This report was originally published by Michael Snyder at End Of The American Dream
Is the consumer debt bubble finally starting to burst? If the latest numbers on delinquent credit card accounts are any indication, that appears to be precisely what is happening. As I noted the other day, Americans currently have 480 million credit cards, and they are carrying 870 billion dollars worth of balances on those cards. That is one giant pile of debt, but there won’t be a problem as long as the vast majority of Americans regularly make their credit card payments. Unfortunately, the number of credit card accounts that are delinquent has been steadily rising, and now we are being told that the number of “seriously delinquent” accounts has shot up to 37 million…
At the end of 2018, Americans struggled to make payments on the country’s $870 billion worth of credit card debt.
About 37 million credit card accounts were marked as seriously delinquent in the fourth quarter, meaning they were 90 or more days past due, an increase of two million from the same period a year earlier.
Remember, those accounts are not just behind. We are talking about accounts that are at least 90 days past due.
It appears that the credit card industry has a burgeoning crisis on their hands.
Meanwhile, the number of Americans that are behind on their auto loan payments has reached an unprecedented level as well.
At this moment, more than 7 million Americans are delinquent on their auto loan payments. That is a brand new all-time record, and it smashes the highest level that we witnessed during the last recession by about a million.
If things are this bad already, how high will these numbers go once we get really deep into the next recession?
The student loan debt bubble is starting to burst as well. According to the most recent numbers, over 166 billion dollars in student loan debt is considered to be “seriously delinquent”. That number has never been higher in all of U.S. history.
Right now, millions of Americans are deeply struggling with student loan debt, and an increasing number of them have decided to give up on making payments completely.
In an effort to combat this, the industry is encouraging a massive crackdown, and what we are currently witnessing in Florida may soon be coming to the rest of the nation. The following comes from Zero Hedge…
Some 1,000 healthcare workers have lost their licenses to practice in Florida due to their inability to pay off their student debt, a new report claims. The “crackdown”, as described, could potentially put hundreds of people out of work, and comes as a result of student loan companies lobbying states to enact laws that punish those who default on their loans by taking away their professional licenses. However, so far Florida is the only state actually enforcing the law.
Adam Walser, an investigative reporter for ABC, found that the state Board of Health had suspended more than 900 healthcare licenses, including those belonging to registered nurses, nurses assistants and pharmacists, over the last two years. There are additionally 12 other states that still have the power to take away healthcare licenses for unpaid student loans. However, officials in those states said that they haven’t suspended any licenses over the last two years.
In the middle part of the country, farm debt is a major story right now.
Farm debt delinquencies have hit the highest level that we have seen in 9 years, and the global trade war has pushed many family farms to the brink of bankruptcy.
Unfortunately, I don’t think that things are going to get any better for them any time soon.
But I bet that you aren’t hearing much about any of this on the news, are you?
Instead, we are being inundated by mindless stories that really don’t matter. For example, there is supposedly a huge “controversy” about whether Kylie Jenner is really a “self-made” billionaire or not.
Our country is literally coming apart all around us, and we are supposed to obsess about Kylie Jenner?
On Wednesday, we learned that Dollar Tree Inc. will be closing up to 390 Family Dollar stores in 2019. When you add that to the other store closings that have already been announced this year, it brings the grand total to nearly 5,000.
Can the mainstream media please talk about our ongoing “retail apocalypse” a little bit more? That is far more important to the daily lives of most Americans than Kylie Jenner.
The U.S. economy is in really rough shape at this moment, and even the president of the New York Fed is now admitting that our economy will slow down “considerably” this year…
The US economy should slow “considerably” in 2019 as the boost from last year’s economic stimulus fades, the president of the New York Federal Reserve Bank said Wednesday.
Amid economic uncertainty, the Federal Reserve could “wait” before raising interest rates again, John Williams said in remarks to the Economic Club of New York.
For many Americans, the economic horror show of 2008 and 2009 is nothing but a fading memory at this point. But the truth is that what is coming is going to be even worse than that. Our financial system is far more vulnerable that it was in 2008, and our debt levels are far, far higher.
This unsustainable bubble of debt-fueled prosperity that we have been enjoying in recent years has lasted for far longer than it should have, and it is just a matter of time before things dramatically deteriorate.
And if the recent debt delinquency numbers that I just shared with you are any indication, we are a lot closer to economic doomsday than most people would dare to imagine.
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
If you want to know what is coming and what you can do to prepare, read his latest book [amazon text=Get Prepared Now!: Why A Great Crisis Is Coming & How You Can Survive It&asin=150522599X].
