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The One Rate That Is Not Only Not Going Down, But Is At A 13-Year High
With 77 million Americans having debt past due and the average household owing more than $15,000 in credit card debt, it appears the Fed's supposed plan to 'help Main Street' is not working so well. As the following chart from NewEdge's Brad Wishak shows, despite Fed Funds at practically zero, US credit card variable interest rates continue to rise - now at their highest since July 2001.
h/t Brad Wishak at NewEdge
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Senator Biden tightened the bankruptcy laws on behalf of MBNA in return fot a free house.
And MBNA was bought out by Bank of America.....
Consumer confidence hits 7-yr high, while new report says 35% of Americans being chased by debt collectors.
Those confidence numbers just have to be gamed.
Bleed, debt slaves, bleed! Muahahahahaha!
Gamed also... "The avg household has >$15k credit card debt"? I agree its high but I question that figure as an average across all homes. (actually, I question most every statistic I read). IMO there is a quiet number of people, many older - certainly wiser, who aren't addicated to credit crack. People who know to stay quiet until the shakeout occurs.
If your household has >$15k of credit card debt, I am sorry for you. I grew up in a family of six where Dad died very young. Mom lived thru the Depression and taught us...
Buy only what you can afford to pay for.
Your gut feeling is correct, see below.
The debt ciollectors will show up anyway - so why not before that spend even moar money that we don't have.
So ultimately Uncle Warren bought Joe a house.
He's such a kind old soul.
Fricking vulture
And Bank of America bought Merrill Lynch, my former employer.
Wasn't that the same Bank of America that moved all their toxic derivatives over to the retail side of the ledger a few years ago?
You know your Biden lore well. He did indeed. From around the DE area?
Here's another one I just heard 2 weeks ago:
Uncle Joe has been trying to get into a certain well known country club/golf course from which he's always been rejected in the past. I won't say which one, but if you're from around DE, you've heard of it. So he tries again a few months back, this time with "Vice President of the United States" on his application. They relented, offered him a membership and included the invoice to join- about $50-60K, same as everyone else pays.
What does Uncle Joe do? He writes them back a letter and requests the membership fee be COMPLETELY WAIVED. This guy has balls of steel when it comes to asking for free shit.
The country club blows its stack. Sends back a letter saying, basically, "Fuck you, pay or be gone, you cheap bastard." Does Biden pay now? Hell no. Of course not. He has one of his political donors pay the fee for him.
And that's why all of us around Delaware love Uncle Joe so much. He's always looking out for those who need help the most- that would be himself, in most cases.
Finally, somebody with a set of balls at Wilmington Country Club,has told that dickhead to go pack sand......
Look on the bright side. If someone wanted to snipe him, they know a good spot to do it.
Great deal! eat shit citizens!
Last one out.....turn off the lights............
This bitch is cooked.....
Usurer!! [spats upon the garment of Shylock...then later meets him in private for a L.O.C.]
Emails Show IRS & State Department Worked Together To Target Pro-Israel Groups
http://online.wsj.com/articles/the-irss-foreign-policy-1406590068
How much flatter would the line be if adjusted for the write-off rate?
On the bright side, most states cap usury at 100%.
A lot of states cap it at less than that, unless it is a written contract. Then there is often no cap. But thanks to federal banking laws, National Associations are allowed to export their home state's usury laws to other states. You want to know why a lot of banks are located in Sioux Falls, SD? It ain't for the climate:
But wait, what is this 54-11-9? Lets look:
I.e. use of the card constitutes acceptance of the terms. When you send off a written application for a card, that does NOT constitute a contract for anything other than them issuing you an account, should they agree to do so. The binding contract is created when you use the card. Citi lobbied the SD government for a lot of this shit back in the '80s, then moved their National Association subsidiaries there to reap the profits by raping the sheep.
FWIW-
Back in the late 70's, working as an analyst for a financial institution, I was assigned to review procedures for the bank's Visa credit card department with the objective of automating manual tasks. It was there that I recieived the sharpest smack alongside my head when I learned that Visa's "Best Customers" were those who were perpetually over limit, and late with payments. I'd been laboring under the misperception that being timely with my payments, and paying attention to my balance made ME a good customer!
Ha - no fees from me! I was excess baggage, overhead in their eyes!
It still gives me a grin as I recall my wake-up moment.
Just love the smell of recovery in the morning.
Whats in our wallets?
EBT Cards.
I am sure obama will be all over this in 3, 2, 1..............
