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Global Recession Imminent While Central Bank Rates Around 0% 1 reply

Bank of America... 5 replies

Signs Of A Recession: Bank Of America

  • #41
  • Jan 25, 2008 7:04am Jan 25, 2008 7:04am
Quoting TIckerShuffl
Card companies want to sell me fraud protection, and I tell them I think they should provide that service for free. Since they will be the ones covering the losses. If I am victim of cc fraud, it will be a cold day in hell before I pay for them.

I am surprise you guys are getting shut down or having rates increased. I haven't gotten anything of the sort...yet. I have Amex, MC, Visa and Discover. If you ask me, these changes look more like efforts to raise cash and lower exposer to consumer credit markets - the next big US collapse.
That's a good point. They sell the credit card debt in blocks just like they did the mortgage debt.

Two differences, though. The mortgage debt was secured by the real estate, and, people had more incentive to pay the mortgage to prevent losing their home. Neither of these applies to credit card debt. So, the next big banking debacle could be worse.
  • #42
  • Jan 25, 2008 8:23am Jan 25, 2008 8:23am
Quoting SeekingLight
Solution:
1. have cell phone with bank hotline quickdial(store seperately from wallet! hehehe)
2. pat for your wallet every hour(I check every time I enter/leave either my house or the place I just shopped at)

Paranoia ftw
They didn't steal the card itself, they hacked into the bank's computer and stole all of the info. From there they made a new card themelves. The bank customers never an idea until the money was out of the bank.
  • #43
  • Jan 25, 2008 9:21am Jan 25, 2008 9:21am
I find stories of people having accounts with "good credit" being cancelled hard to believe. If a bank had losses in other areas (such as sub-prime) the last thing they want to do is get rid of customers who pay their bills, on time, and whom they are making money off of.

If it is happening at all, it must be in a very small minority of cases. Due to some computer program not getting the correct input.
  • #44
  • Jan 25, 2008 9:48am Jan 25, 2008 9:48am
i dont know but if BOA goes bankrupt i short g/j massivly...because it will be a market crash!
  • #45
  • Jan 25, 2008 9:52am Jan 25, 2008 9:52am
Relax, BOA, JPM or Citi are not going bankrupt.

Warren Buffett or another billionaire like some Saudi prince would buy a chunk of them, if need be.

Now bank like Soc Gen, the French government would probably keep it afloat.
  • #46
  • Jan 25, 2008 10:01am Jan 25, 2008 10:01am
Quoting RBing
They didn't steal the card itself, they hacked into the bank's computer and stole all of the info. From there they made a new card themelves. The bank customers never an idea until the money was out of the bank.
Then it was a bank system security breach and responsibility was on the bank's side as the customer can be held blameless if he took all steps to report and announce the loss of the card in time -> they have to reimburse the loss.
Trust price. Know yourself.
  • #47
  • Jan 25, 2008 10:13am Jan 25, 2008 10:13am
Quoting SunTrader

Now bank like Soc Gen, the French government would probably keep it afloat.
I hope not, we allready paid for The Credit Lyonnais 7 billion € in the 90ies because it was a public bank.

SocGen is private and they have enough fund to cover this loss so i say screw them.
  • #48
  • Jan 25, 2008 10:16am Jan 25, 2008 10:16am
Quoting TIckerShuffl
I would be furious. That can't be legal. BofA is the worst.
Actually it is many Credit Card companies that are based in Midwestern states have flexible credit interest laws in which a lending institution can raise its interest rate whenever they want and you really cant do anything about it. best thing is to be knowledgeable about where the lending institution is located and what are the credit interest laws of that state is.
Egyptian and proud of it!
  • #49
  • Edited 10:20am Jan 25, 2008 10:20am | Edited 10:20am
I can't understand why some of you advocate not using credit cards at all.
On the contrary, you read the fine print, get that 0% introductory cash and invest it.
You pay for everything with credit cards, get bonus miles and fly for free.
You get purchase protection, free rental car insurance, you don't care at all about someone stealing your card online - it's your bank's problem...

