#173208 - 05/12/09 07:58 PM
Re: Credit Cards: I was Wrong
[Re: MartinFocazio]
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Pooh-Bah
Registered: 11/25/08
Posts: 1918
Loc: Washington, DC
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Most Americans carry more than one credit card. Hopefully these businesses do, too.
And my bet is that this is not the beginning of an avalanche but is just a small rock tumbling down the hill.
Thanks for the heads-up, interesting article.
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#173215 - 05/12/09 11:46 PM
Re: Credit Cards: I was Wrong
[Re: Dagny]
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Addict
Registered: 06/10/08
Posts: 601
Loc: Southern Cal
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Yep, more privately run prisons, that's the answer...with minimum wage untrained guards no less.
We could use them to warehouse all the folks who are defaulting on their credit card bills.
What was the question again?
_________________________
JohnE
"and all the lousy little poets
comin round
tryin' to sound like Charlie Manson"
The Future/Leonard Cohen
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#173225 - 05/13/09 01:57 AM
Re: Credit Cards: I was Wrong
[Re: MartinFocazio]
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Cranky Geek
Carpal Tunnel
Registered: 09/08/05
Posts: 4642
Loc: Vermont
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Martin, this sounds like they are declaring bankruptcy, without going through the formalities- am I wrong in that?
If so, I figure it is only a matter of time before one of the larger issuers folds. *shrugs* As much as I might miss the opportunity, I'm more convinced than ever that they just aren't worth the hassle.
_________________________
-IronRaven
When a man dare not speak without malice for fear of giving insult, that is when truth starts to die. Truth is the truest freedom.
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#173245 - 05/13/09 03:14 PM
Re: Credit Cards: I was Wrong
[Re: ironraven]
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Pooh-Bah
Registered: 01/21/03
Posts: 2203
Loc: Bucks County PA
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Martin, this sounds like they are declaring bankruptcy, without going through the formalities- am I wrong in that?
If so, I figure it is only a matter of time before one of the larger issuers folds. *shrugs* As much as I might miss the opportunity, I'm more convinced than ever that they just aren't worth the hassle. No they are NOT going bankrupt, they are simply stopping the credit card issuer business - in an effort to stave off any further losses from defaults.
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#173267 - 05/13/09 10:49 PM
Re: Credit Cards: I was Wrong
[Re: MartinFocazio]
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Cranky Geek
Carpal Tunnel
Registered: 09/08/05
Posts: 4642
Loc: Vermont
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OK, so they aren't telling their customers "so sorry, we're done", they are just not taking on new customers?
_________________________
-IronRaven
When a man dare not speak without malice for fear of giving insult, that is when truth starts to die. Truth is the truest freedom.
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#173273 - 05/14/09 12:30 AM
Re: Credit Cards: I was Wrong
[Re: KG2V]
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Cranky Geek
Carpal Tunnel
Registered: 09/08/05
Posts: 4642
Loc: Vermont
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I know the difference. *grins* I just had missed the part about them paying back their creditors, and you can't do that without business. It had sounded to me like they were just shutting down.
_________________________
-IronRaven
When a man dare not speak without malice for fear of giving insult, that is when truth starts to die. Truth is the truest freedom.
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#173274 - 05/14/09 01:01 AM
Re: Credit Cards: I was Wrong
[Re: Blast]
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Enthusiast
Registered: 12/18/06
Posts: 367
Loc: American Redoubt
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Could you please explain what this might mean to the average Joe?
-Blast
MIGHT MEAN? The first time a business is not paid for having accepted one of these cards it MIGHT MEAN A FLASH FIRE! The first time businesses are not paid by credit card companies will be the end of plastic as we know it. I will jump for joy!
_________________________
Cliff Harrison
PonderosaSports.com
Horseshoe Bend, ID
American Redoubt
N43.9668 W116.1888
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#173276 - 05/14/09 01:31 AM
Re: Credit Cards: I was Wrong
[Re: KG2V]
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Enthusiast
Registered: 12/18/06
Posts: 367
Loc: American Redoubt
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Bankruptcy means they are not paying back THEIR creditors, which it sure looks like they are planning on doing If you want to get real paranoid, think, just who is the largest creditor for a credit card company?
_________________________
Cliff Harrison
PonderosaSports.com
Horseshoe Bend, ID
American Redoubt
N43.9668 W116.1888
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#173390 - 05/16/09 09:38 PM
Re: Credit Cards: I was Wrong
[Re: MartinFocazio]
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Enthusiast
Registered: 12/18/06
Posts: 367
Loc: American Redoubt
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..... While this is a TINY, TINY card issuer, .... is just incredible from a financial perspective.
Not to kick a dead horse, but this quote from the Philadelphia Inquirer caused me some distress. http://www.philly.com/inquirer/front_page/20090512_Advanta_Corp__suspends_credit_cards.htmlThe quote of interest in the article is - "Advanta, the nation's 11TH LARGEST CREDIT-CARD company, is unusual in that it does not offer personal credit cards. Advanta's percentage of loans written off as uncollectible, at 20 percent on March 31"
_________________________
Cliff Harrison
PonderosaSports.com
Horseshoe Bend, ID
American Redoubt
N43.9668 W116.1888
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