Dealing with Credit Card Debt

[SOLIDSNAKEXXX360]

its a mental disease called consumerism, most first world nations suffer from this, people sacrfice thier health and waste thier time making money so that they can buy what they dont need, thats what the banks prey on, 99% of people suffer from this disease and the 1% profit off them, simple

[makeiteasyable]

ty

[CreditCardsAussie]

Very informative. The best thing any of us can do is only spend what we can afford.

[johnson32gia]

awesome video!!!! i have actually used letsforgetdebt Great help!

[bigtruckseriesreview]

GUIDO ON THE CORNER DON'T TRY TA CHARGE YOU THAT KINDA INTEREST LOL

[joshascott]

When you start getting scared to look at your bank statements thats when your in trouble

[CoolThingsNGlitches]

Only idiots are in debt

[alwayson09]

Best thing to do is file bankruptcy. I've done it twice and don't regret it at all.

[jackchief]

I had $12,00 and $8,000 credit cards at 29% , the banks raised the rates from 8% because of "universal default" , this is despicable!. My attorney told me to send them a certified letter to not call me [by Federal Law they must stop]! This is a "Federal law". . Then he suggested that I don't pay for about 4 months at which time they'll get someone to negotiate. I didn't pay and I won't so I save $300 a month. my credit score is low.. but so what! Call a free state Attorney or any Attorney!

[mrdokma]

Exactly right. The thing is that in order to develop the opposite mindset you need to practice somewhere. Now, no one wants to practice with their own money. But there is a great site where you can participate in projects and earn money online and then decide what to do with the money. - magnuscash com - a good way to practice some of these concepts in real life without spending any money.

[Fightdebt]

Good to see people talking about how the credit card companies are killing us with their charges.

[abridgewater101]

Don't waste your time watching videos that are not valuable watch this video to learn :) Also watch my videos :D

[abridgewater101]

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[donniebrasco24]

this only applies if you only pay the minimum payment...

[LeonardMRubino]

@donniebrasco24 Yes that applies to about 94% of the people who have credit cards

[nicola037]

you want to learn of the best options to pay your Credit cards with out damaging your Credit call 305 600 90 45 a great group reaching out to community.

[tormozat]

Debt settlement transfers your debt to IRS

do a resarch on debt settlement .

[TheSkankRepublic]

hey I really appreciated this vid, I'm in the process of becoming debt free. Good advice BTW whats your cut and how does that work?

[MrRachatdecredit]

solution : regroupement pret

[Mardasee]

Chapter 13?

[CybershulDotCom]

Yawn. If you don't like the terms pay cash. If you need a card (For internet use etc) get a Visa debit card...

[SilverMan6789]

Ty so much Susan for this info!!! I called them ealrier today and they did sound very honost and ligit! They gave me a couple refferences who shared their success story with me and both of them got most of the debt eliminated in the first 3 months! Thanks

[djb0110]

The way I look at it is this, we loaned the banking industry 700 billion, I hadn't received timely payments back so I'm declaring that they are late so I'm upping the interest to 30% (legal in my state). I believe that equates to an extra 210 billion in interest per month. Its been a few months now so their debt is really skyrocketing out of control. I'm sending this to collections.

[slopmaster1]

had a bunch of dept.5 cards.25grand worth.Stopped paying on them for over a year.Some of them settled for a fraction of the dept.Some just gave up.I pay cash for everything now with no stress.

[cds162]

bingo - you got it...

one card.. use it and pay it off..

how easy is that?

[CircusMaximus09]

Why don't people either pay their charges or do without spending

[numpty4r]

Dealing with Credit Card Debt

Put them in the bin, don't pay them.

[t4705mb6]

Up until 2007 when I destroyed my credit card, I had always paid my card balance off every moth. I carried ONE card, a Visa. The card had NO annual fee, a cash back feature (2%), an $8,500 limit & yearly itemized list of purchaces. I was NEVER late with a single payment, some of which were over $5,000 in a single month. After a few years my bank automatically raised my limit & I wrote back saying "No". They called me & said that, BECAUSE I didn't carry a balance, I was a "deadbeat"!

[whitecollarcriminal]

when I turned 18, I was able to get stupid credit. I got a Mastercard with $5000, I got a visa with $5000, I had lines of credit with the bank, etc,etc.

I think it took me about 5 years to raise $30,000 in debt.

Once I made over a couple hundred thousand working the mortgage industry, I paid it all off.

I recently paid of my AMEx.

[t4705mb6]

When I lived in Florida in the early 80s my DOG, Smudge, got a MasterCard in the mail. The card was pre-approved with a $3000 limit. All my dog had to do was make the phone call to activate it. Not soon after my 8 year old daughter recieved a Visa card in the mail, also pre-approved. My wife and i were getting, on average, about 3-4 credit card offers a WEEK.

I had an AMEX card for about 5 years. i got rid of it because they started charging me an annual fee & the NO limit was too tempting.

