The CC co’s banks and the fiat system,rotten to the core. But is still in place because the sheeple have not smelled smoke yet. I think they soon will when they are very hungry.
The whole friggin’ world and certainly good ole ‘Murika are nothing but debtors prisons without walls.
On the cash back thing, however, if you are disciplined, it pays off. Simply filter all possible spending through cash back cards and pay off balance every month (which my wife and I have always done anyway). Sure, it’s just a fucked up way to force more spending and spur more artificial demand, not to mentioned doomed to blow sky-fucking-high in the near future, but in the short term its better than making unsecured loans (deposits) to the same fucking banks and making 0.001% interest.
Plastic cards……. creating fiat debt out of nothing but a “promise to pay”
Very soon that promise WILL be broken…… count on it!
llpoh
April 26, 2017 5:55 pm
So basically what Steph is saying that because people are so stupid they enter into contracts, in this case for credit cards, of their own free will, find out they cannot pay what they owe, and so we need to send the folks they owe the money to to jail, so as to protect them from entering into contracts they are unable to fulfill.
I mean, folks getting credit cards really do not know they will have to pay the money back, right? They are so stupid they think the money is a gift, right? Seriously, if they are that stupid, they need to be institutionalized.
Once there was a time when “buyer beware” was the norm. Now, it is up to the govt to protect us – 57% of Americans say they want more government. Yep, that will work. It always does, right? Government exists to protect us from our own stupidity. Right. Got it. Government cannot even protect itself from is own stupidity – their credit card is overdrawn $20 trillion. Who is going to protect them?
Credit cards are a scam. So are Iphones. So are big screen TVs. So are McMansions. So are new cars on 7 year loans. So are student loans for Women’s Study degrees.
So, I guess we should abolish sales of those things, too. And send the people to jail that sell them, right?
We should NOT be protecting people from their own stupidity. That just makes them increasingly stupid.
No shit. 5 thumbs up so far and none down for the idea of “creditor’s prison”. What the actual fuck. Look, if you’re too lame to manage credit, don’t get any. Pay cash. But that’s not what this is about. It’s about wanting a lifestyle beyond what most can afford, getting into serious trouble because of it, and then lashing out at the evil creditors. It’s infantile.
We’re all aware of the banker’s lending schemes. The bailouts were fraud along with the funny money accounting digits they’ve been adding into their computers. We all know the banks created trillions of dollars out thin air, lent it to each other at 0% interest (while artificially keeping interest rates at 0% screwing over savers), while lending money to the people for over 20%.
There’s a historical term for excessive interest rates…it’s called usury and it’s been a problem for centuries. Usury has always been considered immoral and even Plato wrote about this bullshit.
So Steph (AKA Clammy) has not changed her spots. She never has met a loan she does not want to default on.
Student loan? Default! Mortgage? Default! (Not to mention her position on taxes – hide that income and commit tax fraud!)
An now credit card debt. Default! She must have incurred a big credit card debt, and wants to default on that now.
She tosses that 20% figure out like it is fact. In fact, the average US credit card rate is 12.51%. Anyone paying 20% is likely to be a very high risk borrower, and the 20% rate reflects the very high risk of default.
She also fails to understand that there is a high percent of all credit card debt that is never repaid and is written off.. That is generally around 4%, but is much higher for sub-prime cards – which can have default rates of 10% or even more.
So the average gross margin after write-offs is around 8%, less expenses. Credit cards incur a lot of card fraud, various insurance claims, etc., which are covered by the lender.
In 2015, after all expenses and defaults, credit cards overall returned a profit margin of around 4%. This is a very nice profit margin, and is the best area for financial institutions, but it is nothing like what Clammy would have you believe. Even if the companies provided credit cards for nothing, the rates for high risk borrowers would be 16%. And over 8% for everyone else. Banks are not in the credit card business for fun – they want a profit.
