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This is a "conservative spender"?
Old 12-16-2008, 12:30 PM   #1
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This is a "conservative spender"?

Changing credit card terms squeeze consumers - USATODAY.com

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Spaulding, 40, says he's a conservative spender who got trapped under $70,000 of credit card debt and high finance charges after 15 years of relying on his credit card for emergencies, such as car repairs. In a letter to the Federal Reserve, a bank regulator, Spaulding complained that "credit card companies are the reason why hardworking Americans like myself struggle for years."
Yeah, most "conservative spenders" I know rack up $70,000 in credit card debt. And, of course, the big bad credit card companies held a gun to Spaulding's head and forced him to use the plastic.
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Old 12-16-2008, 12:39 PM   #2
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Originally Posted by ziggy29 View Post
Changing credit card terms squeeze consumers - USATODAY.com

From the article:



Yeah, most "conservative spenders" I know rack up $70,000 in credit card debt. And, of course, the big bad credit card companies held a gun to Spaulding's head and forced him to use the plastic.
Spaulding is an idiot no doubt. But it is also true that credit card companies are an unattractive aspect of our consumer capitalism.

Possibly many of us are just not equipped by evolution to be lied to all day, shown pretty things and sexy situations, then go home and eat our $100 a month food allowance in our frayed jeans and watch our old 19" TVs with rabbit ears.

Ha
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Old 12-16-2008, 12:48 PM   #3
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Originally Posted by ziggy29 View Post
Yeah, most "conservative spenders" I know rack up $70,000 in credit card debt. And, of course, the big bad credit card companies held a gun to Spaulding's head and forced him to use the plastic.
Well, you know how people are...
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Old 12-16-2008, 12:49 PM   #4
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just received notice yesterday from my wachovia card on new changes.

"balance transfer fee maximum will increase to $99"

probably not a problem as i don't even know what a balance transfer is.

"the prime rate used for calculating the standard apr for purchases will be no less than 6%, regardless of charges to the prime rate."

as i've always maintained a zero balance, i don't see this as a problem. still, it reverberates a note of panic in banking.

"the standard apr for cash advances...will be no less than 21.15%...regardless of changes to the prime rate."

i've never taken a cash advance on a credit card but i suppose i might one day if i ever for some reason lost my debit atm card. um, 21.15%? isn't that loan sharking? (on my last trip north i did accidentally leave my debit card in an atm machine though fortuately retrieved it when the bank opened the next day.)

"the default apr (including the daily finance charge rates) will not decrease below 29.99% (the minimum default apr), regardless of changes to the prime rate."

i'm pretty sure i'll never be paying 29.99% but still, holy crap. hadn't i read this notice, i'd have lost a bet by a mile if someone asked me what the minimum default rate might be.

"the cash/quasi cash advance fee will be a finance charge of 4% of the cash advanced, but not less than $5"

so if some poor schmo needs $10 to get through the week, he's gonna be charged $5? that my bank would treat anyone like that makes me want to tear up my own card.

anyway, the nonsense goes on. i lost a friendship because i couldn't stand to watch that credit card trainwreck any longer and nothing i said or did seemed to stop it. i take the point on conservative spending. but also i can see someone pretty easily getting sucked into this spiral of a little debt here, more fees there, more charges here, more interest there, more debt here. not good.
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Old 12-16-2008, 01:08 PM   #5
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Spaulding is an idiot no doubt. But it is also true that credit card companies are an unattractive aspect of our consumer capitalism.

Possibly many of us are just not equipped by evolution to be lied to all day, shown pretty things and sexy situations, then go home and eat our $100 a month food allowance in our frayed jeans and watch our old 19" TVs with rabbit ears.

Ha
And when they watch their 19 in TV they see the average sit-com family living a lifestyle that would require a $250,000 income they say, "hey, where's mine".
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Old 12-16-2008, 01:12 PM   #6
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And when they watch their 19 in TV they see the average sit-com family living a lifestyle that would require a $250,000 income they say, "hey, where's mine".
Sort of like what we ask when we see just about everyone else getting bailed out...
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Old 12-16-2008, 01:19 PM   #7
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Bring back the Honeymooners, I say.

I'd hate to see the credit card balances a non-conservative spender runs up.
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Old 12-16-2008, 02:34 PM   #8
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I don't believe in kicking people when they are down but this guy needs to look in the mirror. By refusing to live within his means he faces bankruptcy.

