Forum Post: "$cum Bag Corps."
Posted 12 years ago on Nov. 13, 2011, 1:07 p.m. EST by far2wrld
(53)
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Go to youtube.com and type in "College Conspiracy" on th youtube search bar annd see the documentary video uploaded by inflation.us.. the whole college debt scene. "Stop paying your credit cards and stop paying your student loans." Lets show the 1% where the money really comes from!" The example already worked with the debit crad fee with B of A! Doing it in droves it will work.
We need to address the root cause - For decades now the corporations and special interests have had our "representatives" bought and paid for. We need to get the money out of our politics. Until we end the current system of legalized bribery (campaign donations) and paid lobbying our politicians will continue to be the lap dogs of the corporations and special interests. What we need first and foremost is real, loop-hole free CAMPAIGN FINANCE REFORM!!!! If the corruption is not dealt with first, the chance of any other meaningful reforms becoming a reality is almost zero - the special interests will just use their money to buy votes and put forward bills that create loop-holes or otherwise twist the law in their favor. If we want our children to live in a country where there vote matters, we need to get the money out of our politics, otherwise they will increasingly become the 21st century version of the "landless peasant." Spread the word - CAMPAIGN FINANCE REFORM needs to be THE main goal of the protests.
Very well said, We need more think TANKs like you in this movemnt. Cheers!!!
How about this, if you never borrow any money at all the whole banking system will have no reason to exist. It can be done.
You could save up $40,000 and put it down on a $200,000 house and make payments of $750 a month for 30 years. The bank will make a tidy $110,000 from your business.
Or, you could save $750 a month for 18 years and pay cash for a house and own it outright from day one. Then all you have are utilities, property taxes, and insurance.
And that 18 years is based on that savings NOT making any interest. I bet you could do it in 10 years with the right investments.
Tell the banks they can go blow themselves.
Nicely said, I dont understand why banks lend money at high interst rates while the money in your savings account has a crapy intrest rate no way near the amount they charge. After all it is your money their lending out in the first place.
"I dont understand why banks lend money at high interst rates while the money in your savings account has a crapy intrest rate no way near the amount they charge."
The same reason the grocer charges you more for a gallon of milk than he paid the farmer.
"you could save $750 a month for 18 years and pay cash for a house and own it outright from day one. Then all you have are utilities, property taxes, and insurance."
Some people do that. But you have to live somewhere in the meantime, and unless you plan to spend those 10-18 years in a tent in Zuccotti Park, you will be paying rent (and utilities, etc.). Will you still be able to save that money for a house? There are online calculators that can, with reasonable accuracy, tell you if it is more cost-effective to rent for years and then buy with cash, or take out a mortgage loan. The variables are the rent payments, the loan amount and interest, the loan term, the tax deduction you will have for the mortgage interest. For some sets of variables, you come out ahead with your plan of saving up. For other sets of variables, it is better to take out the loan (even with the big profit to the bank).
Maybe a related question is this: why do you need a house? What is wrong with living in an apartment?
That's a good point, it is very challenging to do it this way. I'm paying $450 a month now and I have a roommate, it includes all utilities, so yes, I can easily aford to save $750 a month, and I'm only making about $38,000 a year.
Excellent, so maybe you can pull it off. Most Americans aren't good at saving, and want to buy every new shiny toy that comes along. You should google a mortgage calculator that will help lay out the long term cost-benefit ratio.
I'm working on that. That's awesome!
during the 18 years i am saving for a home, how much are you estimating I am paying in rent? What yearly salary are you using for your calculations?
I'm paying $450 a month which includes all utilities. I can save at least $750 a month. Like I said, I don't think it would actually take 18 years. Once you get to $100,000 you could put it all in a jumbo 5 year CD and, while continuing to save, you should have it by then, cutting 3 years off.
If you can't wait, then the banks have you by the balls. Have patience my son.
Plus, $450/month in Los Angeles County means you are in an area where you use your extra money for bars on the windows, a shotgun by the bed, and bulletproofing your car.
I bought my house in 1992 for 222,000. It is now worth $545,000 according to a recent appraisal. I folded my wife's and my own student loans into the mortgage to get the tax write off. Even if i sold tomorrow I would still walk away with over $200k in profit.
I know that if we are all to stop paying our debts, I need to know how long I have so I can get into a nice house - not the one I am in that I could afford, and need to know if I can get my kid some student loans since the sucker is paying her way a few classes at a time, and finally, I need to get a truck to pull the boat that I have really been wanting, not to mention the CanAM Spyder that I would love to have but the 27K price tag is just too much for me. (although I could afford it and have been offered great financing terms)
After I get all of that I would love to stop paying on them and have some people camp in my yard so the repo companies can't come and take it from me.