Years ago a guy I knew found his dog outside chewing on a $5 bill traded the dog half a cookie for it. Years later he still worried about whether he had cheated his dog, or if the dog stole it. Sometimes you just don’t know what to do.
I feed my dog cupcakes with the wrapper still on. That way they can wipe their ass on the way out.
Dammit I just “Sharted”!
The Key word phrase here to quickly understand is, “STRATEGIC DEFAULT” as to politely stop paying and have you A$$ets covered. Credit cards are non secured debt, your auto loan is a secured debt. You stop paying your car loan they come repossess your vehicle.
So always pay your secured debts first, and default on your non secured debts first.. Which means, if you have a credit card say in Regions bank, and all the rest of your banking is at the same place you are in trouble as they can confiscate your weekly direct deposit check to pay your CC debt.
So the key is to move your direct deposit incomes and assets out of the same bank and into an entirely separate say credit union. Then you can default with little pain.
Never put your assets and debt loans in the same bank. Banks have the power to take ay assets deposited in their banks to pay all your debt in the case of late payments or full default.
So Watch where you put your Assets. They cant take what they can’t find. So turn your US Cash into physical Silver or Gold. These are the standards good as Gold physical assets to own. Burry it somewhere on the back 40 and laugh when they just write off the debt and put a nasty mark on our credit report.
In fact go max out your credit cards and buy physical Gold and Silver, then default on the Credit Cards and send the card company a thank you note back with their monthly payment receipt, Thanks, but No Thanks.
Oh there are 2 words that just scare the crap out of bankers. Just send in a letter of card balance dispute and call their card terms “PREDATOR LENDING.” That buys you more time with an open dispute. Make en work for it!!
Be careful about assuming credit cards are unsecured debt. In many cases, they are secured by your bank account or other property. So if you are late on a payment guess what? They take your bank account. And if you have a car financed through the bank, guess what? They repo the car even if your car payments are current. Don’t believe me? You should because I worked in the industry for over 30 years. I know of what I speak.
That’s what I said. CC being unsecured, meaning what you purchased on the Credit Card is not repossessed. Banks can attach CC debt to other assets within the same bank.
Anony-mouse is a freaking troll loser yourself.
Credit Card outfits are so difficult to deal with and ass-rape you so badly, I finally said screw it and stopped paying ALL of them a few years ago. I have limited assets, so they can suck it. Yes my credit is jacked, I sleep just fine at night. I spend my $$ on preps for when this massive pile of dog feces finally ignites and blows all over the place. Screw it, actually everyone should stop paying, what are they going to do, right nothing! Same when it comes to these vile rip-off, sky-high taxes as well. What are they going to do if MILLIONS and Millions stop paying, right a big fat Nothing. Screw it all. Damn fools pay all of that garbage. TO hell with it people.
Just ignore all collection letters and never confirm you own anything. Then just wait 7 years and all of that bad credit defaults will fall off your credit history. Clean again.
Credit cards are a way to take. It is usury, a sin. If I had the power of a king, I would simply eliminate them. Monarchy had to be destroyed in order for usury to become the most powerful of all kingly vehicles of control of the masses.
I would simply eliminate them.
The people or the cards? I’m good either way…..
But I don’t have a Credit Tard lol. Ya know I have been looking for a good whiskey (till I make another batch) and I have tried Makers Mark, Knob Creek, and none of them taste worth a shit. I guess knob creek is about the best one but it don’t hold a candle to the real deal…. 😛 And Ya, I paid CASH for it lol.
Buffalo Trace…if you can find it
Had an old farmer bring to me some grape wine he makes that he ages in oak barrels. He brought some of that wine up to my shop and I didn’t bother it for about a couple of weeks as the shop was keeping the temps inside of about 40 degrees. I was cleaning up around the shop this after noon and found a half gallon jar of shine ‘long side of his wine an poured a bit of the wine in a plastic red cup and the doused a bit of that grape wine into that shine. I took a sip of it then a bit more and SON! that was some awesome hooch! Gotta get up and down with that ‘ol boy and get some more of that grape wine to mix with that clear.
Years ago we used to mix some shine with plain old Welch’s grape juice and called it purple Jesus. But it wasn’t as smooth as this ‘ol boy’s home made wine additive.
Get his recipe and share! 😀
Oh and hey bro…. I don’t know if you ever caught PO’d’s recipe for peach cobbler but man that stuff is AWESOME! A very good use for your kleer stuff 😛
Ooops forgot to post it… (my take on it)
1 gallon white grape (or white grape/peach if you can find it).
