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Banks
Apr 27, 2024 19:58:49 GMT -5
via mobile
Post by stc1993 on Apr 27, 2024 19:58:49 GMT -5
I just read that Chase and BOA lost $4.5 billion in unrecoverable debt in the 1st quarter of this year. $3.5 billion in credit card debt they don't look to collect. Chase made $49 billion in profit last year. I think BOA was $25 billion. That's still a lot of money to write off. 29 percent interest on CC debt is hurting folks.
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Banks
Apr 28, 2024 6:38:58 GMT -5
Post by bswiv on Apr 28, 2024 6:38:58 GMT -5
I just read that Chase and BOA lost $4.5 billion in unrecoverable debt in the 1st quarter of this year. $3.5 billion in credit card debt they don't look to collect. Chase made $49 billion in profit last year. I think BOA was $25 billion. That's still a lot of money to write off. 29 percent interest on CC debt is hurting folks. Is this out of line with normal losses associated with credit cards and if so by how much? I'm no economics expert but I do tend to focus on trends and inconsistencies as they seem to be better indicators of things. And this........there should be a pile of 1099s sent out to the people who got stuff on their credit cards but did not pay for what they got. Another interesting aspect of this is that the states collected the sales taxes on the items ( assuming it was a sales taxable item ) but the tax was paid by the credit card company to some extent.
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Banks
Apr 28, 2024 6:57:29 GMT -5
Post by ferris1248 on Apr 28, 2024 6:57:29 GMT -5
Bank credit card losses have always trended up and down over the years. They have it integrated into their projections. Part of it is their own fault for extending credit where they shouldn't and also part of this cycle is still mopping up after covid and inflation.
It would be interesting to see how much of this debt is for food and other necessary items versus vacations, 55" TV sets, new cars, expensive cellphones, Jordan Nikes or gold tennies,etc.
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Banks
Apr 28, 2024 7:13:49 GMT -5
Post by cadman on Apr 28, 2024 7:13:49 GMT -5
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Banks
Apr 28, 2024 7:15:39 GMT -5
Post by cadman on Apr 28, 2024 7:15:39 GMT -5
Bank credit card losses have always trended up and down over the years. They have it integrated into their projections. Part of it is their own fault for extending credit where they shouldn't and also part of this cycle is still mopping up after covid and inflation. It would be interesting to see how much of this debt is for food and other necessary items versus vacations, 55" TV sets, new cars, expensive cellphones, Jordan Nikes or gold tennies,etc. I'd like to know how much was to support either candidate running for office.
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Banks
Apr 28, 2024 9:22:13 GMT -5
Post by ferris1248 on Apr 28, 2024 9:22:13 GMT -5
People with poor credit scores and low income are more often the “suckers” who fall for the higher interest rates on the few credit cards that they can actually receive. It’s a system that is set up for failure. A while ago I was reading about some credit company executives having a conference. They were talking about “dead beats”. Who do you think they were talking about? The people who don’t pay their credit cards? NO! They were referring to the people who religiously pay their credit cards every month and they don’t collect any of that huge interest from. Yes, timely payment of your credit card qualifies you to be considered a “dead beat”!by the credit card companies. We have no credit cards because we don’t want to support that obscene system in any way. However we do use bank issued debit cards and I suppose the bastards still make money on their use. 👎 If that's true, why does my credit score consistently stay high when the only debt I have is credit cards that get paid in full every month? That qualifies me for "deadbeat" status according to what you read.
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Post by Crkr 23 on Apr 28, 2024 9:41:32 GMT -5
I guess if that is true, I can endear myself to being a "dead beat", maybe like being a "Cracker" or a "Red Neck".
