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(Fox News)   US credit card debt may crash economy   (foxnews.com ) divider line
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33767 clicks; posted to Main » on 01 Jan 2005 at 1:22 PM (11 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2005-01-01 09:29:41 AM  
[image from img.fark.com too old to be available]

My daughter was pre-approved at the age of 18 months.

Turn off your TV and cut up your credit cards-they're both evil.
 
2005-01-01 09:33:30 AM  
Why do I hate America?

/debt-ridden
 
2005-01-01 09:35:03 AM  
Meh, serves you right for buying so much crap.
 
2005-01-01 09:42:06 AM  
I like my crap.
 
2005-01-01 09:43:09 AM  
I like my crap, too, but I pay cash! So should the rest of the world (exception: house).
 
2005-01-01 09:49:48 AM  
well, stop buying stuff
 
2005-01-01 09:53:19 AM  
I'm doing my part to destroy America.
 
2005-01-01 09:55:57 AM  
The good news? By maxing your cards on imported manufactured goods, you're helping feed millions of Chinese wage slaves.

You're keeping them employed in an economy unencumbered by labor laws or anti-pollution regulation. A Republican utopia.

You're welcoming them to the brotherhood of man.

God Bless you for that.
 
2005-01-01 09:58:32 AM  
Because POSSESSIONS are ASSETS!!!
 
2005-01-01 09:59:50 AM  
The sky is falling, the sky is falling!
-Fox News

or...

The sky is coconuts, the sky is coconuts!
 
ZAZ [TotalFark]
2005-01-01 10:01:42 AM  
I have no credit cards and never will because I didn't let them suck me in young and now I have no credit history and can't get a card with sane fees and rates. Plus, I refuse to agree to arbitration.
 
kcm
2005-01-01 10:04:10 AM  
it's all about playing the credit game. even if you'd rather spend cash, do it through a credit card so you have proof you're a credible lendee later on. plus, if you play your cards right, you may as well receive the cash back rewards and such even if you're buying the same things you'd normally buy with cash. personal responsbility, that's all!
 
2005-01-01 10:05:04 AM  
control:

The good news? By maxing your cards on imported manufactured goods, you're helping feed millions of Chinese wage slaves.

So what you're saying is that we just shouldn't buy it and let 'em starve?
 
2005-01-01 10:09:33 AM  
Forgot to add:

/Democrat utopia?
 
2005-01-01 10:10:20 AM  
Dancin_In_Anson: So what you're saying is that we just shouldn't buy it and let 'em starve?

Thats what I got out of it... and I couldn't bear to see another starving american kid... fatten 'em up some more!
 
2005-01-01 10:15:53 AM  

So what you're saying is that we just shouldn't buy it and let 'em starve?


No I'm saying the opposite. We need to ship more jobs to China.

Chinese people need the income and it's a great way to bypass U.S. employees who want all those damn liberal laws about safety regulations, equal opportunity, freedom from sexual harrassment, accountability for pension management, and liability for corporations who kill thousands in Bhopal, scam investors or dump waste and declare bankruptcy, etc.
 
2005-01-01 10:25:18 AM  
control:

Chinese people need the income and it's a great way to bypass U.S. employees who want all those damn liberal laws about safety regulations, equal opportunity, freedom from sexual harrassment, accountability for pension management, and liability for corporations who kill thousands in Bhopal, scam investors or dump waste and declare bankruptcy, etc.

Wow...you must have been in on our last board meeting....we were commenting on how we didn't ship enough jobs overseas to people we wanted to kill...We plan on doing better this year. We plan on shipping some 500,000 phone center jobs to a remote location in India and (you'll love this) since they are now afraid of pesticides because of Bhopal, and won't use them to control the mosquito population, we are going to release millions of disease carrying insects into the region as well.

Man...I'm gonna have to talk to the security guy about who he's letting get past him...
 
2005-01-01 10:31:24 AM  
"Chicken C. Little writes for Elliott Wave International, a financial analysis company. She has been an associate editor with..."
 
2005-01-01 10:51:37 AM  
I'm 37 and don't own any credit cards and never have, so none of this is my fault.
 
2005-01-01 11:00:55 AM  
Never carried a balance. Credit card companies hate me.
 
2005-01-01 11:24:13 AM  
Why is Fox trying to scare me so? I have a 720 credit score, thousands of untapped credit, am up dated / ahead of every bill I have, paid off my car last month a year ahead of time, and am about to do the same to this 48" Philips flat screen here, just in time to celebrate with NFL playoffs and ESPN Full Court.

Its almost as though they think I'll be happier worrying and reading more of their stuff, or something.

Oh, and why is the single number one reason for America's endebtedness -- the Bush war in Iraq -- missing from this article? Ya don't say, Fox.
 
2005-01-01 11:35:53 AM  
Oh, and why is the single number one reason for America's endebtedness -- the Bush war in Iraq -- missing from this article? Ya don't say, Fox.

