Those credit card debt commercials...

Discussion in 'Bad Dog Cafe' started by chet again, Jun 26, 2019.

  1. magicfingers99

    magicfingers99 Tele-Afflicted

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    they are training most people to not be able to hold a thought in their head for more than 30 seconds, it helps them control the population.
    they've also removed cursive writing from some schools, the object is a passive consumer constrained by debt and too stupid to understand why.
     
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  2. nojazzhere

    nojazzhere Poster Extraordinaire

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    What no one has yet mentioned is that some of these services CAN help reduce your overall debt. They may consolidate a bunch of high interest debts (primarily revolving credit cards) into one lower rate loan. The key is, though, you have to GET RID of those cards, or you'll end up using them again and end up DEEPER in debt. You've already demonstrated that you can't handle available credit, so what makes you think you can do better the next time around? I HAVE witnessed people being helped by these services, but I've also seen folks get BURIED with them as well.
     
  3. Charlodius

    Charlodius Tele-Meister

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    If you owe money, and through negotiation your lender gets less than the owed amount, it will trash your credit rating. And these companies will make money you don’t have off of you.
    You are better off filing for bankruptcy if you are in that deep. You can try to get a credit card that has zero percent for a year in balance transfers, and just plow money into it, but you need to transfer to another zero interest card after a year. You play with fire that way, but my wife got out from under a bunch of debt that way before we met.
     
  4. nojazzhere

    nojazzhere Poster Extraordinaire

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    Darn straight, magicfingers......
    Removing cursive writing is what actually led to rap music and increased drug abuse......:)
     
  5. Wildcard_35

    Wildcard_35 Tele-Meister

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    I come from the Hunter S. Thompson school of borrowing. "Abuse your credit for all that it's worth!"

    I tend to put the unforseen necessities (getting my AC repaired) and maybe a few indulgences on credit (a new amp is sometimes an indulgence, or a plane ticket to go see my aging parents). But I'll get a bank loan at a much lower interest rate to pay off my card when it gets too high and have the monthly amount auto-deducted from my account every month. I've always found a way to make it work.

    I'd never get mixed up in those late night "lower your debt!" ads. That's for rubes.
     
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  6. beninma

    beninma Friend of Leo's Silver Supporter

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    I'm sure you know him well but if he's a good student business is still one of those 10 majors that work at actually getting a job and paying off your debt(s).

    All that hype about STEM... Science, Technology, Engineering, Management. Management = Business. Of course you could argue an Electrician or HVAC Technician is in the Technology area and doesn't need a degree.
     
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  7. Guitardvark

    Guitardvark Tele-Meister

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    I owe bout a quarter million dollars...im just gonna run it up till they stop me and pay minimum payments for the next 20 years...

    [​IMG]
     
  8. bcorig

    bcorig Tele-Afflicted Silver Supporter

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  9. Marc Morfei

    Marc Morfei Tele-Holic

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    Since when is a business degree stupid?
     
  10. SolidSteak

    SolidSteak Friend of Leo's

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    I thought the "M" in STEM was for Mathematics? They don't teach "Management" in high school AFAIK, thank goodness! Can you imagine a bunch of little PMP's running around maximizing productivity? *shudder*

    I agree with you though, a Business/Management/Finance/etc. type degree is still well worth pursuing, IF:
    1) the price of the institution is reasonable, and
    2) the student doesn't mind pursuing some soulless, empty profession ( :) kidding...). Okay let me rephrase that: if the student knows what they are in for so they don't bail on it.

    These days I would think a safe, relatively cheaper bet is to get a Business or Management Associate's from a Community College, pair that with some good vocational training, get to work in a field you love, and have some business background to advance that way. Know the work, but also know some management science.
     
  11. beninma

    beninma Friend of Leo's Silver Supporter

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    You're right the M does stand for Mathematics, my bad.

    They are still valuable degrees though if done well... MBAs are cheat cards in a lot of fields.
     
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  12. blowtorch

    blowtorch Telefied Ad Free Member

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    The ones that are actually consumer services and not just out to make their own buck. And those things do exist. I used to refer folks with credit card debt to them, when I worked in collections. For them to work with us, and avoid foreclosures, it was absolutely required that they contact the agency.

