Credit Karma commands payment to pre-approved users for credit cards

Let’s start by raising interest rates and it is clear that the Fed is trying to combat inflation. They’re raising rates and a lot of the analysts I’ve been watching have said, you know what they’re going to raise all year, and then in 2023 they’re going to start cutting prices then all of a sudden this week, they say. You know what, I think we’re going to keep the rates, it kind of feels like they’re going to keep the rates high throughout 2023, and now in the event of a market crash, the prices go up. Do you know what this means for my credit card bill? He’s been a little screaming this week, right. It’s an idea that, well, I think people are comfortable until the end of the year to cut back on their spending. We all understand that the real estate market may come back a bit*** with higher mortgage rates and we’re all somewhat comfortable that our credit card rates*** haven’t gone up a bit, but you gotta make your point, that’s why we’re shaking The market this week because there is a feeling now that this is going to go a bit deeper *** into 20 23 and that could mean that this recession that we are arguably in right now could go into the third or fourth quarter of 2023. And so I think the Fed’s move is pretty intense Careful to make sure this doesn’t happen if I have credit card debt at the moment, which a lot of people do, what should I do? Should I focus all my money on paying it off? And is there another part of my life that I should spend less. So I don’t have these rates keep going up. People can’t get out from under that at some point. Certainly people should not be sitting on an excess of savings. And once you have $1,000 in savings, if you’re able to do it, don’t sit on the extra money to pay off your credit card debt. Because these rates are rising very quickly. You know when, when rates are as low as 3% or something, you can say it makes sense to *** carry a balance. I don’t like the argument, but I’ll listen to it when it gets to 14%, you’re talking about it before you know it’s doubling your credit. So, I want people to feel like they did in March, April, and May of 2020 and use that feeling to provoke their behavior to make some changes right now toward that credit card debt. You should withdraw money from your savings if you have stock*** in there that’s designed to pay to start paying credit card bills. Yes, don’t wipe yourself right, leave yourself *** a little $1000 Be careful. But at the same time, if you’re sitting on like four or 56 months of savings if you’re lucky enough to stop because you’re earning almost nothing and paying *** a ton in credit card debt. yes. This *** is a good question. How long should we have in the bank to save? I like three months. But I would also say figuring out how hard it is to do that but people got better in 2020. Like people really starting to pile it up as kids might say in 2021, they were dumping it. So we find ourselves in a strange space *** Now I don’t know if people realize that we are stressed as much as we are. Is there *** a way to contact the credit card companies or any debt we have and say you know I paid my bills on time. Is negotiation allowed here or is this like painting by numbers? it is what it is. Or you can say look I’ve been a good customer for 15 years. I need some help now. Can you lower my, can you do that? you can try. I mean we all tried to lower our cable bill from time to time. This way I think. Yes, it works. Here’s what I’d like to say is talk about *** balance transfer, call them up and say hi I’m considering transferring my balance to *** a lower interest rate card. Better not do it. Are you willing to lower my price a little ***. Ahh this *** is a reasonable thing to do and another, by the way, I don’t want to get off topic, but this is *** great advice. These credit card companies have data retention departments and you can sometimes call them up and say, You know what? I am tired of paying this rate. Another credit card. I’m about to leave you guys and another credit card commission *** will give me a better rate. In many cases they will send you to our custody and give you some money back. In some cases, they’ll just tell you, that’s $300 to keep. I refer to this. Hmmm, honey attracts more bees than vinegar. So, if you want to negotiate with these people, be nice. You don’t try to shovel them over coals, be nice to them, you’ll get more with them. Like, hey, I love, I love being *** I love being a customer. You guys were great, but I have to go where the price is better. what will you do for me? Hmm, let’s talk about student loans. Where do you stand on it? I mean you have democrats shooting inside the tent? You know, you have Republicans who obviously say it’s inflationary. What is your position? I think you can have really complicated feelings about this like I do well, me, there are some good feelings and there are some unexpected consequences coming down the road. There are two main problems, you know, Jeff, the two problems are college is expensive. OK. The second problem is that it has created a lot of student loan debt. So this is an attempt to tackle the second problem, which is *** Too Much Student Loan Debt. And I think doing that will make college more expensive. So I’m glad people why? why? why? why? Yes, there are *** two different reasons why university presidents actually register. But anonymous people now say they feel less pressure to keep the cost of education low. The easier it is to get student loans, the higher the price of college. There are studies that show that there is a direct link ***. Now there is a *** secret portion of this executive order. This secret. This *** seems a bit slutty. There is the *** part people don’t know that income-based reimbursement may be set at 5% of a person’s *** income. Totally Correct. Here’s what it means that there will be a *** point in time based on your income. If you repay based on income, there will be this payment to pay regardless of how much student loan debt you have. If you drop out of school and get $60,000 in student loans or drop out of school with $180,000 in student loans, the payment is still 5%. So, if that’s the case, *** a lot of people are going, well, I’m going to a better school, what’s really up? I’d be stuck at 5%. And that’s where this thing gets an ugly half-life, and it could cost a lot of us who have kids who are going to college one day, hopefully. Um, and it would cost, I mean, it’s really outrageous. I have, I mean, listen, I have concerns about this aspect of this. As you know, a lot of people are upset, get upset if you want to. I won’t talk you off the edge there, but I will say this if you’re a *** parent of an elementary school or high school student Now, what happened last week will have more of an impact on you than anyone arguing about what is fair in terms of tolerance. Eight million people will have their accounts deleted automatically and they won’t have to do anything ***. The rest of the other eligible persons will have to show some proof of income and they will have to fill out a certain form. So, there’s also the idea that it’s a little bit more likely that this will never happen right, and there may be legal challenges around that. He is clearly not *** a legal expert. I’d wear a nice shirt if I were, but I’ll say there’s a slight chance that it’s all not for the Fed to fight inflation. They have to shrink the economy. We hear about layoffs, layoffs, and layoffs in *** a lot of companies. Umm, there will be some pain here. There’s this, and that’s why it’s hard to talk about, you know, even in that form, isn’t it? It’s that we’re trying to wrap our minds around what’s going on and it’s, in a sense, marginalizing people going through the worst of 30,000 feet talking about this fictional thing called economics, and it’s not fictitious, but it’s not a real person, they don’t have feelings, but there are people who are really going to lose their livelihood, They will go through some severe and sharp pain. It is hard to look at such a thing as the economy and put it above the feelings of people and their families. It’s very difficult, which is why *** a lot of the kind of political exchange that we have today wants to make everything very bilateral. Either this or this, it’s never this or that. It’s, it’s, really complicated because it’s people’s livelihood. Like I said, maybe a college grad who just graduated in May of 2022, started a *** job, got laid off, you know, three months later and now they have *** a ton of student loan debt, well over $10,000. Thus, it will be difficult. And I’m, you know, not a prediction guy, but I’m going to look for that to get tougher during the second quarter or so of 2023, so you just have to mentally prepare yourself for tough times.