Clammy really should not comment on things she knows nothing about. She knows nothing about the credit card business. But she wants support for her latest round of defaults. Personal responsibility for her actions has never been her driving motivation. Rather she looks for reasons to justify her unethical actions.
She wants to blame anyone but the person who decided to take out a loan at a ridiculously high rate.
I for one am not buying such bullshit. It is high time people be held responsible for their decisions. If they borrow and cannot pay it back, that falls to them, and to no one else. Being gullible is a personal failing, and should incur penalties.
Some things never change.
Clammy never wants to take responsibility for anything. Any bad decision she makes is someone else’s fault.
Steph, I am with you. I know how the system works, and am consistently surprised when people defend their own slavery. They rail against the crooked banksters, but defend them by saying that the people have a ‘contract’. I call BS. A contract is a mutually agreed upon set of rules, and both have skin in the game. Now, anyone that thinks that the banksters are not favored in ANY contract, by government force is just not awake. The banksters can print all the ‘skin’ they want. If there was true rule of law, and everyone was equal under it, yes I would agree with the ‘contract’ worshipers, BUT we have not had the rule of law in banking since at least the bailout of the S&L’s in the early 90’s and probably back to the 1987 market crash.
The responsibility for credit card use should fall on both parties. EG: The credit card company would / could not issue so many cards so easily. If they did, and people default in large numbers, THEY GO BANKRUPT. If the debtor defaulted too much, or a high enough balance, THEY WOULD BANKRUPT. However, in the real world, that is not how it works. Today, the banksters have ZERO liability for any losses, and the debtor still needs to bankrupt. MY tax dollars bailout the bank – for ‘stability’ of the system. Bull.
I used to believe like the others, a contract is a contract, however since seeing the serial cronyism in banking and government, now my attitude is if a person is able and on a financial suicide mission anyway, buy all you can, run up the CC balance as high as possible, preferably buying assets like gold bars or silver coins, then tell JPM, Capital ONE, Wells and the rest of the crooked dickheads to stick it up their ass….walk away, and if they come after you, BK. Stick the middle finger straight up in the air, and tell them to shove it.
Clammy said: “We’re all aware of the banker’s lending schemes.”
That begs a question: If everyone is so aware of their “schemes” then why do you or anyone sign up for them? I mean it’s not like their holding a gun to your head forcing you to accept their scheme right? If you don’t want to do business with evil then just walk away…….pay for your “stuff” in cash or save up until you can. WTF is so hard about that?
Well if everyone would simply live within their means guess what happens to the evil bankers?
Here’s the part that rubs me, llpoh others wrong about expecting the govt or anyone else to bail you out of your debts or simply defaulting on them…….it has nothing to do with the money or the debt but it has EVERYTHING to do with a little something called I N T E G R I T Y. Integrity means honoring your obligations including debts. You make a deal…..you live up to the terms of the deal. You don’t like the deal? Consider it a tough education but ALWAYS honor your obligations. Without integrity you have no honor in the eyes of those who value such things.
An interesting thing to note about integrity is that no one………not even God himself can take it away from you through torture or any other means. You can only lose it by freely giving it away. Sure, you may have to endure torture or even lose your life to protect your integrity but in the minds of those who value it, living a life without integrity is no life at all.
BTW Clammy, welcome back. I was wondering if you were still around.
FWIW, I’ll be paying off my (our) mortgage in the next few months. I already paid off one other debt plus my wife’s student loan so that will make us debt free. We knew exactly what we were getting ourselves into every time we signed on the dotted line. We were even told once that we could not take a contract home to read before signing so we got up to leave and they suddenly found a way for us to take the contract home to read. This was despite my warning them in advance that we both intended to read every word on every page before signing. It’s amazing what a banker will do just to obtain a few inches of ink scrawled across a page.