6 cans (15oz.) sliced peaches in light syrup.
1 cup brown sugar
1 cup cane sugar
2 cups peach shnapps (I use the 99 proof stuff).
4-6 feet of indonesian cinnamon sticks
1 gallon of 100 proof clear.
Put the juice and sugar and peaches (with juice) in a pot and heat it to about steaming. Let it cool and strain it through a collander. Mix in the shnapps and clear and put in quart jars. Add 2 slices of the peaches and 2 sections of cinnamon sticks (3/4 the length of the jar). Oh ya make sure not to overfill the jar so you have room for those lol. Seal the lid and let sit at least 3 days and there ya have it! People love it so much I could sell it for 30 a quart and all I can make! But I don’t do that as I am a law abiding citizen of course. This is just educational material for your personal mental masturbation…. 😛
HA HA HA HA HA HA….
Speakin of rock.. I got me a new Marshall amp coming in the mail! WOOOT! Gonna drive my wife and dog right out of the house lol 😛 The perfect compliment to alleged shine ha ha ha!
Don’t pay off those cards.
Don’t pay student loans.
Instead: Buy Gold-Buy Silver-Buy Food-Buy Ammo-Buy garden supplies.
Let the Federal Reserve EAT their worthless debt bonds.
US Currency is worse than Junk Bond paper.
US government spends like a drunken Marine who was stuck on a ship, who is now on leave and in port, for first time in 7 months.
The price, day after, the drunken party is STEEP. Heck of a headache and much remorse afterwards.
Wake up hung over, no money, no wallet, not knowing where you are, and damn that woman beside you looked much better last night!
That will be Americans day after when the drunken spending party by the politicians is finally over.
CASH is worthless FED Reserve junk debt paper.
Get rid of it. WORTHLESS!!!!
The problem with not paying your Fed Guaranteed student loans is when you go to retire and collect Social Security, the Gov’t can withhold up to 15% of your Social Security payments to pay off your defaulted guaranteed student loans. Know the rules of get assraped. The only way to get out of that, is to be classified as disabled. They you get your full benefits back. I know a lady who this happened to so this is fact.
So if you think not paying Student loan debt is OK, Think again.
Don’t worry. Most people will never be able to retire in the coming years. On top of that, it’s highly likely SS will not be around by mid century. Good Luck & I hope all of you survive the coming day when the SHTF & all hell breaks loose.
Use them for points and other perks but always pay them off when due. Use their money.
As I noted the other day, Americans currently have 480 million credit cards, and they are carrying 870 billion dollars worth of balances on those cards.
This might be as good a place as any to mention.
Was talking to a young man the other day that just got paroled after doing a10 year bid in a federal slammer.
He tells me dope is no longer “The Thing”.
Most states have strengthened their drug laws to the point where the reward doesn’t justify the risk.
The easy money is in cyber crime and credit card theft is up near the top of the list.
From what he tells me prison is like tech school for internet scammers,and cyber hustlers of all varying degrees.
The laws protecting the citizenry are weak because some of the tactics used by credit card companies ain’t all that far from being criminal as well.
Just wanted to share that.
Gestor,”Prison is like tech school for internet scammers.”
I am curious. Are prisoners allowed internet access?
Do they actually have the ability to commit these crimes while incarcerated?
No, they do not have access to the internet in prison. At least not the one that I work at. Most of the morons I’m around wouldn’t know how to turn on a computer! Now killing on they outside, that’s what they’re good at.
GOD BLESS MY SOUTHERN BROTHERS!
Internet crimes are impossible to investigate.
Local police won;t even look at the cases if a suspect is not local and already identified. Is your local policeman going to fly across the country to arrest someone that stole your credit card number and used it to buy $1000 in amazon purchases? Of course not.
The FEDS only would investigate if the suspect was in the Trump administration.
A BIG problem my town is having is card skimmers at gas station pumps. The criminals open the door to the pump, install a skimmer devise in the cable, then secure the door.
To retrieve the data, they just pull up near by and download it via bluetooth. They don’t even have to get out of the car.
I had to limit my gas purchases to one specific gas station that has a pump monitor 24 hrs a day right at the gas pumps. None of the other stations could be trusted.
Pay inside, cash, problem solved.
Yup, thats what I do. I have had my debit card hacked 2 times in 6 years but NEVER had my cash stolen. I just use the card for paypal stuff online now.