Credit Karma orders users to pay after falsely claiming they have pre-approved credit cards

Updated: 8:09AM EDT Sep 7, 2022

Related Video Above: The Financial Expert Talks About How Interest Rates Affect Your Credit Card Debt Some Credit Karma users could see a portion of a $3 million payout. The Federal Trade Commission ordered the company to pay users after falsely claiming they had pre-approved credit cards, and FTC officials say nearly a third of people who applied for such offers were turned down and that misrepresentation hurt their credit scores. Between 2018 and 2021, Credit Karma says it disagrees with the FTC but is settling to avoid disruption, and it’s unclear how many consumers have been affected Credit Karma allows people to monitor their credit information for free, but gets paid when customers are approved for On loans or credit cards.

Video linked above: A financial expert talks about how interest rates affect your credit card debt

Some Credit Karma users may see part of the $3 million payment.

The Federal Trade Commission ordered the company to pay users after falsely claiming they had pre-approved credit cards.

FTC officials say nearly a third of people who applied for these offers were turned down and that the misrepresentation hurt their credit scores.

This happened between 2018 and 2021.

Credit Karma says he disagrees with the FTC but is settling to avoid turmoil.

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It is unclear how many consumers have been affected.

Credit Karma allows people to monitor their credit information for free, but it gets paid when customers are approved for loans or credit cards.