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Credit Card Companies Specifically Target Less Educated And Less Sophisticated Americans

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Credit Cards - Public DomainThe big credit card companies don’t make much money off of those that pay their bills on time, and so they often specifically target less educated and less sophisticated consumers that don’t really understand the dangers of credit card debt.  The goal is to find people that will carry credit card balances from month to month, because that is where the real money can be made.  The average U.S. household that carries balances from month to month has approximately $15,310 in credit card debt right now.  At an average interest rate of about 15 percent, the profits pile up very quickly for the big credit card companies.  After all these years, so many of us still have not learned the truth about credit cards, and so credit card debt is absolutely crippling tens of millions of American families.

In 2015, the total amount of credit card debt in this country increased by a staggering 71 billion dollars.  In a previous article, I explained to my readers that American consumers accumulated more new credit card debt during the fourth quarter of 2015 than they did during the entire years of 2009, 2010 and 2011 combined.

Many analysts are forecasting that the total amount of credit card debt will surpass a trillion dollars by the end of 2016.  This is why there is such a crying need for financial education in this nation.  Millions upon millions of us are being taken for a ride, and as I mentioned above, the big credit card companies often target those of us that are the least sophisticated about financial matters.  The following comes from Bloomberg

Credit-card companies need people to spend more than they can afford, but not so much that they default on their payments. So they could benefit from targeting individuals who are more likely to have cognitive failings. This is the dark side of behavioral finance.

Some new research by economists Antoinette Schoar of the Massachusetts Institute of Technology and Hong Ru of Nanyang Technological University claims to find exactly such a result. The authors use data from a private company that tracks credit-card offers. They find that less educated consumers — who are likely to be less financially sophisticated — are more frequently given offers that include back-loaded costs. Those are plans that start with low rates, but increase later, with extra-high over-limit and late-payment fees. In other words, those are likely to be the borrowers who make bad financial decisions — racking up debt and eventually paying much more in interest. Meanwhile, more educated households tend not to be offered these plans.

Do you understand what that is saying?

The large credit card companies want to find those of us that are the most vulnerable, because that is where their biggest profits can be made.

And of course most of us have gotten into trouble with credit card debt at some point.  They don’t teach us how to manage our finances in high school or in college, and so most of us are very financially naive when we first get out into the real world.  Card offers are being showered on our young people, and cash-strapped young adults can find it very easy to “buy now and pay later”

Psychologically, it can be easier for people to pay using a credit card because no paper money is involved, Danford said. A Dun & Bradstreet study found that people spend an average of 12 to 18 percent more when using a credit card instead of cash.

I think that’s one of the traps. It’s almost too easy to use a credit card,” Danford said. “You don’t have to think of the consequences.”

According to 2015 data from Experian, the average American had 2.24 credit cards, up from 2.18 in 2014.

Of all credit card users, what percentage do you think carries a balance from month to month?

30 percent?

40 percent?

Well, according to Time Magazine only 35 percent of those that use credit cards completely pay them off every single month.  That means that 65 percent of those that use credit cards do carry a balance…

Only 35% of credit card users don’t carry a balance–they pay off their bill every month, like you’re supposed to. They use credit cards for convenience, and perhaps to generate bonus points and rewards, not because they need to borrow. If you’re a member of this group, you’re known as a “convenience user.” (Go ahead and pat yourself on the back for not being on the hook for high interest rates, but don’t gloat.) The other, more typical credit card users are known as “revolvers” because they don’t pay off their bills in full so the debt revolves. To them, credit limit increases are essentially invitations to spend more. It’s unsettling: “for revolvers, a 10% increase in credit is followed by a 1.3 percent increase in debt within one quarter and a 9.99% increase in debt over the long term,” the study found.

Unfortunately for the big credit card companies and the overall U.S. economy, it appears that U.S. consumers are starting to get tapped out.

Retail sales fell 2.9 percent in April, and then they dropped by 3.9 percent in May.  As a result of these declining sales, corporate profits are suffering, and it is being projected that the final numbers for the second quarter of 2016 will show that corporate profits in the U.S. have now fallen for five quarters in a row.

That is not an “economic recovery”.  Rather, that is what normally happens at the beginning of a major recession.

And don’t expect this to turn around any time soon, because Americans just don’t have the kind of discretionary income that they once did.  The following comes from a New York Post article entitled “A staggering percentage of Americans are too poor to shop“…

Retailers have blamed the weather, slow job growth and millennials for their poor results this past year, but a new study claims that more than 20 percent of Americans are simply too poor to shop.

These 26 million Americans are juggling two to three jobs, earning just around $27,000 a year and supporting two to four children — and exist largely under the radar, according to America’s Research Group, which has been tracking consumer shopping trends since 1979.

So much of what is happening right now is very reminiscent of 2008.  There was an explosion of credit card debt just before that crash as well.

