What would happen if the VISA and Mastercard networks failed?

Tips and Deals Forums Consumer Credit Credit Cards What would happen if the VISA and Mastercard networks failed?

This topic contains 22 replies, has 6 voices, and was last updated by  Anonymous 7 years, 11 months ago.

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  • #210165

    Anonymous

    If there was a software problem or some other unforeseen problem and the networks were unusable, how would you manage without them?

  • #287072

    Anonymous

    I don’t have a credit card and i manage so if they failed it would only affect my society. actually this a more complex question than I had suspected. maybe you mean with out the sociall implications? I would manage just fine.

  • #287729

    Anonymous

    the same way i do now. cash baby. i don’t trust plastic.

  • #288397

    Anonymous

    you obviously dont understand how visa and mastercard work.

  • #324626

    Anonymous

    Not sure what you are talking about. The only program that I know of is called a savings account.

    I guess if you qualify for some special interest group, there might be grants or laons.

  • #445770

    Anonymous

    Not sure what you are talking about. The only program that I know of is called a savings account.

    I guess if you qualify for some special interest group, there might be grants or laons.

  • #324627

    Anonymous

    FHA, Fannie Mae, Freddy Mac

  • #445771

    Anonymous

    FHA, Fannie Mae, Freddy Mac

  • #324628

    Anonymous

    These programs are scams. Some builders and real estate agents claim to have special secret programs that offer you grant money to help with your down payment or closing costs.

    Actually what they are doing is they charge you too much for a home and then give you a little of your money back, but they keep most of your money for themselves.

    They often work in cahoots with a dishonest Mortgage Broker and a dishonest or incompetent real estate appraiser that comes back with a jacked up appraisal that is far more than what the house is worth to convince a lender to give you a loan for too much money so that you can pay too much for the house.

    THAT IS ONE OF THE REASONS THAT I RECOMMEND THAT YOU HIRE YOUR OWN APPRAISER TO GIVE YOU A SECOND OPINION, LIKE A DOCTOR WOULD GET YOU A SECOND OPINION IF YOU WERE GOING IN FOR SURGERY.

    Essentially you wind up paying too much for the house.

    This is a very competitive buyer’s market.

    YOU HAVE THE POWER RIGHT NOW!!!!!

    I RECOMMEND THAT YOU TAKE ADVANTAGE OF IT

    I RECOMMEND THAT YOU HIRE AN ATTORNEY WHO SPECIALIZES IN REAL ESTATE TO REPRESENT YOU AND PROTECT YOUR INTERESTS.

    DO NOT LET A REALTOR OR A REAL ESTATE AGENT REPRESENT YOU. THAT IS YOUR ATTORNEY’S JOB TO REPRESENT YOUR INTERESTS AGAINST THE INTERESTS OF THE REALTORS AND THE UNREALISTIC SELLERS.

    I ALSO RECOMMEND THAT YOU HIRE A REAL ESTATE APPRAISER TO GIVE YOU YOUR OWN APPRAISAL IN ADDITION TO THE LENDER’S APPRAISAL (LIKE A SECOND OPINION FROM A DOCTOR)

    Tell your attorney to write all of your offers and include language that requires that the seller pay all of your closing costs.

    Also tell your attorney to include language that makes your offer contingent on the appraised value as determined by your appraiser, not the lender’s appraiser.

    When your appraiser comes back with a value that is less than the price you offered, I recommend that you give the seller two choices. Either the seller agrees to a reduction in the contract price so that it is equal to the appraised value as determined by your appraiser or the seller agrees to cancel the contract and direct the title company to return your deposit to you.

    You may have to cancel a few contracts before you close on a house.

    The good news is that you will only pay fair market value, not the ridiculously jacked up prices that the sellers and the REALTORS and real estate agents are asking.

  • #445772

    Anonymous

    These programs are scams. Some builders and real estate agents claim to have special secret programs that offer you grant money to help with your down payment or closing costs.

    Actually what they are doing is they charge you too much for a home and then give you a little of your money back, but they keep most of your money for themselves.