Oh god, get a real bike. For $27K you could get a nice new Ducati and have change left over.
I wish I could...do I ever.
My left leg was amputated above the knee awhile back and my left foot can't be active enough to use it on a regular bike. My balance is less than stellar too.
The Can AM would let me at least get close to have a real big.
Sorry, I didn't know. I was just ribbing you anyway. A guy in my neighborhood has a Can Am and it is a pretty cool vehicle. It seems to have good storage space too, which I envy.
Keep paying for the them, its only going to cost you three or four times as much, the stuff you bought and in the end you probaly wont even own it anymore, but still paying for it. The jokes on you!
Do it! Then try to buy a car or a house when you grow up.
You make it sound like credit, credit score and credit history is a persons life. And that a person can't live their life without credit!
Sure, you can do it. Plenty of people have crappy credit and have to pay cash for everything. That's your choice. But even people who rent out apartments check your credit rating to make sure you are not going to bail on your responsibility. And there are always yurts. But you have to own the land to put one on.
You might want to discuss this decision with your parents before you stop paying your bills too. And the IRS who could garnish your wages. And the citizens who do pay their bills responsibly and will end up paying for your stolen items you charged and didn't pay for.
Pay your bills, but stop buying crap. Cancel your cards. Best option.
Thats the thing , they make everybody suffer over the actions of some individuals, Do you think its fair in general!
No, that's why I don't want to suffer through higher costs because some kid bought a 2000 dollar Mac, a flat panel, etc. then left the rest of us to pay for it.
You Still Dont understand! Why do the rest of us have to pay for the mistakes of others.
Also, you may want to research for profit universities and see what a rip off they are to both their students and tax payers.
okay. I skimmed through the video - sorry, don't have time to watch the whole thing right now. I agree that college can be a rip off and it is definitely not for everyone. That is why blue collar workers, who used to be the middle class, are the ones we really need to protect. I've always thought that. Tell me more.
Then explain. We may have different ideas about who is making a mistake. I see a post encouraging people not to pay their bills. I feel obligated to discourage that decision for several reasons.
Sure you can, it is just harder, but that is a choice that a lot of Americans make and are happy with.
What you can't do though, is to not worry about those things like credit score and history and then bitch when you can't buy a house, a car, stay in a hotel, rent a car, or the myriad of other things that require reasonable and responsible use of credit.
Changes in the way the intrest game in credit has to be done fairly and justly without destroying peoples lives in the long run in their window of debt. And it looks like the financial system can only be changed by radical ideas or acts, because every other way seems to have been ignored or bought!
A person can legally declare bankruptcy and if they need to should not be ashamed of doing so.
To take on debt then just decide you don't want to pay it anymore is irresponsible, and raises the cost of credit for everyone else.
Maybe should send the same comment to the crediters. And see what they have to say.
You know, the day the congress had the final TARP vote to bailout the banks, I watched with dismay that it passed.
I called my Representative withing minutes to find out how he voted since I an thousands of people in the district had been writing and calling non stop to let him know exactly how we felt about it.
He voted against it, but of course it was passed and overwhelming power was giving to Treasury and the Federal Reserve to do what they wanted to with the money congress just gave them. They never did do what they said they need to do - taking toxic assets off the books - they used it to re-capitalize the banks - bailing them out.
Sadly, while people bitch about it now, when it was happening, so many seemed to not be paying attention. No phone calls, no letters, heck not even much voting when the time came. Little protesting at congressional offices. The Tea Party was born out of the frustrations of this and the dozens and dozens of other bailouts.
Same with the Credit Card act. That act gave the banks and credit card companies all the time in the world to screw those they could before the law took effect.
Our new law, much hyped by the liberal side of the world, cut untold amounts of available credit to users, raised interest rates to astronomical levels and simply cancelled millions of credit cards - because they could, because the law was designed that way.
Again, no phone calls demanding this not be passed, or be passed with the sanctions in place immediately.
What I am saying I guess is that people were not paying any attention to the political process, did not get involved and at all, and now want to just make it all go away.
We the people get the government we deserve. When vast numbers in the USA do not even vote, much less read bills that are posted before being voted on, to say, as many have here, that it is time to destroy the system and have "internet voting on all bills" is ludicrous.
I am glad some people are paying attention now. Thing is instead of doing something that could force change by demanding that your representatives actually vote as you want, voting them out of office, we re-elect over 90% of the same people. Year after year, decade after decade and lavish on them some great pensions that give them reason to hold on their staying in power (not to mention their super egos).
The so called 1% are not afraid of OWS. The country is not afraid of nor do I think that they support the tactics of OWS.
OWS cannot move forward in any constructive way, by playing radical in the park.
yes - that would be correct. your credit score reveals your true character.