inflating Posted October 5, 2011 Share Posted October 5, 2011 Cameron asks us all to pay our credit card debts off ( http://www.bbc.co.uk/news/uk-politics-15171917 ) With that in mind, I have just settled full amount of £11.78 on my Citicard Visa All OK now? One moment we are told to spend our way out, they cut interest rates to make people feel like borrowing (that is, mortgage rates so low that they can splash on the more expensive plastic) then they tell people to pay it off or whatever nasties may happen... They screw the savers into the wall, hang, draw and quarter them, they were one of the few legitimate engines of spending, now they are basically doing a 180 and all it suggests is some sort of major turd is about to hit the fan and they are panicking. I do hope I am wrong, I do not have PMs or tins of beans, I do not want to be right Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 I think you are right. At a guess every £1,000 repaid on the CC enables £5,000 of new mortgage lending. Any true hpcer should be loading up on the CC, for the cause. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 5, 2011 Share Posted October 5, 2011 At a guess every £1,000 repaid on the CC enables £5,000 of new mortgage lending. Any true hpcer should be loading up on the CC, for the cause. With that in mind...has anyone noticed unused cards being cancelled or limits being reduced?....having available credit that is not spent on credit cards must be the same as a loan o/s on the books I would have thought. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 Won't it be classed as an asset on their balance sheet ? So does holding CC debts require more capital ? Or does this come down to the definition of what 'capital' is - as in cc debts classed as assets are not considered capital. IIUC some types of loans require more capital cover. Unsecured CC loans require more than collateralised mortgage loans and from what I can gather, banks are really starved of capital right now. If they can do that it's a bonus fopr the huosing market (Cabinet BTLers of the world rejoice) and injects more money in the economy. Quote Link to comment Share on other sites More sharing options...
inflating Posted October 5, 2011 Share Posted October 5, 2011 With that in mind...has anyone noticed unused cards being cancelled or limits being reduced?....having available credit that is not spent on credit cards must be the same as a loan o/s on the books I would have thought. Yes, one reduced and one said if I don't use it shortly they will not send me a renewed one Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 It could also mean pay off my mates quick before we're forced to write the debt off. Yes, that's also a possibility. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted October 5, 2011 Share Posted October 5, 2011 Ha ha ha ha ha ha ha DIDDUMS. I am managing my own debt jubilee as the moral obligation to repay has long since passed. I see people writing off millions in debt, why should I stress over a couple of thousand? Destroyed credit rating? GOOD. I do not want any more debt, and I do not want to buy a house. Thanks! A media plea to pay off debt? Just how much trouble are the banks in? Surely if you plan to default, you should be really loading up - at least 20-30k, then draw it down as cash and hide it. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted October 5, 2011 Share Posted October 5, 2011 At a guess every £1,000 repaid on the CC enables £5,000 of new mortgage lending. Any true hpcer should be loading up on the CC, for the cause. No need - simply draw all your normal monthly "living" out of your current account in one go at the start of the month. Lets say you spends 1k on sundries (food/fuel/polish hookers etc etc) a month , by drawing it all in one go and then gradually spending it during the month you have reduced the banks capital by an average of £500 over that time and probably reduced M4 by 10 times that. Bassically physical cash is the banks worst enemy so we should be arranging our affairs to ensure that there is as much as possible in circulation at any point in time. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 No need - simply draw all your normal monthly "living" out of your current account in one go at the start of the month. Lets say you spends 1k on sundries (food/fuel/polish hookers etc etc) a month , by drawing it all in one go and then gradually spending it during the month you have reduced the banks capital by an average of £500 over that time and probably reduced M4 by 10 times that. Bassically physical cash is the banks worst enemy so we should be arranging our affairs to ensure that there is as much as possible in circulation at any point in time. Isn't physical cash the currency of terrorists and student protesters though. You'll be blacklisted. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 5, 2011 Share Posted October 5, 2011 Isn't physical cash the currency of terrorists and student protesters though. You'll be blacklisted. Indeed - all sorts of 'security measures' have been implemented over the last decade to impede people actually using physical cash - limits on how much you can spend, limits on how much you can withdraw or transact without explaining why you want to do something with what is nominally your own money. It's all for our 'protection' of course. :angry: The ultimate goal of the authorities and banks will be an all-electronic system leaving the banks with all the money, the government with incredible powers of surveillance and control and the people with absolutely no money and power of their own. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 5, 2011 Share Posted October 5, 2011 Well if I see you using a credit card I will still think you are a poor person. You can justify it all you like, you have been suckered and you are spouting their sales talk, your justifying and reinforcing your beliefs. What does it matter what I think that you even felt the need to rubbish what I think of people? I just think you come across as a bit of a nerdy know it all. Having pejorative feelings towards people simply because they choose to use credit cards actually says you aren't quite as clever as you seem to think you are. Quote Link to comment Share on other sites More sharing options...
