Let's face it...The WHOLE System was rigged against us. They Controlled the Stock Market, They determined Inflation, State Tax, Federal Tax, Income Tax, Property Tax, Payroll Tax, Death Tax, Vehicle Registration Fees...etc. This is not true in every case, understandably...BUT I wonder how many people are in Credit Debt...Just because of the cards that have been stacked against them?
Credit is a scam to begin with. Creditors have dozens of protection systems to insure they get theirs but relentless punishment of debtors. Creditors can write off loans, deduct them as losses, sell them to collectors for pennies, and laugh.
Creditors give select people with "good credit" unsecured loans at rock bottom interest rates plus multiple rewards ..meanwhile rape the poor with 30% aprs and no benefits at all. But the dream and illusion of what life awaits one with great credits keeps the average person in the system and working towards it
First category misses a payment or two? Gently written letter offering hardship programs and promotion reinstatements upon payment
Second category gets three phone calls a day, credit line decreased, and multiple surcharges with little pathway to recovery.
One thing the average anon has to realize is post Q society has a lot more in common with socialism. The pipedreams of libtards are our future reality.
That's basic accounting.... You pay more interest at the beginning of a loan because that's when the principle is the highest....as the principle goes down so does the interest amount
If the interest rate is below the inflation rate and your loan is fixed long term, you win in the long run. Example, you have 300K invested long term. You borrow 300K at 3% interest to buy a home, rather than taking your investment and paying cash for the home. Your investment makes over 3%, say 10-12 % which is doable if properly managed. So you make out on the interest earned over that paid, plus the benefit of inflation is on your side as your income rises. The key is to get as low a fixed rate as possible and as long as possible. Credit cards and car loans are a different story due to their higher interest rates, or short term loans.
I try to avoid interest whenever I can. It is certainly not ones friend. My home mortgage is the only one I have, on advice of my financial advisor. Seems to be working out ok. Some people just feel better having their house paid in full, and I don't blame them.
Limits on maximum total interest are necessary and not at odds with the rule of law. Usury is at odds with the rule of law. I'd say it should be about 10%. 25% absolute maximum.
It would be wise to limit credit cards to two. People rely too much on credit cards which sink them into life long debt. Even if one has excellent credit, the interest rates remain high. Interest should be capped at 10%. Banks still make a hefty profit.
There is a known phenomenon called the Cantilon Effect, which stipulates the ones that receive the money first or near the top of the chain stand to benefit the most. I think it is fair to have some contraints or to not pick any favourites at all with any intervention. Socialism/Communism run into the same issues as Corporatism here.
If you are in so much credit card debt that you think the only way out is to kill yourself, remember our government set up a system to get out of debt slavery. It is called bankruptcy. Go to a lawyer that specializes in bankruptcy and ask for his/her opinion about your situation. It is not worth your health to continually worry about paying back a loan for $100K and you know you will never be able to pay it off. People make financial mistakes and our government provides a way out. Even the Bible talks of giving those in debt a break. It is not a shameful idea of going bankruptcy. It is a way to save yourself. If you brother, sister, or family poke a finger at you and laughs saying " ha, ha, you filed bankruptcy ", don't worry about their taunts. It's your life that matters. Get rid of the debt, start afresh, and learn from your mistakes. God bless!
Years ago, I saw what making the minimum payment monthly was doing to someone I knew on a Sears credit card. It was ridiculous, pay the minimum and the bill never goes away. Part of your minimum went to interest and part to the principal and as you paid, your remaining amount due increased because of the interest. So, very rarely did I ever charge like that. Saved me a fortune over the years. Do I use credit cards? Yes, pay the entire thing off when I get the bill so there is no interest paid.
My father in law is from the Philippines. He maxed out his credit card. He has SS benefits going directly to his debt. He asked us for help. The bank was charging him high interest on the credit card. 19% I think. So we went to the bank and I tried to consolidate his debt into a low interest loan. They refused. They would not refinance his debt. I told him to find another institution and get his debt off the credit card. He is 70 years old and does not know how to use computers. This whole thing was wicked and underhanded. They wanted him to be full of debt forever. Taking his SS funds for their greed. It was his fault for running up the debt but they knew he was incapable of understanding what his debt burden was going to be. To this day he's still in debt. He returned to the Philippines. I have no idea what his situation is anymore. But the uninformed need to be protected from credit debt. A slave on the hamster wheel of DEBT.
10% is a fair return, 12% should more than make up for losses due to non payers.
Banks are not your friends, don't let them get you. I use banks, they no longer use me. Currently have around 17,000 In CC debt over several cards, but it is all at 0 APR. Over the last few years I have borrowed and paid back over 50k getting welcome bonuses, 0 APR, and paying no interest.
The current debt is in case the system crashes and everyone has their debt null and void (CC debt in the USA is at record levels) Why not join the herd? I don't feel morally obligated to pay... I of coarse have been paying, but if I find myself terminal...
Those Welcome Bonuses add up, and so does the cashback. The Amex card with 6% from groceries is well worth the 95 fee starting in year 2. I let my wife use it for all her needs, and I use it for groceries, BOGO and 6% cashback, heck yeah!
As I posted in the General Thread, those Category cards with 5% Cashback work good when utilities are the category. Current card in use is 5% off of up to 2,000 spent for first quarter. That's 100 bucks because while my utilities arent 2,000 for the 3 months, I'll pay ahead. Paying bills ahead is a better option the fiat laying fallow in my bank account.
Even with all my newer CC my lowest score is 756, so I'm quite happily going to keep leveraging my credit. Next goal is those delicious welcome bonuses for Business cards...
Let's face it...The WHOLE System was rigged against us. They Controlled the Stock Market, They determined Inflation, State Tax, Federal Tax, Income Tax, Property Tax, Payroll Tax, Death Tax, Vehicle Registration Fees...etc. This is not true in every case, understandably...BUT I wonder how many people are in Credit Debt...Just because of the cards that have been stacked against them?
Credit is a scam to begin with. Creditors have dozens of protection systems to insure they get theirs but relentless punishment of debtors. Creditors can write off loans, deduct them as losses, sell them to collectors for pennies, and laugh.
Creditors give select people with "good credit" unsecured loans at rock bottom interest rates plus multiple rewards ..meanwhile rape the poor with 30% aprs and no benefits at all. But the dream and illusion of what life awaits one with great credits keeps the average person in the system and working towards it
First category misses a payment or two? Gently written letter offering hardship programs and promotion reinstatements upon payment
Second category gets three phone calls a day, credit line decreased, and multiple surcharges with little pathway to recovery.
One thing the average anon has to realize is post Q society has a lot more in common with socialism. The pipedreams of libtards are our future reality.
Mortgages are a scam too. You pay most of the interest up front.
That's basic accounting.... You pay more interest at the beginning of a loan because that's when the principle is the highest....as the principle goes down so does the interest amount
If the interest rate is below the inflation rate and your loan is fixed long term, you win in the long run. Example, you have 300K invested long term. You borrow 300K at 3% interest to buy a home, rather than taking your investment and paying cash for the home. Your investment makes over 3%, say 10-12 % which is doable if properly managed. So you make out on the interest earned over that paid, plus the benefit of inflation is on your side as your income rises. The key is to get as low a fixed rate as possible and as long as possible. Credit cards and car loans are a different story due to their higher interest rates, or short term loans.
I'm an accountant.... I was merely explaining why more interest is paid up front....
I try to avoid interest whenever I can. It is certainly not ones friend. My home mortgage is the only one I have, on advice of my financial advisor. Seems to be working out ok. Some people just feel better having their house paid in full, and I don't blame them.
Limits on maximum total interest are necessary and not at odds with the rule of law. Usury is at odds with the rule of law. I'd say it should be about 10%. 25% absolute maximum.
Compound interest is evil.
Credit is just another form a slavery. To get you used to owning nothing while owing everything.
It would be wise to limit credit cards to two. People rely too much on credit cards which sink them into life long debt. Even if one has excellent credit, the interest rates remain high. Interest should be capped at 10%. Banks still make a hefty profit.
privatize profits, socialize losses is how I think the saying goes. Common law interest rates varied between 5-10%, back before our time.