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Banks
Apr 28, 2024 9:45:35 GMT -5
via mobile
Post by whitebacon on Apr 28, 2024 9:45:35 GMT -5
People with poor credit scores and low income are more often the “suckers” who fall for the higher interest rates on the few credit cards that they can actually receive. It’s a system that is set up for failure. A while ago I was reading about some credit company executives having a conference. They were talking about “dead beats”. Who do you think they were talking about? The people who don’t pay their credit cards? NO! They were referring to the people who religiously pay their credit cards every month and they don’t collect any of that huge interest from. Yes, timely payment of your credit card qualifies you to be considered a “dead beat”!by the credit card companies. We have no credit cards because we don’t want to support that obscene system in any way. However we do use bank issued debit cards and I suppose the bastards still make money on their use. 👎 If that's true, why does my credit score consistently stay high when the only debt I have is credit cards that get paid in full every month? That qualifies me for "deadbeat" status according to what you read. I could care less about my score. But I read they penalize you for paying on time. I dont even use credit cards. I pay cash. Now. Find my GF. Off the radar.
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Banks
Apr 28, 2024 9:47:23 GMT -5
via mobile
Post by whitebacon on Apr 28, 2024 9:47:23 GMT -5
If that's true, why does my credit score consistently stay high when the only debt I have is credit cards that get paid in full every month? That qualifies me for "deadbeat" status according to what you read. I could care less about my score. But I read they penalize you for paying on time. I dont even use credit cards. I pay cash. Now. Find my GF. Off the radar. That makes us almost twins.
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Banks
Apr 28, 2024 9:51:13 GMT -5
via mobile
Post by whitebacon on Apr 28, 2024 9:51:13 GMT -5
Really don't get it. Not a fan of people borrowing and spending. Never got it.
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Post by ferris1248 on Apr 28, 2024 10:38:29 GMT -5
That's an ad for Capital One Quicksilver Cash Rewards Credit Card and Citi Double Cash® Card.
The article actually says, "While it may not sound like it, being a credit card deadbeat is a good thing: Paying off your balance every month avoids costly interest payments while still giving you access to your card’s rewards program."
I'm proud to be a "deadbeat' or known as a “nonrevolver" or a “transactor".
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Banks
Apr 28, 2024 11:01:30 GMT -5
Post by ferris1248 on Apr 28, 2024 11:01:30 GMT -5
I did read one. Your original post was to act like it was disgraceful for credit card executives to call folks who pay their balances in full "deadbeats". The article I read says it is very smart to be a "deadbeat". I don't claim to be smarter than anyone. Your words, not mine. I somehow doubt the sincerity. I'll refrain from responding to your postings in the future.
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Post by cadman on Apr 28, 2024 11:26:02 GMT -5
People with poor credit scores and low income are more often the “suckers” who fall for the higher interest rates on the few credit cards that they can actually receive. It’s a system that is set up for failure. A while ago I was reading about some credit company executives having a conference. They were talking about “dead beats”. Who do you think they were talking about? The people who don’t pay their credit cards? NO! They were referring to the people who religiously pay their credit cards every month and they don’t collect any of that huge interest from. Yes, timely payment of your credit card qualifies you to be considered a “dead beat”!by the credit card companies. We have no credit cards because we don’t want to support that obscene system in any way. However we do use bank issued debit cards and I suppose the bastards still make money on their use. 👎 You should use a credit card. If a thief skims your number off your debit card they have access to your bank account. They could drain thousands before you know it unless you check your balance daily. Then you got to fight the bank to get it back. With the credit card it isn't as big of a deal to get rid of the fraud charges and it ain't your money used until you pay the bill. I very seldom use debit except at my banks ATM. Too easy for someone to grab the data these days.
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Post by PolarsStepdad on Apr 28, 2024 12:01:09 GMT -5
I think I will go drown myself in tears that the banks charging 30% interest on credit cards they gave to people who obviously did not need credit cards can't collect on the debt those people put on those credit cards. I'm sure the Fed will print them some more money if they run out
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Post by tonyroma on Apr 28, 2024 12:10:02 GMT -5
My credit score has been dropping steadily for the last 10-15 years, I have zero credit cards and have the titles to everything except the house.
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