When we bought our first house we were pre-approved for $220,000 or some outrageous amount. I told the lender to his face that he must be on drugs since my wife had just started a crappy fast food managers job and I had just started working in construction (laid off in the winter). He just smiled. I told our real estate agent we wanted a house in the $75,000 range and she insisted on showing us houses in the $150,000 range. After I asked what part of $75,000 she didn’t understand she fired us saying she couldn’t work with us. The next guy showed us exactly what we requested and closed a deal quickly for $76,000. At closing the lender said “I guess you were serious about keeping under $100,000. I just smiled and told him I knew what I could realistically afford.
In the end we used debt sparingly and wisely to fulfill our needs. Sure I hated paying all that interest but we knew what we were doing and we always paid extra towards the principal even if it was just rounding it up to the nearest dollar. Debt is just a tool that can be used to your benefit or detriment. Use it wisely or not at all.
BTW, the newbies around here are a bunch of pathetic whiners. They never took one millionth of the beating you took here on TPB and they whine incessantly. I may not agree with you on debt default but you’re one tough woman!
Congrats on your soon-to-be freedom (well, if you don’t count property taxes).
Debt itself isn’t the problem. There’s good debt of the old system (when money was backed by gold and wasn’t fait trash) of borrowing money with savings, down payments, and collateral. Taking out loans from a bank’s pool of depositors and savers. Now there’s bad debt of “money” created out of thin air by “borrowing” it. That’s a system of usury and debt slavery. There’s a difference.
There’s no such thing as integrity in this debt system. People don’t borrow from depositors (unless they’re members of a credit union) or real people. The money is created through the borrowing itself as the banks just add numbers into computers. This “money” isn’t being printed. The borrowing causes inflation (expanding the debt supply) and is rotting away the value of the Federal Reserve Notes we’re forced to use as real money.
Let’s just stop pretending the current lending system and monetary isn’t fraudulent and fake.
On the other note, I’m still around I just took a break from the economic and political issues for awhile. This past election threw the entire internet into chaos. I just had zero interest in the election itself or most of the media for an entire year. I also didn’t know if I wanted to still write about finance and the economy for awhile. But, for some reason I always fall back into it.
After the election I started doing some writing for Cracked.com. Hence, posting the above video. I wrote them a script for their Honest Ad segment this past month that’s in production at the moment. The video above was written by someone else, but they did a brilliant job.
Anon
April 27, 2017 11:15 am
‘Student loan? Default! Mortgage? Default! (Not to mention her position on taxes – hide that income and commit tax fraud!)
An now credit card debt. Default! She must have incurred a big credit card debt, and wants to default on that now.’
YES. Exactly.
‘She tosses that 20% figure out like it is fact. In fact, the average US credit card rate is 12.51%. Anyone paying 20% is likely to be a very high risk borrower, and the 20% rate reflects the very high risk of default.’
And what planet do you live on llpoh? Yes, you are right, CC companies don’t do it for fun, they do it for obscene profit. Period. If you look at the profitability of the major banks, a huge chunk of their revenue is DIRECTLY from their credit card divisions. All that fraud, non payment etc. is a DIRECT result of their issuing cards to people that can’t afford them, and THEY KNOW IT. They have just figured out that when you can use Fed money at .25% and then ‘issue’ credit to people at even 12.5% (I would love to know where, and how many hoops you must jump through to get that) and those pesky costs of doing business you speak of their margin is STILL higher by a FACTOR OF 10 than ANY other legitimate business that actually has to make a profit with real world goods and services.
The folks like you, that defend all out fraud somehow still believe that the ‘system’ is generally good, and if you just behave better as the little guy, and ‘be responsible’ the crooks and conmen will just stop what they do. Let me tell you, if everyone all of a sudden started ‘paying back all their debts’ and ‘being responsible’ , the blood suckers would probably increase the CC lending and increase their interest rates because they would make less money on fees and default rates……please, take a trip out of your fool’s paradise.