We should have learned some very hard lessons the last time around, but we didn’t, and so now the pain for American families will be even greater this time.

If you are in credit card debt at this moment, it would be wise to try to eliminate it as soon as you can, because you definitely don’t want to be drowning in debt when times get really, really hard.

 
  • aldownunder

    Credit cards are for suckers

    • Min

      i get cash back and i pay it off every month. they pay me to use their credit card

    • ALWAYSTOMORROW

      Give me a credit card and I’ll sucker your pucker.

    • GSOB

      I have been called worse.

  • Jim Clark

    35% of credit card users are un-American. It is your patriotic duty to be up in your eyeballs in debt.

  • VigilanteCaregiver

    There’s a website run but the monitoring agencies that you can stop the junk mail. I’ll look for it tomorrow if I have time and post a link. I also went there and to our bank; placed a credit hold on my wife’s identity. No one can start any sort of credit under her name without my knowledge and consent: even works preventing ID theft.

    And for those who are new here; my precious wife has multiple disabilities from a severe TBI. Her protection and well-being are my responsibility.

    • James

      They are Experian, TransUnion, and Equifax

      • Robert

        All three are private companies who can decide much of your economic activities. They are unaccountable and from what I read unresponsive. Worse than the govt.

        • James

          False!
          See the Federal Credit Reporting Act.

  • stingray

    credit cards a pro thief

  • Thomas D Guastavino

    No worries. Once HRC gets elected she will pay off your credit card debt along with providing free health care and college tuition. Problem solved.

  • HeyAHuman

    If the banks actually start getting strict about their credit policies in an effort to curb the debt crisis, then the people will lose it and protest. You think Occupy Wall St. was bad? Let’s start taking credit away and see what happens.

    • Priszilla

      In 2008 cc companies started to cancel cc of people who always paid their bill on time…

  • ALWAYSTOMORROW

    Get out of debt and stay out of debt.

    • Icarus

      Agreed

    • ALWAYST0MORROW

      I appreciate the fact that you want to be me (who wouldn’t) but I can handly my own comments from now on.

      • Icarus

        What is going on? You’ve lost containment, cabin pressure and a handle all at the same time.

        • ALWAYSTOMORROW

          Simple. About a month ago I made a comment about Mike’s book that I shouldn’t have. He blocked me.

          I started posting under my same name with no Disqus account.

          Someone decided to “help” me out by using my name too and posting stuff. I thought I would reopen my Disqus account to solve the issue.

          Now all I have to do is be good so I don’t get blocked. 🙂

          • CASTIEL

            I think Mike dont know the freedom of speech…..I remember that post…the person who is using your name should seek medical attention…

          • ALWAYSTOMORROW

            Actually I give them credit. I think it was witty and clever. See an opportunity, take it.

          • CASTIEL

            I still disagree….Those graphics should be a link to give us more info and not to link to a book…i understand the fact we all need money but that its not professional….we come here to change ideas and everyone have the right to writte their opinion…

          • Icarus the humble

            The last article is a mess, you’re (unregistered account name) is everywhere…Ha.
            You now have incentive to stay in your lane and obey the rules of the road to prevent having your license once again revoked.
            I think my account is still in the penalty box…

          • ALWAYSTOMORROW

            Temporary email address solves all problems.

          • Icarus the book reviewer

            Did you write something false or was it the stinging truth?
            Did someone make a common core math error?

          • ALWAYSTOMORROW

            I believe my comments were mathematically accurate and true.

          • Icarus the line judge

            Whoa, thin line found…

          • ALWAYSTOMORROW

            Don’t wast any more time here. The daylight will soon be getting noticeably shorter.

          • Icarus the salmon slayer

            Salmon in the freezer, also smoking a large batch right now. I’ll can and jar another batch tomorrow.
            Then it’s out again this coming weekend to harvest more salmon.
            It’s almost berry picking time, then caribou and moose hunting season.
            Busy schedule, but I like to drop in to see if you’re making a difference here.

      • I’m snaky

        You’ve typed the word “handly”, Is this code for drafting snarky or sniping comments?

        Or, is it high brow Socratic writing?
        Don’t be pedantic with this lot as it’s wasted.

      • CASTIEL

        Do you have a twin brother? This is stupid….

  • Paul Vosper

    I walked away from a $ 28,000.00 bill credit cards (two) only 3 years ago . And still have bank credit cards new. NO REPAYMEANT MADE. using my real name as alway.

  • Purple Wings

    The Mr. and I are in the process of paying off our cards; we are down to two from five – he had even more when I met him but I helped him pay those off too. These last two have the biggest balances but one of them only has a 10% interest rate and that’s the one we’re going to keep. I kept nudging him and explaining that paying them off frees up our money to do other things. So far, so good! Every offer we get in the mail(about 10 per week or so) gets torn up and thrown into the fireplace.

