Debt
- Thread starter NAOS
- Start date
I'm being serious. I don't carry debt, haven't for years. I have probably $250k in credit from various different cards and could get plenty more if I wanted to. My credit score is somewhere in the 800's.
If that's your problem then sign up for a few of the no fee cards they mail 1000 a month out to each home and cut 'em up when you get 'em.
I have never had to foreclose on a loan. I don't want to hurt people and I have to know why they need the money and why they are willing to pay such a monsterous interest rate and over-collateralize. I have to be convinced they have a great reason/plan they have a plan to make way more money than the risk of losing their collateral and paying the high rate. The timing has to make sense. (why not get a traditional loan?)
I don't ever want to hope that someone defaults. I am glad to have them pay me a ridiculous return so long as their plan to earn from it is even better. I literally have never had a default.
Call me. I'll show you how to add dumptruck loads of money to your piggy.
The reason I asked, and to give you a little background into why, is because I used to read conspiracy lit as a hobby. The debt slave angle is a huge part of that underground.
Bankruptcy release has a long Jewish and Christian history and a democratic history that has been hijacked by modern society, in particular the Christian conservatives and the liberals for their own causes. Conservatives look down their noses at it, par the course with that morality code and whatnot. The ongoing Greek default situation is prime example. Liberals use it to pull on heartstrings, as they love to do.
In the end, bankruptcy is a democratic means for society to bear the burden of releasing people from debt enslavement. We all pay the price, whether in slightly higher interest rates or individual bailouts or IMF funding for countries.
Usurious interest rates are no longer the societal plague they used to be. We have an out; there's nothing wrong with using that tool if that's necessary for an individual's situation.
So now you know why I haven't responded much to your ongoing comments regarding debt enslavement. Yes, I have noticed them.
The best offer I've heard in years. I don't access 3.8% tho, it's all worthless cards.
LOL!!! You make it sound so altruistic!
XO
It is, actually. What you make of it.
There's not exactly a lack of self interest!
You are providing a needed service but you are gaining from it as well.
RandyForRubio
Well-Known Member
Business 101
Altruism is more along the lines of banks providing very low-interest loans to non-profit organizations to enable them to rehab or redevelop uninhabitable properties into affordable housing.
LOL!!! You make it sound so altruistic!
XO
I really wasn't intending to make it sound that way. I was merely stating that I am cautious to not hurt people. I want it to be a win-win.
It's definitely not altruistic (I know you were only joking).
yeah, it was my reading of your comment far more than what you wrote!
After all, it's a matter of supply and demand, and if the demand for credit exceeds the supply, the price will go up. And/or if the risk is increased, the reward should increase as well.
I honestly have mixed feelings about collateralizing debt into financial derivatives because on the one hand, it does add liquidity to the system. But it's sort of like the idea of CEO pay being based upon company performance, and how that can lead to practices that inflate company results. Greed definitely enters into the equation in some cases.
NAOS
Well-Known Member
Peeks never really answered my questions. I understand that extending credit can be a win-win as far as the partners in the deal are concerned, and I understand that a lender can engage in these kinds of interactions as much as it is humanly foreseeable. But the lender does share risk... and I'm looking for stories where the lender, rather than following through on some litigation to receive back as much as possible (almost as if he/she did not share any risk), decided to drop the value of that debt as a square business deal. Am I making sense?
So, instead of receiving a dollar-for-dollar match + interest/profit, the lender, of his/her own accord, decides to either entirely release the debtor from the debt or go down drastically (e.g. like each dollar of debt is now worth something like .20 cents).
So, instead of receiving a dollar-for-dollar match + interest/profit, the lender, of his/her own accord, decides to either entirely release the debtor from the debt or go down drastically (e.g. like each dollar of debt is now worth something like .20 cents).
My apologies. I thought you asked for examples of me doing that, personally, rather than stories of others doing it.
There are, of course, a plethora of stories of writing down.
In fact, I have bought a lot of debt because the creditor (usually a bank) was willing to settle the debt for far less than the value of the collateral. In 2007 we bought a hotel just outside of Las Vegas that had $117M worth of debt for $16M. Put a major flag on the hotel, bolstered occupancy, and resold it for considerably more.
I haven't ever had to write down or foreclose, but as I said, I am far more diligent than the average lender. I don't give two ****s about the creditworthiness of the borrower. I only care why they need the money and that my collateral is worth a minimum of 4x the loan amount.
Jamezz
Well-Known Member
I was mind blown when I moved to the US and found out about the infamous 'credit score', and how you need to put yourself into debt to ask for... more debt! I could pay my new Jeep off right away but no, daddy bank has to see how I'm a responsible citizen and can commit to a timely monthly payment. Cause' you know what, daddy bank won't let you buy a home if he doesn't see his babies paying all the money in time. You're saving good money boy? Noooo no, wrong! Spend it, I the bank needs to see how you can spend and pay back in time, oh plus interests I the bank just came up with interests for fun n games.
This is so ****ed up. Whatever, go Jazz!
This is so ****ed up. Whatever, go Jazz!
This is another way of saying what I was was trying to say to franklin. I still have open accounts, I just haven't used them in years because we decided that cash was the better option. Not using my credit, i.e. going into debt, has been a major factor of my credit score to plummeting.
J
JAZZGASM
Guest
Use each card once a year. I tie a recurring bill to each of my cards with auto pay set up to my bank account.
Ya, that would've been a great idea, had I known. I was forced to learn how to cook and sew in high school, but a class teaching the hazards of credit card debt, credit scores, how to buy a home, etc. were not on the curricula. Thanks Obama.