    They often work in cahoots with a dishonest Mortgage Broker and a dishonest or incompetent real estate appraiser that comes back with a jacked up appraisal that is far more than what the house is worth to convince a lender to give you a loan for too much money so that you can pay too much for the house.

    THAT IS ONE OF THE REASONS THAT I RECOMMEND THAT YOU HIRE YOUR OWN APPRAISER TO GIVE YOU A SECOND OPINION, LIKE A DOCTOR WOULD GET YOU A SECOND OPINION IF YOU WERE GOING IN FOR SURGERY.

    Essentially you wind up paying too much for the house.

    This is a very competitive buyer’s market.

    YOU HAVE THE POWER RIGHT NOW!!!!!

    I RECOMMEND THAT YOU TAKE ADVANTAGE OF IT

    I RECOMMEND THAT YOU HIRE AN ATTORNEY WHO SPECIALIZES IN REAL ESTATE TO REPRESENT YOU AND PROTECT YOUR INTERESTS.

    DO NOT LET A REALTOR OR A REAL ESTATE AGENT REPRESENT YOU. THAT IS YOUR ATTORNEY’S JOB TO REPRESENT YOUR INTERESTS AGAINST THE INTERESTS OF THE REALTORS AND THE UNREALISTIC SELLERS.

    I ALSO RECOMMEND THAT YOU HIRE A REAL ESTATE APPRAISER TO GIVE YOU YOUR OWN APPRAISAL IN ADDITION TO THE LENDER’S APPRAISAL (LIKE A SECOND OPINION FROM A DOCTOR)

    Tell your attorney to write all of your offers and include language that requires that the seller pay all of your closing costs.

    Also tell your attorney to include language that makes your offer contingent on the appraised value as determined by your appraiser, not the lender’s appraiser.

    When your appraiser comes back with a value that is less than the price you offered, I recommend that you give the seller two choices. Either the seller agrees to a reduction in the contract price so that it is equal to the appraised value as determined by your appraiser or the seller agrees to cancel the contract and direct the title company to return your deposit to you.

    You may have to cancel a few contracts before you close on a house.

    The good news is that you will only pay fair market value, not the ridiculously jacked up prices that the sellers and the REALTORS and real estate agents are asking.

  • #324629

    Anonymous

    You have to do your checking and investigating at the county level by checking with county court house.
    And in the the municipality where the property is located. You may be able to get some answers to your questions.

    You might have to take classes to qualify for the funding.

    If not, have you asked for a Seller assist in your sales contract?

    Thanks for asking your Q! I enjoyed answering it.

    VTY,
    Ron Berue
    Yes, that is my real last name!

  • #445773

    Anonymous

    You have to do your checking and investigating at the county level by checking with county court house.
    And in the the municipality where the property is located. You may be able to get some answers to your questions.

    You might have to take classes to qualify for the funding.

    If not, have you asked for a Seller assist in your sales contract?

    Thanks for asking your Q! I enjoyed answering it.

    VTY,
    Ron Berue
    Yes, that is my real last name!

  • #324630

    Anonymous

    sorry havent heard of these programs. On my first home purchase, I negotiated with the seller to pay the majority of my closing costs. The seller was transfered and needed to sell quick. I got lucky but maybe you could do something like that. I sold that home because i got transfered myself and bought the home i’m in now. I got an FHA loan and didnt have to pay alot on closing. These arent exact figures but i think i payed appx. 5000 total on a 150,000 home. I live in TX and i figure a house in NY is alot more than mine.
    Good Luck. Hope this helped a little.

  • #445774

    Anonymous

    sorry havent heard of these programs. On my first home purchase, I negotiated with the seller to pay the majority of my closing costs. The seller was transfered and needed to sell quick. I got lucky but maybe you could do something like that. I sold that home because i got transfered myself and bought the home i’m in now. I got an FHA loan and didnt have to pay alot on closing. These arent exact figures but i think i payed appx. 5000 total on a 150,000 home. I live in TX and i figure a house in NY is alot more than mine.
    Good Luck. Hope this helped a little.