    • Priszilla

      Ever thought of recycling that paper?

      • Purple Wings

        I am recycling it…by using it to start a fire which keeps my house warm and my electric bill down 😉

        • Icarus

          I see why the credit card companies have targeted you and your manchild. Your thinking that burning paper is a form of recycling places you in the credit card cabal’s target audience; less educated and less sophisticated.

          • W.F. CALL

            It’s really none of your business and just for your delight, I will actually round up some paper and burn it today not to mention some dead oak. Why? Because I can.

          • Icarus wth credt card wings

            I care less what you do with your paper, but if you too think burning is recycling then, well, there you go.
            Take a seat beside dummy, you can’t fix stupid and only starving will fix ignorant.

          • W.F. CALL

            So you are going to eat the paper and perhaps place your excrement on your potted onion plant in your mother’s basement window sill?
            Again, the point is it is none of your business you tree hugging liberal dipweed.

          • Icarus the idiot tamer

            You’ve bumped your head, or have recently taken ill, or you are just plain stupid. Whatever the case may be I hope your Obamacare doesn’t let you down, or your Obamaphone for that matter.
            I don’t care what you do with your paper and refuse to make this point ad nausem.
            I don’t care if you recycle paper, or use it late friday night to make paper machet boobies, don them and trot around your trailer. while listening to lady gaga.
            I don’t care.
            But, now pay attention because here is the salient point; burning isn’t recycling as it ends the cycle of use. Now isn’t that a radical concept?
            I’m hopeful that your years of glue sniffing and eating hot dogs hasn’t rotted your brain to the point that you can’t understand.
            Now, thump that bible, and your noggin for good luck and reread my post until it sinks in.
            Peace out.

          • Robert

            I think he is still having a difficult time understanding you, since he isn’t smart he won’t stay in the shallow end of the blog and tussle with people in his IQ range.

          • Brian Dougan

            These comments ALWAYS descend into insults. Leave people alone; troll somewhere else. I (Like most other decent people) don’t appreciate your rude comments.

          • Parole Officer

            Wow, I’ve learned my lesson.
            Now, you’d better run along so you don’t miss your bus to the casino, or was it to the methadone clinic. Try not to piddle any children along the way.

  • df NJ

    Debt equals slavery. Why can’t our workers make enough to live descent lives? It makes you wonder.

    Speaking of living descent lives. I just read the Democrats are moving further to the left at their convention. I think Trump is going to win because there’s no way in Hell Hillary will ever adopt any of Bernie Sanders planks. And so the liberal base will not show up for the election. Just a 2% difference will cause Hillary to lose. I think the idea that she’s a women is overblown. It’s not going to matter. Obama won because he had the benefit of the economy losing 800,000 jobs per month leading up to the 2008 election. Hillary is going to lose.

    • Priszilla

      How many candidates are there?
      It’s important to vote. Especially if you like neither Clinton nor Trump.

    • GSOB

      We’ll see. Hope you are correct.

    • Bill G Wilminton NC

      Hillary Is Lost Before She Loses………

  • Cal

    Credit Cards are of the devil. You are better off paying your bills in cash or using money orders. Keep the banks out of it to. They will report most cash transactions (deposits or withdraws) to the government resulting in audits and harassment. The ‘system” wants you to go cashless so that the powers that be can monitor all of your financial transactions…666 anyone? In a society private property rights is a cornerstone of freedom. Lose it and these other freedoms you enjoy will quickly evaporate too. Have you noticed Turkey lately?

  • A.S.

    If everyone in the U.S. made a pledge to pay their CC bills for 3 months, then they would all go bankrupt. And if Trump wins, he will make sure not one of them gets a dime from bail out money! They will have to take the loss and commit suicide what they did to good, naive, hard working people. On our side, no more debt, because there will be on way they will have enough money to hire lawyers to sue all of us at once.

    • James

      Someone is clearly delusional.
      Banks have more departments than credit cards.
      Banks have investment, commodity, mortgage, trading, and service divisions

      • Icarus

        He lacks financial literacy, which is covered in the article above… Case in Point!
        and, and it’s delusional…

    • RageHard84

      I wonder how much of their profits come from the interest paid on CC bills…if you pay it off in full they won’t be able to charge interest on their balance. I like you already.

  • Priszilla

    If you pray everything will be fine. You only need to know one book.

    • df NJ

      The final individual to get blamed for the destruction is the Moslem Caliph Omar. In 640 AD the Moslems took the city of Alexandria. Upon learning of “a great library containing all the knowledge of the world” the conquering general supposedly asked Caliph Omar for instructions. The Caliph has been quoted as saying of the Library’s holdings, “they will either contradict the Koran, in which case they are heresy, or they will agree with it, so they are superfluous.” So, allegedly, all the texts were destroyed by using them as tinder for the bathhouses of the city. Even then it was said to have taken six months to burn all the documents. But these details, from the Caliph’s quote to the incredulous six months it supposedly took to burn all the books, weren’t written down until 300 years after the fact. These facts condemning Omar were written by Bishop Gregory Bar Hebræus, a Christian who spent a great deal of time writing about Moslem atrocities without much historical documentation.

