Thomas James
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Thomas James's Discussions

Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?

Started this discussion. Last reply by Shane Apr 28, 2014. 123 Replies

I am going start with the disclaimer: Yes I realize the mistakes I have made to get to this point.As a results of a departure from a job and lifestyle I did not enjoy, and things "not going as well…Continue

Tags: Credit Card, Settlement, Debt, Credit

 

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John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"I once knew a beautiful girl until a 4x8 sheet of plywood fell from a construction site and it killed her. I suppose it was her fault for not looking up and taking evasive action. Of course you should always look for oncoming traffic, but It's…"
Apr 28, 2014
Jack Bauer replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"It'd be smarter to look for oncoming cars and save your legs the trouble. JB"
Apr 28, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"I agree that you can't get hit if you're not in the road, but sometimes you need to be there. You might expect to make it to the other side if you have a green light, but you can still get hit by a bus. I get that. But if I lost my legs…"
Apr 28, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Then you agree with me that you can get hit even though you're doing things right, so I don't understand your comment. Maybe you apologized for being in the way of the cars the way Cheney's friend who got shot in the face had to do,…"
Apr 28, 2014
Penelope replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"The financial calculus is as easy or simple as one wants to make it, like all investing calculus.  Personally, I stop at the level where mortgage+HOA fees are so much higher than rent, the mortgage interest deduction can't make up the…"
Apr 28, 2014
John Muir replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Yeah, it's a dificult calculus, with more than a bit of witchcraft/tea leave reading in it. 20% down is a nice rule in a TYPICAL housing market, but the arc and trajectory of real estate values, buyer income, and buyer debt have to be factored…"
Apr 28, 2014
Penelope replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Blame ordinary borrowers if you like, just don't moralize about home ownership in the same breath.  When a 20% down payment is two times the region's median annual income, you'll take as long to save up for a down payment as…"
Apr 28, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"The crisis timeline goes back more than half a century to the creation of Fannie Mae which also created the first mortgage backed securities in 1970. The history clearly shows that the banking and investment firms worked in collusion with the…"
Apr 27, 2014
John Muir replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Nobody bats a thousand. Besides, you probably had sex with the customs agent at passport control"
Apr 27, 2014
John Muir replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Implies a certain sensibility, doesn't it?"
Apr 27, 2014
John Muir replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"+1 We could learn from Canadian banking regulations"
Apr 27, 2014
Native Son replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"IMHO, one proximate cause of the early 21st Century Great Recession is exactly the same as the cause of the 20th Century Great Depression.  Namely commercial and investment banking were commingled.  In the 1920s commercial banks got…"
Apr 27, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Yes, I agree that there is plenty of blame on all sides, but the banksters did far more than just bundle some bad debt with the good to balance their portfolios. The term predatory lending has a real basis. Borrowers, qualified or not, were sought…"
Apr 26, 2014
Jack Bauer replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"And, underqualified borrowers petitioned the government for the right to buy houses they couldn't afford on loans nobody could justify giving them.  So, they bought politicians during the same era with the populist siren song of getting…"
Apr 26, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Cute, but not helpful if you need to cross the road."
Apr 26, 2014
John C. replied to Thomas James's discussion Paying off a large credit card debt vs. settlement? Are there pros? How bad are the cons?
"Banks figured out a way to multiply a bad debt into 40 times its value by selling derivatives like credit default swaps so they did everything they could to encourage and facilitate these loans. They petitioned the government for the right to do…"
Apr 26, 2014

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Nature, True Fitness - not just lifting heavy weight and big muscle, photography, fly fishing, beer, cigars, business and finance, Pearl Jam.
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"Do, or do not. There is no try"

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John Muir replied to N. R.'s discussion How to Friendzone like a Gentleman?
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Southern Gent replied to N. R.'s discussion How to Friendzone like a Gentleman?
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Sir replied to David R.'s discussion "Iron sharpens iron" in the group The Great Debate
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Pale Horse replied to N. R.'s discussion How to Friendzone like a Gentleman?
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8 hours ago
N. R. posted a discussion

How to Friendzone like a Gentleman?

Looking for some advice, or similar experiences from others here.  Sorry for the cheesy content.Just a little background, some of my friends are trying to set me and another friend of mine up. She's a very nice girl and I enjoy hanging out with her, but I just don't feel attracted to her in a romantic way.  At first I didn't do much about it, thinking that they would eventually get the point that I wasn't interested (I really didn't think that she had any feelings either).  Now it's to the…See More
8 hours ago
Lumberjoe replied to David R.'s discussion "Iron sharpens iron" in the group The Great Debate
""To do that, we'll need more data than OP provides." Of course. But you know what was being implied in colloquial / casual parlance ikn the OP."
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Liam Strain replied to Mongoose's discussion Regarding "Muslim Immigrant Woes" in Sweeden in the group The Great Debate
"Violent crimes would include gun violence. But yes, it's possible that gun violence is up, while other types of violence are down, leading to a net reduction in overall violence. Certainly none of these reports are doing much in the way of…"
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Mongoose replied to Mongoose's discussion Regarding "Muslim Immigrant Woes" in Sweeden in the group The Great Debate
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11 hours ago

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