Monday, October 6, 2008

"Credit Crisis?"...simple..."Know when to say No"...

The so called "Credit Crisis" is something I been hearing about on the streets more then the damn election or even Wall St from just the people that I encounter on a daily basis..many of which read this stuff. Again...I want to point out that"we are our worst enemy".But it seem's like so many are so "dependent" on credit..and when it slack's up some...they feel under the gun.For me...I think that our dependency on "credit" is something that we can learn to do without...it has become so much of a necessity these day's.If you can pay with your debit card for instance...your better off.

Till this day...every month..I still get offers for credit cards in the mail...some of which offer to pay off other debt's by taking up a debt with them...WHAT!!!??? I mean...I'm not exactly "brilliant"..but I damn sure am not "Sam Plankhead" or "Joe Sponge"!Over 20 years ago...I used credit cards for everything..no crap...I literally mean everything too.I actually charged my lunches,drinks,gas,clothes,beer,
...whatever...to card's.I never even seen a "paycheck" in them day's(1980's)..I would have it direct deposited...charge everything and once a month...write check's to those who I charged to their card's.I would go out and buy a new car..."finance" it then I wouldnt even keep it long enough to pay it off...trade it in ...and take up a note on another new car after a few years.Time passed...and before I knew it..I learned that much of what I was paying monthly were interest rates that were going up throughout the duration of the cards usage...in other words...what you signed for...changes after the first 12 months or so,as far as interest,if you just read the small print.And before I knew it...I was almost $30,000 in debt just on card's.I been so busy...I havent even checked what I was spending,paying,and the changes in rates etc.I would just mail them checks and forget about it.

What did I do? I cut them all up! And worked for the next several years...clearing up the mess "I" created...because it was all my mess/doing's...it wasnt the bank's fault...even though their advertisement's were so enticing...hell...that's what their in business for...to make money!It wasnt the governments fault...or Wall St.
It was simply...my fault. I just said..enough.Intead of trading the 3 year old car...I then kept it for..."9 Years"...had it paid in 4 of those years...5 years with no payment after that...it was "simple".Then Instead of buying another brand spanking new car...I got a used car....again.."simple".These day's...I owe no one nothing!When these great/outstanding card offers come to me..via phone or mail..I just simply say "no thank's". It's hard? It's not as hard as you think...at first it seem's hard cause your so used to charging now and paying later..after a few month's getting familiarized with it...it get's easy..and simplifies alot...and is actually quite relaxing..and a "good" feeling. This is still a free country..and free market, many of our financial problem's are simply caused by our own actions..and our lack of discipline when it comes to managing what little we have as working class American's.I am not defending bank's or even Wall St. ...I know their scam's better then they do these day's...I am saying that...we just are simply the main cause for our own financial mishaps in many cases. Another thing to understand...is how these institutions actually take what you owe...and milk the government on "that" as well using tax codes/manipulations..I learned alot since them day's..so I know how crooked they can be.

But the bottom line here is...it is still our responsibility to look out for our best interest's..not the government's.And you dont want to see the day when the government is responsible for your finances either...why? Because you will have to answer to them 24/7 when you do.There was a time...when American's excercised more responsibly then many of us do now.

Several years back when my dad was alive...we were in the old "Playboy" casino down on the boardwalk in Atlantic City(South Jersey)burning some time at the tables before taking in one of them extravagant fetish floor shows.He was a gambling man. I tried my luck at some blackjack while he played the larger stakes at another table. I was small time playing..$15/$20 bets...then doubling up on win's etc.I got to the point where in less then an hour...I was up over $800+(ahead/winning's)..I was on a "hot streak" some may call it. What did I do...since I was "hot"...and my so called "moment"? No ...I didnt continue to bet...I was excited over my winning's but not showing it.Instead I casually looked at my watch(like I was pressed for time)
tossed the gal dealing a few chips as a gratuity...and I "walked" to cash in my chips...and didnt go back to the tables...that's the "discipline"!

2 comments:

Chell said...

Even when times (financially) are good, it makes sense to just buy what you have the money for. The only thing this can't apply to is medical care, but that's a "whole nother" topic.

I've read stories about the credit card companies changing billing due dates and terms on a whim, and slipping the info on it in with the advertisements. That seems backwards and shady. They should only be able to change an agreement they have with a customer with a signature from that customer. But consumers really do need to pay attention to what they're signing. If they did, they'd probably never touch a credit card in the first place.

Good on you for turning things around! Uh, I hate the casino scene, but would love to borrow your luck and venture into "Jackpot Junction" sometime.

Ranch Chimp said...

Let me tell you something else Chell...what these credit cards actually do with these accounts is the biggest swindle of all,especially when they sell "tardy" or "failed" accounts to "ABC enterprises"(fictional example)who call themselves a "collections agency".Believe it or not..ABC may buy the account for pennies on the dollar from the initial creditor...then they"collect" on the "creditors" behalf..they say...then even when the account is closed...for several years to come...they actually both get tax write off's on the account..and simutaneously tack on extra's to the account to boost it's worth for the next tax season to use once again as a write off due to loss or default etc..if any of that makes sense..it's a lil complex to put all in one paragraph..and with lil formal education..my writing skills are limited.But yes...I know how the system worx...better then those who milk it!Yes..the medical system here is a nightmare. I have spent time in Great Britian as well as Canada,and folks were a little more at ease with those systems believe it or not..well..most I met at least.Thats another "milking process" that were snowballed with..at another time.Casino's...heh,heh,heh..no I'm not actually into casino's,my Dad had me in casino's since the age of 9 or so...that was his gig,and he had a home in LasVegas as well as Bakersfield,Ca(not far from LA)..he knew that well..and lived in them places half the time. Thats another racket,believe me.By the way...you might ask...why would a company buy a "failed" account? heh,heh,heh.. why do you think? thats one of the biggest money making scams that isnt even revealed hardly...heh,heh heh...we actually pay taxes to only make those who run our financial systems profit and put us more into debt..once you know how to "work" the system,you will never have to actually work another day in your life! man oh man...the stories I could tell! I'm just gonna shut up now while I'm ahead. Thanx for your visit Chell!