People are maxing out their credit cards because of the war?
 
2005-01-01 11:37:59 AM  
No credit cards, no outstanding debt. Life is good.
If any of you motherfarkers crash this economy because of your credit card debts, I'm not cleaning up the mess.

/Kudos to the ones who are ahead/paid off on their debts.
 
2005-01-01 12:08:03 PM  
there's nothing wrong with credit cards as such. just don't spend more with them than you can pay back to the company at the end of the month.

*shrugs*

it's not exactly rocket science. i like the convenience, i like not having to use cash when i don't wanna, i like them for online shopping. i just keep an eye on the balance and have never owed a dime on them. the visa company gets exactly 20 p.a. from me. that's the fee my bank in europe charges me to give me a credit card.
 
2005-01-01 01:28:07 PM  
The press can go on and on about credit card debt all it wants, but college loans is a far more frightening topic. It's like having an extra car payment.
 
2005-01-01 01:28:37 PM  
The USA is a debtor nation, wasn't under Clinton, is under Bush, primarily due to the war.

Whats that have to do with your credit card debt? Not much, unless for some reason the USA dollar starts to slip too much, and interest rates rise as a result.

I would have thought the "party of business" aka Republicans would have been all over that, but apparently business these days means racking up war debt and leeching off the federal trough for cheap mineral rights and local subsidies.
 
2005-01-01 01:28:40 PM  
I owed $300 to Bloomingdales once, and they sent a rodian to collect. So very stupid.
 
2005-01-01 01:32:30 PM  
When do we get more news from the "No shiat, Sherlock" dept.?

/has over $6,000 in debt...
 
DS
2005-01-01 01:32:46 PM  
Damn when I was 18 I got a sears card with a $2000.00 limit. Charged it up. Did not make payments. Got it payed off when I was 23. I thought I was screwed, But found I could get car and house loans just not credit cards... Best thing that ever happened to me...
 
2005-01-01 01:33:55 PM  
I have some outstanding debt, but I am working on getting that paid off. Only a few grand to go and I have no credit cards now and I never will again.

My credit sucks though. Hopefully it wont one day.
 
2005-01-01 01:36:50 PM  
cRAp. Im briningin about the downfall of the U.S. All for 200 bucks. DAMN IM EVIL!!!!
 
2005-01-01 01:37:26 PM  
Generation_D:

The USA is a debtor nation, wasn't under Clinton, is under Bush, primarily due to the war.

ummmm...the u.s. has been a debtor nation since andrew jackson was president. (but this is fark, so don't let the facts get in the way of your argument).
 
2005-01-01 01:37:45 PM  
I already maxed out my sons' credit cards and he's only 3.
 
2005-01-01 01:39:37 PM  
I saw on the news yesterday where a young woman, in California I think, gave $20,000 to Tsunami Aid. She put it on her CREDIT CARD !!!!
 
2005-01-01 01:39:41 PM  
Elliott Wave, those with long memories might recall, was founded by Robert Prechter, who turned bearish after the crash of 1987 and has been wrong ever since.

I wonder who is generating this debt. If it is 10% or so of people who are generating 90% of the credit card debt, then it is not so bad. But if 75% of people are in debt to their ears, then that is bad.
 
2005-01-01 01:40:10 PM  
I lost my job 4 years ago, was unemployed for a while, and then got a masters degree. I have been back to work for a year at a good job. What pisses me off is that I've spent the last year paying off the 30K of credit card debt that was a result of my unemployment. Now, everyone is going to default on their credit cards, and the government will bail them out. I should have just defaulted. Big government rewards bad behavior and punishes good behavior.
 
2005-01-01 01:40:14 PM  
How are you going to pay off your war time debt?

Go Army!
(wether you like it or not, its only a matter of time)
 
2005-01-01 01:40:31 PM  
As some others have said, there is nothing wrong with credit cards so long as you can pay the balance off every month. They are quite handy for when I spend all my cash and for online purchases.
 
2005-01-01 01:43:15 PM  
I have a 720 credit score

776 here. Is that good?
 
2005-01-01 01:46:20 PM  
776 here. Is that good?

Depends. Is that Math, Verbal, or both combined?
 
2005-01-01 01:46:45 PM  
American consumers could keep Edward Scissorhands (search) busy for months just slicing up our maxed-out credit cards. Remember him? In the 1990 Tim Burton movie about the young man with scissors for hands, Johnny Depp mainly used his talented appendages to trim hair and create whimsical creatures out of shrubbery.

...

What the F*CK was that about?

I suppose it's a massive coincidence that Edward Scissorhands is published by 20th Century Fox. They should at least go all the way and link to where you can buy the DVD if they're going to pull crap like this.

Anyways, I have a credit card, never use it. You see, I have money, and I have a debit card, so I have no reason to.

it's not exactly rocket science. i like the convenience, i like not having to use cash when i don't wanna, i like them for online shopping.

