Credit Card Laws Redux? - Page 3 - Mercedes-Benz Forum

Reply
 
LinkBack Thread Tools Display Modes
post #21 of 43 (permalink) Old 05-20-2009, 11:16 AM
Forum Administrator RC Colas® & Moon Pies®
 
Digmenow's Avatar
 
Date registered: Oct 2006
Vehicle: 1981 380SL 151K: 2001 E320 4Matic Estate 147K: 2008 E350 Sport 4Matic 120K: 2005 S500 116K
Location: The Land of Pleasant Living
Posts: 36,511
Mentioned: 13 Post(s)
Quoted: 1275 Post(s)
Lifetime Premium Member
Garage
So you're saying I should pay off my home mortgage with my Visa?

Quis custodiet ipsos custodes?

Digmenow is offline  
Sponsored Links
Advertisement
 
post #22 of 43 (permalink) Old 05-20-2009, 11:17 AM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Quote:
Originally Posted by Digmenow View Post
So you're saying I should pay off my home mortgage with my Visa?
Go for it! That is Elau's way of "Driving the Economy" apparently.

Bonus if you get airline miles!

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #23 of 43 (permalink) Old 05-20-2009, 11:18 AM
BenzWorld Elite
 
Date registered: Feb 2003
Location: Estados Unidos
Posts: 3,222
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by TNTRower View Post
And people who made responsible choices get left holding the bag.
This was covered in Chapter 1 of my Political Science class.

Always the case.

Will always continue to be the case.

I'm not happy about it either, but I don't need any additional stress throughout the day. I chalk it up to being a fact of life.
el pres is offline  
post #24 of 43 (permalink) Old 05-20-2009, 11:21 AM
BenzWorld Elite
 
Date registered: Feb 2003
Location: Estados Unidos
Posts: 3,222
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Digmenow View Post
So you're saying I should pay off my home mortgage with my Visa?
If I understand the rules correctly, you need to pay off my mortgage with your Visa. The bonus miles are donated to a charity set up by the Clintons.
el pres is offline  
post #25 of 43 (permalink) Old 05-20-2009, 11:27 AM
~BANNED~
 
Jakarta Expat's Avatar
 
Date registered: Aug 2006
Vehicle: PM me to Join the Expat Muslims for Obama Club........
Location: Jakarta, Indonesia
Posts: 17,697
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by Digmenow View Post
Probably but what would be the point?


Put a big grin on the Z man's face..........
Jakarta Expat is offline  
post #26 of 43 (permalink) Old 05-20-2009, 11:30 AM
BenzWorld Newbie
 
Date registered: Mar 2007
Posts: 3
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by TNTRower View Post
Not at all. I am pissed because I see coming down the Pike, a bailout for those who have these outstanding credit card balances.

Obama got it right between the eyes when his administration floated the idea of paying off portions of the mortgages that had been defaulted or in danger of default. He backed off of that real quick. Of course that does not mean he isn't still trying to figure out a way to do this.

It will come as a package to bailout the Consumer Credit industry companies and be worded in such a way as to have us think that the money isn't being used to pay off people's balances, it is being used to pay of the companies, much like the bailouts of the Auto Industry.

Probably some flavor of the Government Ownership. Where they buy it up and give amnesty after amnesty to the consumers in debt.

And people who made responsible choices get left holding the bag.
I think you have it exactly right. Now you can look forward to the banks etc. to eliminate the 30 day interest free grace period so people like us that have the payment auto deducted from our checking accounts get to pay a little interest too.
tonyaj is offline  
post #27 of 43 (permalink) Old 05-20-2009, 03:38 PM
BenzWorld Elite
 
elau's Avatar
 
Date registered: Oct 2002
Location: Maryland
Posts: 5,392
Mentioned: 0 Post(s)
Quoted: 4 Post(s)
Quote:
Originally Posted by TNTRower View Post
And people who made responsible choices get left holding the bag.

That is the mother of all inaccurate statement!!! You make it sounds like the irresponsible citizens will have it Scott free and the good guys are screwed but in fact EVERYBODY get screwed.

Any time Government gets involved, where do you think they get the money? That's right, our tax dollars. Either way, we all pay. But the sooner we pay to fix the problem, the sooner we can go back to the business of rebuilding.

Do you honestly think if the consumer debt goes the path housing fiasco did a few months ago is not going to hurt?

I am always against Government bailout and all I have been saying is if you were to spend the money, don't give it to BoA, AIG, GM, Chrysler and any private corporations. Use the money on the people and put new legislations to prevent the mass from living large on credit ever.

'95 R129
'04 G35.5 BS
'10 X204
elau is offline  
post #28 of 43 (permalink) Old 05-20-2009, 03:46 PM Thread Starter
BenzWorld Elite
 
TNTRower's Avatar
 
Date registered: Sep 2007
Vehicle: '98 E320 Wagon (non 4matic)
Location: Atlanta, GA & Malabo, Equatorial Guinea
Posts: 6,663
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
Send a message via AIM to TNTRower
(Thread Starter)
Quote:
Originally Posted by elau View Post
That is the mother of all inaccurate statement!!! You make it sounds like the irresponsible citizens will have it Scott free and the good guys are screwed but in fact EVERYBODY get screwed.