      • davidbyrden

        Who burnt the library of Timbuktu, and why?

    • James

      Java Concepts by Cay Horstemann published by Wiley?

  • df NJ

    “The price tag for all of these benefits, however, is nearly $400 billion for 2,457 planes — almost twice the initial estimate. To maintain and operate the JSF program over the course of its lifetime, the Pentagon will invest nearly $1 trillion, according to the Government Accountability Office (GAO).”

    I heard someone say the F-35 program will cost $1.5 trillion. Everyone loves war and military spending. I just wish we did a little more to make the economy better so people could get out of debt.

  • J B

    When you pay the Yearly Fee for the Card, that’s basically the Banks Interest charge for one year of creating your Money out of thin air paid in advance. They make a ton of money from the Card Agents. Even if those Businesses don’t have any customers with those cards, they still get hit with fee.

  • sharonsj

    Credit card companies charge 30% interest, not 15% If you can tell me which ones are 15% (and won’t charge me hundreds of dollars to switch), I’d change in a minute. P.S. When you don’t have the money for an emergency or a basic necessity, you end up using a credit card. But the card companies are sneakier than you think. I couldn’t afford to save my dog’s life at the emergency vet hospital, so they signed me up for a pet care credit card!

  • Paul Benson

    But evil men and seducers shall wax worse and worse, deceiving, and being deceived. 2Timothy 3:13

    Sadly it will only get worse and worse as the Antichrist spirit in the elite and globalists gains more and more dominion over the affairs of mankind. Most of the terror events are staged or facilitated to bring about the chaos that will have people begging for the control they would have rebelled against before. This is all to prepare the way for the coming global dictator.

    Christians need to prepare spiritually and mentally for the coming persecution. There will be NO pre-trib rapture; it is a hoax. I have many articles on my site that explain why the pre-trib theory is a provable falsehood. Please consider reading this one which examines all the unbiblical elements of the pre-trib theory:

    https://pbenson.me/2016/06/14/unanswered-questions-about-the-rapture/

    Don’t let the teachings of man put you out of sync with what God is doing in this end-time generation.

    Blessings;
    Paul Benson
    http://www.pbenson.me

  • Plane-Crazy Joe

    I NEVER had a credit card ( c/c ) until I reached age 50! I needed it for when I travelled out of town or overseas; as checks and even cash AREN’T accepted, nowadays! I have a credit card that earns me Frequent Flyer Miles. Furthermore, my c/c earns me Double miles when I buy gasoline or eat-out! Tomorrow, it will earn me THREE miles per dollar I will pay to park my car – off-airport – while I’m on my trip out to Seattle! Over the past 16 years, I’ve earned NUMEROUS Award Trips; both overseas and domestic!!
    I use my c/c to my ADVANTAGE! Furthermore, I ALWAYS pay my Balance Due one day prior to its Due Date.

  • LW

    I completely agree. I’m in the process of paying off two credit cards and I keep getting credit card offers in the mail every other week. So yeah, this is definitely motivation to get out of credit card Debt, because while you may get instant gratification in the short term, eventually reality sets in…and it’s not a good feeling.

    • ALWAYSTOMORROW

      What you own ends up owning you.

      • Matt

        The only way to win is not to play.

        • Traveller62

          Ahhhh, shades of WAR GAMES I see. Thought that looked awfully familiar.

      • ALWAYST0MORROW

        I appreciate the fact that you want to be me (who wouldn’t) but I can handly my own comments from now on..

        • ALWAYSTOMORROW

          I appreciate the fact that YOU want to be me (who wouldn’t) but I can handle my own comments from now on..

    • Joseph

      I forgot the exact website. But it is possible to get your name taken off all of the mailing lists for credit card offers as well as other junk mail. It takes a few months to go into affect. But, after that a lot less junk in the mail.