Doesn't America have such things as debit cards? Over here you can use the same card you use at ATMs at shops and online in the same way as a credit card, only it debits your account directly.
 
2005-01-01 01:47:05 PM  
OK, having read TFA...

Consumer spending is necessary to propel the economy. OK.

In 1999, consumer spending surpassed what the consumers were taking in for the first time.

So, basically, despite the fact that people have been buying crap like mad, the economy still sucks balls (and all you Bush apologists can STFU: it's been up, it's been down, but overall, it's still pretty lame. Yes, we know one or two of you are doing better. You're atypical.)

Now, I'm a good capitalist. I understand that outsourcing jobs, tax cuts, etc are things that suck in the short term, help in the long term. But how long is this long term, anyway? Will this debt eventually collide with the (theoretically temporary) lagging economy before it recovers, seriously screwing us?

I agree with what the Bush administration is doing in some cases, but it's the degree that worries me. I mean, consumer spending is up, we've got all sorts of $$$ flying around due to the fact we're at war, cheap labor has boosted some sectors...shouldn't we be doing better than this? Did we stomp on the gas so hard we flooded the engine?

I am a conservative. I understand that there are necessary evils in any healthy economy, although the arrogance with which those evils are practiced does admittedly tweak me more than most. But economic theory is just a THEORY. It seems like a lot of what's been done economically in the last four years has been a kind of over driven trickle down, where people have been shipping jobs overseas, the government has been cutting taxes, etc, like lunatics. These concepts have proven to have good results in the past, but that doesn't mean you can increase them exponentially without any fear of collapse.

Yes, Adam Smith's invisible hand is self correcting, but it seems we're a lot closer to having a huge fiscal orgy, all the while assuming that God is going to clean up the mess.

Basically, I never want to hear another Republican complain about Democratic spending again. We kicked the Dem's dick in the dirt on that count, and not only are we showing no signs of slowing down, we're getting more and more arrogant whenever anyone even brings the subject up. Fiscal responsibility, my ass.
 
2005-01-01 01:48:03 PM  
Credit card debt? What's that?
 
2005-01-01 01:48:12 PM  
its nice that there are a small group of self-rightious Farkers who don't have any credit card debt, but I personally know MANY people that are unbelievably over their heads in credit card and other forms of debt.

And so are their parents. And if their parents are not in debt, they are spending every dime they have in their retirement and getting Reverse Mortgages so there will be nothing for the kids to "inherit". They are not doing this intentionally, they are doing it because of the constant pressure to keep up with everyone else.

People are also now getting "accustomed" to getting mortgages with Interest Only payments! It's like when car leases started taking off. "A New Way to Buy a Car!" Except you aren't buying anything.

Used to be, when you bought a 2 flat, you could live in one part and rent out the other and that would pretty much pay the mortgage. Now if you rent it out, you are lucky if it even pays the TAXES.
But kids are snapping up 2-Flats for some reason. The rationale seems to be that it doesn't matter what the mortgage is, if they get a renter (good luck) the Renter is paying for "part" of "their" mortgage. So they think they are ahead of the game. (not really....especially if they got one of those Interest Only Mortgages...)

more and more of our income is paying for Interest on Debt and it is not going towards any principal.
 
2005-01-01 01:49:21 PM  
stpickrell:

Elliott Wave, those with long memories might recall, was founded by Robert Prechter, who turned bearish after the crash of 1987 and has been wrong ever since.


those of us with longer memories remember that elliott wave was developed by ralph nelson elliott (1871-1948). prechter only edited the re-publication of his works and popularized a newsletter based on elliott's principles.
 
2005-01-01 01:50:22 PM  
I always paid off my cards in full, until the fall of 2001. Renting a house was a bit too expensive, even before I lost my job. Now I've been unemployed more often than not ever since, so I've got a fair amount of debt, but now that I'm back living with my parents, and employed for a month now, I can work on reducing it.
 
2005-01-01 01:50:59 PM  
pay your bills morans
 
2005-01-01 01:51:14 PM  
The USA is a debtor nation, wasn't under Clinton, is under Bush, primarily due to the war.

Whats that have to do with your credit card debt? Not much, unless for some reason the USA dollar starts to slip too much, and interest rates rise as a result.


a) If you look at debt trends, household surplusses were declining throughout the '90s. The average consumer became in debt in 1999, a year before Bush and 3 before Iraq. Iraq and consumer spending are practically unrelated.

b) Talk about interest rates going up because of Bush? Under him they're the lowest they've been in decades. That argument just doesn't make sense at all.
 
2005-01-01 01:51:20 PM  
I got a credit card at 18. Worst farking idea ever. I'm STILL paying on it. For a $200 limit I've payed about 5000 over the years for intrest, missed payments and all sorts of shiat. . .

Once i'm payed off, no more credit, ever. Sans school of course. . .
 
2005-01-01 01:51:21 PM  
Why is it OK for the federal government to borrow hundreds of billions of dollars but it's the end of the world for individuals to do exactly the same thing?
 
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