To blame the credit card companies for his misfortune is crazy. Just say no.
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Old 12-16-2008, 02:47 PM   #9
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Bring back the Honeymooners, I say.
Ralph, I think we need a new kitchen set. Why, what's wrong with the one we have Alice?
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Old 12-16-2008, 03:05 PM   #10
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Hey wasn't Spaulding the name of the grandson in Caddyshack? Great movie!
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Old 12-16-2008, 04:19 PM   #11
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Spaulding is an idiot no doubt. But it is also true that credit card companies are an unattractive aspect of our consumer capitalism.

Possibly many of us are just not equipped by evolution to be lied to all day, shown pretty things and sexy situations, then go home and eat our $100 a month food allowance in our frayed jeans and watch our old 19" TVs with rabbit ears.

Ha

And they have to keep watching that ad that says that TV stations are switching to digital so, get yer rabbit ears to digital converter box. 'cause the gummit knows what Americans need... it's digital garbage programming, not analog garbage programming.


-CC
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Old 12-16-2008, 05:10 PM   #12
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And they have to keep watching that ad that says that TV stations are switching to digital so, get yer rabbit ears to digital converter box. 'cause the gummit knows what Americans need... it's digital garbage programming, not analog garbage programming.


-CC
I have a 19" TV but I haven't knuckled under and bought the box yet. I'm going to wait and see if I get the shakes from going without TV (or find that I spend a lot more evenings at my parents' house, they've got a bigger screen and cable). I've been tapering off for years...maybe it's finally time to kick the habit.
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Old 12-16-2008, 05:14 PM   #13
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"Spaulding complained that "credit card companies are the reason why hardworking Americans like myself struggle for years.""


Shot tea out my nose. Im getting tired of hearing how its always someone else fault. Ill pile on. This guy is an idiot.
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Old 12-16-2008, 06:17 PM   #14
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Possibly many of us are just not equipped by evolution to be lied to all day, shown pretty things and sexy situations, then go home and eat our $100 a month food allowance in our frayed jeans and watch our old 19" TVs with rabbit ears.

Ha
What would evolution say about that?
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Old 12-16-2008, 06:18 PM   #15
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I have a 19" TV but I haven't knuckled under and bought the box yet. I'm going to wait and see if I get the shakes from going without TV (or find that I spend a lot more evenings at my parents' house, they've got a bigger screen and cable). I've been tapering off for years...maybe it's finally time to kick the habit.
Well, you might want to get the gummint coupon and use it to get the (nearly) free converter box just in case you can't stand it. The coupons are available through March 31 2009 or "while supplies last", and I have a feeling they'll go fast once the analog TV screens go blank on 17 Feb.
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Old 12-16-2008, 06:21 PM   #16
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Ditto - idiot.

Have you noticed how T.V. sitcom has changed with regard to lifestyle? Forget honeymooners, Archie Bunker lived a simple life, Alice, Good Times, etc. Then all of a sudden Magnum P.I., Cosby Show, Family Ties, man, everyone was living in mansions and living the high life! Now it's just silly, with the cast of "Friends" living in primo Manhattan apartments even though they are only occasionally employed.
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Old 12-16-2008, 06:24 PM   #17
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Yet another reason I don't watch TV.
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Old 12-16-2008, 06:35 PM   #18
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Equipment: 1 brain, 1 pair scissors, 1 collection of credit cards, 1 mailbox, 1 shredder.
Directions -
1. engage brain.
2. pick up 1 credit card in one hand, scissors in other hand.
3. cut up credit card into tiny little plastic smithereens
4. go to 2 until all cards are destroyed.
5. re-engage brain
6. go to mailbox and retrieve new card offers
7. shred all new credit card offers
8. go to 5

Any questions, Mr. Spaulding?
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Old 12-16-2008, 07:05 PM   #19
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DAMN 70K worth of car repairs and emergencies? He could have bought a new car a year for what he pays in interest. It would be an eye popper to see the last couple of years statements on the CC's for all the "poor abused CC users losers". I would bet there were a lot of toys, dining and fun stuff in addition to the mundane tires and water pumps for an older car. Oh, that's right the average car is 2 years old and costs 24K (that is just my guess!).
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Old 12-16-2008, 07:21 PM   #20
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Hey wasn't Spaulding the name of the grandson in Caddyshack? Great movie!
funniest line in that was "you scratched my anchor."



found it

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