Credit Cards, financial things, etc.

Quote:

---

Originally Posted by icarusfall

Let me put it like this since I'm not that interested in watching you guys defend the idea of credit.

We're never going to understand each other about things like this since we live in 2 different ways. I'm just saying there are ways to get through life without ever having a credit card. It's not hard. Your credit score matters very little if you're like me.

---

Again, until you apply for a mortgage.

I can understand not wanting a credit card, but don't go around claiming you don't want one because OMG EVIL COMPANIES WILL EAT MY CHILDREN WHEN I GO INTO DEBT when the real reason is that you don't trust yourself with an open credit line.

Quote:

---

Originally Posted by icarusfall

Let me put it like this since I'm not that interested in watching you guys defend the idea of credit.

We're never going to understand each other about things like this since we live in 2 different ways. I'm just saying there are ways to get through life without ever having a credit card. It's not hard. Your credit score matters very little if you're like me.

---

There's also ways through life with no money whatsoever.

That doesn't mean they're ideal.

Quote:

---

Originally Posted by Rich

Again, until you apply for a mortgage.

I can understand not wanting a credit card, but don't go around claiming you don't want one because OMG EVIL COMPANIES WILL EAT MY CHILDREN WHEN I GO INTO DEBT when the real reason is that you don't trust yourself with an open credit line.

---

Don't put words in my mouth.

Quote:

---

Originally Posted by Yoshi

For the record, I do think credit card companies are below average in terms of corporate morality. Hell, some banks are already raising credit card interest rates to offset stupid mortgages they handed out that are now defaulted upon.

---

I welcome that, since I don't ever owe interest on consumer debt.

And for the record I have never been less than completely thrilled with the customer service from my primary card issuer. I can say that about few other businesses.

Quote:

---

Originally Posted by burgundy

Credit card issuers would MUCH rather you pay your shit off every month than sell your account to collections.

---

Exactly.

I typed out before, but then had it eaten by TEH INTERNETS, that a credit card company with millions of accounts and no customers with deliquent payments would be in its glory, worth an inordinate amount of money, and a money tree.

A credit card company would prefer to only make money on premiums charged to retailers. Pls blv.

Quote:

---

Originally Posted by Rich

I can understand not wanting a credit card.

---

So can I.

I know that four years ago a credit card would have been the end of me; I was too immature to properly understand how to use that tool and as since I recognized that I never got one.

Now that I understand how the real world works I want to build credit, the smart way, so one day I can own a home if I want to.

Quote:

---

Originally Posted by icarusfall

Let me put it like this since I'm not that interested in watching you guys defend the idea of credit.

We're never going to understand each other about things like this since we live in 2 different ways. I'm just saying there are ways to get through life without ever having a credit card. It's not hard. Your credit score matters very little if you're like me.

---

If you plan on going through life without borrowing anything ever, than I suppose you're right, but if you want to own any thing significant, then you need to borrow, and you are doing yourself a disservice if you're going to borrow with no credit history.

Quote:

---

Originally Posted by burgundy

This is ridiculous. Why the fuck would a collection agency buy a delinquent account for MORE THAN what is owed?

---

They buy the accounts at the current amount owed, not at the amount owed BEFORE 18 months of interest and late charges (or however long it takes to get turned over to collection). The credit card companies aren't actually losing money when they charge late fees if someone never has the intention of paying, they just aren't making money. And the discounted prices normally end up being around the amount that was initially owed in the first place (before the however months of interest and late fees are added on).

It's not that they WANT people to have delinquent accounts, it just doesn't effect them nearly as much as Thief thinks.

Quote:

---

Originally Posted by Opaque

So can I.

I know that four years ago a credit card would have been the end of me; I was too immature to properly understand how to use that tool and as since I recognized that I never got one.

Now that I understand how the real world works I want to build credit, the smart way, so one day I can own a home if I want to.

---

Exactly. I'm so glad I learned what I needed to learn about credit when I was young. Getting the extra 4 or 5 year jump on building credit is going to be huge.

If the initial amount of debt is significant, the initial debt is still worth more than a year or so of interest (<25%, anything more is illegal) and $35 a month or so late charges. If a collection agency is able to get back even just the initial debt it would be considered a success, since there is a reason these accounts are in default in the first place. I cannot imagine that a collections agency would buy an account for more than a third of its value considering the shit chances of recouping that money.