[whitecollarcriminal]

I refuse to pay an annual fee on my regular cards.

For my company I have an AMEX CENTURION CARD.

You pay $5000 to register in the beggining and you MUST spend $250,000 a year on it to keep it.

It makes sense only if you are heavily into travel or always purchasing for your company.

My personal Amex card's limit was changed from $500 to UNLIMITED since is topped using it.

[t4705mb6]

I used to be a frequent flyer. Now I don't want to fly. I know at some point i will have to. Luckily, i am in a position to arrange for a secured credit card with a balance of whatever I want. At least their aren't any fees & its my own cash I'll be "borrowing". There are several ways used to FORCE us to have a card. Right now I use cash & checks for everything.

[whitecollarcriminal]

The only reason i can see using c.cards is that some stores give you great warranties if you do.

My aunt bought her son an Xbox360 and even 2 years later, if it Red rings on them, costco will take it back and give them a new one.

[t4705mb6]

I agree that there can be certain perks with some cards. I have reviewed them all and have used most. For me, being credit card free outweighs all of them by a mile.

I am also preparing to pay off my mortgage in a lump sum. Since i have always payed cash for my vehicles this will leave me debt free except for the "grid".

[zunkfunkt]

lol, nice screen name. made me laugh still

[BobBrinkerisanIdiot]

best credit card video

watch?v=EheWeL5WjTY

[KnightOfTejas]

If you fear you may be approaching debt, try this: Apply for as many credit cards as possible, and use the approved ones to buy a gold-plated Ferrari. This will make you a winner AND a bad ass.

[BLKcovenant]

My mom has ran up so many cards that she cant efford to pay each individual card each month along with her mortgage and car payment. she workds 2 jobs and my brother and i work 2 jobs and she still cant keep up with the payments and shes going into more debt charging credit to pay for the debt shes in. My mom brings in about 1700 a month and w/ me and my brother its about 2200.

HELP!

[whitecollarcriminal]

Sounds like you guys are living way above your means. I noticed you didn't mention "your father's" income. If he's not in the picture, I suggest you move to a smaller, less expensive house. Likely, if she didn't have that bigg assed mortgage, she could pay off her credit card debt.

You guys would be better off in a 3 BR apartment.

[BLKcovenant]

my mom on her own can pay for every bill but not including the credit cards. i live w/ my dad atm his attitude on her debt is that she has to learn cuz he told her about credit.

buts its a scam like this guy is saying, were forking out all this money and nothings going to the principle.

[whitecollarcriminal]

Well take my advice. You should get a smaller place that's less expensive...unless you and your brother get better jobs.

[BLKcovenant]

yeah i see what your saying ty for info.

[aritos67]

go look at my video at my site and i will show you how to eliminate that debt,,, i will also stop the nasty phone calls,,, dont worry about a thing i will take care of it

[srp960]

Can you get the volume UP. I can barely hear you.

[wolverineeeeeeeee]

Good video! Keep it up.

here also they get a percentage from what the product costs that you buy(i dont know if i am allowed to tell you what percentage it is but you can probably google on it). So we who work in a shop try to discourage people from using them.

Never use em.(here if you have a credit card you cant buy a house)

[whitecollarcriminal]

After watching this video, I made it a personal mission to repay my credit cards to a 0 balance.

I've been using debt cards to pay for my items and I've been focusing on saving as much of my money as possible.

I just finished paying off my last credit card 5 minutes ago. $103 to AMEX

GREAT VIDEO. Thanks for the motivation.

[spritquest35m]

this guy is a good speaker, and wow, smooth finish, he should be doing sales training, i wonder how much that watch cost?

[llyrae]

my realtives keep getting phone calls from the credit people. i had already spoke to the credit people and told them what i could and couldnt do. but they wont stop calling. what can i do to make them stop calling my family? and what can the credit people really do to you? like cambodiot's question. garnish wages, take your house etc?

[llyrae]

what can a credit card company or bank do if u cant not pay anymore. i need an honost answer.

[deniard0621]

Thing with dept, if you die, you win. But the credit history will follow you forever.

[Cambodiot]

i have a question? if i owne $44000 in credit card debt and stop making a minimum payment can i get my wages garnish by the credit card company?

[jay6157]

wow and no

[Cambodiot]

what would happend then if i just stop making a minimum payment on my credit card?

[whitecollarcriminal]

LISTEN CAREFULLY.

If you stop paying on time, the credit card company can sue you in court. Whether you show up or not, they can place you in collections and they CAN GARNISH your wages using your Social Security Number.

This process takes a couple months and until they sue you you accrue latepayments, compounded late fees and all other types of bullshit.

