"FOREWARNED!" Please Reduce Your Credit Card Debt Before The Recession.

[seattletravels]

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@Anonymous wrote:

If my limits get greatly reduced I won't pay my balances. I'll just declare bk and the credit card companies can eat it. 

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I hope this is sarcasm. 

[Remedios]

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@Anonymous wrote:

If my limits get greatly reduced I won't pay my balances. I'll just declare bk and the credit card companies can eat it. 

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If you're that worried about your limits, to the point of publicly announcing abusing a system that exists for a valid reason, what will you do when your limits are $200.00 on secured cards? 

[Jnbmom]

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@Anonymous wrote:

If my limits get greatly reduced I won't pay my balances. I'll just declare bk and the credit card companies can eat it. 

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Seriously ? I hope this is a joke , if not you really don't deserve credit .

[Anonymous]

There is no inflation risk right now, deflation risk is actually what you need to be worried about. Not sure where you're getting these ideas about inflation.

[Remedios]

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@Jnbmom wrote:

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@Anonymous wrote:

If my limits get greatly reduced I won't pay my balances. I'll just declare bk and the credit card companies can eat it. 

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Seriously ? I hope this is a joke , if not you really don't deserve credit .

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I dont think it's a joke, because they filed Chapter 7 in 2015. 

Imma gonna go read something else. 

[recoveringfrombk7]

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@Anonymous wrote:

If my limits get greatly reduced I won't pay my balances. I'll just declare bk and the credit card companies can eat it. 

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As someone approaching their 2 year anniversary I can't imagine doing this again.  My bankruptcy wasn't for fun things.  80% of it was rent, gas, food for me and my kid while I put myself through school, and then my student loans came out of grace and I could not afford everything.

It still stresses me out that I walked away from that debt in terms of personal ethics.  It will continue to stress me out in terms of my credit score until it's gone.

Honestly one of the most traumatic things I've gone through.  I don't get why anyone would want to do it/would even joke about doing it.

[VPExecutive]

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@Anonymous wrote:

Look, even before Coronavirus, there were significant fears of a recession within the next year to three years and the outbreak seems to be helping bring that prediction to fruition.

Many financial analyst have spoken about the quickiest way to know whether or not a recession is coming and that's from credit card issuers.

Credit Card Issuers? Yes, Credit card Issuers.

Back in the 2008 recession many credit card holders were stunned and shocked that at worse, their credit cards were unknowingly closed, or at best, had the crdit limits unknowing reduced, leaving thousands with Over-the-lmit blances and/or high credit utilization whic crush their credit scores, my sister was a prime example.

Never late, no over-spending and her credit limit  were lowered.

If you jump on any of these social media sites, epople are already complaing that their credit cards were closed or credit limits reduced to $100.00.

Yet, most experts says the best thing to do, if you are able is get those balances paid or as low as you can get them, starting with the smallest credit lmit card, then o on, because they are adament that 2008 will repeat itself in 2020/21, as it has already started.

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They have little to no evidence of a recession. Talks of a recession have been going on for 3 years. The DOW was at an all-time high before this Coronavirus ridiculousness started. People think the economy will just magically crash when nothing forces it to. 

[Anonymous]

Nope, the banks can suck it. They want to privatize profits but socialize losses. Well, I can play that game to. I encourage everyone else to do the same.

[Anonymous]

The DOW being at an all time high before crashing is your reasoning for stating we are not headed for a recession? 

That's some pretty brilliant logic, captain.

[SouthJamaica]

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@mikesonthemend wrote:

Inflation is what you all need to be worried about. The devaluation of the dollar is going to cause real harm. Free money is not free. Milk and bread will cost more.

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I agree with @Anonymous. The real risk is deflation, not inflation, at this point in time.