Comments on: The Fed Should Buy Down Consumer Credit Card Rates – Fast

By: The Investor Rebellion » Mark Cuban’s latest blog is on the coming credit card crisis‏

Thu, 26 Mar 2009 23:09:40 +0000

[...] He echoes what I’ve been saying for a while – the credit card crisis is a BIGGER problem and a BIGGER issue than anything we have yet faced. Again, because our economy is a consumer-spending, consumer-based economy, the deleveraging of credit cards and enormous wave of credit card defaults is a bigger problem than anything we have yet seen, again because our economy is based on consumer spending and consumer spending is based (in my opinion) primarily on credit cards. He offers ideas for the Fed & the Government to be proactive and try to address this issue right now before it gets much worse, which he and I both think it will. http://blogmaverick.com/2008/10/24/the-fed-should-buy-down-consumer-credit-card-rates-fast/ [...]

By: Brian

Brian — Thu, 27 Nov 2008 15:24:40 +0000

Happy Thanksgiving!

“Pumpkin” isn’t the only turkey which received a pardon this year.
All of the fat birds in their ivory towers are standing in line
waiting their turn to gobble up some of the green stuff.

I vote for the trickle up economics.

Give all of the bail-out to those on the bottom and the ones on the
top can wait until it trickles up to them.

Besides, credit card companies don’t lend money.
They lend their own credit.

Aren’t ”straw purchases” were illegal.

By: Hank

Hank — Tue, 25 Nov 2008 14:53:14 +0000

When IT went in the tank in 2002, I went from making 170k to 50k almost overnight.
Credit cards came into play for me during that transition. Over a couple of years, and
while trying to launch an unsuccesful business I racked up 40k. One phenominal trick of the CC Companies is that they won’t accept a payment online for the same day, and the payments are not due on the same calendar day every month. One payment late, and your 7.9% $15,000 debt goes to 28%.
I’m sorry, but at that point, you start getting screwed, hard. And it’s not optional, like a systemic agreement modification that you can refuse, you just get bent over.

I’m finally back over 100k, and I’m basicly living check to check over this debt…no…this interest rate really. I consider walking away from it all, every time I get paid. My credit rating, due to high balances makes it difficult to get a consolidation loan. I would do just about anything for a 30k, 3yr, 10% unsecured loan. It would change my life, but I’m not a big huge billion dollar company that nails the customer for every dime it can get….so I don’t qualify.
I wonder why this whole situation pisses me off? I wonder.

By: Lisa C

Lisa C — Tue, 25 Nov 2008 13:50:06 +0000

What about the average americans that do pay their bills on time?
Shouldn’t they receive the same relief as those who don’t pay
their bills????

By: richard rainey

richard rainey — Wed, 19 Nov 2008 15:38:07 +0000

Mr. Cuban The solution to the mortgage crisis and the overwhelming credit card debt is a “Reversed Ponzi” scheme. With the government paying $800. per mortgage mitigation there’s millions if not billions to be made while helping end the crisis. When a scheme is ran honestly they can work and this one would benefit the banks, the credit card companies and the homeowners.

By: richard rainey

richard rainey — Wed, 19 Nov 2008 15:28:30 +0000

Mr. Faure by initiating the contact with Mr. Cuban and giving him propriety information about the company was criminal on the part of Mr. Faure only. Mr. Cuban, being only a stock holder, has no obligation to the public or the company as to what he would do with his stock in light of that information. Since the action Mr. Faure was going to take in regards to the company would have been detrimental to their value Mr. Cuban had every right to sell his stock, as it is his personal property and is below the amount of ownership that would make him give notification to the SEC. Mr. Faure by giving Mr. Cuban this propriety information made that info public.
It appears to me that Mr. Faure”s motives for giving Mr. Cuban this information could border on an attempt to use inside information to induce Mr. Cuban into buying the new issue those getting him to engae in insider trading to Mr. Faure benefit or buy giving Mr. Cuban this information in order to prevent him from selling his stocks with because of the inside information given to him. To me that is more of an act of extortion than a tip. Mr. Cuban just didn’t submit to such a play and defended his position by selling his personal property before in was injured by Mr. Faure gambit.

By: Kwame Smith

Kwame Smith — Tue, 18 Nov 2008 18:02:47 +0000

You know what they need to leave Mark Cuban alone he hasn’t done anything wrong to these people dang they just mad because he has alot of money and a great franchise. So you know what Mark will get out of this situation so tell the sec to screw off.

By: Lisa Sciarrino

Lisa Sciarrino — Mon, 17 Nov 2008 19:37:19 +0000

Credit card debt… When my Husband and I moved to DC in Jan of 93
he had one credit card and I had none. I was 19 and he was 21. We slowly racked up
credit card debt. I love to shop and give gifts for peoples b’day and Christmas… I have
a tendancy to go overboard even when it is going into debt. I love to see the look on peoples
faces when they are surprised with a gift. Now 15 years later, three kids, a wedding, several
diff car payments and many years of renting instead of buying..(i didn’t want to buy, i didn’t
want to be locked in.. I wanted us to move back to Rochester NY to be with family)
We are burried in credit card debt. When we went from a two income family to a one income family
so I could stay home and raise the kids. I am a big part of the problem I still continue to overspend, who wants the kids to be disappointed on their Bday or on Christmas? With having three kids all in sports it just gets harder and harder. All three downhill ski, one is on the downhill race team, all three do gymnastics and soccer too… We used to horseback ride but can’t afford that anymore. about a year ago we had looked into buying/building a new house, even had a contract on one to build… I am so glad we didn’t end up doing it… we would have been in huge trouble.
My husband does computer work and thankfully still has a job with the economy in the toilet.
In this day and age I don’t know how families can afford to have one parent stay home to raise the kids and make sure they are brought up to be smart, caring and responsible individuals. If not for
credit cards I don’t know how we would get by. When the gas prices were thru the roof that was a huge strain as well… I had tried to get a job working nights to make some extra money to try to
reduce our debt but with the economy there are not many jobs to go around. I never heard from any
of the places I applied. Now I am working at the Gymnastics place the kids take classes at so
we can afford that… You want to encourage your kids to go as far as they can and be the best at what they do.. I have tried to find fundraisers that can be done by families to raise money for things like that but most are geared for non profit organizations. So I am out of luck in that respect. I just with the economy would bounce back so one day I won’t be stressing that all the cards are paid and What happens if one of the cars dies and we have to get another. So when you talk about being under water …. I totally get that…. we are drowning and the big businesses are just getting fatter wallets.

By: Candy Noll

Candy Noll — Mon, 10 Nov 2008 14:33:38 +0000

You have got to be kidding right??? I know too many of the people that are in trouble andletting them off the hook will teach them nothing. Require banks to pay at least 5.25% on savings accounts and don’t let them sell their loans etc. This is the old model & should be followed. This would encourage people to save instead of using credit cards. Starting the cycle all over by giving consumers money to spend is nuts. The point is that this country cannot exist as it is now, a consumer driven service economy. The model just doesn’t work.

By: Pedro Morales

Pedro Morales — Sat, 08 Nov 2008 15:17:19 +0000

You have a great notion here for fixing this problem. The only thing I would add is I have seen many people apply for credit-max it out then leave the country. this is our money they are taking.