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mindmetoo
Joined: 02 Feb 2004
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 Posted: Tue Dec 11, 2007 4:02 pm Post subject: |
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"As lenders finally figure this out, consumer credit will dry up, and the American economy will enter a prolonged and severe recession."
It's taken them 38 years to figure this out? Maybe they've figured it out already? Certainly they at times take greater risks. Irrational exuberance is always a feature of any market. Oh well.
Loans drive, even CC loans, consumption but is that a bad thing? At the end of the day, that is an economy. Consumers want goods and business tries to figure out how to deliver them for the lost price and in the most efficient manner to maximize their own profits. Consumer loans allow people to buy today and allow them to buy something they might not have been ever able to afford down the road. A loan is a stick. Many people don't have the discipline to save for something they want. However, with a CC or loan, they can buy the car or TV today. The threat of a ruined credit rating is enough to get most people then to make payments. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 11, 2007 4:08 pm Post subject: |
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| Tiger Beer wrote: |
I shopped around to transfer debt elsewhere to a low APR rate. Found one at 1.9% for one year. I went through the entire process (something I've done countless time without fees), but this one CHARGED ME several hundred dollars to transfer money. |
I've had credit cards for 15+ years too. I have zero credit card debt. In the last 15 years I've maybe not max payed my balance 3 or 4 times. Yeah I don't much like the interest. Therefore I don't use a CC as a source of financing long term debt. I use a credit card, ultimately, as a means of convenience. What I buy that month I pay off that month. So it's more like an ATM card with the advantage a) I don't get a service charge b) I can build air miles and credit rating.
I don't see your problem as being one caused by anyone but you. |
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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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| Posted: Tue Dec 11, 2007 4:30 pm Post subject: |
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Hey sometimes credit cards are a lifesaver, even though it's ungodly usury.
I had to take time off in late 2001 and 2002 due to health reasons-I wasn't extravagnat by any menas but it made life aq bit easier. I've got an outstanding credit rating, no debt because of it.
Because of my good credit rating, I have had a Line of Credit for a long time-I used that to help me buy into Nortel when it was at .92 a share. I think I have gotten a pretty good return on that investment. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 11, 2007 4:43 pm Post subject: |
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| crusher_of_heads wrote: |
| Because of my good credit rating, I have had a Line of Credit for a long time-I used that to help me buy into Nortel when it was at .92 a share. I think I have gotten a pretty good return on that investment. |
Ha. Hope you sold back in 2000  Although I'm sure it's still more than 92 cents a share these days. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 11, 2007 8:51 pm Post subject: |
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| thepeel wrote: |
| Get back to me in November. |
Question. What do you believe will happen in November? Any specifics we can look forward to and objectively test in November 2008?
Last edited by mindmetoo on Tue Dec 11, 2007 11:42 pm; edited 1 time in total |
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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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| Posted: Tue Dec 11, 2007 8:53 pm Post subject: |
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| mindmetoo wrote: |
| crusher_of_heads wrote: |
| Because of my good credit rating, I have had a Line of Credit for a long time-I used that to help me buy into Nortel when it was at .92 a share. I think I have gotten a pretty good return on that investment. |
Ha. Hope you sold back in 2000 Although I'm sure it's still more than 92 cents a share these days. |
I'm not that old-I bought in after 2000 when they were at .92
Good times! |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 11, 2007 9:26 pm Post subject: |
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| crusher_of_heads wrote: |
| mindmetoo wrote: |
| crusher_of_heads wrote: |
| Because of my good credit rating, I have had a Line of Credit for a long time-I used that to help me buy into Nortel when it was at .92 a share. I think I have gotten a pretty good return on that investment. |
Ha. Hope you sold back in 2000 Although I'm sure it's still more than 92 cents a share these days. |
I'm not that old-I bought in after 2000 when they were at .92
Good times! |
When was it actually 92 cents post-2000?
I initially found it hard to believe but there's this handy utility and I can see in 12/2002 the share price was 1.90. Not hard to believe it could have sunk lower. It's now trading at $15. So, yeah, well done.
Under $1 you're in danger of getting kicked off of the major boards. Even under $5 (or is it $15?) is a bad for a major stock as institutional investors won't buy shares priced below a certain level. |
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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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| Posted: Tue Dec 11, 2007 10:17 pm Post subject: |
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It was right around there-if memory serves correct, it was as low as .64 at one time.
If I had have had more LOC money, I'd have bought more-just not on the CC that's foolhardy.
Thanks for the compliment-I would like to attribute to sound research and consultation with experts, but I'm from Ottawa-Nortel is going to be a round for a long time. |
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