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Gina_Silva's Blog

by Gina_Silva

Last Post 52 days, 8 hours Ago


5 to 10 credit cards is what most people carry in their wallets. The results can be disastrous, with many people drowning in debt. It doesn't matter, the credit card offers just keep coming in the mail.

Have you ever wondered which customer is preferred by creditors? Is it the consumer making good money or the the person struggling financially?

On Monday night, I've got a report on how creditors operate. With the help of James Scurlock, author of "Maxed Out", we explore the world of charge cards. Research indicates the worse off you are, the more creditors come after you. It may sound strange, but if you think about it, it really does make sense. Financial institutions make most of their money on high interest rates, late payment penalties and people making only the minimum payments. If you only pay the minimum, you'll never get out of debt.

Financial institutions say they lend responsibly and do not target specific people. What do you think? Is it really the creditors that are at fault or the consumers who need to be more responsible with their spending?

BTW, creditors are now tossing around a new idea. A credit card that allows them to take money out of your pension plan if you don't pay the bill. Crazy? You bet, but I'm sure some people will sign up for it if it's ever offered.
Gina
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Paul_D read my blog
May 10, 2007 | 12:16 AM

I never wondered which customer is preferred by creditors.

ddain read my blog view my photos
May 10, 2007 | 8:54 AM

I'm sure they'd sign up for it too Gina....but I don't have much sympathy for credit card companies when people decide to go bankrupt so they can get out from paying their bills. These companies still offer credit to those who declare bankruptcy, knowing full well that they've been down that road.

ashikun read my blog
May 10, 2007 | 9:58 AM

I hear the credit card companies set up boothes on college campaus's,so the students leave school already in dept for books,and school loans...what a way to start life.

ddain read my blog view my photos
May 10, 2007 | 10:05 AM

You got that right, they've been doing that for years. The best part is that they get parents to co-sign with the kids so they will be responsible for the bills getting paid.

samo714 read my blog view my photos
May 10, 2007 | 10:25 AM

it sucks being master card bit*h. can't wait til i finish paying it off.

dasvics read my blog view my photos
May 10, 2007 | 12:20 PM

Knowing that makes me so angry. However I guess its our fault for not excerscising self control. I believe the credit card companies want to make money and don't care who they step on along the way. It's disgusting. I feel I'm partly to blame because I can't stop myself from buying things I don't really need. I has become a huge problem and its so hard to get out of it. Our credit score drops every time we get maxed out, so then our interests rates are higher when we want to purchase a house- its a vicious cycle with no end. I really will stop using those stupid cards- I hate contributing to the problem. Thanks for putting this out there Gina. The more people hear about this and become aware of the greed of those who love making a buck of our stupidity, the less likely we will charge things we dont really need and learn to live without it. Its all about dicipline and self control.

Jeano view my photos
May 10, 2007 | 1:10 PM

Ciao bellissima,

Credit card companies are legalized loan sharks. We should start calling credit card company presidents "Guido".

You're my favorite reporter, keep up the excellent work.

-Jean Emmanuel

beepbeep read my blog view my photos
May 10, 2007 | 1:57 PM

I'd like to see you do a story on the people suing mortgage companies who gave ill advice and sold them negative amortizaton loans.

It's getting big and attorney's are advertising on the radio.

Nice "Maxed Out" story

Gina_Silva read my blog view my photos
May 10, 2007 | 2:22 PM

"Guido".....you're funny Jeano. :-)

Lenders are not just offering credit to college students. There are some charge cards for kids as young as 13! The idea is to teach them about money. But critics say, it's just a way to give kids a taste for credit early in life.

Dasvics you're right, we definitely need more self control.

Regarding the bankruptcies, Ddain, as soon as a person gets a discharge, the lenders are immediately back. These are good customers for them---high interest rates and they can't file for bankruptcy for another 8 years.
Banks say the only reason they're offering credit again is because people deserve a second chance.

eddiefella read my blog
May 10, 2007 | 5:39 PM

I had 3 credit cards until I consolidated them into 1 account with lower interest. This saves me a few bucks each month but I try to pay more than the minimum. It's hard but possible. It's all about discipline and self control. Unfortunetely, those bucks that I'm saving are now going towards gas each month. Oh well!

Jeano view my photos
May 10, 2007 | 7:46 PM

Querida,

How about posting some pictures on your blog (of yourself and/or your adventures out in the field)? Check out my artwork that I posted.