    This one: https://credit.org/credit/

    I'm not sure, but I suspect the others to be scammy
     
    Last edited: Jun 26, 2019
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  13. blowtorch

    blowtorch Telefied Ad Free Member

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    They added "Arts" to that, and it's now STEAM.:rolleyes: And I am not kidding
     
  14. archetype

    archetype Fiend of Leo's Silver Supporter

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    Where did you run across the acronym PMP? That's Project Management Professional. A project manager. I hold a PMP certification. We don't maximize productivity, we just make sure organized efforts get done on time, in budget, and achieve what they're supposed to.
     
    Last edited: Jun 26, 2019
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  15. lammie200

    lammie200 Tele-Afflicted

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    It doesn't take a genius to have great credit. It may take some will power though.

    The last time I applied for a car loan the guy looked at my credit score and said that if I can't get a loan no one can. Right now it is near perfect. But a car loan is not revolving credit like a credit card. You can actually increase your credit score with a fixed payment loan like a car loan or a mortgage as long as you don't miss payments. Unless you pay off your entire credit card balance each month, that type of revolving credit will work against your credit score even if you make the minimum payments on time.
     
  16. lammie200

    lammie200 Tele-Afflicted

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    So he will never meet any girls then? :(
     
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  17. bcorig

    bcorig Tele-Afflicted Silver Supporter

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    I’m with you. Learn how to do something someone is willing to pay for first. The business degree can wait.
    MSU, huh? I’m Class of ‘72.
     
  18. teletimetx

    teletimetx Poster Extraordinaire

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    ...and you both might be right! TBT, any degree can be wasted time & money, if it's not something your son actually wants to do.

    I know that whatever a 17, 18-year old might think about their future careers can be highly unreliable. I lucked out with 2 out of 3; the oldest two both got degrees in their eventual careers, more or less.

    But borrowing money for any kind of degree is very, very risky. Everybody has to work out their own family approach; I paid for at least half of my kids' college education; scholarships and shared loans paid the rest. My oldest paid for his own grad school and his own law school. He knew what he wanted.

    But not all the kids do - for some that are pretty unsure about it all, many people find that a year or two off, out of school does a lot of good - one way or another. In a year away from school, a good friend of mine decided to become a doctor and that's what he did. I have a nephew who decided to go into high end automobile repair. Works for him. No sense going backwards - but that's not to diminish the value of education.

    sometimes it takes a year of college to figure out what pathway might be best. There's no risk free way.

    but you gotta like at least something about plumbing or electrical, etc. to commit to that as well.

    good luck with it, whichever way it goes...
     
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  19. marcflores

    marcflores Tele-Meister

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    It depends on what utilization percentage gets reported to the credit bureaus. If you pay it fully or down to below 10% (of all total credit available) before your statement end date (not statement due), then your credit will be fine or even improve. Your revolving credit utilization is like 30% of your FICO score, so it's a big deal to use it and to use it correctly for most people.

    Also, some people don't care about having immaculate credit until they really need it. If you're not buying a house or car, or renting property, or getting another credit card soon, it won't matter if your credit is 750 or 800.
     
  20. nojazzhere

    nojazzhere Poster Extraordinaire

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    You're absolutely right that any degree CAN be wasted time and money......when I was in college 1970-74, there were MANY students there who had no business being enrolled.
    But the other side to that coin is that, for many occupations, ANY degree is valued. Generally speaking, you can have a Bachelor's in pottery, and easily get a teacher's certificate and get a job in almost any school district......and teacher pay today is nothing to scoff at. Most young teachers who whine about low teacher pay have never had a job in the real world, and don't know just how hard they would have to work to earn as much (with as much free time and decent work hours). Not everybody is cut out to be a public school teacher, but if you DO have the right temperament, it is relatively easy. How do I know? I did it for ten years before retiring. The worst aspect of teaching is not the students.....or the curriculum.....but the dealing with an amazing number of narcissists and sociopaths among administrators.....much like the Vogons in the Hitchhikers Guide to the Galaxy.
     
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