[heroineworshipper]

Now that government is buying up most consumer debt, lending limits are being removed, banks have decided is cheaper to not collect, and no-one at least in Stockton bothers making payments anymore, we have massive numbers of people with credit scores of 0.

How do banks stay in business if everyone has credit scores of 0? Get rid of credit scoring. This is going to be the next big move in the new experiment of free money for all. It's graduation day & the school of capitalism just finished. Maybe it's time to stop paying back your mortgage & join the party.

[Ferretlover]

$this->bbcode_second_pass_quote('heroineworshipper', 'N')ow that government is buying up most consumer debt, lending limits are being removed, banks have decided is cheaper to not collect, and no-one at least in Stockton bothers making payments anymore, we have massive numbers of people with credit scores of 0.

[kpeavey]

when the dollar has no value, what does a credit score do?
I think the govt is expecting a complete crash of the economy, may as well give the civvies a last big blowout party while it lasts.

[Ferretlover]

$this->bbcode_second_pass_quote('kpeavey', 'w')hen the dollar has no value, what does a credit score do?
I think the govt is expecting a complete crash of the economy, may as well give the civvies a last big blowout party while it lasts.

[roccman]

$this->bbcode_second_pass_quote('heroineworshipper', 'N')ow that government is buying up most consumer debt, lending limits are being removed, banks have decided is cheaper to not collect, and no-one at least in Stockton bothers making payments anymore, we have massive numbers of people with credit scores of 0.

How do banks stay in business if everyone has credit scores of 0? Get rid of credit scoring. This is going to be the next big move in the new experiment of free money for all. It's graduation day & the school of capitalism just finished. Maybe it's time to stop paying back your mortgage & join the party.

[Kingcoal]

In the wake of calling everything racism, institutions have turned to credit histories as a way to determine the overall riskiness of an individual. For example, insurance companies have found a direct correlation between someone who is risky with their money and one who is a risky driver. The credit score has become the de facto standard and politically correct method of weeding out undesirables. In fact I've read that there is a direct inverse proportionality between a persons credit score and their level of anti-social behavior.

If banks do away with credit reporting agencies, then they are also doing away with lending to common folk with little collateral.

[emersonbiggins]

$this->bbcode_second_pass_quote('roccman', '')$this->bbcode_second_pass_quote('heroineworshipper', 'N')ow that government is buying up most consumer debt, lending limits are being removed, banks have decided is cheaper to not collect, and no-one at least in Stockton bothers making payments anymore, we have massive numbers of people with credit scores of 0.

How do banks stay in business if everyone has credit scores of 0? Get rid of credit scoring. This is going to be the next big move in the new experiment of free money for all. It's graduation day & the school of capitalism just finished. Maybe it's time to stop paying back your mortgage & join the party.

[Ferretlover]

Going to be interesting to see what insurance companies come up with when the price/value of everything they insure comes plummeting down.
They are going to lose a lot of customers when the customers can't afford to run their cars, or will rent instead of buying a home, life insurance, etc.

[roccman]

$this->bbcode_second_pass_quote('emersonbiggins', '')$this->bbcode_second_pass_quote('roccman', '')$this->bbcode_second_pass_quote('heroineworshipper', 'N')ow that government is buying up most consumer debt, lending limits are being removed, banks have decided is cheaper to not collect, and no-one at least in Stockton bothers making payments anymore, we have massive numbers of people with credit scores of 0.

How do banks stay in business if everyone has credit scores of 0? Get rid of credit scoring. This is going to be the next big move in the new experiment of free money for all. It's graduation day & the school of capitalism just finished. Maybe it's time to stop paying back your mortgage & join the party.

[emersonbiggins]

Hey, as long as "no one" owns the homes, certainly a few wouldn't mind if I shoved off in one, right? Maybe even one with a family still inside.

[TheDude]

$this->bbcode_second_pass_quote('Kingcoal', 'T')he credit score has become the de facto standard and politically correct method of weeding out undesirables.

[mel1962]

I hear they are changing the credit score! I have no problem getting credit but my FICO is over 750. I think a lot of people have crushed their scores with foreclosure and bankruptcy, but over time it will come back, as long as they pay their bills.

Poor credit is going to have to pay high interest rates and maybe put up collateral.

I have been bankrupt and foreclosed, but righted the ship, its not easy and took many hard years of sacrafice such as no new car or vacation for a decade, it sucks, but it is all about managing your money even in a situation like this. Dave Ramsey's radio program gives some very good guidelines, but I don't agree with everything he says!