  • #324631

    Anonymous

    There are such programs if you make lower to median income. Each state has a federally funded program that offers special interest rates and in some cases “grant” money to cover down payment and closing costs from $ 5000 to $ 15000 depending on where you live. Contact your state’s housing department for more info.

    The funny thing is that any Realtor who regularly represents buyers should know and want to share this info with their clients, but it is the government that limits the knowledge to Realtors and has an open door to the mortgage brokers who often discourage these programs because they can’t make as much money off of them as other loan programs.

  • #445775

    Anonymous

    There are such programs if you make lower to median income. Each state has a federally funded program that offers special interest rates and in some cases “grant” money to cover down payment and closing costs from $ 5000 to $ 15000 depending on where you live. Contact your state’s housing department for more info.

    The funny thing is that any Realtor who regularly represents buyers should know and want to share this info with their clients, but it is the government that limits the knowledge to Realtors and has an open door to the mortgage brokers who often discourage these programs because they can’t make as much money off of them as other loan programs.

  • #324632

    Anonymous

    As far as I am concerned, there is no such program. Depending on you loan scenario, every bank will allow you to take 6% seller concession to cover up the closing cost. It means, the bank will add the closing cost with you loan amount. The benefit: you don’t pay whole closing cost at once. The negative: your monthly mortgage will be tiny bit higher. The advice: BE CAREFUL, don’t fall for sweet talking of real estate agent/broker and mortgage loan office/broker.

  • #445776

    Anonymous

    As far as I am concerned, there is no such program. Depending on you loan scenario, every bank will allow you to take 6% seller concession to cover up the closing cost. It means, the bank will add the closing cost with you loan amount. The benefit: you don’t pay whole closing cost at once. The negative: your monthly mortgage will be tiny bit higher. The advice: BE CAREFUL, don’t fall for sweet talking of real estate agent/broker and mortgage loan office/broker.

  • #324633

    Anonymous

    Hey many people have given you good information.
    At this time get a 30 year fix, FHA. Negotiate with the seller so they can pay up to 6% of the closing fees.

    Builders are giving very good incentives towards closing costs and purchase.

    This is a good time to purchase a home. Make plans to live in it for some time. New construction is very good. But an old home is just as good.

  • #445777

    Anonymous

    Hey many people have given you good information.
    At this time get a 30 year fix, FHA. Negotiate with the seller so they can pay up to 6% of the closing fees.

    Builders are giving very good incentives towards closing costs and purchase.

    This is a good time to purchase a home. Make plans to live in it for some time. New construction is very good. But an old home is just as good.

  • #324634

    Anonymous

    I wanted to keep my money in savings because it wasn’t much and I needed it in came of emergency, so we used some and asked the sellers to give us some at closing. For example our offer was 126,000, but they gave us 2,500 at closing, so we actually paid them 128,500 for the house, which was the amount of our loan.

  • #445778

    Anonymous

    I wanted to keep my money in savings because it wasn’t much and I needed it in came of emergency, so we used some and asked the sellers to give us some at closing. For example our offer was 126,000, but they gave us 2,500 at closing, so we actually paid them 128,500 for the house, which was the amount of our loan.

  • #290805

    Anonymous

    I don’t know if you mean for answers to be physical or philosophical, so I’ll try both.

    Physical – almost every store has a dusty credit card clicker sitting around, for entry of transactions after the networks come back up – failing that, a scrap of paper signed by the card holder with a brief documentation and card number on it. The only “unforseen problems” big enough to knock out the network permanently would also destroy all life on the planet, such as the sun going nova, or dozens and dozens of nuclear blasts (just several blasts woudn’t do it).

    Philosophically, the catastrophe that would permanently eliminate credit card networks would also fundamentally change the way we live – it would be a barter economy at best, with scattered enclaves of organized people such as seen in the various Mad Max movies, or the second coming of Jesus and such.

    The real problem isn’t those networks, it’s the personal check, and to a lesser extent, paper and metal tender. They are quite a bit more wasteful, easy to steal or fraud, contribute to disease spread, and are generally obsolete – and I live in a rural community…

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