Banks make a margin of 4% on credit card loans. They do not loan to folks they “know” cannot afford it. That would mean 100% default. They know the odds. Default rates for prime borrowers are around 4%, and subprime around 10%. Those odds are reflected in the rates they charge.
So, 96% of the people on prime cards they loan to can afford it, and 90% of subprime can. So it blows your absurd argument out of the water.
You call it fraud. So you mean they tell the borrowers they do not have to pay the money back? That the borrowers actually think that? Bullshit.
As with every salesman of every item, they entice their customers to buy. The customers then need to make the decision.
Re the profit margins – are you out of your mind? Banks make less money on assets than any other business. And it is not even close. Banks make paltry return on assets. They just have a lot of them. They make around 4% profit on credit card assets. I, for instance, make over 100% return on my business assets. Guess you are clueless there.
People like you and Clammy come shoot your mouth off about things of which you have no clue.
You make unsubstantiated comment, totally lacking in facts, hat are totally wrong, one after another, in an attempt to justify your position.
You make ridiculous statements re the 12.5% average credit card interest rate, which can easily be established just by doing research.
Another little thing you might want to look up – what percentage pay off their card debt in full each month? That number is a more than a third. That blows shit out of your stupid argument that they loan money to people who cannot afford it.
Please, do not come out of mama’s basement until you can defend your position’s with actual facts, rather than made up shit. It just confirms your stupidity and bias. We all have bias. The difference is, I support mine with facts and data, and you just make shit up.
Because, hey, you are a loser, and need someone but yourself to blame for that. Please resume your burger flipping before you get fired.
The CC co’s banks and the fiat system,rotten to the core. But is still in place because the sheeple have not smelled smoke yet. I think they soon will when they are very hungry.
That is my comment word for word, and yet I see not my name”??
The Creditor and the Plastic Duck Junkie
And that is where the money goes – 4 minutes.
Good thing there aren’t any debtor’s prisons anymore…
Ain’t that the truth. I prefer we start a creditor’s prison for these scammers. Oh, wait. In America we call those people financiers and experts.
The whole friggin’ world and certainly good ole ‘Murika are nothing but debtors prisons without walls.
On the cash back thing, however, if you are disciplined, it pays off. Simply filter all possible spending through cash back cards and pay off balance every month (which my wife and I have always done anyway). Sure, it’s just a fucked up way to force more spending and spur more artificial demand, not to mentioned doomed to blow sky-fucking-high in the near future, but in the short term its better than making unsecured loans (deposits) to the same fucking banks and making 0.001% interest.
http://www.cbsnews.com/news/as-economy-flails-debtors-prisons-thrive/
Plastic cards……. creating fiat debt out of nothing but a “promise to pay”
Very soon that promise WILL be broken…… count on it!
So basically what Steph is saying that because people are so stupid they enter into contracts, in this case for credit cards, of their own free will, find out they cannot pay what they owe, and so we need to send the folks they owe the money to to jail, so as to protect them from entering into contracts they are unable to fulfill.
I mean, folks getting credit cards really do not know they will have to pay the money back, right? They are so stupid they think the money is a gift, right? Seriously, if they are that stupid, they need to be institutionalized.
Once there was a time when “buyer beware” was the norm. Now, it is up to the govt to protect us – 57% of Americans say they want more government. Yep, that will work. It always does, right? Government exists to protect us from our own stupidity. Right. Got it. Government cannot even protect itself from is own stupidity – their credit card is overdrawn $20 trillion. Who is going to protect them?
Credit cards are a scam. So are Iphones. So are big screen TVs. So are McMansions. So are new cars on 7 year loans. So are student loans for Women’s Study degrees.
So, I guess we should abolish sales of those things, too. And send the people to jail that sell them, right?
We should NOT be protecting people from their own stupidity. That just makes them increasingly stupid.