  • DJohn1

    Take the interest rate charged and subtract it from a dollar.
    Credit Unions give decent rates some of which are way under 10%.
    Every department type store I know charges about 20-22%.
    So if the subtracted amount is 20%, you now have 80 cents instead of a dollar to spend. And that adds up fast.
    So if you spent $100 and charged it you have to pay 120% of that back eventually or go bankrupt.
    It is a financial nightmare trap.
    Once someone is in for say 5,000 in debt it takes anywhere from 3-5 years to pay it back and the credit card people collect 20% over that 5,000 over a period of years.
    Basically you have at least 1,000 dollars in interest on that money.
    It doesn’t stop there.
    We once supported a system that I call the widow’s pension. Because basically no matter what the interest charged and it has been as high as 18 to 20% in the Reagan years, the mortgage racket is set up to take all the interest up front in the first 10-15 years of the loan.
    Widows used to use this as a pension. By the time they died most of the interest was paid up front.
    But in the 40s we had 5 year mortgages and parties to celebrate paying them off.
    Now you start out paying 95% interest and 5% principle.
    Real Estate taxes are a big part of your monthly payment. On a 100,000 dollar house you pay about 400 in taxes per month. The mortgages often reach $800 to $1200 in today’s market place. All of which is practically pure profit for a bank.
    We are infiltrated by professionals. Those professionals milk the marketplace and are no better than a bunch of thieves. They are taught in college how to milk the public.
    The words “hard work” are not in their vocabularies.
    When you start college the first thing the admissions department does is turn you on to credit card spending. They know a bunch of suckers when they see them and it works big time. It would be interesting to see if they get a kickback for getting people to sign up for a card or two.
    Closing costs in 1969 on a VA loan for 13,900 dollars was $50.
    It now approaches about 5 or 10% of the mortgage taken.
    The lawyers were responsible for a title search. They screwed it up.
    So now you need title insurance in case they do not do their job.
    I have no use for this class of people. Whether they are lawyers, doctors, or any other professional. They are in my opinion all a bunch of people that have figured out how to rob the common people blind.
    The credit card industry is simply the tip of the iceberg.

  • James

    In other words, Donald Trump supporters are the deepest in debt.

    • rentslave

      Since that’s now the majority,that’s a lot of debt.

      • James

        Yes, the majority of Americans are anti-intellectual, don’t have a college degree, and resent the educated and well paid.
        [Donald Trump supporters]

        I’d also say that trillions of dollars is a lot of debt

        • JC Teecher

          You sound like Juan Williams on Faux News. he said that the majority of Trump supporters are uneducated and lower income.

          Well, playing that holier than thou, and oneupmanship game can, and usually will, bring a burden and a curse at some point.

          • JC Teecher

            I had rather stand with the uneducated and lower paid folks, than those that are liberal minded and support an evil “regressive” agenda/party.

            I have a feeling the separation of the goats and sheep will show a group of humble everyday poor/lower income people on one side, and a highly paid and “educated beyond their intelligence” group of fools/liberals, on the other.

          • So CAL Snowman

            LOL, liberals get degrees in Lesbian Dance Studies and claim that they are “educated!”

          • James

            You sound like Juan Williams on Faux News. he said that the majority of Trump supporters are uneducated and lower income.

            Polls. Read the analysis

        • Bill G Wilminton NC

          And Then More BS

          • James

            True though

          • Bill G Wilminton NC

            The polls are slanted by the main stream media that slants the tv and paper news….that is why more and more people use the internet for news and info.

            In The Repub primary many many high income areas voted Trump….to the shock of the news tv media….

            Students today are not educated but indoctrinated…. the students are not taught to think but WHAT TO THINK.

            They are NOT taught Creation vs Evolution but taught Evolution as Fact….both are supposed to be taught and the student makes up his mind. Same with Mises vs Keynesian Economics.

          • James

            I’m not going to waste my energy on fixing this dillusion.

            I can understand why 3M fired you

          • Bill G Wilminton NC

            93 million voters that havent voted in years are coming out to vote ….they are pissed off, fed up and not taking the BS anymore…..they are coming out like angry hornets to vote for Trump…..

            VOTE TRUMP JOIN THE LANDSLIDE

            Vote for the party where Ladies can still pee in peace in the Ladies Room.

            VOTE TRUMP

    • GSOB

      Prove it.

      • James

        The article states that the least educated have the most credit card debt.
        Donald Trump’s key base is white men without a college degree.

        • So CAL Snowman

          Lies ,damn lies.

          • JC Teecher

            Ben Carson made the statement…(paraphrasing), that many idiots graduate every year with a big diploma.

            I have known since early on that a framed piece of paper doesn’t necessarily mean that a person is more understanding or common sensed. I have also learned that it is not always the dumbest looking person in the room that has the least to offer.

            I have been baffled with bull caca and bored with brains more times than i care to count.

          • James

            You are still more educated than someone with only a hs diploma.
            And where exactly can one major in lesbian dance studies or white oppression?
            I want the name of the college.

        • Bill G Wilminton NC

          More BS

          • James

            How so?

    • Bill G Wilminton NC

      BS

      • James

        See comment reply

    • Omnipotent Entity

      I see, another naïve plebeian who proclaims true the prevalent sweeping generalizations about Trump has spoken; indeed, it must be miserable, no, excruciating, to be this lowly. I see great problems from my ivory tower with both those who are anti-intellectual, and those who forsake capitalism, call for progress, yet estimate one’s intellect based on their belief in upholding constitutional rights.

