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Credit card debt collection

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Re: Credit card debt collection

#501

Post by vikingerik »

Sohcahtoa82 wrote: post #477
vikingerik wrote: post #365

Earlier quoted context omitted.

I have a family member who did something similar - perfect credit and defaulted on purpose. On a rental property, he was underwater on the mortgage at the time of the 2008 crash, so he simply stopped paying and let the bank foreclose and came out ahead that way. Trashed his credit rating but he never had any need for it, he had enough to buy his own house and car outright.

> On a rental property, he was underwater on the mortgage at the time of the 2008 crash What I don't understand is why people worried so much about being underwater. As long as you kept making payments, couldn't you ride it out and still own the house as the market recovers? > Trashed his credit rating but he never had any need for it, he had enough to buy his own house and car outright. This feels like it should be…

The rest of the story in this case was that the tenant had also stopped paying, so it was easier to just let the bank deal with the eviction. As for why worry about being underwater - it's because you don't know the time frame of the recovery; the appreciation might have lagged behind the mortgage interest for the life of the loan, as far as anyone could see in the depth of the crash in 2008.

Re: Credit card debt collection

#502

Post by megablast »

adev_ wrote: post #91

It might be a very European view to the problem but: Why does the American government does even tolerate this credit card garbage business in the first place ? We are in the 21th century. Most payment can be validated electronically and processed under 200ms. I can pay something with my phone and get money taken directly from my bank account within seconds. There is absolutely no need of Credit Cards where Debit Card…

> Why does the American government does even tolerate this credit card garbage business in the first place ?

Such a weird question. Cars kill over a million people every year, no one cares at all. Yet you think the US government should prioritise this??

Re: Credit card debt collection

#503

Post by mattclarkdotnet »

pcthrowaway wrote: post #206
eru wrote: post #150

Earlier quoted context omitted.

Singapore has only recently become affluent, mostly thanks to hard work by the locals, but also partially thanks to policies that did not discourage people from putting in that hard work. I'm not sure what you mean by monocultural? Singapore is famously multicultural. Singapore is very open to foreigners. Almost no one's family has been here for longer than three or four generations. I'm not sure where you get xenoph…

> To call them 'borderline fascist' you'd need a rather torturous definition of fascism (or a generous definition of borderline). Does hanging people arrested with small enough amounts of drugs that you'd get a relatively minor punishment in the U.S. not at least toe the borderline of fascism?

It's authoritarian for sure, but not Fascist. Fascist regimes have historically been quite OK with drug use so long as it serves their ends.

Re: Credit card debt collection

#504

Post by AnthonyMouse »

eru wrote: post #483
AnthonyMouse wrote: post #457

Earlier quoted context omitted.

Is there supposed to be a restricted demographic with a monopoly on identification? The overwhelming majority of Americans have one. Even the large majority of any given minority group does. And if this is a legitimate concern it could be mitigated by, for example, making it free to get a state ID. Address whatever prevents some people from having one, instead of not requiring it. But also, isn't your disaster scenar…

Have you read the rest of the discussion, or at least the comments higher up the chain? > Is there supposed to be a restricted demographic with a monopoly on identification? [...] mitigated by, for example, making it free to get a state ID. We were talking about how many ostensibly free resources, rights and welfare are gated behind paperwork and bureaucracy. The discussion was exactly about just making something fre…

But isn't that the point? You have to address the other hurdles too.

For most benefits programs that is still going to be necessary even if you remove means testing, because some kind of identification would be necessary to keep someone from claiming the benefit an unlimited number of times. Which is the same as the problem with voting.

Re: Credit card debt collection

#505

Post by eru »

AnthonyMouse wrote: post #504
eru wrote: post #483

Earlier quoted context omitted.

Have you read the rest of the discussion, or at least the comments higher up the chain? > Is there supposed to be a restricted demographic with a monopoly on identification? [...] mitigated by, for example, making it free to get a state ID. We were talking about how many ostensibly free resources, rights and welfare are gated behind paperwork and bureaucracy. The discussion was exactly about just making something fre…

But isn't that the point? You have to address the other hurdles too. For most benefits programs that is still going to be necessary even if you remove means testing, because some kind of identification would be necessary to keep someone from claiming the benefit an unlimited number of times. Which is the same as the problem with voting.

See what I wrote earlier:

Singapore has an ingenious system to ration the amount of subsidies you get on hospital bills without any bureaucracy. The basic idea is that when you go for a hospital stay, you get to pick how much extra creature comforts you are getting, like your own private room vs an open word with many beds. The copay for the fancier options rises 'progressively' enough, that the absolute amount of government subsidy goes down. People tend to self-sort voluntarily.

The medical care you receive is the same for any of the options.