No shit. 5 thumbs up so far and none down for the idea of “creditor’s prison”. What the actual fuck. Look, if you’re too lame to manage credit, don’t get any. Pay cash. But that’s not what this is about. It’s about wanting a lifestyle beyond what most can afford, getting into serious trouble because of it, and then lashing out at the evil creditors. It’s infantile.
Nobody is buying that bullshit anymore.
We’re all aware of the banker’s lending schemes. The bailouts were fraud along with the funny money accounting digits they’ve been adding into their computers. We all know the banks created trillions of dollars out thin air, lent it to each other at 0% interest (while artificially keeping interest rates at 0% screwing over savers), while lending money to the people for over 20%.
There’s a historical term for excessive interest rates…it’s called usury and it’s been a problem for centuries. Usury has always been considered immoral and even Plato wrote about this bullshit.
So Steph (AKA Clammy) has not changed her spots. She never has met a loan she does not want to default on.
Student loan? Default! Mortgage? Default! (Not to mention her position on taxes – hide that income and commit tax fraud!)
An now credit card debt. Default! She must have incurred a big credit card debt, and wants to default on that now.
She tosses that 20% figure out like it is fact. In fact, the average US credit card rate is 12.51%. Anyone paying 20% is likely to be a very high risk borrower, and the 20% rate reflects the very high risk of default.
She also fails to understand that there is a high percent of all credit card debt that is never repaid and is written off.. That is generally around 4%, but is much higher for sub-prime cards – which can have default rates of 10% or even more.
So the average gross margin after write-offs is around 8%, less expenses. Credit cards incur a lot of card fraud, various insurance claims, etc., which are covered by the lender.
In 2015, after all expenses and defaults, credit cards overall returned a profit margin of around 4%. This is a very nice profit margin, and is the best area for financial institutions, but it is nothing like what Clammy would have you believe. Even if the companies provided credit cards for nothing, the rates for high risk borrowers would be 16%. And over 8% for everyone else. Banks are not in the credit card business for fun – they want a profit.
Clammy really should not comment on things she knows nothing about. She knows nothing about the credit card business. But she wants support for her latest round of defaults. Personal responsibility for her actions has never been her driving motivation. Rather she looks for reasons to justify her unethical actions.
She wants to blame anyone but the person who decided to take out a loan at a ridiculously high rate.
I for one am not buying such bullshit. It is high time people be held responsible for their decisions. If they borrow and cannot pay it back, that falls to them, and to no one else. Being gullible is a personal failing, and should incur penalties.
Some things never change.
Clammy never wants to take responsibility for anything. Any bad decision she makes is someone else’s fault.
Blah, blah, blah…
The money never existed. It was fake. You’re going off on a nutter and still buying into the bullshit.
For money that never existed, there sure was a lot of shit bought with it. What the hell does that have to do with credit card debt?
Don’t you have something to default on right about now?
Steph, I am with you. I know how the system works, and am consistently surprised when people defend their own slavery. They rail against the crooked banksters, but defend them by saying that the people have a ‘contract’. I call BS. A contract is a mutually agreed upon set of rules, and both have skin in the game. Now, anyone that thinks that the banksters are not favored in ANY contract, by government force is just not awake. The banksters can print all the ‘skin’ they want. If there was true rule of law, and everyone was equal under it, yes I would agree with the ‘contract’ worshipers, BUT we have not had the rule of law in banking since at least the bailout of the S&L’s in the early 90’s and probably back to the 1987 market crash.
The responsibility for credit card use should fall on both parties. EG: The credit card company would / could not issue so many cards so easily. If they did, and people default in large numbers, THEY GO BANKRUPT. If the debtor defaulted too much, or a high enough balance, THEY WOULD BANKRUPT. However, in the real world, that is not how it works. Today, the banksters have ZERO liability for any losses, and the debtor still needs to bankrupt. MY tax dollars bailout the bank – for ‘stability’ of the system. Bull.
