pt 3 - Credit Cards. Here's why (Gratex, TheModernMystic)

Discussing why they want you to use credit cards and get in debt. Very good video to watch all the way through when you have time. Sorry, these in depth topics can't be covered in 1 video.

Here's Gratex video:

http://www.youtube.com/watch?v=MivPjAvepyI&feature=channel_page&fmt=18

Category:

People & Blogs

Tags:

• Credit
• Cards
• Gratex
• TheModernMystic
• debt
• Here's
• why
• pt

[funeralsong34]

I can see Discovery or American express being funded like you say with pensions/401k but alot of cc are thru banks like BoA or chase wouldn't they just use bank deposits as a security?

I just went to buy a condo for 80k and was only going to finance 40K basically putting down 50% but a few banks were not too keen on it because they are only allowed to charge a % of the loan with fees and at 40k they wouldn't be able to get the up front fees they wanted to, strange..lol

[TheAngryCanuck]

They actually used to use the bank deposits a long time back but don't anymore. That's the way it should run though.

When you get a 5k limit credit card, it's basically a number on a computer screen with no real 5k of deposits to back the credit they are giving you.

Yeah they want you to have less down so they can profit more. Imagine everyone gave half down on their mortgages. I bet the interest rates would be at 20%.

[AtheosEthos]

Thank you for this video series.

The last statistic I checked, the average American spends 60% of their lifetime income on interest.

People need to understand the numbers before getting into debt.

* * * * *

[TheAngryCanuck]

Thanks!

I know most people wont sit through the videos but it's hard to get some points accross quick.

Market profits this last decade especially has been generated through this interest. It's almost like a 'life tax' so to speak.

It would be best if they would return to investing in business and making money off a return in profits.

I predict, they will package a low rate for energy in 5 year increments, but you need to pay upfront so they will want you to finance your energy bill.

[mindright13]

you know your actually a retard right?

[fuckystoat]

@MrStonedJosh SHHHHHH

[fuckystoat]

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[fuckystoat]

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[fuckystoat]

@DanielCriticalMX TRUE

[fuckystoat]

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[ItalMafioso]

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[MrStonedJosh]

you don't know shit about credit....neighther do I but I'd rather keep my mouth shut and let you look like a douche bag shit for brains

[sekules]

But you probably still spill less shit than this Angry Canuck dullard.

[ZombieZomb1]

All praise Allah.