I can imagine an argument that this is somehow against the dignity of poor people to put them into comparatively crowded wards, and that everyone should get the same treatment (like eg the British NHS does, modulo the option to go to a private hospital for enough money). But I suspect many of the poorer people are happier to put up with that 'indignity' than with paperwork and privacy-invading bureaucratic means testing.

In total, adding up private and public expenditures, Singapore spends about half as much on healthcare as a proportion of GDP than the UK does, which spends about half as much as the US. Medical outcomes are no worse in the cheaper systems.

Re: Credit card debt collection

#506

Post by eru »

MerelyMortal wrote: post #491
pierat wrote: post #309

Earlier quoted context omitted.

I was kicked out of my parent's house. The really shit side: its impossible to change your drivers license (which is your "official address") to homeless. And if you get sued, they send your mail to that former address, regardless if you ever get it. And, well, I was sued. My parents destroyed my mail. And had a summary judgement against me on a case I didnt know exist, to an address I couldn't change cause I didnt h…

> fuck this country Are there other countries that allow you to put "homeless" on your driver license?

My German driver's license doesn't have my address on it. So the problem doesn't come up.

Re: Credit card debt collection

#507

Post by efreak »

ianburrell wrote: post #392
ezfe wrote: post #319

Earlier quoted context omitted.

That credit cards don't have PIN codes has nothing to do with them being credit cards vs debit cards, it's just a choice by the industry to not institute them.

It is less that cards don't have PINs for the chip, but that they still have magnetic stripes. It is still possible to skim the card info. I assume that there is mandate to update equipment but I still see registers with swipe. Issuers can distribute cards without magstripe in 2027. But they keep pushing the date out.

IIRC with most credit card purchases in the US, if the retailer only takes magnetic strips, they're liable themselves; if the issuing bank doesn't offer EMV cards, then they're liable; after that is the credit card company I believe, who has an option to put up to $50 liability on the owner (though they rarely do).

Re: Credit card debt collection

#508

Post by MerelyMortal »

eru wrote: post #506
MerelyMortal wrote: post #491

Earlier quoted context omitted.

> fuck this country Are there other countries that allow you to put "homeless" on your driver license?

My German driver's license doesn't have my address on it. So the problem doesn't come up.

Do German driver's licenses normally have addresses on them?

If legal actions were to occur involving an average person, how does that person get notofied? How would you be notified?

Re: Credit card debt collection

#509

Post by qwytw »

eru wrote: post #481
qwytw wrote: post #198

Earlier quoted context omitted.

I guess the idea that directly giving out money to consumers is more beneficial to the economy (e.g. if the government just gives a $1000 check to everyone making under 100k) they are more likely to just spend it on goods and services. If the central bank printed an equivalent amount per capita, more of it would be invested (into both productive and unproductive assets). On the other hand that wouldn't increase consu…

There are multiple problems with this. First, if you just hand money to individuals, it's very hard to remove that money from the economy later. If the central bank injects money by buying an asset, like a government bond, they can just sell it later to (approximately) remove the same amount of money as they previously injected. > If the central bank printed an equivalent amount per capita, more of it would be invest…

> First, if you just hand money to individuals, it's very hard to remove that money from the economy later

I'm not really arguing that that would be a better option (outside of exceptional circumstances) though.

> What makes you think so?

Because lower income households generally have low saving rates.

> Btw, 'money' doesn't really get invested, at least not on the level of the whole economy. If someone invests money by eg buying stock, that same amount of money is now in the seller's hand.

Which drives up the stock price a bit which makes it cheaper for the company to pay its workers, allows them to issue more stock/ borrow more/acquire other companies/etc.

> And if you have an inflation target, you just print more money, until you hit it.

You can't control where that money goes to though. So you are not unlikely to end up with bubbles in specific sectors while overall CPI remains low.

Re: Credit card debt collection

#510

Post by pjmlp »

nbadg wrote: post #456
pjmlp wrote: post #391

Earlier quoted context omitted.

When Kreditkarte are allowed, by definition, EC-Karte are as well. When Girokarte/EC-Karte are accepted, there is no guarantee that Kreditkarte are as well.

Sure, but that doesn't answer my question. What I'm saying is, the Ämter in Berlin are explicitly using the term "Kreditkarte" to refer to all Visa/Mastercard/Maestro cards, including debit cards. In Berlin, only the locations that say they accept Kreditkarten, will accept debit cards that are backed by Visa/Mastercard/Maestro payment infrastructure. If they only say they accept Girokarte, then they will not accept d…

Girokarte is a synonym for Debitkarte, just like in France or Swiss Romade one would say carte bleue instead of carte debit, in Portugal Multibanco instead of cartão de débito,...

As for the rest, I guest we are wasting each other's time discussing this any furher.

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