Financing Issue(s) getting financed?

[ovrszd]

Ditto.

Overszd,

And I am calm.

You keep stating that this is an "addiction". Speak for yourself. If you've had problems with credit in the past, and recognized in yourself that it became an "addiction", then that's fine. But you paint with a wide brush Sir. Not everyone that uses credit doesn't fully understand how to use it properly, and for good financial health. Peace to you as well.

You have no power over me to make me "not-calm".

No credit problem here. No unpaid balances. No mortgage. Enjoy my cash life. If it costs me a little on my insurance premiums, I'm okay with that.

 

[Steppenwolfe]

I saw your disclaimers in your post above.

TBN members aren't even close to the average consumer in America. So I call Baloney Sandwich on your statistics in regards to the posters on this thread.

I'll call your baloney sandwich, and raise you a roast beef sammich... the professor knows his statistics.

 

[smstonypoint]

It's a total scam designed to put consumers in debt. And it works on 99% of consumers.

Obviously some posters here have the discipline to take advantage of the "bait" being dangled. For each of you there are 10 readers of this thread that swallowed the hook.

Do any of you that work this system to your advantage think you represent main stream American consumers?

I saw your disclaimers in your post above.

TBN members aren't even close to the average consumer in America. So I call Baloney Sandwich on your statistics in regards to the posters on this thread.

I suspect that TBN members are less likely than members of the general population to be revolvers rather than transactors. Your claim that revolvers outnumber transactors among TBN members by a ratio of ten to one while the ratio in the general population is three to two is laughable.

Steve

 

[ovrszd]

I'll call your baloney sandwich, and raise you a roast beef sammich... the professor knows his statistics.

Yep. Steve is very respected by me.

 

[ovrszd]

I suspect that TBN members are less likely than members of the general population to be revolvers rather than transactors. Your claim that revolvers outnumber transactors among TBN members by a ratio of ten to one while the ratio in the general population is three to two is laughable.

Steve

So what is your guess Steve?

 

[smstonypoint]

So what is your guess Steve?

I would guess just below three to two, but not by much.

Steve

 

[ovrszd]

I would guess just below three to two, but not by much.

Steve

So even here we are at 60%?

Isn't that still a win for the financial institution? Which was my original point.

So wouldn't us transactors benefit if the system weren't in place by lower product prices?

So in the end doesn't the system cost all of us much more in product costs than credit scores savings? Which was my original point.

 

[smstonypoint]

So even here we are at 60%?

Isn't that still a win for the financial institution? Which was my original point.

So wouldn't us transactors benefit if the system weren't in place by lower product prices?

So in the end doesn't the system cost all of us much more in product costs than credit scores savings? Which was my original point.

Several points.

1. About 30% of the general population are revolvers -- I suspect less than 30% of TBN members are.

2. In a free market, transactions are not-zero sum activities -- both sides benefit. Financial institutions earn fees from credit cards and credit card users benefit from the convenience those cards provide.

3. If there were opportunities for firms to increase their profits by refusing credit cards and offering lower prices to their customers, they would do so. My barber does not see any benefit in accepting credit cards, everyone else that I do business with on a regular basis accepts them.

4. People have to start somewhere in establishing a credit record so that they can rent an apartment, obtain a mortgage, etc.

Steve

 

[ovrszd]

Steve, your own data posted earlier stated 43% pay finance charges. I would call those revolvers versus the 30% you quote in point 1.

In point 2 the financial institutions benefit monetarily, the user does not and actually pays more for their product. Which was my original point in calling it a scam.

I totally agree with point 3. Which again was my original point. The use of cards financially benefits the institutions, not us the card holder.

Point 4 supports my scam claim.

Good stuff. Thanks for your intellectual input Steve. I believe we actually think more alike than apart on this subject. I'm just crude about my explanations.

We'd never get the truth on this, but I'll stand by my hig percentile that 9 out of 10 readers/posters on this thread that use their credit card this month paid a finance charge last month.

 

[Steppenwolfe]

So even here we are at 60%?

Isn't that still a win for the financial institution? Which was my original point.

So wouldn't us transactors benefit if the system weren't in place by lower product prices?

So in the end doesn't the system cost all of us much more in product costs than credit scores savings? Which was my original point.

I understand your point, and respect your concern for the general public. But... isn't it acceptable for me to profit from that service, while others pay the cost? Kinda like my ridiculous federal taxes supplementing those who pay no taxes??? I think I deserve something for my hard work to get where I am...1.5% cash back ain't that big a deal...