I used to believe like the others, a contract is a contract, however since seeing the serial cronyism in banking and government, now my attitude is if a person is able and on a financial suicide mission anyway, buy all you can, run up the CC balance as high as possible, preferably buying assets like gold bars or silver coins, then tell JPM, Capital ONE, Wells and the rest of the crooked dickheads to stick it up their ass….walk away, and if they come after you, BK. Stick the middle finger straight up in the air, and tell them to shove it.
Clammy said: “We’re all aware of the banker’s lending schemes.”
That begs a question: If everyone is so aware of their “schemes” then why do you or anyone sign up for them? I mean it’s not like their holding a gun to your head forcing you to accept their scheme right? If you don’t want to do business with evil then just walk away…….pay for your “stuff” in cash or save up until you can. WTF is so hard about that?
IS – want to keep Clammy busy for weeks?
Write “turn this over” on both sides of a blank sheet of paper.
I don’t and haven’t for nearly a decade now.
Probably about the time you started defaulting on student loans, right? Damn those credit checks!
Well if everyone would simply live within their means guess what happens to the evil bankers?
Here’s the part that rubs me, llpoh others wrong about expecting the govt or anyone else to bail you out of your debts or simply defaulting on them…….it has nothing to do with the money or the debt but it has EVERYTHING to do with a little something called I N T E G R I T Y. Integrity means honoring your obligations including debts. You make a deal…..you live up to the terms of the deal. You don’t like the deal? Consider it a tough education but ALWAYS honor your obligations. Without integrity you have no honor in the eyes of those who value such things.
An interesting thing to note about integrity is that no one………not even God himself can take it away from you through torture or any other means. You can only lose it by freely giving it away. Sure, you may have to endure torture or even lose your life to protect your integrity but in the minds of those who value it, living a life without integrity is no life at all.
You go girl!!
BTW Clammy, welcome back. I was wondering if you were still around.
FWIW, I’ll be paying off my (our) mortgage in the next few months. I already paid off one other debt plus my wife’s student loan so that will make us debt free. We knew exactly what we were getting ourselves into every time we signed on the dotted line. We were even told once that we could not take a contract home to read before signing so we got up to leave and they suddenly found a way for us to take the contract home to read. This was despite my warning them in advance that we both intended to read every word on every page before signing. It’s amazing what a banker will do just to obtain a few inches of ink scrawled across a page.
When we bought our first house we were pre-approved for $220,000 or some outrageous amount. I told the lender to his face that he must be on drugs since my wife had just started a crappy fast food managers job and I had just started working in construction (laid off in the winter). He just smiled. I told our real estate agent we wanted a house in the $75,000 range and she insisted on showing us houses in the $150,000 range. After I asked what part of $75,000 she didn’t understand she fired us saying she couldn’t work with us. The next guy showed us exactly what we requested and closed a deal quickly for $76,000. At closing the lender said “I guess you were serious about keeping under $100,000. I just smiled and told him I knew what I could realistically afford.
In the end we used debt sparingly and wisely to fulfill our needs. Sure I hated paying all that interest but we knew what we were doing and we always paid extra towards the principal even if it was just rounding it up to the nearest dollar. Debt is just a tool that can be used to your benefit or detriment. Use it wisely or not at all.
BTW, the newbies around here are a bunch of pathetic whiners. They never took one millionth of the beating you took here on TPB and they whine incessantly. I may not agree with you on debt default but you’re one tough woman!
Congrats on your soon-to-be freedom (well, if you don’t count property taxes).
Debt itself isn’t the problem. There’s good debt of the old system (when money was backed by gold and wasn’t fait trash) of borrowing money with savings, down payments, and collateral. Taking out loans from a bank’s pool of depositors and savers. Now there’s bad debt of “money” created out of thin air by “borrowing” it. That’s a system of usury and debt slavery. There’s a difference.
