swipe credit cards as if it’s cash or debit, though, and let the 19-26% rates rack up interest
I know people who shouldn't even be given another credit card, who keep signing up for more and more of them because they fill up one card, open another, and then keep it up.
At some point, their minimum payments will add up to a number they can't even afford.
What happens with that debt?
I get tired of hearing about how "Yea but I don't have debt and they shouldn't do that". We get it, people who say that shit are perfect and have never made a SINGLE bad decision their entire life. If you are one of those people and feel like commenting, then just move on, we're not talking about you.
But for normal every day people who are out here trying to live, that's not a reality for most of them.
I mean, what do you expect them to do? Let's take out all of the answers I know are coming - cut out frivolous spending, living within their means etc.
We all get and understand that.
But the question I'm asking, is what happens when our economy itself has become so fucked, because democrats have been printing money, that a regular joe living on a tight budget, working all week, can't even afford groceries?
What's your answer to that?
When his rent goes up, when gas, utilities, taxes, fucking everything keeps going up, and his salary stays the same... What's he supposed to do?
I hear "get another job' a lot. Do people really think that's all there is to life? We should just "get another job" to live? Really?
But okay, let's say he did.
Not everyone can be a doctor or an engineer. Some people have to be landscapers or ditch diggers. A lot general labor jobs still don't pay much.
Oh, but I digress. I'm arguing with a wall, because most people who will come in here to argue will have all of the answers to everything, so I shouldn't even bother.
It's interesting, though, how those people never speak up with their solutions until it's trying to tear down someone elses argument.
Edit: also, the "You" comments here were not to you, the poster above me, but to a general audience.
"I get tired of hearing about how "Yea but I don't have debt and they shouldn't do that". We get it, people who say that shit are perfect and have never made a SINGLE bad decision their entire life." Kek, there are some arrogant pricks like that, too bad they haven't used their superpowers to stop the globalists. Maybe they'll be taught some humility and compassion in these interesting times.
It's the same mentality that reddit got famous for. "I know everything there is to possibly know, am never wrong about anything, have never made a mistake in my life, and I'm going to mock and ridicule everyone for being anything other than perfect like I am".
It's pretty tiring honestly. I get to where I don't even reply back to that shit any longer, you're never going to have a good discussion.
Loose money and easy credit are increase money supply and drive inflation.
Inflation drives consumer credit card debt.
The solution is sound money and forcing banks to endure the consequences of writing bad loans. Both sides of the transaction make bad decisions when they are not forced to live with the consequences.
The solution starts with sound money and high lending standards.
tell that loan shit those other countries have w/ ccp ... they kind lost their land and port for the next hundreds years to pay off so they can build millitary bases on their land... or how fucking college loans are destory our country ... experts or bunch of dumb fucks who have no education on econ 101 or financial intelligence
It's okay, all of the people who have all of the answers are waiting to tell us all how they live perfect lives, and the solution was so simple - if only everyone else would have been perfect like they are.
Who would have known, the entire solution to all of the fucking PLANET's financial crises, was as simple as "well don't take on debt".
How, oh how, could such an academic in economics, have ever gone so unnoticed? Why don't we have these people as the top scholars of our entire society, with their single sentence wisdom that applies to literally every situation across the entire fucking globe.
I really dont think the credit card debt is as substantial as people believe because we have been incentivized to pay for everything with a credit card. Even if you pay it all off every month, it wont be reflected because as soon as the statement is generated, that number is usually what gets reported to the credit agencies. So even though the balance is paid, you can be listed as having thousands in debt.
We finally were approved for a personal loan in 2017 (after Trump deregulated the banks) and paid off our credit card debt n paid off the loan earlier this year!
It's pretty obvious how this happened, and it's predictable, they knew what happened. Skyrocketing inflation means people who are living paycheck to paycheck started having to put essentials on credit cards to survive. And those that already had balances started having to pay more because the fed started to raise an interest rates. Minimum payments kept creeping up and up and people started missing them or being late, spiraling out of control.
EXPERTS are so full of shit.
Remember when the "experts" said that BLM needed to "peacefully protest" for their mental health during a "pandemic", but everyone else had to stay home? Then grandma's funeral was cancelled and then they had a national funeral for George Floyd and he had a golden casket? Now cities are paying BLM millions and millions of dollars after they caused billions in damage? And they're still pushing their "vaccines" on children...
Robert F Smith paid for the casket
If it’s woke bullshit and invovles blacks, Robert is behind it
Another Soros
Everyone has an opinion. It's all fake media
iTs nOt A rEcEsSiOn
Just like scholars and "scientists".
