somebody pass me a fresh copy of atlas shruged, dropped mine in my starbucks
invite response
2012 Jun 23, 12:24pm 2,390 views 5 comments
by jan ➕follow (0) 💰tip ignore
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Vicente
2012 Jun 23, 2:55pm
People who just got a loan mod, can get a new car and new credit cards!
I think you REALLY do not understand how the credit card industry works.
Let me give you an example, you are in bankruptcy like a couple I know, you might THINK you'd not get new credit cards. BZZZT wrong! They know that NEW credit cards cannot be discharged in bankruptcy like the old ones. They get new cards no problem as ironically they are now LESS risky than "clean" customers.
Oh, you forgot to link the article so we have no way to put your comments in context.
Vicente
2012 Jun 24, 1:30am
Ah, found it:
It seems you are arguing with what they consider measurable statistics. That people who have defaulted in order to get loan mods, are less likely to fall delinquent on their other debts than "normal".
Many people value credit cards ABOVE their other debts, as they view it as a lifeline for emergency expenses.
You don't extra "credit" for avoiding the whole credit trap. In fact you are a "deadbeat" in that upside down world. They value people who generate fees and payments and points kickback fees from merchants. Anyone who interacts with them in a minimal and "honest" way is not of particular interest.
V, I understand all of that, I took finance in school. Because I understand it I am disgusted by it.
Only if you don't understand it apocalypsefuck. Gotta read the fine print.
"Consumers with loan mods do better with credit cards, auto loans"(see article)
The credit people have to come up with a new system to determine credit worthiness. People who just got a loan mod, can get a new car and new credit cards! That kills me to see it, me with no debt including the house. I have no credit history because I will not be used in that way by cc companies. Damn it doesn't anyone want to be free anymore? Some people have 200K in debt. I saw it on television a few days ago. I was shocked.
We were out of work for 3 years and survived without any unemployment. We would have lost everything if we had revolving payments car or credit cards! But who in their right mind gave these people new credit? These people are being paid to fail! (The express has gone off the rails over the Mississippi.(a dagny quote paraphrase)
At least moodys downgraded the banks yesterday, little late to the party but good news. It's the first breath of truth that I've seen since 2008 in finance.
Well, maybe good was a poor choice of words, there is a lot of pain yet to go in this depression. I am sorry for those who got wiped out.
What burns me though is that the baby boomers will pass legislation that will support them in old age, and have the working man to pay for it. Well, we don't have it anymore, we have to see to our own retirement and catch up from the crash. This has been the one generation empire, the WWII generation started it, and their kids destroyed it in record time, 57 years. Wow, really, "Greed wasn't good?" Outraged.