      I am, as I hope you have come to understand, a Trump supporter. My ethnic status is the same as only approximately 850,000 Americans. My libertarian outlook has no bearing on my net worth or my intelligence. My twelve-thousand dollar Rolex can corroborate that statement, as well as my other worldly possessions. I am thinking about purchasing a Graff piece and some Hermès goods, while detestable liberals scream about imaginary police brutality and how, instead of buying my next watch, I should surrender money to parasitic fools and that mooching naïf in the inner city. Libertarianism has only made me richer.

      As for the other people who ramble incessantly about how the upper class is some demonic entity is beyond logic and rationality. Some Trump supporters will antagonize the successful, just as communists and democrats.

  • chriscas

    Gee, our President has warned us about you doom and gloomers! Don’t you know this is the best time to be alive ever since he’s been in office! Ask Schmuck Todd, Jeff Sucker, and all the other well-do-do democrat zombies in the MSM. They’ll tell you what the real problem is: all those waskallly right wingers!!

  • rentslave

    I think that the credit card companies should handle our elections.No more graveyards voting.

  • Richard O. Mann

    Many credit card users are buying the day to day needed items and putting it on the card. Food, clothing, gas for the car. They are having a hard time getting by because of low income and very little chance of getting a better paying job anytime soon. I can recall this happening during the last crash of 2008. News stories about people getting by on credit cards, while trying to find a better paying job. I’m sure those stories are showing up on the net again.

    • df NJ

      I understand things are bad for red state voters. But here in the mighty fine blue state of New Jersey, the roads, shopping centers, and grocery stores are more packed than I ever seen in my whole life. There’s tons of jobs, and descent paying ones, for anyone willing to submit to an a hole boss. btw, why is that all bosses are a holes?

      • Robert

        Because they have to deal with lazy, litigious employees? Govt regulations? A boss over them? Deport the Mexicans and see how things go. Downhill fast. Where I live the Mexicans work the hardest. The bums and panhandlers are white males. Drunks and druggies and scam artists. Deport the Mexicans and watch agriculture collapse in America.

        • Richard O. Mann

          True that. That can’t even get prisoners to work in the fields.

        • So CAL Snowman

          What exactly are you smoking Robert because I would LOVE some of that! Here in CA, illegal alien invader mexicans and their useless anchor baby offspring cost LA county alone over $600 MILLION each and every year. SOME mexicans work hard but there are a huge number of them that don’t work and just suck down welfare and use the Emergency room as their primary care physician. We can and SHOULD deport all the mexicans and only allow seasonal workers with temporary work visas. We can and SHOULD bring back the chain gangs to work the fields, there’s more than enough prisoners to work in the agriculture sector. You really should come out to CA and see first hand the damage and destruction wrought by the mexicans. They are PEASANTS, they are rude, sullen, and they drive drunk all the damn time. They have turned our freeway system into parking lots. The illegal aliens openly loiter and drink on the sidewalks of LA and they throw their trash all over the place, it’s disgusting. They have turned the jewel of America into a facsimile of Mexico, replete with crime, plummeting education scores, and a massive uptick in demands for more tax payer provided everything. Perhaps if mexicans weren’t willing to work for pennies on the dollar while sucking down enormous amounts of welfare, there would be jobs for the white bums and panhandlers.

          • kenfrombayside

            Only when you, the silent American, speaks out and takes action, the invasion will halt. Stop third world/Muslim immigration to USA at once. The reason is simple for this government program to make whites a racial minority in a country founded by their ancestors: you are silent. This slow motion genocide is moving forward because most aware people are doing nothing. The invasion will stop and these troubling trends will start to reverse only when we say enough:
            – join the 2 million citizens’ army at numbersusa.
            – become members of immigration reform groups like FAIR.
            – always go to the polls.
            – when you get letters begging for money, return, in most cases, the free Business Reply envelopes with letters protesting our demographic replacement. For envelopes not free, it’s worth your while to send back.
            – Mow your own lawn and avoid restaurants.
            Don’t be part of the problem, be a part of the correct solution. ALL patriots must take action.

          • JC Teecher

            Those mexicans you speak of, are everywhere. Just because they look dumb and poor, does not mean they are.

            Many of them have learned to work the system. In my later years i worked as a route coordinator for a Fortune 500 Company that was a meat wholesaler (fresh and frozen). Late hours on the busy days, like Fridays, was the norm. If problems arose, especially in dealing with fresh meat, I or my backup, was stuck in the office until all was secure.
            In working those late nights, I got well acquainted with the talkative and fairly good looking mexican cleaning lady.

            She eventually confided in me as she was hoping i might be in to helping her make another baby to add to her already eight. She had three different baby daddy, and they all worked and paid her whatever cash they could afford. She was getting a big monthly stipend for each kid, plus paid rent and electric. Before i moved on to bigger and more interesting adventures, she was preggers again with # 9.