The japs need to be bulldozed and exterminated for killing this #1 mammal of the planet! Fuck them, they need to perish to save my friends!
Dolphins are 100X more precious than humans. Humans do nothing but destroy shit, dolphoins are of a higher order. 1 dolphin is worth 1 million human pos lives. I have never seen a wild dolphin but the connection is there. Same with the whales. I have a connection with a lot of animals on this planet and maybe thats why I hate humanity so much… Maybe why animals like me? I can pet the worst of dogs usually. Cats too. It must be my aura.. I am a friend to them. Animals can sense your aura. Thats why your dog barks at naggers lol. Maybe I will be a dolphin in my next life so you can kill me with your overfishing and radioactive accidents? I think not! Fook you, me and m dog and wife will camp out on an intelligent planet.
Dolphin meat is really quite tasty. You should try some. The younger the better, less gamey taste.
Real men pay cash. Been doing it since the 1950’s by the way & have no intention of quitting in the 21st century.
Might hafta tap the strategic corn syrup reserves if the Midwest farmers go bankrupt.
The only thing that shit is good for is fuel!
Credit card debt is basically unsecured debt as there is little collateral securing that debt. What is a used big screen TV worth?
Not a lot of leverage there.
Student debt is essentially unsecured debt. Suspending peoples licenses when they don’t pay student loans or court ordered debt
(like child support) is stupid. How will they pay you back if they can’t work at what they are trained to do?
Auto loans are secured by collateral, that being the used, depreciated vehicle that may no longer be worth what is owed. You can Repo that vehicle and sell it for pennies on the dollar to an essentially broke population. Right!
Face it, our society is based on debt and the promise that people in debt will pay their debts. I paid all mine. It is only fair you pay yours.
The hard part is to accommodate debts, when problems arise, with out using inflation, threats, and actions that reduce the ability or desire to pay. You also cannot give a free ride to “deadbeats” that game the system, as we all know they will just “game” it again. Those are the discussions society has to have as far as unsecured debt is concerned.
Student debt is essentially unsecured debt
Student loan debt is secured with a lifetime of involuntary servitude.
I knew a local prosecutor at the district attorney’s office. I saw him at Sears one day selling refrigerators. I asked him, “What in the hell are you doing!”
He said he was trying to pay off his student loans. I suggested he sue someone, better yet, slip and fall at Sears and sue them!!
People forgot that when Bush Jr. was president he removed the safety net of bankruptcy from the middle class, of course the big corporations are just fine, they can go bankrupt every day if they so choose. Also once the government got involved in student loans, tuition’s increased over 500%, the education went down in quality and has been replaced with communist indoctrination.
Yup… Bush murdered the middle class by empowering Banksters to become full blown executioners.
I watched as old people tossed out of their home they built themselves in the 1950s.
Banksters bought the house out from under them on a pittance of back taxes & the police dragged them away…
Not under arrest, just Get Out.
All their stuff piled in the street, grandma crying & grandpa just shaking his head confused.
They were old and didn’t really understand what was going on.
They are both dead now, executed by the system they worked all their lives to support.
Seems when the federal government gets involved with something it goes to hell in a hand basket. The University near me has grown exponentially since Obama signed in 2010 to have the federal government take over all student loans.
Think how much it would cost if the federal government took our our health care industry – oops, Obamacare has to a degree and look at the cost skyrocketing!
Speaking of public education/indoctrination. I just paid a shitload in property tax for your god damm kids bullshit. Pay for your own stupid kids crap and see how much you want to have them. I want a line item veto for my property tax, Then when you couldn’t rob everyone at gunpoint to pay your way you would sing a different tune eh?
I found my dog eating a 20 dollar bill, only one corner was left. I followed him around the yard for a few days hoping for quarters, dimes, nickels to come out the other end but no luck.
Some 1,000 healthcare workers have lost their licenses to practice in Florida due to their inability to pay off their student debt
F those a-holes.
I am paying $21,000.00 a year to send my daughter to college, and I am paying cash. So F those A-Holes.
Hard work and savings is a thing of the past. Nobody is willing to work hard anymore.
Everybody wants free shit, and the Democrats are playing the siren song of socialism to give it to them. It is going to get ugly.
Dollar Tree Inc. will be closing up to 390 Family Dollar stores in 2019.
If our economy is affected by Dollar Tree, then we are beyond fucked.