In this one case, I'd argue dick. Dickler meaning to be full of dick.
I suggest you pay back what you borrowed. You can chose to not deal with them. But the balance is what you spent.
Banks /Card companies are like a gun. They can be used for good and used for bad.
I agree with the sentiment, but both sides of the lending transaction engage voluntarily.
Banks should lend more conservatively, and they should be forced to live with the consequences of default when making bad loans.
NO BAILOUTS!
Why is it that in the financial world, corporations always get a pass when they don’t pay back their debts according to their agreement. Or get bailouts because they over-leverage and make bad decisions. Yet, individuals always get the moral argument of “do the right thing, pay it back”.
Just an observation.
That's irrelevant. Don't comparr yourself to others.
Do what the right thing is to do
Do what personally makes sense for you financially.
Bankruptcy
Lol bro. You got charged interest for taking out a loan. That's all a credit card is: a form of loan. Did you really think somebody out there would give you a loan for free?
I understand life is tough, but ultimately you spent the money and you should have known that there would be interest charged. Credit cards are not that hard to understand.
Honestly, regardless of what anyone might say here in the comments... and regardless of my own personal feelings on the matter, this is probably the only real answer that's going to stop any of this.
If people just say fuck it all and throw their hands up in the air, they can't garnish the wages of everyone. In most cases, those companies have already gotten their money back 10 fold by the time someone gets to the point of saying screw it.
They give up, because of everything you said: fees, interest etc. that balloons into a monster.
Now, there are plenty of libertarian types who claim to have all of the answers and claim to live entirely perfect lives where they themselves never make any mistakes whatsoever, who will say things like "well people just shouldn't get credit cards".
And while I do agree with the overall sentiment of that, it's a sentiment that outright refuses to place ANY blame whatsoever on the usurers who fuck people over in this nation.
People get financially desperate. Sometimes they need an emergency fund, whatever the case is, not all debt is just frivolous spending.
In a lot of cases, the current revolving debt we see is a situation where someone signed up for a credit card several years ago, when their interest rate was single digit. Now, after we've lived through all of the horseshit with covid, and everything else, suddenly interest rates are over 30%.
I wish I were joking. Over 30 fucking percent.
And people excuse this with, "Well you shouldn't have gotten a credit card".
People should make financially responsible decisions, yes, but this doesn't excuse fucking usury. I'm sorry, but it doesn't.
There was a time in this nation when that sort of shit was made illegal, and it blows my mind that we're creeping right back into it and not a single peep has even been made about the legality of it.
So, I go back to saying this:
You're likely doing the one thing that's going to stop this all. I doubt our economic situation gets any better whatsoever so long as people are still living the status quo and paying their minimum payments on debt (which is designed to never be paid off).
If everybody collectively says fuck it, and stops paying them, they'll be forced to bring their interest rates back to some resonable level and stop absolutely fucking people.
I have no issue paying for debt I've accrued. What I do have an issue with, is when interest rates, fees and other horseshit is so fucked up that you end up taking on 10x the debt, and they hide all of that in fine print.
Also, in before "But you should always read the fine print" faggots chime in. Yea, you can keep claiming that you read the fine print on every single interaction you've ever had in your life, and hell, maybe you have, but you're an extreme, extreme minority, so your voice doesn't apply.
Just like our govt, leading by example...why it's hilarious to believe anything they say about money.
It is.
This is one of the reasons I have a hard time blaming the people who are taking on the debt as the problem.
Our fucking govt is printing money hand over fist. We're going so far into the red in our national debt, it's hard to even fucking conceptualize the amount of money.
But sure, the problem is some dude working to pay rent and feed his family, because inflation and this economic shitshow has fucked him so hard he's now having to explore alternative means of financing daily expenses.
It's totally him that's the problem, not the entire fucking out of control apparatus.
If people argued from a more genuine starting point, and didn't just hand waive those facts away, I'd have more interest in having that discussion.
But for whatever reason, we have this tendency on our side to blame the individual and then just hand waive away literally every other aspect that lead there.
Sure they can, there's an entire industry devoted to debt collection. They get judgements against people at an industrial scale, and despite all the tough talk from internet tough guys, 99.9% of debtors won't even show their face in court. Default judgements are the easiest thing to get.
Then it's just a matter of sending the garnishment to an employer, who will comply with it because they don't want to be on the hook. There goes 25% of disposable income.
And for the 0.1% who do show up to court EASILY win because of how broken the debt collection system and industry works.
