No it's because it shields the debt. The interest goes to the pay now pay later. Then is block the ability to use your area in regards to charging interest rates and your credit limit.
The rich do the same thing but on a larger scale. They literally get money from the bank use their assets as collateral and goes to another bank and get a larger loan and pay off the original loan. God this country makes me sick. MONEY IS FAKE IT IS NOT REAL! The global economy is 300 trillion in debt and climbing. They are always try to go after little guy. Why don't you ask those billionaires to pay off their debt?
@@ThatsTheWayItGoes Yeah I figured. These types of predatory practices should be considered criminal. Especially giving how we have to work hard to get and keep our credit scores at certain levels
@@Carsandolives normally a person has to “earn” a reasonable apr (for example between 18-20 percent) by spending years practicing great credit habits but this anti consumer practice mentioned here in this video means even if you have done the work an institution can look at where you live and decide that your efforts are irrelevant and instead choose to be greedy and apply a high apr close to 28-30 percent even if you have excellent credit
Dont let them fool you. Chase is just pissed that we are paying lower rates on their credit cards. Its a cry that cant debt trap us because of it. Equally as funny as them claiming that getting your paycheck two days early is a loan. And if we wannt play that game because youre not getting my direct deposits. Then i dont want my checks taxed. Because their words its a loan. And loans dont get taxed
@@silentcatshhhh because by simple reasoning you know they are the second biggest bank. Anything that hurts their flow we will come up with policies that favor them. Other cards followed and not paying on them either
Klara has been racking up deliquescent debt without reporting. They are leading us into a scary recession, if not a depression, when they start defaulting
Wow, they really sunk to the greatest low point of all going after Klarna when she gives people like a few hundred dollars to spend. Holy cow put the pay wall up.
This is only for people who hold a Chase credit card. Credit cards cannot be used for certain transactions, such as paying your income taxes, or buying stock, buying bonds, and buying 3rd party debt. The Office of the Comptroller of the Currency (and if we are commenting here then I assume we are familiar with the OCC), has clarified that indeed credit cards are not allowed to be used to enable these transactions since it is essentially debt buying debt which is prohibited.
0:51 I think it’s ridiculous that YOU have the authority to control who n where I spend my money. All you have to do is hold my money n I spend it as a want to.Time to move on to another bank!!!
It’s not your money - that is not how credit works. Is if their money and you are asking to spend it as a loan, and as a loan they have the right to say how, where, and how much of their money can you spend. This does not effect someone with just a checking account, this effects chase credit card holders who are using their credit card to pay for debt to a 3rd party.
Globalist agenda. Even the AI is used to predict which area will be poor first. Walmart does the same thing with who & where they will ship food to and where they don’t. Look it up, if you don't believe it, its all online. Out of control greed, while playing the role of “helping you”.
No - zip codes and area codes are not used in calculating your credit score. No idea where he is getting this information, but your credit score has nothing to do with your zip code, it does have something to do with your address in that if you own your home and have a mortgage or not. Credit is very easily obtainable in the US, red-lining has not only been illegal for 60 years but it was not a common practice in most states (only certain democratically controlled cities). Pull up your credit score and how it is calculated and you will see it has nothing to do with your zip code, and everything to do with your debt and history of paying on time
@@carsonac4163 Nope - it is not. If you look at how a credit score is computed there is no variable for zip code, easy to tell because when you move locations and file a NCOA there is no chance to your score. This is one of those rumors people with bad credit like to believe while their neighbour has a credit score of 800 because they lay their bills on time. While people with like credit scores may be more likely to live around each other because of their equal access to credit, or qualifying for an apartment, that does not mean their zip code was used to calculate their score - the score influenced where people lived not where people lived influenced their score.
2 месяца назад
@@cxa340 we have known for a long time about red lining ,which is exactly what i described 🙂 .
@@cxa340no he’s right, credit score and geographic location l, age, race etc all factor into if your approve for certain loans depending on the institution; in fact they use fico scores(different models) and “other ai variables “ ie race zip code income age occupation etc.
As someone who has made a lot of bad decisions financially STAY AWAY from debt. If you cant pay for it right now. you dont need it. ONLY thing you should get in debt for is a house. assuming you have 6-12 months of payments stowed away. If you dont have that for a rainy day you gotta get a different crib bro. DO NOT Go into debt for cars or friends or family. its one of the worse things you can do. itll cost you MORE than the actual dollar amount. You can't apply for new leases, new cards, you get stuck n screwed
The part where they said it’s not on a credit report so bankruptcy proceedings can’t find it is 100% false. ANY reoccurring payment is scrutinized. When I bought my house in January I had 2-3 affirm payments going for smaller amounts (20-60 month) and I had to allow them access to my accounts via phone call with affirm. I ended up being advised to pay them off asap to help my buying power as they each were near ending.
Imagine someone thats supposed to hold your money saying you can spend it like this. Tbh if you want to spend your money and not pay your rent it is your choice. Payday loans are almost criminal
….Dr. Who? That was a mouthful. I live in Cali but love these interviews! Its like having a conversation with your uncle at Sunday family dinner. 🙏 keep up the great work.
Yeah but affirm, karma and after pay do not charge 30% interest and often you’ll get zero interest on 3-12 months depending on where you make your purchase.
Don’t forget that Chase has their own variant of buy now pay later built in their cards with Chase Plan’s. This is quite literally forcing you to use their own BNPL service.
I smell a lawsuit coming. I’m not going to give you my money to hold for me and then have you tell me where I can and can’t spend it if it’s perfectly legal
@@Cucumberflavoredmustard I smell a lawsuit coming. I’m not going to give you my money to hold for me and then have you tell me where I can and can’t spend it if it’s perfectly legal
This is sad. They’re already super massive, a little competition is a good thing I don’t use it personally, but for people who do use that to stay ahead of their finances, it’s a sad day
No - you cannot use a credit card to buy stock, you cannot use a credit card to directly pay your income taxes, and you cannot use a credit card to buy 3rd party debt and that is what Chase is cracking down on
Credit cards only - that is the issue here is that credit cards cannot be used to buy 3rd party debt and Chase is just following a decision by the Office of the Comptroller of the Currency that clarified as such that credit cards cannot be used to enable these debt transactions
No - the credit card agreement and federal law is clear in what credit can and cannot be used for. I cannot pull out my credit card and buy stock with it, just the same I cannot use it to buy 3rd party debt.
They clearly want people to owe more money. People can afford to not have extra interest and pay over time, they didn’t make that extra money from people being charged interest.
🤣💀because using those services only makes you pay 10x more and you can easily rip the bank out of thousands of dollars when you make multiple accounts and only pay 10$ once and never pay again
Buy now pay later companies arr going to wreck people's credit once they go bankrupt and have to sell off the debt. Once collection agency receive the debt will really know how much is owed😬
Agreed, no big banks for me. We've got a good credit union where I live, and the backing accounts (not that you ever really interact with them) are through a regional bank that, strangely enough, is actually pretty descent. I go to the credit union, they know me, it's never a hassle. Last couple times we got a car loan the loan officer just drew a big slash through the application form, initialed it, and said "you're approved, how much do you need?", and their rates were lower than anyone else's. Why in the world would I want to be nickeled and dimed by any of the large banks.
