Bad Credit Consolidation Loan

Archive for the ‘Economics’ Category

ADP_14 asked:


Since it was spending more then we produced for the past 20 years that got into this mess, How can spending even more be the answer to get us out of it?

How can even more spending hope to fix things when the velocity of money has dropped below one thanks to banks unwillingness to make any more loans to unqualified borrowers, so they are sitting on all the government hand out money?

Is the solution to too much debt really more debt? Please convince me, cause I just don’t get it. I know what Keynes said, but it doesn’t appear to work in the real world.

How the hell are we ever going to repay a debt that is increasing at over 1 trillion a year now? At what point do foreign countries stop lending to us? It looks like it’s happenning already.

http://www.nytimes.com/2009/01/08/business/worldbusiness/08yuan.html?_r=2hp

I hear a lot of Keynesian claptrap flying around at this point, but it seems to me that none of it is working. Isn’t it time to try something different?

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titou asked:


New projections show little recovery despite the bailouts and stimulus directed toward the banks and corporations, nor do propositions for tax-breaks seem to offer much. Banks in particular seem to have returned to their carpetbagging, raising interest rates and lowering available credit, while continuing to give bonuses and golden parachutes to their executives. Meanwhile, news reports say retailers are already desperately cutting prices to try and bolster holiday sales.

In Miami where I live (and am facing bankpruptcy), every week sees new exposures of felony corruption in government, while the State has ingeniously disguised what I would estimate as a 30% real unemployment rate by simply closing all the unemployment offices. I filed online (the only method) and received a refusal of benefits letter which said …the State of Florida has no record of your qualifying employment…. Of course not. I worked in New York last year. I followed the recorded message after waiting half an hour, only to be given another 800 number which in turn gives another message after another half-hour wait: Due to the volume of calls, we are unable to take your call at this time. (*Click*). A dozen tries like that and I realized I was facing a brick wall.

SO HERE IS MY SUGGESTION. If the problem is indeed getting money into the public’s hands as the experts say — why not circumvent the banks? Take those people like myself who fell victim to the banks’ usurious practices of selling debt-equity to one another and charging arbitrary and stratospheric interest rates (mine are as high a 31.4%). Select those who have repaid the principle, say, 3 times over as I have — and make those debts amnestied by law, either permanently or for a period of time like the eighteen months that the banks were allowed to continue their practices which will become illegal in February of 2010. Or even six months! In my case, that would give me $600 each month to put directly back into the enconomy — and I am sure there are millions like me.

Please, abstain for calling me an idiot for borrowing money at 30% as has happened when I offered this idea in the past. My loans were not introductory rates that expired, but fixed-rate below 10% that were sold from one bank to another which set new rates as allowed by the small print in the credit-card agreement; a practice which is now illegal under the law. The most onerous of these was Chase, which took over my card and account when it was gifted all of WAMU’s assets by the FDIC. Thus, Chase has collected from me for the last 18 months on a debt for which it paid nothing, and meanwhile paid THEIR bad debt though my taxes, as well as part of the recent $65M retirement package given the CEO of bank of America which also holds one of my notes.. That one originated at Suntrust, was sold to MBNA which raised the rate from 8% to 24.9%, and then on to B of A which raised it to 29.9%. I have been paying that one faithfully for 9 years, and — once again, their bailout and their executives windfalls as well.

That’s about it. Now on disability, I can pay no more. So, 90 days delinquent, I am facing bankruptcy a age 60 as I said. Meanwhile Chase declared last-quarter profits of $3.47Bn, and harasses me daily for the $2K I owe them from WAMU, ruining my credit rating so badly I cannot even get a Christmas part-time at Macy’s because of my poor FICO score. Like I said: amnesty the debt. Given the chance with the publicly supported bailout, the banks and brokers have not shown any indication they will rehabilitate. So why not give me, the consumer — and people like me who have shown good faith by paying consistently over a long time — a chance to do better?
Reuben: Despite the seemingly condescending just simply, I did enjoy the links you supplied to the Cabalist prophet. I liked his stating his viewpoint in an unequivocal way.

The thing is with prophets; from Isaiah to Nostradamus — what they predict is unprovable before the fact, and often arguable afterward. It’s when philosophy begins to call itself science that I get worried. Take Josef Goebbels, for instance.
frenzy: Right with you up until that last sentence denouncing President Obama. What has he conceivably got to do with the creation or existence of the Federal Reserve?
P.S. frenzy: …If that’s who you mean by Oma. Unclear to me. It’s just a guess that was a typo.

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M@r1ey asked:


It’s really killing me I work all day come home to 5 kids whom I raise alone child support for one wow, i basically do it by myself, and god help me it’s the hardest thing i do, but I do it, I stress everyday struggling to get by. I get paid every two weeks, I’m in debt because of the cost of living and I get can’t get out living costs more than I make and I refuse to go back to the ghetto and I’m not even fully out. I just want to be able to get by not stress over paying this and paying that bills galore I can’t afford to live anymore what do I do? Solutions no criticism please thank you much.

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