Kinja reply list

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The Dread & Fear of KingsHamilton Nolan
5/20/16 10:14am
This feels like an optimal time for another Clinton president to deregulate banking to allow for subprime lending to poor credit individuals!

http://www.nytimes.com/1999/09/30/bus…

This reads like a nightmare in retrospect: “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.”
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  ʕ•ᴥ•ʔ : Riot GRRR is RUNNING WILDThe Dread & Fear of Kings
  5/20/16 10:19am
  We should consult the voodoo economists on this one:
  
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  KarlMarxButtoxThe Dread & Fear of Kings
  5/20/16 10:20am
  Shhhhh you don’t want the Clinton supporters to come here warning you of the dangers of a right wing Presidency supporting institutional racism if it’s not Clinton.
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Quasar FunkHamilton Nolan
5/20/16 10:13am
I fully intend to die as deeply in debt as possible, as my final “fuck you” to Wall Street.
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  neuroradical4Quasar Funk
  5/20/16 10:14am
  I sincerely hope you never get married or have children. Otherwise it would just be a big fuck you to your loved ones
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  Mount_PrionQuasar Funk
  5/20/16 10:15am
  Your family will appreciate this.
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cuntybawsHamilton Nolan
5/20/16 10:16am
The revolution will be pre-approved
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  butcherbakertoiletrymakercuntybaws
  5/20/16 10:24am
  At an interest rate of 28%.
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  Mary-Gracecuntybaws
  5/20/16 10:32am
  Really, though.. When we say that the U.S. economy is relatively strong again, who is actually benefiting? If half of the money in our country is held by the one percent, can we little people even feel the difference between a good and bad economy anymore? My anecdata of myself indicates very little change in quality of life.
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Sean BrodyHamilton Nolan
5/20/16 10:20am
Managed to clear a few k of persistent credit card debt and stick to 30-day repayments pretty hard for the last year or so.
The CC companies have reacted by relentlessly showering me with unwanted offers and deals. Calling me at fucking work. Accosting me in the bank.
I have enough shit. Fuck off.

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  QueenjulieSean Brody
  5/20/16 10:31am
  Do you know you can opt-out of credit offers either for five years or permanently? I did it a few years ago and it really, really cut down on the amount of shit I got in the mail from those predatory assholes. I’m just starting to get offers again, so I probably need to re-up my registration. Go here:
  
  https://www.consumer.ftc.gov/articles/0262-…
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  Sean BrodyQueenjulie
  5/20/16 10:32am
  Do you know you can opt-out of credit offers either for five years or permanently? I did it a few years ago and it really, really cut down on the amount of shit I got in the mail from those predatory assholes.
  
  I’m in the process of getting a mortgage. I’m not going to make any sudden moves til that is sorted.
  But this sounds like a really good idea. Thank you.
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i__camHamilton Nolan
5/20/16 10:23am
I have climbed from the depths of poor credit and my scores are now in the 700's. I have a couple of credit cards now with fairly large limits little balances.

Im curious, how do you use your credit cards? Use them for everything and pay it off monthly? Use them for one or two small things and leave a little every month? Use them only for emergencies?

This is fairly new for me. Thanks for the responses.
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  XrdsAlumi__cam
  5/20/16 10:31am
  Use it like a debit card with a 30-day float for purchases over $100 (or whatever threshold you’re comfortable with) and for online purchases. Don’t use the credit card for groceries (a very bad habit). Don’t max out your card’s limit (the better you do, the more they’ll try to tempt you by raising it). Pay off the full balance every month.
  
  Cash or debit card for everything else except rent (check or bank transfer).
  
  For emergencies, build up a fund in your checking or savings account. Once it’s built up do not touch it.
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  ojlkjsdfi__cam
  5/20/16 10:36am
  Literally any purchase that doesn’t have a CC surcharge goes on my card, which I pay off in full at the end of every month. I’ve had the same $20 bill in my wallet for the last 2 months, which shows how rarely actual cash is needed now.
  
  I’d only recommend what I do if you know you have the self control not to overspend by buying a gadget you don’t need/can’t afford or paying for too many drinks at the bar.
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bbutle01Hamilton Nolan
5/20/16 10:14am
We’re on the Dave Ramsey plan to get out of debt. Started with over 90k and now we’re down to around 20k. We hope to have it done in 12 months. This means no debt except the house. Next I’ll save 6 months living expenses then start hitting the retirement funds... If I had a 401k opportunity I would have already taken that.
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  XrdsAlumbbutle01
  5/20/16 10:32am
  Go, man, go!
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  Lannister Handjobbbutle01
  5/20/16 10:48am
  You got this!
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DolemiteHamilton Nolan
5/20/16 11:12am
I think it has more to do with the fact wages are flat, healthcare and housing are rising, and people still need to live, so...credit cards.
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  ARP2Dolemite
  5/20/16 11:25am
  That’s right. It’s source is a deep sense of frustration that previous generations have it better than we do; people are working harder for less money; the perception that freeloaders abound; etc.
  
