[Rhodes22-list] for your consideration - credit cards

[Herb Parsons]

Careful now Rik. There are now two of us offering the same simple, 
obvious solution. We might be accused of "political bullying"

Rik Sandberg wrote:
> Robert,
>
>   
>> Rik, it is not quite so simple as who pays 
>> interest and who collects it.
>>     
> Well silly me. Here I thought that if we just stopped buying things we 
> don't need with money we don't have, the problem would be solved..... Or 
> would that be too simple?
>
> Rik
>
> "Is this gonna' put me in a bad mood? 'Cause I'm not usually this pleasant".... Rik Sandberg
>
>
>
> Robert Skinner wrote:
>   
>> Something more for consideration:
>>
>> I have been using a Bank of America credit card for 
>> 20 years, and have always paid by bill on time.  I 
>> used to have 25 days to pay the bill.  They have 
>> made a hell of a lot of money from me - about 5% of 
>> everything that I have bought over that time.  But 
>> now that is not enough for them.
>>
>> Recently they have tightened up their terms to 20 
>> days.  In addition, they now take their own sweet 
>> time after the closing date getting the statements 
>> into the mail.  The net result is that I have only 
>> a couple of days to get off a check.  If I plan to 
>> get out of town for a couple of weeks, I have to 
>> get or calculate a balance and pay in advance.
>>
>> The alternative is a shower of fees and interest 
>> charges, which have been increased as the grace 
>> period has been reduced.  So far I have dealt with 
>> it without getting bitten.
>>
>> I checked, and Chase bank and Discover have also 
>> changed their terms in an identical way.  It is 
>> clear that allowing Bank of America to buy out the 
>> small local banks and their credit card 
>> competitors has materially reduced competition and 
>> effectively eliminated consumer options.  They 
>> provide a cover for the minnows to hide under.
>>
>> The effect, if not the intention, is to game the 
>> customer into paying late.  I fully anticipate 
>> that the pay period will be shortened to 15 days 
>> in the next 5 years, forcing customers to allow 
>> them to draft a bank account or be late.
>>
>> Why not use debit cards?
>>
>> The Hannaford security breach exposed tens of 
>> thousands of customers bank accounts to raiding, 
>> and thousands had to cancel their debit cards 
>> and/or bank accounts.  Electronic communications 
>> are not by any means secure, and a debit card 
>> breach (by law) is not immediately communicated 
>> to the customer.  It took Hannaford 3 months to 
>> 'fess up.  When the money is already gone from 
>> your account, it is up to you to scramble to get 
>> it back -- eventually -- while checks bounce like 
>> Ping-Pong balls and your credit is ruined.
>>
>> Rik, it is not quite so simple as who pays 
>> interest and who collects it.  We have allowed 
>> the consolidation of financial power to the point 
>> where the average guy has few options if he has a 
>> run of bad luck.  The walls cave in.
>>
>> While some are concerned that we might tax them 
>> for the benefit of others, it is increasingly 
>> obvious that the corporations are being given 
>> relatively unfettered license to farm the populace 
>> for their own benefit.
>>
>> There is something wrong here.
>>
>> And, by the way, my home is paid for.
>>
>> /Robert
>>
>> -----------------------------------------------------
>> Rik Sandberg wrote:
>>   
>>     
>>> John,
>>>
>>> Glad you liked my quote, but you may have misinterpreted the message.
>>>
>>> Actually, it is not supposed to be a slam on bankers as much as a wakeup
>>> call to folks who can't seem to buy anything without paying for it on
>>> time + interest. The bottom line cost seems to never be considered
>>> anymore, only the monthly payment. Compound interest is a beautiful
>>> thing when it's working in your favor, but a tough adversary when it's
>>> working against you.
>>>
>>> One's "home" isn't HIS home until he's paid for it.
>>>
>>> Take good care,
>>> Rik
>>>
>>> "Is this gonna' put me in a bad mood? 'Cause I'm not usually this pleasant".... Rik Sandberg
>>>
>>> Chris Geankoplis wrote:
>>>     
>>>       
>>>> Thanks John!
>>>> Chris G
>>>> ----- Original Message -----
>>>> From: "John Shulick" <jsbudda at verizon.net>
>>>> To: <rhodes22-list at rhodes22.org>
>>>> Sent: Saturday, May 17, 2008 9:56 PM
>>>> Subject: Re: [Rhodes22-list] for your consideration
>>>>
>>>>
>>>>
>>>>       
>>>>         
>>>>> <
>>>>> "There's a reason why bankers drive Cadillacs and the rest of us drive
>>>>> Chevies. Bankers collect interest,... The rest of us pay it" .... Rik
>>>>> Sandberg
>>>>>
>>>>> "all through this world I've traveled I've met lots of funny men some rob
>>>>> you with a six gun others
>>>>>  with a fountain pen and through this world I've rambled and through this
>>>>> world I've roamed you never seen an outlaw drive a family from there home.
>>>>>         
>>>>> "Arlo Guthrie.  A fine comment giving the credit crisis we face as a
>>>>>
>>>>>         
>>>>>           
>>>> nation.
>>>>
>>>>       
>>>>         
>>>>>                           JOHN Shulick
>>>>>                                Pgh. Pa.
>>>>>
>>>>>
>>>>> --
>>>>> View this message in context:
>>>>>
>>>>>         
>>>>>           
>>>> http://www.nabble.com/Harmony-at-Mackey%27s-Marina-tp17251619p17299273.html
>>>>
>>>>       
>>>>         
>>>>> Sent from the Rhodes 22 mailing list archive at Nabble.com.
>>>>>
>>>>> __________________________________________________
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>>>>>
>>>>>         
>>>>>           
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>>>>       
>>>>         
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>>   
>>     
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