May 11, 2009

Having just sold my house, should I pay off my credit cards? Yes/No?

Banks Brace for Credit Card Write-Offs - NYTimes.com
Banks wrote off an average of 5.5 percent of their credit card balances in 2008, while the average unemployment rate was 5.8 percent. By the end of the year, the rate of credit-card write-offs was 6.3 percent; more recent data was not available.

1 comment:

Bukko_in_Australia said...

Didja rilly sell your house? Always hard to tell whether you're being apocraphyl. Did I spell that last word right? It doesn't look correct. But I'm working a midnight shift, and my mind is fuzzy. ICBB to look it up with some computerised dictionary. MORE CAFFEINE, GODAMMIT!)

Where was I before I started raving? Musing on credit cards. Mrs. Bukko and I carry no balances on ours, praise Allah, even though we sometimes spend more than $2,000 a month on them. Still haven't gotten an Aussie card either, after being turned down so many times when we didn't have permanent residency. FUCK THE BANKS DOWN HERE! OUR MONEY'S NOT GOOD ENOUGH FOR YA? YOU JUST LOST NO-RISK CUSTOMERS TO A COUNTRY WHERE THEY FUCKING WELL KNOW HOW TO DO BUSINESS!

There I go again. It's the third midnight in a row, and my nerves are edgy.

Anyway, your post headline got me thinking about how many people I've known over the years who were inextricably in debt due to credit cards. People like the young couple of heroin addicts my ex-wife was friendly with, who used to get cash advances with their plastic so they could buy smack. The high didn't last long, and neither did their ability to borrow, but the financial monkey on their backs was still clinging years later.

There have been many others, with less florid stories of debt debauchery. What a bitch it is to always be under the gun due to long-ago sprees. Sad that so many are slaves to their spending. But the corporate masters like it that way. Keeps our minds focused on doing their bidding.

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