Saturday, April 16, 2016

Completely unrelated to firearms or news

Spoke to someone last night I hadn't talked to in a while, and in the course of conversation it came out that part of her problems is her credit card debt.

I'd known she had trouble with it, so hadn't given it any thought.  Until it came out that she has TWENTY-FIVE THOUSAND IN CREDIT CARD DEBT.  Which damn near made me cough tea all over the desk.  And it's almost all for crap; a few 'had to get this fixed' things over time, but all the rest is CRAP...

Griped that "It's going to take me three years to pay it all off!"  Considering what I know of her financial situation, I don't think it's possible for her to do so in that time, even if she could live on about a hundred bucks a month and put all the rest into payments.

Further came out that when some card was maxed-out, she'd apply for something else.  And almost always got it.  Which brings up 'What the hell is wrong with these companies?  Why would you give a new card with ANY limit to someone when a credit check would show all this?'

It's like these idiots want to feed addictions and stupid people.


Phelps said...

I'm sure she has a sky high credit rate.

Remember, your credit score isn't about how financially stable you are, or how likely you are to pay your debt back.

Your credit score is an indicator of how much money a bank can make off of you. That's why a millionaire with no debt and no credit cards (because he pays cash for everything) has a mediocre credit score. He pays everything off immediately and there's no money to made.

Good example -- local DJ making a high 6 to 8 figure salary (he's cagey about it) was trying to refinance his mansion, but his credit sucked because (see above.) His mortgage guy told him to get a credit card (he had none.) He got one, but a couple of thousands of bucks on as soon as he got it (bills, groceries, etc) and didn't pay if off immediately. Three months later, his credit score jumped 50+ points.

My credit score was just high enough to get my mortgage, and that's how I like it.

Phelps said...

Sky high credit score, not rate.

Firehand said...

It works like that? No wonder things are so screwed