CC companies are not your friends

[GangnamFICO]

There seems to be a misconception that some credit card companies are "easier" than others.

They all will bury you in debt if you allow it, they are not freindly, they are not your friends.

They do not invest your money, they gamble every penny you send them.

[enharu]

Well, neither is Walmart and every other company out there.

And what do you mean by this: 

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@GangnamFICO wrote:

They do not invest your money, they gamble every penny you send them.

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Did something happen to your investment account?

[GangnamFICO]

They "book" your account recievable as an asset.  Thats how they set value on their company.  They don't send your money to a savings account, they gamble it on the market.

[GangnamFICO]

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@enharu wrote:

Well, neither is Walmart and every other company out there.

And what do you mean by this: 

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@GangnamFICO wrote:

They do not invest your money, they gamble every penny you send them.

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Did something happen to your investment account?

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You did see the finacial collapse of the the USA a few years ago? You prolly missed it, too busy doing the double browser checkout thing.

[enharu]

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@GangnamFICO wrote:

They "book" your account recievable as an asset.  Thats how they set value on their company.  They don't send your money to a savings account, they gamble it on the market.

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That is not entirely true for all lenders. While it may be for one company or a few companies, you can't just assume everyone else does that.

Some lenders use the liquidity for mortage loans, equipment financing, goverment loans, trading, etc. 

And may I ask, did something happen to your investment account?
It sounds to me that you need to either change the investment company you're dealing with, or get a new financial advisor, or at least change the risk profile of your current investments portfolio.

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@GangnamFICO wrote:

You did see the finacial colapse of the the USA a few years ago? You prolly missed it, too busy doing the double browser checkout thing.

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And I did see it. 
Didn't affect me much, if any. But what is the point you are trying to make here again?

Markets in Asia in general have been improving for the past decade. Property prices in some developed cities are over 10X of what it costs a decade ago while property prices in the US have tanked. Does that mean everyone there is busy doing double browser checkout thing?

While some of those lenders were definitely in the wrong, everyone can't exactly push ALL the blame to them either. Part of the problem that caused the collapse is also due to human stupidity and/or greed.

You sound upset about something.

[GangnamFICO]

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@enharu wrote:

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@GangnamFICO wrote:

They "book" your account recievable as an asset.  Thats how they set value on their company.  They don't send your money to a savings account, they gamble it on the market.

---

That is not entirely true for all lenders. While it may be for one company or a few companies, you can't just assume everyone else does that.

Some lenders use the liquidity for mortage loans, equipment financing, goverment loans, trading, etc. 

And may I ask, did something happen to your investment account?
It sounds to me that you need to either change the investment company you're dealing with, or get a new financial advisor, or at least change the risk profile of your current investments portfolio.

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@GangnamFICO wrote:

You did see the finacial colapse of the the USA a few years ago? You prolly missed it, too busy doing the double browser checkout thing.

---

And I did see it. 
Didn't affect me much, if any. But what is the point you are trying to make here again?

Markets in Asia in general have been improving for the past decade. Property prices in some areas are over 10X of what it costs a decade ago while property prices in the US have tanked. Does that mean everyone there is busy doing double browser checkout thing?

While some of those lenders were definitely in the wrong, everyone can't exactly push ALL the blame to them either. Part of the problem that caused the collapse is also due to human stupidity and/or greed.

You sound upset about something.

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I am upset about something.

I see the same predatory lending that caused the "great recession" rearing its ugly head again.

I see 18 year olds that can't wait for a 25K credit card and I see prime lenders forking it over.

I see ZERO accountabilty, I see the same thieves stealing the future from the next generation.

[enharu]

Well I do agree with you that there's a problem.

This country has a debt problem and it's not just a consumer problem. Even the government is drowning in debt and none of the politicans give a crap about it. 

Accountability should start with the government first and foremost. With the government being such a terrible example, you can't expect much from the people. 

There's 2 ways to go about it.

1. be active politically and try to make the change. you could either run for office yourself, or support individuals whom you think can solve this issue.

2. worry about your own finances and don't succumb to greed. Worst case scenario.........with a good amount of assets you can easily migrate to any country you want.

[GangnamFICO]

I see a system that punishes responsibility and rewards indebtness.

What do you see??

edit by webhopper

[enharu]

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@GangnamFICO wrote:

I see a system that punishes responsibility and rewards indebtness.

What do you see??

edit by webhopper

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I see a system I can make a good amount of money. Could honestly care less about the rest, as long as it doesn't affect me. I'm not that ideological. 

And to be honest, I'm not even a US Citizen. I got my green card via EB-5 Investors visa program. 

[GangnamFICO]

Lets be clear here.  The FICO system was founded in the USA for benefit of USA citizens and banks, not green card holding temps taking advantage of USA kindness.