-Jean Emmanuel

ddain read my blog view my photos
May 11, 2007 | 10:43 AM

A second chance to owe a ton of interest which will go right back to the credit card companies. I love how the credit card companies try to come across as magnanimous Gina, when it's really not the case.

marv read my blog view my photos
May 12, 2007 | 12:58 PM

Gina, your point seems to be that some people are not smart enough to understand credit card agreemens. There might be a correlation between those who are stupid and those who are poor. Or maybe it is discrimination.

Moogie read my blog view my photos
May 12, 2007 | 9:00 PM

People simply don't read their credit card agreements. "Stupid" might be a way of putting it, but people are also delusional, inexperienced, under-educated, feeble minded, unrealistic, too young, too old, too greedy, too materialistic. Whatever happened to delayed gratification?

I would like to echo beepbeep and hear about the "creative financing" that has been going on in the mortgage industry. Will you do that story, please, Gina?

fox11newsreporter read my blog view my photos
May 13, 2007 | 7:20 PM

THANKS 4 DA SCRIPS IM READING THEM THERE REALLY INTERSTING

Gina_Silva read my blog view my photos
May 14, 2007 | 10:15 AM

Jeano,
Your artwork is awesome! Do you sell your art or have you ever created murals inside people's homes? I just went to a friends house and was amazed at the beautiful landscape an artist did on her walls. There's apparently a big market for that. Good job!

Beepbeep and Moogie,
I'm definitely gonna look into those negative amortization loans for a possible story on the news. I almost got sucked into one of those loans myself. They paint a really pretty picture, telling you that you're going to save sooooo much money, but they never explain what a horrible loan it really is. Thanks for the idea.

Hi Marv,
I definitely wasn't trying to make a correlation between poor or stupid people not understanding credit card agreements. I think Moogie explained it best.
Thanks to all for responding. :-)

Jeano view my photos
May 15, 2007 | 12:44 AM

Hi Gina,

Thank you for liking my artwork. I do sell some of it, although most of the work I've done lately has been illustrating for books and advertising and of course, for my day job as a kitchen and bath designer. I am currently working on getting a one man art show within the next year. Hey, maybe you'd like to model for me, after all, you are "molto bellissima". I have created murals, I have a clip of one I painted that was featured on the "Orange County News Channel". It was done for a Spanish style house in the Orange Hills. I depicted an early California scene with a view of Catalina Island. How can a get this clip to you?

I really enjoy blogging with you (I'm a rookie).

Ciao,

Jean Emmanuel

blcoffman read my blog
May 16, 2007 | 9:38 AM

Hi Gina ,good blog !I agree with you and Moogie !!I remember when credit card co.s were sending them to my dog Topaz !!Boy talk about greed even the Simpons did a spot on that LOL!! I hate credit cards.

2ZION read my blog view my photos
Jul 3, 2007 | 10:57 AM

I have never had a credit card! I've had offers, but, who needs money THAT BAD? Not me.

Here's my motto (if you could call it that):

If I want something, I will buy it with CASH.
If I don't have the CASH, I will put it on lay-away...
OR, not buy it at ALL. If I can't afford it, I probably don't need it!

It's just discipline, people. I was taught this by the Lord. He actually HAS important things to teach, if anyone's willing to listen.

Remember this: "...the borrower is servant to the lender." And I'm only a servant of God's people, not money lenders.

I'm just sayin'...

gregschneiderhan read my blog view my photos
Jul 6, 2007 | 11:43 PM

i hate credit cars a good way to go broke pree pay is not better eather theres lots they dont tell you i say get rid of credit cards. it was better cash or check atleast you wont get jacked and if you lose you pin ohh crap . them credit cards are no good plus them so called loan tings dont work and dont try it take my advice i knew a lady had so many of them credit cards her wallet loook like my cd case and now she is broke as a joke haaha i quote nelson from the simpsons dont wate time with crredit cards and doble that zzion. nothings better then green for money

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Gina_Silva

On any given night or morning, you might catch me doing everything from consumer/investigative reporting, anchoring, entertainment, weather, even sports (not my favorite). On the weekends, I can also be found washing the news trucks. :-) O.K. that's not true, but that's probably my next assignment! If you have any story ideas or would like me to look into a situation you feel may be unjust, please let me know by commenting on my blog! Don't forget to tune into the Sunday Morning News at 7am with Robb Weller and yours truly.

Member Since: 7/4/2006