Any time Government gets involved, where do you think they get the money? That's right, our tax dollars. Either way, we all pay. But the sooner we pay to fix the problem, the sooner we can go back to the business of rebuilding.

Do you honestly think if the consumer debt goes the path housing fiasco did a few months ago is not going to hurt?

I am always against Government bailout and all I have been saying is if you were to spend the money, don't give it to BoA, AIG, GM, Chrysler and any private corporations. Use the money on the people and put new legislations to prevent the mass from living large on credit ever.
So let me get this straight.

If there is a bailout for consumer debt and people who have "X" amount in debt get relief and others don't, you are saying that we are all getting shafted because we all pay taxes.

Ummm...what about those who pay taxes and then get bailout money? Umm, they were paying taxes anyway and then they get debt forgiven.

I'm sorry, how is that the same?

You are actually in favor of this kind of bailout aren't you?

Wow. I guess the ends justify the means as well as the sacrifice of the few to save the many is ok with you as well.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
TNTRower is offline  
post #29 of 43 (permalink) Old 05-20-2009, 03:59 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by TNTRower View Post
While I worked in Sales (Commission and a Salary at about $24k) I made good money when I was working. The industry I serviced was the automotive for the most part. Needless to say last one hired first one fired.

I went through a 6 year period where I was working for a company for about a year or year and a half and I would get laid off because I was not making enough sales. In between boughts of lay offs I worked at the Local Home Depot twice for $11.50 an hour for 9 months and the most recent time was for a year and 2 months.

It was not until the last 3 years that my wife went back to work as a teacher at a private school (read less money than a public school).

We never missed a mortgage payment, we never missed a credit card payment. We scaled back considerably, NEVER ate out at a restaurant, drove cars that were paid for, etc.

I have been amongst the unemployed, I have a savings account that is the emergency fund (6 months of living expenses), we shop with coupons, we still may only go out to eat once a month and that is with Friends after church for lunch.

My whole point is, we have chosen to live a lifestyle below our means. We are the ones who are responsible for ourselves.

Why is it that people who make 65K a year think they "deserve" to live in a home with a $2,500 mortgage, a $600 month car note on two cars, the latest TV's etc?

And when they fall on hard times all of a sudden those credit card bills should become someone else's problems? Or they should not have to pay what they agreed to pay?

If credit card companies want to charge X% they should be allowed to. If you do not like it, then get a different credit card!

I will say, Credit Card companies should not be allowed to raise an interest rate on a balance that was created when the interest rate was lower. That is just fundamental fairness.
Both you and the $65K a year person you describe are simply anecdotal stories. They count, but only in YOUR stories. Not everyone has a Home Depot to fall back on, not everyone has a spouse that can jump in and work. Not everyone has the same circumstances.

Some folks, just like in the mortgage crisis did go over their heads, but that is not everyone. Some folks just get hit and can't easily recover.

I too live below my means but that certainly doesn't mean that I am not one sickness or one six month employment issue away from a situation that could change all of that in a bad economy. I have watched it happen to too many smart people who also, like you lived below their means and always played it smart until that one thing changed everything.

You don't have a clue what that thing will be until it hits.

Using your anecdotal tale of how smart YOU have done with credit and with your families fiscal planning, there are several folks on this board who could easily ask you why you have been such a slacker, why you have deprived your family, why you have only had sales jobs and Home Depot jobs at times when you should be doing skilled professional work bringing in solid six digits by your early/mid 30s and not having to put your family through such sacrifice. But that would be an unfair issue because nobody knows your circumstances, nobody knows your issues, nobody knows why you are where you are and nobody knows what got you to the place that required those decisions.

That is what we each have to see in all of these folks before we make assumptions that THEY are somehow irresponsible or THEY are somehow not as good or smart as WE would be in the same place. WE just don't know.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #30 of 43 (permalink) Old 05-20-2009, 04:04 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by TNTRower View Post
Not at all. I am pissed because I see coming down the Pike, a bailout for those who have these outstanding credit card balances.

Obama got it right between the eyes when his administration floated the idea of paying off portions of the mortgages that had been defaulted or in danger of default. He backed off of that real quick. Of course that does not mean he isn't still trying to figure out a way to do this.

It will come as a package to bailout the Consumer Credit industry companies and be worded in such a way as to have us think that the money isn't being used to pay off people's balances, it is being used to pay of the companies, much like the bailouts of the Auto Industry.

Probably some flavor of the Government Ownership. Where they buy it up and give amnesty after amnesty to the consumers in debt.

And people who made responsible choices get left holding the bag.
What I see is an awful lot of assumptions with zero to back them up in that post.

If he didn't back up the foreclosure collective with bailout monies, which provides liquidity in the real estate market, he won't bail out consumer credit. There is no value add.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    The World Best Credit Card DP Off-Topic 9 09-12-2007 10:10 AM
    Where did the Keyless Go credit card go? ASUAERO General Mercedes-Benz 7 07-29-2006 11:09 AM
    MB Credit Card at events Charlottean Events 3 02-15-2006 05:00 PM
    Mercedes-Benz Credit Card Charlottean MB Safety & Testimonials 9 12-04-2005 07:33 PM
    Teleaid charge on credit card... Brian R170 SLK-Class 7 05-23-2002 11:06 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome