Correct between friendly incestuous banking partners.
You and I however get the 3rd degree for being a day late in our payments.
Remember in all recent banking holidays the banks freeze, the credit cards freeze, trucking freezes due to lack of credit for those 4-5 MPG Semi's daily fuel needs (No trucker has that much cash in his pockets).
BUT your DEBTS and Taxes don't freeze. And when they reevaluate and reissue NEW Money for the now useless money it's at the Gov.com's rate of exchange.
And Bankers NEVER Lose money in that exchange rate, your debts get adjusted to the banks favor, trust me.
Self defense? Pay your debts off. Running a credit card balance is praying the banking holiday doesn't occur when you're in debt.
Speaking of which, I need to head over to my credit card (only one active) and pay off that bill. Not like I get any real interest leaving my "Electronic Money" in the bank anyway, eh?
Just throwin it out here. I paid off house first. Now working on credit card and other. Against the grain. I figure cc debt is unsecured while house is ok. Not that i want to default but operating on owe bank 50k you have problem owe bank 5mil ,bank has problem. What think yous guys.
Pay off the high interest rate ones FIRST, then work on the next most expensive ones, then the last ones. See Dave Ramsey about getting and staying outta debt
thanks trying to do the Ramsey method. It just all the doom and gloom finance advice is lock in low mortgage and pay off high credit card. Way I see it is mortgage was threat of losing house if I defaulted (lost job whatever). Credit card are unsecured... what is it going to affect... credit rating during collapse ?
Anon I hear that idea often in prepper circles. Just charge it what's going to happen if I default on unsecured credit card loans?
Problem is that some 90% of Credit Cards are held by Banks (Surprise?).
Problem is Banks OWN Politicians lock, stock and barrel.
Problem is historically even in America Bankers and Tax Collectors ALWAYS GET THEIR POUND OF FLESH.
In the Great Depression (a world wide event not just America) many assets including homes and farms were sold on the Courthouse Steps to bankers for pennies on the dollar to satisfy lawful debts and taxes. Those bankers were protected by Laws and the Sheriffs.
Why do you think Bonnie and Clyde (a pair of bloodthirsty murderers No Robin Hoods here) were Celebrated by the common man as some sort of Heroes?
They were STICKING it to THE MAN. I.E. the Bankers "stealing their homes".
Credit card debt is a lawful debt. The Bankers will get paid OR their pet Politicians will not get paid.
What way do you think the Politicians think about not getting their grift?
In recent history Banking Holidays are bad karma for "We the People". And now we are LOOKING at the CONgress (spelling intentional) doing an Electronic Dollar and ELIMINATING CASH as to "Get ALL their Taxes" from every transactions.
Side benefit to the power mad total knowledge and control of what, where and how you spend your money.
Support the Canadian Truckers, get your bank account frozen. Remember that?
Want to buy ammo? Nope. Want to buy Gasoline, maybe not if your social score isn't good. AKA China's Social Credit system. Really annoy them? No cash nor credit at all. How were you planning on paying rent, electricity or maybe food?
No CASH how do you sell your gold and silver to buy stuff? So far Walmart and my local gas station doesn't accept gold and silver for their products.
AND IF they DID, THEY would have to find someone to buy that gold so they could buy more Gasoline for the station and so on.
A healthy family, well fed and sheltered, trusted friends, skills and tools are far more valuable than electronic digits.
Same anon. I agree don't plan on defaulting and am trying to pay off cc but It just made more sense to me to pay off house first. If Big banks holding credit card debt go under and everybody holds cc debt who are they going to target. Thank Biden for changes to laws protecting banks. Remember the just walk away from house to get out of underwater mortgage. Banking system is fubar and credit card debt is huge chunk of that puzzle
Actually correct. Debt swap
ReplyDeletePrescient. How is that allowed to still exist? Nemo
ReplyDeleteCorrect between friendly incestuous banking partners.
ReplyDeleteYou and I however get the 3rd degree for being a day late in our payments.
Remember in all recent banking holidays the banks freeze, the credit cards freeze, trucking freezes due to lack of credit for those 4-5 MPG Semi's daily fuel needs (No trucker has that much cash in his pockets).
BUT your DEBTS and Taxes don't freeze. And when they reevaluate and reissue NEW Money for the now useless money it's at the Gov.com's rate of exchange.
And Bankers NEVER Lose money in that exchange rate, your debts get adjusted to the banks favor, trust me.
Self defense? Pay your debts off. Running a credit card balance is praying the banking holiday doesn't occur when you're in debt.
Speaking of which, I need to head over to my credit card (only one active) and pay off that bill. Not like I get any real interest leaving my "Electronic Money" in the bank anyway, eh?
Sad that but funny as hell. Thanks Irish I needed that this morning.
ReplyDeleteJust throwin it out here. I paid off house first. Now working on credit card and other. Against the grain. I figure cc debt is unsecured while house is ok. Not that i want to default but operating on owe bank 50k you have problem owe bank 5mil ,bank has problem. What think yous guys.
ReplyDeletePay off the high interest rate ones FIRST, then work on the next most expensive ones, then the last ones.
DeleteSee Dave Ramsey about getting and staying outta debt
thanks trying to do the Ramsey method. It just all the doom and gloom finance advice is lock in low mortgage and pay off high credit card. Way I see it is mortgage was threat of losing house if I defaulted (lost job whatever). Credit card are unsecured... what is it going to affect... credit rating during collapse ?
DeleteAnon I hear that idea often in prepper circles. Just charge it what's going to happen if I default on unsecured credit card loans?
DeleteProblem is that some 90% of Credit Cards are held by Banks (Surprise?).
Problem is Banks OWN Politicians lock, stock and barrel.
Problem is historically even in America Bankers and Tax Collectors ALWAYS GET THEIR POUND OF FLESH.
In the Great Depression (a world wide event not just America) many assets including homes and farms were sold on the Courthouse Steps to bankers for pennies on the dollar to satisfy lawful debts and taxes. Those bankers were protected by Laws and the Sheriffs.
Why do you think Bonnie and Clyde (a pair of bloodthirsty murderers No Robin Hoods here) were Celebrated by the common man as some sort of Heroes?
They were STICKING it to THE MAN. I.E. the Bankers "stealing their homes".
Credit card debt is a lawful debt. The Bankers will get paid OR their pet Politicians will not get paid.
What way do you think the Politicians think about not getting their grift?
In recent history Banking Holidays are bad karma for "We the People". And now we are LOOKING at the CONgress (spelling intentional) doing an Electronic Dollar and ELIMINATING CASH as to "Get ALL their Taxes" from every transactions.
Side benefit to the power mad total knowledge and control of what, where and how you spend your money.
Support the Canadian Truckers, get your bank account frozen. Remember that?
Want to buy ammo? Nope. Want to buy Gasoline, maybe not if your social score isn't good. AKA China's Social Credit system. Really annoy them? No cash nor credit at all. How were you planning on paying rent, electricity or maybe food?
No CASH how do you sell your gold and silver to buy stuff? So far Walmart and my local gas station doesn't accept gold and silver for their products.
AND IF they DID, THEY would have to find someone to buy that gold so they could buy more Gasoline for the station and so on.
A healthy family, well fed and sheltered, trusted friends, skills and tools are far more valuable than electronic digits.
Same anon. I agree don't plan on defaulting and am trying to pay off cc but It just made more sense to me to pay off house first. If Big banks holding credit card debt go under and everybody holds cc debt who are they going to target. Thank Biden for changes to laws protecting banks. Remember the just walk away from house to get out of underwater mortgage. Banking system is fubar and credit card debt is huge chunk of that puzzle
Delete