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  • August 22, 2007 at 5:02 PM #79464
    Arraya
    Participant

    Thanks for the explanation. It is very strange when you think about it.

    How big is the ABS market?

    Just looking at the fall out from a small portion of homeowners not paying there mortgages. I guess if people really wanted a revolution they should just stop paying their bills all at once. That would shake things up…

    August 22, 2007 at 5:29 PM #79331
    CMcG
    Participant

    After I posted here earlier today, I found a link on Ben’s blog (sorry, but I can’t find the link or the story) for a WSJ story published today that the credit crunch is affecting the credit cards companies. It did say that many companies have cut back on sending out the offers and the ones that are going out are not offering 0-2 percent starter rates, but more like 6.99. It also said that many cc companies are simply raising rates astronomically or simply closing people’s accounts — even people who had never paid late. There was an anecdote about such a guy who was summarily notified that his rate was going from 17.9 to 29.9. Another anecdote was about Amex suddenly demanding that a customer (and not a new customer, either) prove his income or something like that.

    August 22, 2007 at 5:29 PM #79479
    CMcG
    Participant

    After I posted here earlier today, I found a link on Ben’s blog (sorry, but I can’t find the link or the story) for a WSJ story published today that the credit crunch is affecting the credit cards companies. It did say that many companies have cut back on sending out the offers and the ones that are going out are not offering 0-2 percent starter rates, but more like 6.99. It also said that many cc companies are simply raising rates astronomically or simply closing people’s accounts — even people who had never paid late. There was an anecdote about such a guy who was summarily notified that his rate was going from 17.9 to 29.9. Another anecdote was about Amex suddenly demanding that a customer (and not a new customer, either) prove his income or something like that.

    August 22, 2007 at 5:29 PM #79459
    CMcG
    Participant

    After I posted here earlier today, I found a link on Ben’s blog (sorry, but I can’t find the link or the story) for a WSJ story published today that the credit crunch is affecting the credit cards companies. It did say that many companies have cut back on sending out the offers and the ones that are going out are not offering 0-2 percent starter rates, but more like 6.99. It also said that many cc companies are simply raising rates astronomically or simply closing people’s accounts — even people who had never paid late. There was an anecdote about such a guy who was summarily notified that his rate was going from 17.9 to 29.9. Another anecdote was about Amex suddenly demanding that a customer (and not a new customer, either) prove his income or something like that.

    August 22, 2007 at 7:52 PM #79368
    novice1027
    Participant

    If you want to stop all of the credit card mailers try this website.
    http://www.e-mps.org
    I did it, and all of that garbage stopped. I think it’s good up to5 years, then you have to re-new it.

    August 22, 2007 at 7:52 PM #79498
    novice1027
    Participant

    If you want to stop all of the credit card mailers try this website.
    http://www.e-mps.org
    I did it, and all of that garbage stopped. I think it’s good up to5 years, then you have to re-new it.

    August 22, 2007 at 7:52 PM #79518
    novice1027
    Participant

    If you want to stop all of the credit card mailers try this website.
    http://www.e-mps.org
    I did it, and all of that garbage stopped. I think it’s good up to5 years, then you have to re-new it.

    August 23, 2007 at 9:53 AM #79653
    bubba99
    Participant

    “I guess if people really wanted a revolution they should just stop paying their bills all at once. ”

    Yes, but with the new “Bankruptcy Laws” the credit card borrower will still have to pay the debt even if it takes the rest of his/her life. Where the homeowner can walk away from a purchase money mortgage with no residual payments. The banks saw this coming long ago when they paid congress millions to remove basic bankruptcy protection for the average consumer.

    August 23, 2007 at 9:53 AM #79782
    bubba99
    Participant

    “I guess if people really wanted a revolution they should just stop paying their bills all at once. ”

    Yes, but with the new “Bankruptcy Laws” the credit card borrower will still have to pay the debt even if it takes the rest of his/her life. Where the homeowner can walk away from a purchase money mortgage with no residual payments. The banks saw this coming long ago when they paid congress millions to remove basic bankruptcy protection for the average consumer.

    August 23, 2007 at 9:53 AM #79803
    bubba99
    Participant

    “I guess if people really wanted a revolution they should just stop paying their bills all at once. ”

    Yes, but with the new “Bankruptcy Laws” the credit card borrower will still have to pay the debt even if it takes the rest of his/her life. Where the homeowner can walk away from a purchase money mortgage with no residual payments. The banks saw this coming long ago when they paid congress millions to remove basic bankruptcy protection for the average consumer.

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