Yeah kinda true. Debt collectors should be able to win those cases easily, but they're really lazy about it since nobody ever shows up. If a debtor actually shows up in court and says "prove it" they'll be shocked and scrambling
I didn't mean to hurt your feelings, I'm sorry.
The problem is that irresponsible assholes make up the majority, though there certainly are those that just get a bad draw. Unfortunately, both camps tend to fall into the same ideological camps.
For instance, a kid I grew up with is a typical Bernie bro type. And he’s this way because of his genuine circumstances. I’m high school, his father had cancer. This basically bankrupted the family. It came after they were already struggling financially because he caught meningitis a few years earlier. After graduating, his father had finally passed, leaving them in tons of debt. And then, the state took his house through imminent domain to expand the airport, giving them pennies on the dollar for the one financial asset they had left that could have saved them.
Someone like this, I can understand when they develop the ideology they do. And they’re right to feel the way they do about government and economic policy. But the 99% of people that agree with them tend to be morons that ended up in the same boat as someone like him because they bought too many Nike’s
I do have sympathy for someone like your friend. That's a rough start to life, and I can understand why someone might end up super jaded and just over it all.
To be clear, I am not supporting in any way, the people who buy too many tennis shoes they don't need.
But the fact of the matter is, the numbers don't lie, more Americans than ever are now living on rotating debt. I can't imagine that every single one of them are just buying sneakers. Especially when I know for a fucking fact that this administration has fucked our whole economy so hard a gallon of milk is $6.
When that shit happens, and suddenly debt explodes alongside of it, you can't tell me it's all from people buying sneakers.
A large percentage of that is literally people trying to maintain some standard of living they had before the covid inflation. These people are being used like cattle.
If you were stuck with two choices, and you HAD to choose one of the two:
Let your kids go without food, clothign, shelter etc.,
or
You take on a credit card.
What would you choose?
I can't blame people for the actions of the usurers that fuck them over in these situations.
The same shit happened in 2008. Predatory lending moved in to offer people things like payday loans, at insane fucking INSANE rates. But here we are, once again, with the same people swooping in ready to offer out 40% interest credit cards.
Yup. I should also add 2008 is right around when all this was happening with my friend. I believe his dad died in '07, and it was right after the housing crash that the state was taking (I mean "buying") his house from them. So it was not only devalued from the crash, but then devalued further from what the government will offer to pay for it. They don't have a choice in the matter, either. They have to sell. Pretty shitty circumstances. I used to get in a lot of debates with him online during the '16 election, but always felt bad because I knew the perspective and experiences he was coming from. But... he was also the only person I knew who was justified in feeling that way really, at least at that time
So the government seized his house, and now he votes for people who want to use government to seize others' wealth. Sounds like he didn't learn anything.
Lol this is some real reddit level shit right here
That’s why you don’t use credit ..
Just start shoplifting. There are no rules anymore. Anomie is fun.
Credit is a fantastic tool for anyone with a decent IQ. Unfortunately, lots of stupid people exist.
Debt is basically a necessity to turn money into more money. Problem is most people aren’t responsible enough to manage debt.
Credit card debt is a bit different because of rates. It should only be used in 1) absolute emergencies 2) building credit (pay off balance immediately/each billing cycle), or 3) using 0% promotional offers, particularly if the cash equivalent can be used better elsewhere (like paying down another loan with interest, investing properly, etc).
Too many just swipe credit cards as if it’s cash or debit, though, and let the 19-26% rates rack up interest
Same...fucking...author... Jessica Dickler
J.D. Ickler
Start paying down your debt. Live far below your means or get frikked.
Yeah, because people are paying rent with credit now. It's all the rage in 2023.
I know people who shouldn't even be given another credit card, who keep signing up for more and more of them because they fill up one card, open another, and then keep it up.
At some point, their minimum payments will add up to a number they can't even afford.
What happens with that debt?
I get tired of hearing about how "Yea but I don't have debt and they shouldn't do that". We get it, people who say that shit are perfect and have never made a SINGLE bad decision their entire life. If you are one of those people and feel like commenting, then just move on, we're not talking about you.
But for normal every day people who are out here trying to live, that's not a reality for most of them.
I mean, what do you expect them to do? Let's take out all of the answers I know are coming - cut out frivolous spending, living within their means etc.
We all get and understand that.
But the question I'm asking, is what happens when our economy itself has become so fucked, because democrats have been printing money, that a regular joe living on a tight budget, working all week, can't even afford groceries?
What's your answer to that?