There’s no such thing as integrity in this debt system. People don’t borrow from depositors (unless they’re members of a credit union) or real people. The money is created through the borrowing itself as the banks just add numbers into computers. This “money” isn’t being printed. The borrowing causes inflation (expanding the debt supply) and is rotting away the value of the Federal Reserve Notes we’re forced to use as real money.
Let’s just stop pretending the current lending system and monetary isn’t fraudulent and fake.
On the other note, I’m still around I just took a break from the economic and political issues for awhile. This past election threw the entire internet into chaos. I just had zero interest in the election itself or most of the media for an entire year. I also didn’t know if I wanted to still write about finance and the economy for awhile. But, for some reason I always fall back into it.
After the election I started doing some writing for Cracked.com. Hence, posting the above video. I wrote them a script for their Honest Ad segment this past month that’s in production at the moment. The video above was written by someone else, but they did a brilliant job.
‘Student loan? Default! Mortgage? Default! (Not to mention her position on taxes – hide that income and commit tax fraud!)
An now credit card debt. Default! She must have incurred a big credit card debt, and wants to default on that now.’
YES. Exactly.
‘She tosses that 20% figure out like it is fact. In fact, the average US credit card rate is 12.51%. Anyone paying 20% is likely to be a very high risk borrower, and the 20% rate reflects the very high risk of default.’
And what planet do you live on llpoh? Yes, you are right, CC companies don’t do it for fun, they do it for obscene profit. Period. If you look at the profitability of the major banks, a huge chunk of their revenue is DIRECTLY from their credit card divisions. All that fraud, non payment etc. is a DIRECT result of their issuing cards to people that can’t afford them, and THEY KNOW IT. They have just figured out that when you can use Fed money at .25% and then ‘issue’ credit to people at even 12.5% (I would love to know where, and how many hoops you must jump through to get that) and those pesky costs of doing business you speak of their margin is STILL higher by a FACTOR OF 10 than ANY other legitimate business that actually has to make a profit with real world goods and services.
The folks like you, that defend all out fraud somehow still believe that the ‘system’ is generally good, and if you just behave better as the little guy, and ‘be responsible’ the crooks and conmen will just stop what they do. Let me tell you, if everyone all of a sudden started ‘paying back all their debts’ and ‘being responsible’ , the blood suckers would probably increase the CC lending and increase their interest rates because they would make less money on fees and default rates……please, take a trip out of your fool’s paradise.
Anon – are you a moron, or a cretin?
Banks make a margin of 4% on credit card loans. They do not loan to folks they “know” cannot afford it. That would mean 100% default. They know the odds. Default rates for prime borrowers are around 4%, and subprime around 10%. Those odds are reflected in the rates they charge.
So, 96% of the people on prime cards they loan to can afford it, and 90% of subprime can. So it blows your absurd argument out of the water.
You call it fraud. So you mean they tell the borrowers they do not have to pay the money back? That the borrowers actually think that? Bullshit.
As with every salesman of every item, they entice their customers to buy. The customers then need to make the decision.
Re the profit margins – are you out of your mind? Banks make less money on assets than any other business. And it is not even close. Banks make paltry return on assets. They just have a lot of them. They make around 4% profit on credit card assets. I, for instance, make over 100% return on my business assets. Guess you are clueless there.
People like you and Clammy come shoot your mouth off about things of which you have no clue.
You make unsubstantiated comment, totally lacking in facts, hat are totally wrong, one after another, in an attempt to justify your position.
You make ridiculous statements re the 12.5% average credit card interest rate, which can easily be established just by doing research.
Another little thing you might want to look up – what percentage pay off their card debt in full each month? That number is a more than a third. That blows shit out of your stupid argument that they loan money to people who cannot afford it.
Please, do not come out of mama’s basement until you can defend your position’s with actual facts, rather than made up shit. It just confirms your stupidity and bias. We all have bias. The difference is, I support mine with facts and data, and you just make shit up.
Because, hey, you are a loser, and need someone but yourself to blame for that. Please resume your burger flipping before you get fired.