[omer008]

I had an Amex business charge card with "unlimited" spending limit. Credit cards are designed to put people and the country in debt. Debt creates fear and breaks a person's morale. Frightened people with weak morale are easy to govern. Nation in debt is a nation easy to govern. These are the words of a very wise man

[abudabit]

That's the most retarded conspiracy theory I have ever hurt. Anxious, frightened people are NOT easy to govern. Happy people are easy to govern. Credit cards are created to make profit for credit card companies. They are not there as part of some big conspiracy.

[omer008]

I didn't say it's a theory. It's a fact. Why do you think in the USA you the colour coded "threat alert"? Happy people are not easy to govern because happy people can think properly but frightened people do as they are told. Why does the government allow credit card companies to run their business when everyone knows that credit cards are the major cause of bankruptcies, debt, stress and many other problems.

[whitecollarcriminal]

actually, if Credit Cards were designed to allow people to spend out of their means and lock them into high rates which aren't technically even LEGAL...THEN THAT IS A CONSPIRACY.

Textbook definition of CONSPIRACY.

If Credit Card companies are creating their profits by allowing us to overspend and then fucking us...THAT IS A CONSPIRACY.

[nesnman]

Grow up people. That's what it's all about. I had debt back in the 1990's. But one day I threw away my cards . I then got a second job to pay it off.  I still have one but I pay it back every month. It's all about being a man and taking on the debt.

[whitecollarcriminal]

man...they fuck you for that too. If you dissolve all your credit accounts, they make it hard to buy a car or house later.

"sorry, your credit history isn't good enough".

As I've seen, the best thing is to keep the accounts open, use them sparingly and then repay immediately. But how many people really do that?

[calonpilot88]

Thank you for this video !!! lucky I pay off my credit card sooner !!! please people beware of Credit card , I know it sounds great to have one because it's common sense ,you might think you can spent for goods or something you wish before. but it's get you into debt trap !!! so beware

[whitecollarcriminal]

the only logic in using credit cards is that #1 if you pay it off before interest is applied, there really is no problem and you don't have to carry outrageous sums of cash when you go shopping.

#2 companies act funny ONCE THEY GET YOUR CASH.

With credit cards, you can negotiate returns that you might normally not get back if you pay cash. Keep in mind, some stores have some shady return practices while many credit card companies are willing to fight for their customers.

[whitecollarcriminal]

LOL, my credit statement claims I made $2983 in charges...

made $3154 in payments.

[whitecollarcriminal]

I looked up my finance charges from June 1 2006 - July 1 2008.

I've paid over $275 in that time on a balance lower than $1000.

I've currently got a finance charge of $3.33 on a $237 balance.

I'm gonna pay this whole fuckin thing off ASAP. I can't believe they got me for that much money.

[whitecollarcriminal]

My AMEX card used to have a balance of about $1000 at any time and then I took $500 and paid directly towards the PRinciple.

Amex didn't like it so they reduced my credit to $700. Now I have a $237 balance.

I could be wrong but I think for the time I've had Amex BLUE, I've paid around $200 (max) in service fees and finance charges.

The thing that compelled me to pay it off was the fact that those bastards will charge you a $30 late fee when my miin payment is just $15. So far, no lates

[whitecollarcriminal]

I'm about to payoff my AMEX card - $237

Of course, that's just for the moment. I still have a $26,000 car payoff.

[CREDITCARDSUPERDEAL]

Credit card deals are tough to get. I would look around. Do not just get done.

[kevinkevin554]

Informative post..2 comments:

- Your calculation does not take into considearation the fact that the pricipal is reduced by $16.67 every month. So it will take less time and will cost less to repay than your calculation.

- The Usury law rate depends on the state. And credit cards are mostly located where this rate is high(SD repented the max on interst rate to attract companies in the 90s. many CRDT card companies moved to SD in the to survive!! )

[Melker63]

Quote: "Your calculation does not take into considearation the fact that the pricipal is reduced by $16.67 every month."

Oh yes - he does take that into consideration. About 4:20 into the video: "$29000 - but it gets a sliding scale, so I average it out to about $20000".

[afodis]

Well done mate. Off course the bottom line is that people that are in debt simply deserve it because they want to have everything right now. The key is to wait untill you have cash to buy what you need. A car or a house is a different matter of couise but things like daily shoppin is no excuse.

[MegaBeerFart]

@afodis Not necessarily. Debt can be incurred involuntarilly in a number of ways. One of the biggest reasons can be due to suddenly becoming sick from a disease. Americans polled in 2009 reported that they had filed for bankruptcy and 62.1% that polled showed that it was due to outstanding medical bills. 3 out of 4 people who filed for bankruptcy had insurance.

[0266828046]

good job

[spiritualking]

good job ..

[Justy330]

Boy I never knew any of this.

[gurscheA1]

Excellent video on usury. All Americans should be more informed and unite to stop people being manipulated and raped. This is pandering to peoples weaknesses. Jesus needs to return and stop this practice. We wonder why people go nuts and get stress related illnesses. Churches need to help lend to people and counsel them so they can live better.

[cardjoey18]

Hmm... Very informative video.