When his rent goes up, when gas, utilities, taxes, fucking everything keeps going up, and his salary stays the same... What's he supposed to do?
I hear "get another job' a lot. Do people really think that's all there is to life? We should just "get another job" to live? Really?
But okay, let's say he did.
Not everyone can be a doctor or an engineer. Some people have to be landscapers or ditch diggers. A lot general labor jobs still don't pay much.
Oh, but I digress. I'm arguing with a wall, because most people who will come in here to argue will have all of the answers to everything, so I shouldn't even bother.
It's interesting, though, how those people never speak up with their solutions until it's trying to tear down someone elses argument.
Edit: also, the "You" comments here were not to you, the poster above me, but to a general audience.
"I get tired of hearing about how "Yea but I don't have debt and they shouldn't do that". We get it, people who say that shit are perfect and have never made a SINGLE bad decision their entire life." Kek, there are some arrogant pricks like that, too bad they haven't used their superpowers to stop the globalists. Maybe they'll be taught some humility and compassion in these interesting times.
It's the same mentality that reddit got famous for. "I know everything there is to possibly know, am never wrong about anything, have never made a mistake in my life, and I'm going to mock and ridicule everyone for being anything other than perfect like I am".
It's pretty tiring honestly. I get to where I don't even reply back to that shit any longer, you're never going to have a good discussion.
Loose money and easy credit are increase money supply and drive inflation.
Inflation drives consumer credit card debt.
The solution is sound money and forcing banks to endure the consequences of writing bad loans. Both sides of the transaction make bad decisions when they are not forced to live with the consequences.
The solution starts with sound money and high lending standards.
Who in their right mind would elect the VP in 2009 as president?
If you invested in that guy, you want to get your money's worth.
It is when everyone files Chapter 7.
tell that loan shit those other countries have w/ ccp ... they kind lost their land and port for the next hundreds years to pay off so they can build millitary bases on their land... or how fucking college loans are destory our country ... experts or bunch of dumb fucks who have no education on econ 101 or financial intelligence
It's okay, all of the people who have all of the answers are waiting to tell us all how they live perfect lives, and the solution was so simple - if only everyone else would have been perfect like they are.
Who would have known, the entire solution to all of the fucking PLANET's financial crises, was as simple as "well don't take on debt".
How, oh how, could such an academic in economics, have ever gone so unnoticed? Why don't we have these people as the top scholars of our entire society, with their single sentence wisdom that applies to literally every situation across the entire fucking globe.
CNBC fucking cunt. Demon-Crap whore. I hate these satanist
I don't care about upside-down pensions, student debt or consumer credit card debt so long as there are NO BAILOUTS.
We, as a nation, haven't lived within our means since WWII. We have stolen wealth from multiple generations that haven't even been born yet.
I really dont think the credit card debt is as substantial as people believe because we have been incentivized to pay for everything with a credit card. Even if you pay it all off every month, it wont be reflected because as soon as the statement is generated, that number is usually what gets reported to the credit agencies. So even though the balance is paid, you can be listed as having thousands in debt.
So, breaking point is a good thing, yes?
Dickler, great fake name and I am gonna use it.
Jessica Dickler is an idiot.
Jr high must have been rough
I'm glad I decided to finally pay off my credit card debt. I was real stupid with it hahah
Fine, i'm going to apply for 20 credit cards then, request their max cash withdrawal...and go nuts
run towards the apocalypse!
😆
Getting out from under CC debt: https://m.youtube.com/watch?v=ZOAgU_x-njg&pp=ygUWdmFubnRhc3RpYyBjcmVkaXQgY2FyZA%3D%3D
Expert = mendacious paid shill
Experts say I'm so good lookin'...
I just consider it digital cash. :) Thank you West and Central Banks. :)
Jim Cramer is an expert.
7 months to do a complete 180.
It's obvious Jessica Dicklicker doesn't know whether she's cumming or going.
Thanks Joe
Do they even read what they are given to publish?
A female dick...ler
We finally were approved for a personal loan in 2017 (after Trump deregulated the banks) and paid off our credit card debt n paid off the loan earlier this year!
Credit cards IMO should only be used for building credit or in an emergency situation.
Yes in a perfect world
It's pretty obvious how this happened, and it's predictable, they knew what happened. Skyrocketing inflation means people who are living paycheck to paycheck started having to put essentials on credit cards to survive. And those that already had balances started having to pay more because the fed started to raise an interest rates. Minimum payments kept creeping up and up and people started missing them or being late, spiraling out of control.
"Dickler"
LOL