pathfinder Posted October 5, 2011 Share Posted October 5, 2011 Barclaycard are off message, just got a pre application form, transferred to the 0% shredder. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 5, 2011 Share Posted October 5, 2011 I just dont get suckered into the belief system known as money and I dont worship it, theres more to life than money and keeping up with the Joneses. I don't particularly 'buy' the whole monetary system the way it is constituted at the moment either - but I'm quite happy to play it for my benefit. Credit cards are an enormous benefit to anyone with a bit of intelligence and self control, thinking that people must be 'poor' because they use them at the supermarket is just a jaw-droppingly naive thing to come out with. Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted October 5, 2011 Share Posted October 5, 2011 12.45 It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning. http://www.telegraph.co.uk/finance/financialcrisis/8782663/Debt-crisis-live.html Quote Link to comment Share on other sites More sharing options...
R K Posted October 5, 2011 Share Posted October 5, 2011 12.45 It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning. http://www.telegraph...risis-live.html Drowning not waving. P1llock. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 5, 2011 Share Posted October 5, 2011 12.45 It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning. http://www.telegraph.co.uk/finance/financialcrisis/8782663/Debt-crisis-live.html Quite probably a few highly placed bankster 'donors to the party' got on the blower to make sure that the 'leader' is on message. Borrow, borrow, borrow like there's no tomorrow folks. The country needs your debt! Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted October 5, 2011 Share Posted October 5, 2011 I dont think you realise I was being inflammatory with my comments to spark a debate. I do actually agree with you and when I had a credit card it was paid off ever month as well although to be honest it was still a hassle keeping multiple running balances and dealing with the card fraud becuase the banks systems are so inadequate. I also first got into Gold back in 2005 and you can see from the creation date of 21-Oct-2004 for the domain debtsorted.com I have been planning for this to happen for a very long time. I will be making from these hard times very soon. Fair enough, but the debate was lively enough - I wouldn't say it needed any 'sparking'. Quote Link to comment Share on other sites More sharing options...
Lord D'arcy Pew Posted October 5, 2011 Share Posted October 5, 2011 (edited) 12.45 It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning. http://www.telegraph...risis-live.html Pass the debt to the bank. Pass the bank to the Government. Pass the Government to the IMF. Paying off debt, NO WAY, that's so last century. Edited October 5, 2011 by Lord D'arcy Pew Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted October 5, 2011 Share Posted October 5, 2011 Put a tax on personal debt and use the money to increase interest rates for savers. That should do the job. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 12.45 It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning. http://www.telegraph...risis-live.html The show never ends. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted October 5, 2011 Share Posted October 5, 2011 Downing Street also denied that Treasury forecasts showed household debt was set to rise, saying these figures included mortgages. Mortgages aren't debt Osborne's entire growth forecast is based on a massive increase in mortgage debt and presumably a big HPI Quote Link to comment Share on other sites More sharing options...
R K Posted October 5, 2011 Share Posted October 5, 2011 (edited) http://www.spectator...on-debtor.thtml which is why he has changed the line in his speech. “The only way out of a debt crisis is to deal with your debts,” he says. “That’s why households are paying down their credit cards.” He’s right: people are. The government is the problem. Edited October 5, 2011 by Red Knight Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted October 5, 2011 Share Posted October 5, 2011 Why's that? It would be an incentive to reduce personal debt by encouraging people to cut back on spending and save. Not sure if that's what the powers that be want though. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 The idea is out there though. http://en.wikipedia.org/wiki/Stigmergy That's something to bear in mind when thinking of conspiracies. Thanks for this. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 5, 2011 Author Share Posted October 5, 2011 Consider Asch & Milgram with regard to conformity as well. Nudge nudge. Oh yes, that one I knew about. It's unbelievably powerful and pervasive. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.