Family dollar is everywhere and they do well around here. I read that they bought up dollar tree? I don’t shop there because the quality is so bad and toxic crap. I have the luxury of buying organic and non gmo and no corn syrup and no soy and no crap food. I don’t give a shit what it costs, if it has a no gmo or organic then I get it. My dog and cats get the same, top shelf food, real meat, no byproduct, Real bones from the butcher and real (flank) steaks. Life without debt is a lot healthier for you! 😀
You should talk to your dogs vet. Cats are high meat animals, dogs not so much. Dogs are fairly poor hunters, compared to the cats and eat a lot more variety of stuff. House pets also don’t get the exercise, just like us, and need more roughage, as we do,
P, thanks for the info. I don’t give the dog meat everyday but he gets bits of what I eat. The cats are housecats and don’t seem that interested in beef. The dog gets to roam a lot and is quite active. I wish I could let the cats out but the place is full of hawks, coyotes, eagles, foxes, and all manner of preditors. The dog is a 75 pound good shape with teeth from hell lol! No preditor would fook with him! The cats get the occasional mouse to eat and are great hunters. I believe the dogs food has veggies in it too. And he does eat corn, lettuce, spinach, peppers etc. that are in the food I eat and share with him. That is an interesting fact you brought up too… cats are a lot better hunters than dogs….
Wolves are pack animals, dogs have trained people to feed them so they don’t need to be good hunters. All they need are huge brown eyes that say= feed me, I’m starving.
Good point. Ya my buddy has me trained lol. I love him so much there isn’t a thing I wouldn’t do for him. I want more than anything for him to have the most fun, inclusive, healthy, wonderful life he can have. I have a feeling we will also be together after we leave this mess..
Me and my doggy are kindred ya know. Ever notice how dogs are a reflection of theyre owners? My bud is a reflection of me perfectly. I could NEVER love another dog as much as I love him! He is my soul dog. A Maximum doggy from my father just for me! 🙂
Fractured quote “God goes by grace. if he went by merit; your dog would get in and you would not” Mark Twain
Genius if you love your dog as much as you say you do, Please don’t wish such a thing on him. Trekker Out
Can we blame Amazon for this?
Or do we start looking at the real economic numbers?
Never had a credit card, never will although had many offers to get one over the years. I figure if I cant afford something today, is it wise to go into debt over it? And by the time you pay an item off, it’s already worn out and you paid a third more in interest. No thanks !
I have no sympathy for credit card companies. They will give anyone a credit card regardless, charge exorbitant rates, and compound interest relentlessly. I also have no sympathy for people that get themselves in debt and don’t pay up because they need their $6 dollar latte everyday. People need to wise up.
A wise man once said to me, “Your want’s are many, your needs are few”.
I am also reminded of:
Pr 22:7 ¶ The rich ruleth over the poor, and the borrower is servant to the lender.
Pr 21:20 ¶ There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.
King James English (400 years – 1611) lets us down on this word “Servant.”
The Hebrew is (transliterated of course) ‘abad’ and means much more than the modern notion of a domestic employee of a rich person.
An ‘abad’ is much closer to our modern idea of a Slave or at the very least an indentured person working off a debt.
Indeed several more modern English translations use Slave instead of Servant.
I have been trying to show my wife the difference between wants and needs since the day after we got married, and am still unsuccessful.
Earl Butz [Dept. of Agriculture] was sitting next to Pat Boone way up in the air [40K feet]. Mr. Butz began a lecture about NEEDS of the darkies:
“All they need are loose shoes, tight pussy, and a warm place to shit.”
So are those NEEDS or WANTS? Inquiring behinds WANT to know. If you get the answer distribute it on a NEED to know basis. . .
If there are 480 million accounts overall, and only 37 million of them are seriously delinquent, that means that only 8% of all accounts are seriously delinquent. (37 million is only 8% of 480 million.) This means that if a credit card’s annual interest rate is 16%,they are still making 14.72% total overall, from the accounts that are not delinquent. Credit card companies are not in any trouble whatsoever, at least not merely from delinquent credit card accounts. In other words, there is more to this matter than is talked about in the article.
I only have one credit card, and I usually pay the full amount due each month. I always pay cash for everything all the time and use my credit card only when there is no practical way around it, such as online purchases, or hotel rooms, etc. I know that most people cannot afford to buy a new car without using credit, but being able to do so can be a good goal to work toward. Paypal is also a very good way to avoid having to charge purchases. Cryptocurrencies, I expect, are going to have a strong future, once they become more widely acceptable, which appears to be happening, if you look past the recent decline in their prices and see that their applications have been growing in spite of that.