      • Joltin Joe

        NJ? The armpit of america! Place is nasty from top to bottom

        • JC Teecher

          Not quite. In my early days of Trucking, I was trying to find a delivery point in Newark. This was before a little gps box on the dash, for directions, was widely available or affordable.

          I followed some directions given by someone on the CB radio, and the next thing I know, I was looking at the entrance to the GW Bridge and a sign that said last exit before GW. I had never been in NYC, but knew there was a $50 non-refundable fee for Big trucks, so…..exit i took. Big mistake! it put me directly on the NJ Parkway which has big truck restrictions.

          Somebody somewhere was screaming at me to get off the Parkway or get a $500 fine. I took the advice and the next exit and wound up in a neighborhood with nice older homes and big hanging trees. Even with straddling the street, my truck and trailer was breaking off limbs, but nowhere to go but onward.

          Soon I was pulled by a city cop and i played dumb until he cussed me like a red headed step child, and said to get the F off of his beat. He would not even give me directions to get back to the main road.

          So nice looking neighborhood, but nasty attitude cop.

          • Joltin Joe

            how many years ago? exactly, go there now. Gangland

          • JC Teecher

            It was a while ago….about 22 years.
            I would guess dfNJ would know, and probably has been to the very exits I spoke of.

            Newark in general, was a slummy and dirty and dark place. We had a drop yard in a place we called Iron-bound, near the scrap yard and trash ports.
            A fellow driver came out of there one day and stopped under an overpass, before getting on the I-95, to take a leak.

            As he was peeing, he noticed something in the tall grass and kicked the grass back to reveal an arm, and then saw scattered body parts everywhere.
            He barfed and never would go back to Newark.

      • So CAL Snowman

        I hear Newark and Camden are positively booming . . .

        • Bill G Wilminton NC

          You Mean Booming Like In Boom Boom Boom !

      • Bill G Wilminton NC

        All Based On Debt Debt Debt….cars with 9 year payment books, shopping centers credit card DEBT highest totals ever, ha ha grocery stores 1 out of 6 people(46 million) using food stamps……DEBT DEBT DEBT…….

        And The Financial Services Industry Of Wall Street Selling Pumped Up Stocks And Bond Debt Debt Debt All living In NJ, NY and Conn pumping up the local economies with their 6 and 7 figure salaries. ALL FAKE Based on this Debt.

  • JC Teecher

    After college, I took off a couple years, by quitting my second shift, full time ,back breaking sheeeet job, set up a home stead, and got married. Then; wanting to explore my college minor in banking and finance, I applied for and got an entry level job, with a local bank, that was spread over three states. To maximize my experience I went to work as a collections Manager, in one of their divisional Loan Company offices.

    I was soon promoted to Asst.Mgr. and began making loans and still collecting the late debt on larger loans, Real Estate and Consolidation loans and such.
    The average small loan had an interest rate of 36%. That amount dropped as the amount of the loan grew, but never below 21/22%.
    Even the Real Estate and Consolidation loans averaged from 15 to 19%. I suspect it is still close to the same, depending upon individual state laws.

    I have to say, without any condescending feelings, that a big majority of those folks were nice and well meaning people, but they had no self control. They would pay off a high interest loan, and right back in debt for something that could have waited until they saved up for it.
    I have seen folks use their house for collateral to pay off /consolidate debts, and in a year be right back in over their heads.

    I have made consolidation loans to folks and paid off all their high interest loans, only to have to make a visit in a year because they had returned to borrowing from Peter to pay Paul, and Peter was never happy cause he was getting ignored for way to long.

    One thing I learned, self control and bad money management comes with all social levels of people. Some highly educated and seemingly smart people have money management, and self control issues.

    I repossessed (involuntarily), a nearly new Mercedes from a couple that lived on a major golf course, third fairway, and it took nearly six months to catch them leaving the car parked out of the garage at 1:00 am in the morning. Coincidentlly, my friend and i attended several televised PGA events at the same course.

    Some people have to learn the hard way, and some people never learn.

  • GSOB

    What is often overlooked is the fact that government and banks are in this together. That’s why there is no education in the public schools that covers this. It goes beyond this also, one can not file chapter 7 on loans for education and the entire credit score allows these powers that be to fleece the flock. The one feeds the other. The American culture is permeated with this surreal reality, ….debt is inescapable for most, even basic necessity. It took just one crises and then had to borrow. Then the domino affect.

    This ought not to be.

    • JC Teecher

      You are exactly right, it is a rigged system and some play the legal, but sinful game.

      I am talking about the system that is rigged to default the taxpayer and the honest. A millionaire in our town, owns a big excavating business. He builds up debt, and then files bankruptcy every seven years or so. He gets to keep his business and transferred assets, and comes out smelling like a rose while others get the shaft.

