PrettyEskimo asked:


Have the government pay off the 2.5 Trillion in credit card debt US consumers have, and any purchase within the next 6 months is guaranteed at 2.9% interest. This kills two birds with one stone. The banks get their money and the people get a new lease on life and the economy will get a HUGE surge in purchases.
Yeh, this will work. I double checked all my figures.
at that 2.9% rate it would max out at 1250 that is all you get. Now if you are a responsible citizen and didn’t need the help that 2.9% would be good for 18 months with a 5k cap.
so, you would rather spend 1.25 Trillion and pump that into the stock market instead.

Joshua

sfoozy asked:


The US stock market is experiencing a mild sell-off in the the recent weeks (August 2007). People keep talking abotu credit worries that lending companies and maybe even banks may be facing. What exactly is this worry/problem in the credit market, and how serious is it? What is the worst that can happen in the credit market fails? Where is this lack of liquidity (cash) coming from? Thanks.

Hazel

efriend1969 asked:


A recent news article described how people with excellent credit could make money from banks by allowing people with bad credit to piggy back in order to build their scores higher. What is the best way to get recognized as a credit donor?
Risks for those offering credit lines?
Thanks Guys!

Margaret

daveysgirl126 asked:


I recently paid my credit card bill of $2.27, however the credit card company entered the payment as $227.00, causing $50 in overdraft fees at my bank. The credit card company had me fax over a statement with the bank fees on it so they can take care of it, however after 3 weeks they still haven’t done it, they tell me that they don’t even know if the statement is in the building and that they get hundreds of faxes a day and as soon as they get to it, they will handle it, what if this takes months? Is there a way I can make them take care of this matter more quickly? I just went ahead and paid my banks fees just so I could use my bank account again. Did I do the right thing? What if the credit card company never received the fax and they end up asking for another one, how can I make sure that they receive it? They corrected the mistake between the $2.27 and $227.00, maybe that’s all I can hope for.

Tanya

hop2seeu asked:


My account was closed by the bank due to number of credit cards I have and high balance. I will be able to close all in 6 months. Can other banks close my credit card accounts as well? What is the best way to handle it?
Thanks for the answers but my problem is:

I have one card which was closed by the bank and limit on one other were reduced. I am afraid that this will create a domino effect and all other banks will start to close my accounts. How possible is this? Another question is: how bad will the effect of a closed account by the creditor will be on my credit history?

Thanks guys for your answers

Jamie

Test asked:


I heard having too many credit cards can lower your FICO score even if you pay them full each month. How many can you get before they drop your score?

I had problem getting a credit card when I had no credit history and then after I finally got one, I had difficult time getting another one, because banks said I had too few revolving accounts. Now I have 5 credit cards and only 1 of them carry balance. My balance to credit ratio is 6% and my FICO score is 740.

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