Chris and his finances: An in-depth review of his debt

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Holdek said:
I've never heard about that. It doesn't make sense to offer credit to someone who just declared that they can't pay their creditors.
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If a debtor can pay monthly minimums, that's better to creditors than someone who pays all their debt off in a timely manner.
 
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Alec Benson Leary said:
If a debtor can pay monthly minimums, that's better to creditors than someone who pays all their debt off in a timely manner.
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I guess it would depend on the interest rate and the limit as to whether or not it makes financial sense to the credit card company to issue a credit card to someone with a history of default. They could end up making money off a few monthly minimums, or they could end up losing money because the cardholder just defaults again on a large balance after a short amount of time.
scxthursday said:
It sinks, just like him. Do we know if OPL can swim?
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http://cwckiforums.com/threads/can-chris-swim.1739/
 
Well, Burger King and the shock that his retarded son was a god dang tranny fag:tomgirl:.
 
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theobservdr said:
but sooner or later collection agencies will be calling, unless they already have been...
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Brother, not if he is paying the minimum.

However, as he gets more cards, his monthly minimum payment total will go up, so eventually you are right.
 
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CätPärty said:
:anna:
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Off topic, but if you're going to use a Venture Bros. Avatar, you might want to use the Monarch's dead taxadermy cat, considering your theme.:catparty:

Holdek said:
The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to think we're living in a democracy, are you buddy? It's the free market. And you're a part of it. You've got that killer instinct. Stick around pal, I've still got a lot to teach you.
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Good to know I'm not the only tyt fan here, probably. Look them up on youtube if you're not. They're right up your alley.
 
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qld said:
Since when was the credit card situation in this country logical?
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In the macro sense, you're right. I was just thinking of it from any particular potential creditor to Chris.

jharwel1 said:
Good to know I'm not the only tyt fan here, probably. Look them up on youtube if you're not. They're right up your alley.
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Are you referring to The Young Turks?
 
Smokedaddy said:
A friend of mine started a coffee house in Lowell, MA a few years back. The city was all gung-ho to get more small businesses happening and make downtown a more tourist-friendly and walkable place, and was giving people money left and right. Unfortunately, their clever plan put three coffee houses on the same block, and my friend had to declare Chapter 13. He sold his house to pay the business debt, got what he could out of the business, and the bankruptcy was discharged in two or three months. He didn't lose his cars nor a single credit card. A year later he relocated to Virginia and bought another house, no problem.
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Your friend should have incorporated.
Alec Benson Leary said:
If a debtor can pay monthly minimums, that's better to creditors than someone who pays all their debt off in a timely manner.
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☝ This. Your credit rating isn't just a measure of how trustworthy you are. It's largely an estimate of how profitable you are to lenders.
Holdek said:
I guess it would depend on the interest rate and the limit as to whether or not it makes financial sense to the credit card company to issue a credit card to someone with a history of default. They could end up making money off a few monthly minimums, or they could end up losing money because the cardholder just defaults again on a large balance after a short amount of time.
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That's why they start out with only very small balances, which only increase after the account has delivered enough profit in interest to cover the risk of another default. They also have their own underwriters to cover what risk of a default remains. Creditors are not in the business of losing money to autistic manbabies.

I often wonder how credit card companies are so often accused of predatory lending, as if they were like wolves or something. How can it be "predatory" when lambs like Chris line themselves up to be fleeced?
 
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I mean, I've got a very large amount of credit card debt, but all of it is from: paying rent in Fall '11, fixing my car after a texting soccer mom t-boned me, and surviving while taking an unpaid internship in DC. To see someone with Chris' level of debt, and knowing that he spent it on toys, video games, and McDonald's, has always been mind-boggling to me.

Marvin said:
Christia is his tomgirl name, I'm sure. (Or maybe it should be Crystal... then he could have three Crystals in the family)
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I always assumed it was "Crystaline", as that's what he named his character in Pokemon X/Y :lol:

A-Stump said:
Chris is fat and misuses money and I would NOT loan him any.
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But if you had to loan money to him or Pixy, who would you choose? :tomgirl:

Acquiring new things (i.e. Chris' "impulsive shoppiness") has always been an addiction of Chris', much like buying cheap goodwill shit was for :snorlax:. How new stuff is acquired is irrelevant.
 
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Picklechu said:
But if you had to loan money to him or Pixy, who would you choose? :tomgirl:
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Chris, because I'll give him the option of making small payments with larger interest and after a year of this I'll have made back five times what I loaned him. Then I'll feel bad about scamming a mentally challenged man and say to him "Listen, I'll give back all the extra money but you have to choose how. It can go straight towards any bills OR... legos"
 
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Holdek said:
In the macro sense, you're right. I was just thinking of it from any particular potential creditor to Chris.
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Well, if he declared bankruptcy with, say, HSBC, then no, they're not likely to issue him another card. But a bank that he hasn't crossed paths with before, a strong maybe. I knew a guy that tried to get a cash advance from H&R Block, but they were serviced by HSBC so no deal since they knew him. He had declared bankruptcy and stiffed them a couple years earlier. But at the same time, he had multiple new credit cards, and had got himself in the same position as he was pre-bankruptcy.
In the meantime, those cards went to collections, he was sued. For three of the four he went to court and said it wasn't his signature, plead identity theft, etc. Since the debts were sold, the purchaser didn't have any documents connecting him to the cards, so the suits were dismissed. The fourth one nailed him since they didn't sell the debts and did have documents, but he since went on disability and they don't even bother trying to collect, even though they won a judgment.
Far too much work for Chris, I know. But so should be making all these minimum payments each month. Eventually the cards are maxed and making a payment doesn't earn you any more spendable credit in return for your sacrifice. At least bankruptcy would earn him a new nest he could spend the next year shitting in and next decade lying in.
 
A-№1 said:
He'll answer bills, but expect to get legos as well for his "correct" answer.
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Then I guess he'd get pissed and max out all those cards again to get more legos, ending right back up in debt.

Fuck. I should have kept the hypothetical money and just ran.
 
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