There is a known phenomenon called the Cantilon Effect, which stipulates the ones that receive the money first or near the top of the chain stand to benefit the most. I think it is fair to have some contraints or to not pick any favourites at all with any intervention. Socialism/Communism run into the same issues as Corporatism here.
All usury is against God's Word. Why should we allow anything that is against God's Word?
When u use a credit card you'll print money. When the banks print money it cost them the prime interest rate. When you do it it's 19 to 29%.
Get rid of credit cards completely. Debit only.
If you are in so much credit card debt that you think the only way out is to kill yourself, remember our government set up a system to get out of debt slavery. It is called bankruptcy. Go to a lawyer that specializes in bankruptcy and ask for his/her opinion about your situation. It is not worth your health to continually worry about paying back a loan for $100K and you know you will never be able to pay it off. People make financial mistakes and our government provides a way out. Even the Bible talks of giving those in debt a break. It is not a shameful idea of going bankruptcy. It is a way to save yourself. If you brother, sister, or family poke a finger at you and laughs saying " ha, ha, you filed bankruptcy ", don't worry about their taunts. It's your life that matters. Get rid of the debt, start afresh, and learn from your mistakes. God bless!
100k in credit card debt is not a "financial mistake".
Years ago, I saw what making the minimum payment monthly was doing to someone I knew on a Sears credit card. It was ridiculous, pay the minimum and the bill never goes away. Part of your minimum went to interest and part to the principal and as you paid, your remaining amount due increased because of the interest. So, very rarely did I ever charge like that. Saved me a fortune over the years. Do I use credit cards? Yes, pay the entire thing off when I get the bill so there is no interest paid.
My father in law is from the Philippines. He maxed out his credit card. He has SS benefits going directly to his debt. He asked us for help. The bank was charging him high interest on the credit card. 19% I think. So we went to the bank and I tried to consolidate his debt into a low interest loan. They refused. They would not refinance his debt. I told him to find another institution and get his debt off the credit card. He is 70 years old and does not know how to use computers. This whole thing was wicked and underhanded. They wanted him to be full of debt forever. Taking his SS funds for their greed. It was his fault for running up the debt but they knew he was incapable of understanding what his debt burden was going to be. To this day he's still in debt. He returned to the Philippines. I have no idea what his situation is anymore. But the uninformed need to be protected from credit debt. A slave on the hamster wheel of DEBT.
Why is he incapable of understanding math?
He should not have signed the contract if he didn't understand the terms.
10% is a fair return, 12% should more than make up for losses due to non payers.
Banks are not your friends, don't let them get you. I use banks, they no longer use me. Currently have around 17,000 In CC debt over several cards, but it is all at 0 APR. Over the last few years I have borrowed and paid back over 50k getting welcome bonuses, 0 APR, and paying no interest.
The current debt is in case the system crashes and everyone has their debt null and void (CC debt in the USA is at record levels) Why not join the herd? I don't feel morally obligated to pay... I of coarse have been paying, but if I find myself terminal...
Those Welcome Bonuses add up, and so does the cashback. The Amex card with 6% from groceries is well worth the 95 fee starting in year 2. I let my wife use it for all her needs, and I use it for groceries, BOGO and 6% cashback, heck yeah!
As I posted in the General Thread, those Category cards with 5% Cashback work good when utilities are the category. Current card in use is 5% off of up to 2,000 spent for first quarter. That's 100 bucks because while my utilities arent 2,000 for the 3 months, I'll pay ahead. Paying bills ahead is a better option the fiat laying fallow in my bank account.
Even with all my newer CC my lowest score is 756, so I'm quite happily going to keep leveraging my credit. Next goal is those delicious welcome bonuses for Business cards...
I don't think it's bad, but it's being a bit of a nanny.
People who spend beyond their means see the interest statements and know they're idiots, but they're addicted to spending.
Best outcome is if credit companies start to refuse loans to people with poor credit history.
Let’s pull fake money out of the ether then we’ll lend/rent it to the peasants.
Proverbs 22:7: Borrowing money is a bad idea, and the borrower is a slave to the lender