  All this adds up to the psychology that I deserve this [phone, vacation, etc.], regardless of the ability to pay. So, while I appreciate the simple advice to “live within your means,” it doesn’t address the deep discontent people have for an economy and political parties that increasingly fail them, and only pay attention to the wealthy.
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  NicoARP2
  5/20/16 1:01pm
  But then there's the fact that my credit score is shit because I have indeed lived within my means this whole time. No debt = No credit. So everyone is pretty much obligated to have a credit card regardless of their ability to live within their means.
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Sid and FinancyHamilton Nolan
5/20/16 10:17am
My friend was a Merrill Lynch banker when Bank of America bought them at the height of the financial crisis.

He then got a letter from BofA about a credit card he had with them: They were lowering his credit limit, because he had become a credit risk.

I guess they should know!
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  cltrpSid and Financy
  5/20/16 1:12pm
  Very interesting. I’ve got a lot of credit card debt (and have had for the better part of this century), and actually a pretty high limit, so weirdly enough, I’m doing okay with my FICO score, which is utterly perverse.
  
  In 2008, I had credit lines with Chase, Citi, Bank of America, Old Navy, Target, and sometimes multiple ones with the same lender. I still do have most of them. Of them all, the only one to shrink my credit limit, ever, was B of A. I had two credit cards with them with ~$5000 limits apiece, and they outright canceled the one with a $0 outstanding balance.
  
  The conversation over the phone (must’ve been January 2009) was pretty strange. They were playing phone tag with me for a day or so. I wasn’t avoiding them, but I did wonder why they needed to get in touch with me all of a sudden — I have always been current with payments, and have never gone over any limit. The guy on the other end sounded polite, but frazzled: “I see you have this second credit card — did you run up this kind of debt for some sort of PURPOSE?” Well, kinda — it was the kids’ medical bills, but nothing all that serious, and I didn’t feel like prolonging the discussion. He didn’t explain why he was canceling it, and I accepted the outcome and said I didn’t need it...which I didn’t, indeed. I wasn’t angry, really.
  
  Recently, I received a courtesy call from B of A about my recent upgrade. During the conversation, when she asked me why I didn’t ask them for more credit, I reminded the young agent that they had done this in the past. Of course she was surprised and apologetic. 2009 was a weird time for everyone, and I can only think everyone in the financial sector was running for their lives at that point. But how come, it seems, nobody else was resorting to that tactic? Even for people with 700+ scores?
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Bro-ScienceHamilton Nolan
5/20/16 10:25am
The economy really isn’t that strong, sure maybe fore the 1% it’s back to normal or even better, but for the rest of us it’s probably worse. We still haven’t recovered. And real unemployment is still pretty dam high. Many people have just stopped looking for work, so they aren’t even counted.
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  Lannister HandjobBro-Science
  5/20/16 10:50am
  Here on the east coast we’re too busy shooting up to look for work. Luckily with the fentanil on the black market there’s been loads of ODs so it shouldn't be a problem much longer.
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  ARP2Bro-Science
  5/20/16 11:21am
  You are correct and the parties selectively use that information as a sword or shield depending on who is in power. The Bush “economy” wasn’t that great either, but Republicans were happy to tout it (until it collapsed). Likewise, Obama is claiming credit for his recovery, but Republicans are using some of your points that it’s also a selective recovery.
  
  Ultimately, every recession more deeply impacts the poor and middle classes and takes them longer to recover (if they recover at all). Meanwhile, the wealthy tend to take an initial hit (sometimes fairly severe), but recover and then some. But between the centrist party that’s willing to throw some scraps to the poor and middle class, and the right wing party that tells them to f*ck off, our choices aren’t great.
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Hip Brooklyn StereotypeHamilton Nolan
5/20/16 10:15am
The 2008 debacle was getting a bit stale, might as well do it all over again.

L.L.L. - Lenders Learned Lessons!
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  TopherHip Brooklyn Stereotype
  5/20/16 10:31am
  Everyone loves sequels!
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  blameitonthecroutons goodbye tourHip Brooklyn Stereotype
  5/20/16 10:42am
  “Crash? What crash? You mean that time we got a bunch of money?”
  
  -Goldman Sachs
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