“You’ve got to burn the credit cards.”
So says Jim Cramer, the wacky and outrageous host of CNBC’s “Mad Money” finance television show. He was a guest on the “Jimmy Kimmel Live” late show Feb. 27, 2008, promoting his new book “Stay Mad for Life.”
A Harvard graduate and former newspaper reporter and hedge fund manager, Cramer gives his take (often shouting it) on the latest Wall Street moves and developments on his daily show. He’s a lightning rod for controversy. He told Kimmel about criticism he got from real estate agents because he told viewers not to buy real estate right now: “I guaranteed you’d lose money if you buy a house.”
Kimmel, who introduced his guest as “the very unstable Jim Cramer,” asked about the book: “If people, Jim, buy this book, what is the main thing that they are going to learn…?”
Without skipping a beat, Cramer launched into a response that surely made more than a few bank executives cringe:
“They’ve got to burn their credit cards,” Cramer said. “They’ve got to go to their credit card companies and say, ‘Listen pal…’ You’ve got to call them. They don’t want you to default. This is a big secret, OK. They’re going to hate me for this. So you call them and say, ‘Listen man, I’m in a jam here. I cannot afford to pay. I’m going to put all my cards together under one credit card — called snowballing. You don’t want Cramer and all those other guys on Wall Street to think that people are defaulting. I need a break. I need to stretch out the terms.’ They will do it.”
Kimmel appeared surprised. “Really?” he asked.
“Yes,” Cramer said. “You’ve got to stop being poor before you can get rich. They’ll do it. They will listen to reason. They will listen to you.
“Tell ’em I said it,” added Cramer, who went on to say he’d be willing to “co-sign those phone calls.”
So how about it folks? Want to call up your credit card companies and give them the Jim Cramer treatment? Think he’ll “co-sign” if you end up defaulting on the account?
It seems you should also be asking the credit card companies to lower your interest rate. Simply stretching out the terms means you pay for longer periods, right?
I guess you have to buy the book to find out exactly how this works.
Let us know if you’re successful.