      Another, multi-millionaire has many buildings and businesses in various parts of the state. He contracts work on the buildings, slow pays, but eventually pays. he builds the business owners/contractors, up to owing on many jobs, which runs into the hundreds of thousands, and sometimes a million, and then reneges on paying. he has made enough $$ off the con game that he can eventually cause the contract business to fold, and file bankruptcy, before a court case can be settled. It has happened over and over again.

      How do i know? I got caught up in one of those deals whereby i trusted an owner/contracter and bought a big dump truck via a paper contract and owner financing. When i had almost paid off the truck, and asked about securing my title; the company owner, had been owed for three big jobs from the Con-man millionaire, and because his creditors had cut him off, he had no recourse but to file bankruptcy over the non-paying a-ho, and my truck was still tied into the business loan with the bank. I lost thousands.

  • Joltin Joe

    I hardly carry a balance, redid the kitchen and some car repairs and boom, they almost double my limit. hahaha They will be sad when I pay this off again.

  • GSOB

    Not all debt is bad

    • Joltin Joe

      The bankers fallicy

    • J B

      yeah it is.
      It means you can’t afford to pay for it.
      The alternative is to save in advance for it, but because Cental Banksters insist that WE can’t live without Inflation and inflation is a great thing. This means you will be constantly saving to buy something. But this is a debt based economy, and in this economy, savers are enemy. It only works if money is constantly moving from one pocket into another. Enter…Negative Interest Rates, the last ditch effort by Central Bankers to get sheep to NOT save their money. ALL of this is for the Bankers Benefit, not the Sheep. And because it’s a debt based economy, again for the Bankers benefit, not yours, without debt everything would collapse.

  • Orac4Prez

    Perhaps you should be asking another obvious question. If now you can only get 1-2% on your bank deposits and the US interest rates are so low, why haven’t the credit card rates dropped in sync. The cost of money to them will have dropped. Why aren’t they “passing on the savings” as so many businesses do when their costs drop. Greed?

    • JC Teecher

      They don’t have to because they are all tied to the Rothschild banking empire, that basically calls the shots on which laws are enforced and who they may or may not apply to.

      eg…….hitllery and her partner that used a cigar on Monica.

  • alan

    I still get credit card offers, so I guess I know where I stand.

  • Icarus the breaker of chains

    It’s not magic, it’s called continually compounding interest and it looks like this.
    A = Pe rt
    Easy access to credit and this formula have enslaved more people around the globe than all tyrants throughout history combined.
    The only way to escape these financial handcuffs is to never put them on, or to pay off debt and stay out of debt.
    Class dismissed, go out and free yourselves.
    You’re welcome in advance.

  • illusion

    On a positive note, I just had a credit card cancelled due to….lack of use. I have noticed that Chase has doubled the minimum payments for their credit card customers. This seems to be the current trend.

  • ALWAYSTOMORROW

    Obama says the earth is a globe. The it must be flat

  • Ramcamedd

    What about bankruptcy?

  • Patricia Sanders

    I think the greatest solution would be gathering knowledge and spreading awareness regarding managing your credit accounts. See, it’s not possible for us to avoid using credit cards, but at least what we can do is to learn from our mistakes. As soon as we know how to deal with our credit card debts, the creditors won’t be able to con us.

    Yeah, Closing paid off credit cards is also another good idea. If we really need to close some credit card accounts, then at first, we need to pay off the outstanding balances on each of our cards. Then, we should close the credit accounts that we want to. If we don’t pay off the outstanding balances on the remaining cards, it’ll increase our credit utilization ratio and ultimately affect our credit score. We need to keep in mind that closing oldest credit account(s) may also affect the score. So, we must do it wisely.

  • DB200

    “They don’t teach us how to manage our finances in high school or in
    college, and so most of us are very financially naive when we first get
    out into the real world.”

    Yep, this is why I am teaching my children to stay out of debt. And give them examples like interest-on-interest. I learned it from my grandfather who experienced the Depression and by reading financial literature.

  • DB200

    The New York Post article that Michael mentions has also another juggernaut: “Nearly half of all Americans have not seen an increase in salary over
    the last five to seven years, and another 28 percent have seen their
    take-home pay reduced by higher medical insurance deductions or
    switching to part-time jobs, ARG found”

    If only 22% (100-50-28) of all Americans have seen an increase in salary over the last five to seven years, then you don’t have to be an economist to see that there is not a real recovery. And if there is a recovery, for some strange reason, then it will not be sustained.

  • Strider73

    Credit card companies have another name for those “convenience users” who do not carry a balance — “deadbeats.” Just shows how morally inverted some people are.

    Whether you carry a balance or not, always pay the bill electronically. Card companies are notorious for sitting on mailed checks until after the due date, in order to slap on late charges and raise the APR into the ionosphere. After all, they can always blame the incompetent postal service (it’s called “snail mail” for a reason).

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