You heard it from me....AXP is in some big trouble - DFWstangs Forums
 
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post #1 of 19 (permalink) Old 12-10-2008, 02:00 PM Thread Starter
Lifer
 
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You heard it from me....AXP is in some big trouble

I recieved word this morning that there are some big things happening over @ AMEX.

Don't know what, but apparently they are instructed to cut certain items, and are increasing %'s, cutting credit lines, and shorting some other important things..

Things are about to happen.
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post #2 of 19 (permalink) Old 12-10-2008, 02:02 PM
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....Don't leave home without it.
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post #3 of 19 (permalink) Old 12-10-2008, 02:03 PM
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Fuck AMX

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post #4 of 19 (permalink) Old 12-10-2008, 02:12 PM
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Not suprising at all.
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post #5 of 19 (permalink) Old 12-10-2008, 02:22 PM
Bla Bla Bla
 
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I thought this was going on at all the major credit card companies??

All I hear is bla bla bla......
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post #6 of 19 (permalink) Old 12-10-2008, 03:05 PM
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Quote:
Originally Posted by agiraldo
I recieved word this morning that there are some big things happening over @ AMEX.

Don't know what, but apparently they are instructed to cut certain items, and are increasing %'s, cutting credit lines, and shorting some other important things..

Things are about to happen.

been going on for the past month or so.

they are drastically cutting credit lines, even to people that have great credit.

they are closing long time cardholders accounts for no reason.

AMEX - never leave home without a backup for it
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post #7 of 19 (permalink) Old 12-10-2008, 03:07 PM
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Why would any company that is even remotely struggling not try and get some of this bailout money?

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post #8 of 19 (permalink) Old 12-10-2008, 03:48 PM
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Credit cards are going to revert to what they used to be. A distinction that is earned by responsible use of credit. Those of us over 40 remember when having a credit card actually meant you were a person of some acheivement.

Over the last 25 years they became a means that anyone with a pulse could use to grossly overspend. The loss of credit cards for the masses will hurt consumer spending, and deepen the recession. But what good are higher retail sales if the banks are bankrupt?

Scott
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post #9 of 19 (permalink) Old 12-10-2008, 04:15 PM
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Quote:
Originally Posted by White trash wagon
The loss of credit cards for the masses will hurt consumer spending, and deepen the recession. But what good are higher retail sales if the banks are bankrupt?

Scott
But a hurt in a good way. The folks with no credit cards can pay cash for stuff they want WHEN they have cash to spend and not rely on ramped up credit cards.

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post #10 of 19 (permalink) Old 12-10-2008, 04:18 PM
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Guess I need to take my black card back...
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post #11 of 19 (permalink) Old 12-10-2008, 04:30 PM
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[QUOTE=White trash wagon]Credit cards are going to revert to what they used to be. A distinction that is earned by responsible use of credit. Those of us over 40 remember when having a credit card actually meant you were a person of some acheivement.

Exactly. I also remember agonizing over using them, whether I'd be able to pay it off immediately to avoid monthly charges. "Charging something" was a big deal. Ha, those were the days. Now the only card I have is a debit.
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post #12 of 19 (permalink) Old 12-10-2008, 04:39 PM
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good thing i dont have any cc's.i made my choice years ago.im not playing there game of fine print.

RON PAUL '08
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post #13 of 19 (permalink) Old 12-10-2008, 05:51 PM
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I only have debit cards and those pay me cash back for using them .
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post #14 of 19 (permalink) Old 12-10-2008, 06:18 PM
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I use AMEX exclusively as I refuse to carry debt from month to month on plastic.

Now if I could just beat it through my wifes head that Macys and Dillards and xxx store cards are the devil...
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post #15 of 19 (permalink) Old 12-10-2008, 08:08 PM
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I'm only carrying a balance from month to month on one card, and that balance is about to go away. Not having credit card balances is very nice.
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post #16 of 19 (permalink) Old 12-10-2008, 08:24 PM
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Quote:
Originally Posted by White trash wagon
Credit cards are going to revert to what they used to be. A distinction that is earned by responsible use of credit. Those of us over 40 remember when having a credit card actually meant you were a person of some achievement.
Scott
I always thought that when growing up.

I knew all that had changed when I had a card at 18 and a "platinum" card at 20. During those years I was in school and making <$20k a year.

Between overspending on Credit cards and wasting Student loan money, I have definitely learned to be more financially stable. I was lucky enough not to ruin my credit in the process.


<--28 yrs old

BTW, spelling fixed
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post #17 of 19 (permalink) Old 12-11-2008, 02:08 AM
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i think a lot of DFWStangers talk about the virtues of having "hard-to-get" credit card but forget to think about that a lot of this countries growth and the money fueling a huge amount of industries helped pay their paychecks and get them easy employment.

Fact is that a lot of our economies "strength" lies in the huge amount of consumer spending that may or may not be within the consumers means.
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post #18 of 19 (permalink) Old 12-11-2008, 04:43 AM
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Quote:
Originally Posted by 32VfromHell
i think a lot of DFWStangers talk about the virtues of having "hard-to-get" credit card but forget to think about that a lot of this countries growth and the money fueling a huge amount of industries helped pay their paychecks and get them easy employment.

Fact is that a lot of our economies "strength" lies in the huge amount of consumer spending that may or may not be within the consumers means.
Spending and consuming from debt is not prosperity. We are actual seeing this first hand as the economy spirls in to a recession as excessive debt is unwound. Consuming through debt insted of using assets just pulls forward sales, which cannot be done indefinitely.
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post #19 of 19 (permalink) Old 12-11-2008, 06:23 AM
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Quote:
Originally Posted by TexasDevilDog
Spending and consuming from debt is not prosperity. We are actual seeing this first hand as the economy spirls in to a recession as excessive debt is unwound. Consuming through debt insted of using assets just pulls forward sales, which cannot be done indefinitely.
Very true. You can have some debt/credit but it has to be very manageable..

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