Rule Number One: Never use a credit card if they will accept cash. Gasoline and hotels are reasonable exceptions.
You are forced into credit cards:
1. Hotel room
2. Car rentals when traveling. No credit card. No rental.
3. Plane tickets. If you pay with cash, TSA will mess with you even more than usual. Using cash now considered “suspicious” in changed Amerikka.
4. Tool rentals. No credit card. No rental allowed.
5. No drivers license allowed in my state without thumb print and social security number. All livestock must be numbered. (Easier to slaughter that way.)
6. Forced blood draws by “police” in this state. Not even your blood is your own.
7. Police recently turned off cameras to beat and arrest local family. Story is up on BlackListedNews.c 0 m today.
The theys in the “Free” country of Amerikka FORCE you to use credit cards so as to track and document your movement. You will be tracked and controlled at ALL times in this “free” country Amerikka.
EU now demanding Amerikka visitors to have VISA. Story is up on DrudgeReport. c 0 m today. So you will also be controlled when leaving Amerikka. (Can’t have livestock wandering out of the fenced area.)
* Travel CONTROLLED.
* Banking CONTROLLED. Amerikkans now find it difficult to use foriegn banks. Many will not do business with Amerikkans.
* * * You are NOT “free”.
* You are controlled sheep to be sheared and slaughtered.
* And at politicians convienence you are TAGGED, TRACKED, TRACED, MILKED.
* Of course like other livestock you will be vacinated and drugged. Politicians are trying to make this mandatory.
* Children tested not for progress but to make sure the vacinations, drugged water, drugged processed food, and dumbed down curiculum is doing it’s job.
Does anyone know of a better country to move to?
I want to be left alone to travel, bank, work hard, not be drugged and dumbed down or forced cancer virus in flu shots and contaminated vaccinations.
I want to raise my family. Live in peace. Enjoy fruits of my hard labor.
Being controlled, vaxxed, tracked, groped when flying, threatened, milked, sheared, slaughtered, is NOT my recollection of being “free”.
Not to mention drugged by water supply and flourided.
Is there any Peaceful, calm, friendly coutry that a man can just be left alone in peace? Please tell me where?
Amerikka “freedoms” are getting to me. I’d like to be out of the fence and free to live in peace.
According to the leftist/socialist “Modern Monetary Theory” the level of debt or deficit are of no consequence. So don’t worry, nothing to see here.
That should say, Modern Moron Theory because thats what it is… When the whole thing bursts the debt slaves will be use against the rest of us, be prepared…
It is not just the left, Vice President Cheney said “deficits don’t matter.” Not great advice from a vice President.
Not quite the right Quote: Should read: “Your debts don’t matter, to me”. When TSHTF Cheney will be on his private ranch where you cannot get.
“Reagan proved deficits don’t matter” is the quote.
My credit card gives me points that are redeemable whenever I choose. I use my credit card all the time. But, I always pay it off within 24 hours of buying something. A few months ago, I bought a small, 4 wheel drive tractor for $10,000 on my credit card. I left the dealership and went straight to the bank and paid off the card. I don’t buy anything I don’t have the cash for, but I still get the points.
MAC A credit card deadbeat is someone the banksters calls one that pays off their entire card balance each month in order to pay NO INTEREST!!
I bet 90% of these delinquents are also obese.
That fat fuck in the image was a hoot.
Not only am I a “deadbeat” because I pay off all my cards every month, this habit also affects my credit score which should be perfect. By all rights I should have the highest credit score, but they knock off 20 points because there is no recent history of paying off a loan or credit card over a period of time. My last loan was for a sailboat that I paid off in the Mid 90’s.
The only account/debt we have is a credit card(and mortgage, of course)…I also pay balance each month; and I usually keep a few hundred in so there is no need to write a check monthly for use of the cc–yes, I stay home and use Amazon every week. 🙂
I just applied for a refi–not really wanting one–and my score was 820.
So, I don’t know what high is, but that seemed high.
Max score is 850.
According to the Web anything
above 700 is good.
I’m not going to be borrowing money anytime
soon, although in reality use of a credit card
is considered a loan even if you pay it off
795 here.. Want to crash the banks big time?? GO Max out all your credit cards and then every body stop making all payments at the same and default say in the month of April. Just stop making all payments and go live your lives. The banks will crash and default the the ripple will crash the thieves running Wall street. 2 can play this game.