Credit Cards,the new curse of Humankind................
No Credit Cards are fine. Story is the old curse of humankind, fucking idiots.
Agreed. Credit is merely a tool-- don't pick it up unless you know how to use it.
"Agreed.Credit is merely a tool". Used by fools to become debt slaves.....
using no interest for a year credit cards
to increase my savings...
get a new card, order up a few 100 oz silver
make monthly payments
on 11th month pay off to 0 balance
at years end have a bigger stack, better credit
and still have my cash savings , to do it again
sure send me a few more no interest cards
had 5 of them last year,all 0 balance now
800+ credit score is a good thing..
Similar story here. We use our CCs for everything. Pay it off in full every month - no interest or fees, and we get to redeem the points,
I love debt collectors. I have phone sex with them. I think I even got the Flip chick at Portfolio Recovery wet once.
That can
I luv em too. I get into their heads and don't leave until they quit calling. I usually wait until they offer 30c on$ then simply write them a Chk. No effect on my 765 credit score...go figure?
Those banksters get us coming and going.
Free money from the Treasury at 0.25% to be loaned out to the struggling middle class at increasing rates (6%-29%).
And this is after the bailout of banks/corporations/insurers and Trillions of QE gravy slathered all over Wall Street mis-allocating capital and resources.
"Help! Help! I'm being repressed!"
http://www.youtube.com/watch?v=fxGqcCeV3qk
if you have good credit history
you can get no interest loans
via them credit cards....
cheaper than the fed rate...
ZIRP is another trickle down program, but the rate acts like a snowball, I guess.
Isn't this the same site that keeps offering up proof that the only new credit creation is Student Loans and Car Loans?
Retail credit is shrinking/deleveraging (which is a problem if you're Krugman)... why else would they have to jack up the rates to keep profits coming in from a smaller and smaller base.
Sort of like racing to the bottom. Or refi'ing as many borrowers as possible before the Fed threatened initial tapering and that money train is gone for the banks.
Nothing in this article states anything about this being "new" credit, btw.
RadioShack May Run Out of Cash Next Year, Moody’s Says - Bloomberg
Too big to fail baby!
If anyone is interested the exact number is 77,777,777
(7+7+7+7+7+7+7)/7=7 ohmygod this is the end! and july is the seventh month and tomorrow is the seventh anniversary from seven years ago! stack gold and hide in your bunkers!!!
Just keep raising the rates so people can't pay and default.
They'll stick it to investors. A few banks never stopped their CC receivable securitization schemes, and others are firing them back up. Same shit, different day. What's in your tranche?
default rate is just under usary prosecutable
Off topic, but just because:
Jesse Ventura Wins $1.8M in Defamation Lawsuithttp://www.wdio.com/article/stories/s3517856.shtml?cat=10335
Good for him!
Anyone who actually believes that the Feds course of actions were meant to help Main St is a fucking retard.
I believe the term we're using now is 'individuals with intellectual disabilities'.
Soak the little guy.
Free trips to Boca Raton for the big guys.
Bullard: Fed could hike interest rates next spring | Gold Eagle
What A joke...
Failure to control real interest rates in the real economy is confounding the Fed. The truth is peaking through.
Remind me again what insolvent and criminal banks can borrow at.
I believe they can all borrow at 0.25%. Regardless of how insolvent and criminal they are.
Virtually everything about the banking system today is about cranking bank profits higher to recapitalize zombie banks that collapsed in 2008, and this chart is just one more piece of evidence of just that.
On the backs of the people.............
... and student loans ...
Speaking of things not going down:
Average Price of Electricity Climbs to All-Time Record
July 29, 2014 - 2:20 PM
http://cnsnews.com/news/article/terence-p-jeffrey/average-price-electric...
16% over prime...a good way to enjoy your night at Red Lobster.
Meanwhile banks get free money from the overnight window and charge you 1400 basis points. fu$kers.
I keep seeing a statistic like the quote below and I call bullshit. The average is about $7,000, still nothing to sneeze at. Of those that carry a balance the average is about $15,000. Get it right Tyler's or join the MSM and their bullshit parade.
"...average household owing more than $15,000 in credit card debt..."
Thx decon. Thought so
Money is very expensive if you are poor https://www.youtube.com/watch?v=YAxL4TB6pmQ
More than 60% of all bankruptcies are due to medical bills https://www.youtube.com/watch?v=VftlYWltHfw
AND WHERE’S THERE A FUNDING? http://youtu.be/EYa_fhLkg5c?t=10s