Archive for Consumer Debt
Housing Sector Buying Treasury Bonds? More Lies?
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Here is an excellent article by our friend Sean Brodrick from Uncommon Wisdom.
He is essentially telling us that the US government’s numbers on who is buying the bulk of US treasury bonds (i.e. American Debt) are lies:
The “housing sector” is supposed to be buying the debt that foreign governments are no longer buying from us.
Where are the average consumers getting the money to this?
Is Warren Buffet buying all the debt on behalf of the American people? (Not!)
We are being gamed.
The size of the game is unfathomable to the person on the street.
Just know that you are playing a game that has been rigged, and you will live a happy healthy life while the world falls down around you.
The Deb Collectors Gone Wild Team
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Judge Wipes Out Couples Debt After Banks Behavior
Posted by: | CommentsIn an unusual legal decision that may cheer ordinary homeowners but dismay lenders, Judge Jeffrey Spinner took a tough line on a California-based bank that he considered had been determined to foreclose on the couple’s home in Suffolk County, Long Island.
His ruling against OneWest and its IndyMac mortgage division has relieved Greg Horoski and his wife, Diane Yano-Horoski, of the $291,000 they owed on the original loan as well as $235,000 in interest.
OneWest took $814 million in federal bailout money but has a reputation for foreclosing quickly on property owners who falls into arrears.
The Horoskis bought their house 15 years ago but they refinanced in 2004, taking a sub-prime loan from Deutsche Bank.
The interest rate soared to more than 12 per cent and the bank sued the couple in 2005, when Mr Horoski and his wife began having trouble making payments because of his health problems.
A foreclosure on the 3,400 sq ft bungalow was approved but the couple applied successfully for it to be settled in court.
The judge attacked the bank for repeatedly refusing to work out a deal, for misleading him about the sums in the case and for its treatment of the couple.
He wrote that OneWest’s conduct was “inequitable, unconscionable, vexatious and opprobrious”, cancelling the debt to deter it from “imposing further mortifying abuse” against the couple.
OneWest, which is owned by a private equity group, said it expected to overturn the “unprecedented” ruling on appeal.
Mr Horoski, a porcelain doll seller, told the New York Post : “I think the judge felt it was almost a personal vendetta. It was like dealing with organised crime.”
Credit Card Information: The Vicious Credit Card Cycle (VCCC)
Posted by: | CommentsHere is a summary of the Vicious Credit Card Cycle (VCCC). This article was written before the serious financial situation that the United States now faces- and before the banking bailout of 2008. But it is good to see why America is in the boat that it currently in. It is possible that America (as we now know it) will not survive at all.
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In these difficult economic times millions of people are reassessing their credit card situation.
Less than 15% of the United States population has a FICO credit score of over 720. This score is REQUIRED if you are attempting to get a loan or mortgage that is well under “criminal usury”. Having a credit score over 720 allows you to save hundreds of thousands of dollars throughout the lifetime of your home loan and/or auto loan.
When people turn to the internet to help solve their credit problem they will find an endless supply of high interest credit card applications from banks that do not have their financial success in mind.
In fact, it is almost impossible to dig yourself out of a credit card debt when you accept a credit card from an offer that has a “snap-up” interest rate:
Zero percent interest for 6 months!!!
These offers are designed to suck you into an unsecured loan. They encourage you to max out your card past the 30% recommended utilization rate required for FICO (Fair Isaac Database) to raise your credit score. Unfortunately, most people have NO IDEA that 30% above utilization will prevent you from getting good grades on their “Credit Report”.
There is huge quantity of disinformation about credit card repair and debt management. This bad information will only compound the vicious cycle of increasing personal debt causing people to apply for still more high interest credit cards.
The Vicious Credit Card Cycle
Here is the Vicious Credit Card Cycle (VCCC):
Phase 1: Apply for “snap-up” unsecured credit card offer, zero interest then 24% after 6 months
Phase 2: Receive unsecured credit card and max out the “utilization rate” to 90% by purchasing home entertainments systems and clothing.
Phase 3: Repeat Phase 1 and 2 for up to as many as 8 high interest credit card offers.
Phase 4: Apply for a Home Remortgage offer that pays off the unsecured credit card debt but generally ruins the amortization interest rate of their current loan. (This is becoming more and more difficult because of recent insolvency issues with American banks). This lowers the amount of money that a family can put into a savings account.
Phase 5: Default on several unsecured credit cards while spending any remaining savings to meet minimums on high interest credit card payments. (This will lower or ruin your credit score (FICO).
Phase 6: Apply for Bankruptcy for Debt Management in order to organize and survive the massive financial burden created by unsecured spending. (Called “living above ones means”).
Phase 7: Seek out Credit Repair service or other financial advice.
We Can Help
Do you recognize yourself in any of the above phases?
No matter where you find yourself in the Vicious Credit Card Cycle, Credit Help Info will assist you in your search to find better information on each of the stages.
We DebtCollectorsGoneWild.com Team
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Debt Collectors Gone Wild!
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