Remember if I owed someone $100, I worry about paying it back. If I owe $10,000 to someone, they worry about that I pay them back. Guess who has the leverage? You and I do.
Now get out there and buy up $4000 worth of canned food for a few years on your credit cards and stop paying them. Send them a photo of money with your payment receipt.
Remember those old commercials from the shyster car dealerships?
No credit, no problem. Bring us a check stub and we will work something out.
That’s how repo became an industry.
Have not used credit cards in over 20 years and no need for them.
It took me a month or two but I realized the dang cards just make everything 20% or nore expensive.
I wanted to pay lower prices, so cash is king. Because of the economy back then, many local businesses and gas stations REFUSE Credit cards, assuming all cards are fake or stolen.
Never looked back.
Do yourself a favor and chop up any cards.
They make you buy things
you do not need
at higher prices you can’t afford,
with fake money you don’t have,
and increasing rates you’ll never pay.
You can’t dig yourself out of a pit, no matter how deep you go.
And also–my interest rate for refi was no different than years ago compared to now, even with score @ 820.
The credit rating affecting your interest rate is BS…and I called them on it–silence on the other.
Credit score is used to determine if they will loan you money.
Not so much your interest rate.
Your credit score can certainly affect what financing you qualify for. Bad scores go to high risk financiers and they charge more in interest, fees and finance charges. Car dealerships are a good example of that score dependency and reflection of risk. That’s called underwriting. Great scores get the premium finance companies and lower interest rates.
Any of you clowns ever work in financing or are you all blowing nonsense out from your gin drink breaths?
Like I said credit score determines if they will loan you money,
If they won’t, you’ll need to find someone that will.
That is what determines the interest rate.
My credit unions have a set interest rate for loans. it doesn’t change if you are 850 or 300 score. They probably won’t make a loan if you are a 500, but I’m sure you can find someone that will, but you will pay a higher interest rate. Keep in mind I’m talking about consumer rates.
I don’t drink gin.
I receive credit card applications in my dogs name, though I have never checked his credit score, I doubt it is that great!
“If they won’t, you’ll need to find someone that will.”
There are quite a few independent loan suppliers in South Phila run by guys with names like Vinny and Guido. As long as you’re breathing you have collateral.
“I’m sure you can find someone that will, but you will pay a higher interest rate.”
The “Vig” is quite high.
The only “deadbeats” are the banksters who indebted the world with credit using money that is backed by nothing and requiring the world to pay back that fraudulent debt with the fruits of their labor, which actually HAS value.
The American flag should be redesigned to reflect the state of the nation. The amount of red should be greatly increased to reflect the growth of all kinds of debt. The amount of white should be decreased to reflect the shrinking percentage of the American population that is white. The blue should be increased to reflect the great depression that is coming. The stars should be changed to screws to reflect how screwed up things have gotten to be. The national anthem should be changed to that old classic song “Brother, can you spare a dime?”.
So I went to my local ford dealer today to check out a ford ranger. The truck costs $41k are they kidding so I looked at the f150 for an sxt super cab $44k. So a salesman rolls up on a golf cart and says can I help you. I said how cum the ranger is around the same price as the f150 he said some people need a smaller truck i said and they want to pay the same price as the big truck. He said yup. I said that’s funny cus I don’t know 1 person who would pay as much for a small truck as a big truck. After I told him that he decided I wasn’t falling for that bullshit line and drove off on his club car. I needed to see if I could fit my kids in the ranger but I’m a tall guy who needs to put the seat all the way back and despite the ranger having 4 doors it is still too small inside. So I left and went up to the Toyota dealer down the road a few miles. Looked at tacomas sat in one and still too small for me not enuff head room and with the seat all the way back no room in the backseat for the kids. Didn’t bother looking at the tundra not interested. Gonna get a f150 supercab when I’m ready. There was a lot of people at the Toyota dealer and only 4 salesman so even if I wanted one I couldn’t get it. All the trucks I seen on the lot were filthy and look like they been sitting there a while. Toyotas are the best for the mid size truck and the f150 for full size. Don’t bother looking at the new rangers. They aren’t that nice and priced higher than tacomas. I like the f150 lariat. Tired of stripped down trucks. I want luxury dammit. Will see. No hurry.
Americans are slaves today and the police officers are the slave patrol.
Can those 37 million cards still be used, or are they frozen by the card company?