And at any point you can pay for any sudden problem with the credit card.
Why deprive yourself of all that?
Just you pay the balance in full every month and never any fees.
"Luxury is one of the basic needs", (c), Don Corleone
  • #50
  • Jan 25, 2008 1:07pm Jan 25, 2008 1:07pm
Quoting Firstboss
I can't understand why some of you advocate not using credit cards at all.
On the contrary, you read the fine print, get that 0% introductory cash and invest it.
You pay for everything with credit cards, get bonus miles and fly for free.
You get purchase protection, free rental car insurance, you don't care at all about someone stealing your card online - it's your bank's problem...

And at any point you can pay for any sudden problem with the credit card.
Why deprive yourself of all that?
Just you pay the balance in full every month and never any fees.
totally. I do it all the time. it is free money! i dont bother with hte rewards, i just pop the 0% cash in a 5% APY checking account, put an autopay on the card, and at the end of the deal I got like $2000 of free money from those people.

only problem is I am probably responsible for 300 cubic metres of discarded mail per year from all the card offers I get
  • #51
  • Jan 25, 2008 1:09pm Jan 25, 2008 1:09pm
http://markets.ft.com/markets/overview.asp

shows a neat "performance map" of currencies. right now all is read. 6 moths ago it was looking different. kinda nice to look at.
  • #52
  • Jan 25, 2008 6:45pm Jan 25, 2008 6:45pm
Quoting digitil
totally. I do it all the time. it is free money! i dont bother with hte rewards, i just pop the 0% cash in a 5% APY checking account, put an autopay on the card, and at the end of the deal I got like $2000 of free money from those people.

only problem is I am probably responsible for 300 cubic metres of discarded mail per year from all the card offers I get

$2000 ???????? At 5% ? So are you saying that you have a total credit limit of $40,000.00 ????? You must have amazing credit......
"Lunch ? Lunch Is For Wimps !"
  • #53
  • Jan 25, 2008 7:19pm Jan 25, 2008 7:19pm
Quoting Firstboss
I can't understand why some of you advocate not using credit cards at all.
On the contrary, you read the fine print, get that 0% introductory cash and invest it.
You pay for everything with credit cards, get bonus miles and fly for free.
You get purchase protection, free rental car insurance, you don't care at all about someone stealing your card online - it's your bank's problem...

And at any point you can pay for any sudden problem with the credit card.
Why deprive yourself of all that?
Just you pay the balance in full every month and never any fees.
some of us just see the monthly fee is bigger than the discount rate... sorry, we are not rich enough
  • #54
  • Jan 25, 2008 8:53pm Jan 25, 2008 8:53pm
Quoting MrFuture
$2000 ???????? At 5% ? So are you saying that you have a total credit limit of $40,000.00 ????? You must have amazing credit......
It's actually more than that to be honest with you... and no, my credit is not that great - because my utilization is high. But it doesn't matter, I'm not planning to buy a house or increase credit anytime soon. If you are interested in the subject may I suggest fatwallet dot com - check out their forums.
  • #55
  • Jan 25, 2008 9:00pm Jan 25, 2008 9:00pm
The banks maybe in the wrong but YOU shouldn't be paying 12% on any money let alone 24%. If you can't afford it don't buy it with their money.. stop whinning and stop spending.
  • #56
  • Jan 25, 2008 10:36pm Jan 25, 2008 10:36pm
Quoting digitil
It's actually more than that to be honest with you... and no, my credit is not that great - because my utilization is high. But it doesn't matter, I'm not planning to buy a house or increase credit anytime soon. If you are interested in the subject may I suggest fatwallet dot com - check out their forums.

Thanks for the link, I read about this APP O RAMA thing, interesting. However, this is what I found while doing some more research:

Inserted Video


Thanks !
"Lunch ? Lunch Is For Wimps !"
  • #57
  • Last Post: Jan 26, 2008 3:37am Jan 26, 2008 3:37am
This is off-topic, but it's something to be brought up somewhere (new thread?) ... funding an account with borrowed money (like a CC) seems very risky to me. I'd hate to end up with thousands of dollars in debt.
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