Showing posts with label Jim Highfill. Show all posts
Showing posts with label Jim Highfill. Show all posts

"One big reason people no longer have bank accounts is because it's so easy to get a judgement against someone and empty that bank account. Miss a credit card payment and they can get a judgement for full balance, fees, interest, legal fees, etc. and often other balances if you have multiple cards owned by the same company (even if those accounts are in good standing). This can get very messy very fast particularly in divorce situations. You can miss a couple of $100 payments (that your spouse said they'd pay) and get $10,000+ bled from your checking/savings account leaving you with no money to pay a house payment, car payments, etc. The cascade effect is a nightmare. This can also happen if you co-sign for someone else -- you just wake up one morning to find all of your money gone. You will never feel safe putting your money in a bank ever again. This has become a very streamlined process used millions of times a year by consumer credit card and finance companies. Personal finance gurus will tell you that if you get into financial distress like losing your job make sure you pay your rent/house payment first (so you don't become homeless), then water/electricity, with credit card / consumer loan payments dead last on the list. The credit card people know they're at the back of the creditor payment list and use these quick judgement procedures to jump to the front (and before a person files for bankruptcy -- most people don't file for bankruptcy if they still have thousands of dollars in their bank accounts)." - Jim Highfill

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"One big reason people no longer have bank accounts is because it's so easy to get a judgement against someone and empty that bank account. Miss a credit card payment and they can get a judgement for full balance, fees, interest, legal fees, etc. and often other balances if you have multiple cards owned by the same company (even if those accounts are in good standing). This can get very messy very fast particularly in divorce situations. You can miss a couple of $100 payments (that your spouse said they'd pay) and get $10,000+ bled from your checking/savings account leaving you with no money to pay a house payment, car payments, etc. The cascade effect is a nightmare. This can also happen if you co-sign for someone else -- you just wake up one morning to find all of your money gone. You will never feel safe putting your money in a bank ever again. This has become a very streamlined process used millions of times a year by consumer credit card and finance companies.

Personal finance gurus will tell you that if you get into financial distress like losing your job make sure you pay your rent/house payment first (so you don't become homeless), then water/electricity, with credit card / consumer loan payments dead last on the list. The credit card people know they're at the back of the creditor payment list and use these quick judgement procedures to jump to the front (and before a person files for bankruptcy -- most people don't file for bankruptcy if they still have thousands of dollars in their bank accounts)." - Jim Highfill
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