Damm, it’s been 20 years since I had a credit card… I can’t remember if they freeze it or what. Anyway they all ate shit because I did the sovereign thing and told them to pound sand (and they did). 😛
I’ll tell you what is deadbeat – most women. I’ve had more girlfriends and dated more women than I can count, and with extremely rare exception, I always paid for all the meals, entertainment, travel, expenses, you name it. I dated women who I later determined were only looking for the best meal ticket they could get. Once I took this lady out and after a week she was asking me about my income; she called me to go out again on another date so that we could look at houses. I dropped her like a used condom. I have learned that almost all women are takers, not givers. They only want money, status, and dick, and not necessarily in that order. A few have asked to move in with me, oh hell NO. When some of them found out I had a vasectomy they were usually pissed off, they always said I should have mentioned that when we became acquainted… I always told them I don’t need to explain anything. I’ve dated all kinds of women; smart ones, attractive, educated and not so educated, introverted, extroverted, divorcees, you name it, but the absolute worst are the single mothers. Most women said they hated their job, or did not like their lifestyle, or couldn’t find the right person. Mostly they said wanted to share their life with someone special – translated that really means they want to find someone who can give them the life they want and someone else pays the bills. It seemed the less they had to offer in a relationship the more they demanded. But what they all had in common was each and every one of them thought they were special and entitled. Fortunately for me, I avoided marrying any of them. I tell every guy I know who has a girl friend to get a vasectomy, and not get married, to enjoy life the way they want to and just play the field. I tell them about the financial reasons, the enhanced personal freedom, and the many less responsibilities and problems when not married. I tell them how to test women and their motives, that they will inevitably learn things about their girlfriend they won’t like. I have played the “nice guy” but did not spend much money on a subject, resulting in her eventual loss of interest in me. But I have also played an asshole by actually treating someone rudely and as unimportant, but spent money on a her, she tolerated it. Most women are leeches; don’t believe me? Don’t buy them gifts, don’t spend money on them, don’t give them anything, see what they do. But conversely, the more you spend on women the more they are interested in you.
William where are you meeting these women. They aren’t all worthless there are women that work and get their own$. The fact you need to go on a date with them to figure that they are worthless is sad. I can figure that out in just a brief conversation and thus won’t talk to them again. You can’t make a whore a housewife. If your gonna pay just get a hooker. They won’t ask to know your business just fuck. Now your learning.
USSA now running on soon-to-evaporate fiscal fumes.
War – World War – is “their” preferred solution, so that YOU won’t be around to complain.
Get ready fot the culling. It’s gonna be up-close & personal.
The deep state/elite have a decades long plan to put everyone across the world in debt. Lower interest rates to destroy savings, Decades of indoctrination that debt is an asset designed to make the world a debt slave. It is mostly the fault of the bankers.
Promise Keepers and Oath Keepers teach LIVE DEBT FREE.
It’s in the Bible.
All Usery is a Sin against GOD.
You wicked, lazy servant!
Matthew 25:14-30 New International Version (NIV)
The Parable of the Bags of Gold
14 “Again, it will be like a man going on a journey, who called his servants and entrusted his wealth to them. 15 To one he gave five bags of gold, to another two bags, and to another one bag,[a] each according to his ability. Then he went on his journey. 16 The man who had received five bags of gold went at once and put his money to work and gained five bags more. 17 So also, the one with two bags of gold gained two more. 18 But the man who had received one bag went off, dug a hole in the ground and hid his master’s money.
19 “After a long time the master of those servants returned and settled accounts with them. 20 The man who had received five bags of gold brought the other five. ‘Master,’ he said, ‘you entrusted me with five bags of gold. See, I have gained five more.’
21 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
22 “The man with two bags of gold also came. ‘Master,’ he said, ‘you entrusted me with two bags of gold; see, I have gained two more.’
23 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
24 “Then the man who had received one bag of gold came. ‘Master,’ he said, ‘I knew that you are a hard man, harvesting where you have not sown and gathering where you have not scattered seed. 25 So I was afraid and went out and hid your gold in the ground. See, here is what belongs to you.’
26 “His master replied, ‘You wicked, lazy servant! So you knew that I harvest where I have not sown and gather where I have not scattered seed? 27 Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.
28 “‘So take the bag of gold from him and give it to the one who has ten bags. 29 For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them. 30 And throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.’
So if i take our a shit load of charge cards say 100,000.00 dollars worth then use them to buy silver and gold rounds and say 50 ar15s and ass load of ammo they can not touch them????
And what would they all be worth in 7 years ????
It is 3pm and still no new articles come up on my screen.
Jeeze HP, are you Jones’en?
Honey you must be in the Central Time Zone!