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Thread: God Damn!!!

  1. #1
    God/dess Deogol's Avatar
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    Default God Damn!!!

    Getting around time to pay off the credit card and I see they raised my credit limit an additional $5,000.00!!!

    Me tinks da credit card companies know they are about to be fucked by their "good" customers (aka the ones running balances and paying late fees.)

    So they are hoping to lure in the "bad" customers (aka like me that pay off our cards each month) to make up for their fuck ups.

    I haven't even logged in to look at the credit card that is zero balanced and sitting in my safe. I think I will go do that now....

  2. #2
    Banned Melonie's Avatar
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    Default Re: God Damn!!!

    absolutely no doubt that 'prime' credit card defaults are the other financial 'shoe' waiting to drop. For G*d's sake, American Express just announced their first quarterly loss ever in the consumer credit card sector !!! At the same time, the gov'ts own consumer credit numbers for December show an unprecedented rate of increase in consumer debt... with the bulk of the increase falling in rapidly increasing revolving credit card balances (which explains how Santa got paid at Christmas time).

    The new angle of raising the limits on credit cards will indeed allow 'good' customers to run up even higher balances and thus avoid filing for bankruptcy for a few extra months. Of course from the standpoint of the credit card company, despite the ultimate inability of the credit card holder to ever pay down his card balance, raising the credit card holder's limit and thus not slamming more 'good' credit card borrowers up against their max allows the credit card company to still list the account as 'current' and still book a profit (versus having to add to loss reserves on a delinquent account).

    In the longer term of course this only amounts to the credit card companies digging a deeper grave for themselves, because eventually those 'good' credit card holders will hit their new higher limits and default with a bigger outstanding balance. But that's not going to happen for a few more months, and anything can happen in an election year LOL !

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