From Bad To Worse
Filed under: Business BlitzCredit card companies are expected to cut close to $2 trillion worth of credit over the next 18 months, which means less money available for consumers to use, which means less spending, which means more financial troubles.
Eeek!
Posted: December 1, 2008 at 3:29 pm
Will work 4 food I guess!
Hey,you're not going to blame Bush too!?
Which means more bill collectors…more jobs…Cha Ching!! Think positive Perez, you can do it if you try!!
In that case will work for Gucci!!!!!!
"which means" Less money for Handbangs, shoe's and other crap we don't have to have:).
This is actually a good thing, people need to spend what they have on hand not use credit cards and get stuff they can not afford. Eveey one needs to try to save a little for these rainy day. Not easy but, everyone can do it. When going to the grocery make a list and only take like $50 for the week of groceries it will make you stick to the list or to what you really need to get, saving you about $200 or more a month. There are little corners that can be cut and everyone can make it.
Less credit to use?? are you joking?? since when is that a bad thing!! maybe with less credit we won't have these assholes who don't know how to use the piece of plastic racking up thousands of dollars in debt and fucking themselves before they realize it. People are fucking stupid and reckless when it comes to credit cards..I consider this a VERY good thing!!
Good Times!!
Re: BBBoricua – I blame Bush….there…..feel better?
Yes, this will force people to not live beyond their means. Less credit limits will force people to acknowledge to stop spending what they don't have and to use caution when spending cash. On the other hand, this will take a toll on our economy. People not spending money may equal less J-O-B's. Its a catch 22.
No, it means LESS financial troubles for every day people. It is shamless that people are trying to get consumers to spend more with unemployment going up. People should sit back, stop spending, pay off their debt and wait.
this is a great idea! if you can't buy it with cash…then don't buy it! people living beyond their means is what got us where we are today. don't buy that car if you can't afford it, ride the bus….don't buy that house, rent an apartment….dang people! wake up!
good!!!! maybe now Americans will start to ACT THEIR WAGE and live within (or dare i say below) their means. DAVE RAMSEY BITCHES!!!!!!
and it's a bad thing people will be forced to actually live within their means??……is their anything you don't have an opinion on that isn't completely bassackwards
the next 18 months. Cool, then we can BLAME Obama.
Obama is not even in office yet and he's fucking things up.
Re: BBBoricua – Yeah, it's his fucking fault.
I heard Obama had the Indian terrorists over for Thanksgiving dinner. To broker a peaceful end.
How about people paying with *gasp* cash? If people would pay with cash we wouldn't be in this mess.
Oh shit, nikka!
we come here for gossip, not to be reminded of how our country is doomed. stop with the CNN shit and report on celebrities.
PEOPLE who were borrowing shouldn't have been borrowing in the first place.
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If you can't pay cash for somethingm DON'T BORROW
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House flippers fucked us all up
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Glad I pay for everything with CASH
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** I'm sure boooooobama has a plan for all of us even if you aren't a part of ** the problem.
ive never owned a credit card. although it means in have worse credit than if i had bad credit, ive just always believed in only spending what you actuall have. apparently this is a new concept to people since the finacial crisis.
CHANGE is coming. We'll all be livin large. HAHAHAHAHAHAHAHA, fucking CHANGE. The only CHANGE Obama has is 2 nickels and a skittles from the couch.
HOLD ON!!! This has already affected me. VISA just cut my limit in half for NO REASON! In the 5 years I've had the card, I've never had a single late payment, and I have NEVER abused my credit. I keep my limit below 1/2 of the available balance, and I don't use my card unless I can pay it off within 2 months. Now, I'm buying a house, and this looks TERRIBLE on my credit report! It's not fair of the credit card companies to punish good customers just because others aren't responsible!!!
No, this is a good thing. The majority of the American public has shown us that they can't control their spending and this will force them to start living within their means.
Re: obsess_much –
I am the same way. I have never had a credit card but when I applied for credit to rent my first apartment I was told that I didn't have enough credit history, so I couldn't rent without a cosigner. I was a teenager - why on Earth should any teenager have a credit history?! Nobody needs to be spending with credit at that age, it just causes the kind of problems our economy has now. My Dad tried to cosign and my parents have spotless credit, but they only buy things outright, long ago paid off their mortgage, buy their cars outright instead of putting them on payment plans, and save the credit cards for emergencies, so the apartment complex told us that my Dad's credit was "not active enough". It was ridiculous. I ended up having to prepay the entire lease just to rent.
Everything requires a credit history now and I don't think it's fair that those of us who choose to be frugal and buy what we can afford rather than living on credit are penalized for not having "enough" credit or an "active enough" credit profile. It's punishing those of us who are responsible with our money and that isn't right.
Re: ahill8118 – It is not going to look bad on your credit. Pay off the card and be done with it. Zero out the balance. THEN start putting away money for the downpayment and buy what you can afford.
i feel the great depression coming back..shit 1929 yet again..srlsy this is why we should learn history—so it isnt repeated
This Is REALLY Bad
… I Can Only Hope This Will Get Better 
We Have Our Own Business & Right Now Everything Is Just Terrible!
Love You PEREZ!
It's Shiereen BITCHEZ!
It's funny, I just opened a business and got 3 unsolicited credit card offers in the mail in the business's name. Someone must have money.
thats a good thing. People can actually learn a basic lesson on finance and save money instead of recklessly spending. maybe this will finally *help* the credit crisis.
OH NO!!! People will have to stop using CREDIT instead of actual money that they have. God forbid we learn to save money and use it for things we need in order to survive instead of materialistic crap.
Perez your grasp of economics seriously borders on retarded. High school econ students know more about the fiscal workings of this nation than you do. Go take an ESL community college econ 100 class or just stop posting about things you don't understand.
God I hope things get better for everyone!
Perez you are such an asshole. This means that the Credit Card companies, will not be giving dead beat blacks and brownies any credit since they know how to play the game to file in the bankrupt(?) courts. Get your information straight, of course you have no idea what straight means.
Re: SlickWilley – He has no clue, he lives in lala land with all the rest of teh celebs. They are still making the big bucks, and we are the dumb s**ts that make it happen for them.
Use cash moron
The credit card pricks , who by the way, talking to you Citibank, are in the shitter too. These financial wizards. But if you're late on your payment, they jack up your interest rates to almost unconscionable percentage rates. Pushing you to the edge. And yet, they are begging for government (our) bailout $$$$$. They suck.
The reason why the economy is so crap is because people have been spending money they don't have! Just because the bank SAYS you can borrow money doesn't mean you should if you can't pay it back. Everyone has been putting too much importance on having more and better things than their friends… get over yourselves and LIVE WITHIN YOUR MEANS!
I've read that you're only supposed to use 10% of your credit limit and anything more than that looks bad on your credit report. Personally, I don't like to carry a lot of cash with me so when I shop I use my credit cards, but I always pay them in full when the bill comes. I also wonder if I'll be one of the ones whose limit will be lowered. I've been watching over the past few months, but nothing has happened yet.
Yeah- citi just sent me a letter saying my APR was going from 7.4 to 24 percent!! So I called and cancelled, and normally they would put up a big to-do and transfer you to a manager….nope…they were like 'kthanksbai'
Re: Samantha07 – I agree with you. I think that credit cards are absolutely ridiculous. What's the point in spending money that isn't yours? I'd understand if someone had a credit card on the side for emergencies…but to pay your bills and buy material items with a credit card is very stupid. I think if everyone had a debit card, it would make life a lot easier for everyone.
It sounds positive I think.Which means more bill collectors…more jobs…
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