PDA

View Full Version : Credit card relief



mick silver
3rd November 2008, 13:13
Banks, which are losing billions because many card holders aren't paying anything, seek OK to forgive up to 40% of strapped consumers' debts
THE ASSOCIATED PRESS
November 1, 2008
With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.

Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.

The new pilot program, which the banks hope will become permanent, could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.

"There's obviously a financial benefit to the financial institutions to step up to the plate right now," said Susan Keating, president and chief executive of the National Foundation for Credit Counseling. "We absolutely support the proposal
http://www.newsday.com/services/newspaper/printedition/saturday/news/ny-bzcred015907148nov01,0,2060183.story

mick silver
3rd November 2008, 13:16
Dam this crap keep getting better every day , WHAT A F JOKE

Frelodr
3rd November 2008, 13:30
If they need help thats fine, like maybe giving them 5 more years to pay the debt. If they don't make them pay --> They learn nothing --> Don't take responsibilty for their own actions --> and will just do it again when they get a chance. Just drastrically lower payments and prolong repayment time. Don't let them off the hook. Lodr

research24
3rd November 2008, 15:03
Don't be stupid, people, you got to read the fine print on this thing. They will likely turn CC debt into full recourse loans, meaning they will take every dollar you ever make until its paid off. THIS is exactly what they are doing with the help for morgtagees -- turning them into debt slaves. That means wage garnishment, folks.

Frelodr
3rd November 2008, 17:43
Let's get real, I've seen it over and over again. Research24, In 2004 my neighbor had over 100,000.00 in credit card debt. He filed bankruptcy, they erased 60% of his debt and he kept his 1968 Vet, his big Ford truck, his mini van, a boat, a pull behind trailer just to name a few. This man has a masters degree in Physics, so he wasn't dumb. He knew he could get away with it and he did. You and I paid for him to go scuba diving in Australia.
He said to me "You're either in the game, or your OUT." Lodr

garydrumm
3rd November 2008, 18:24
Don't be stupid, people, you got to read the fine print on this thing. They will likely turn CC debt into full recourse loans, meaning they will take every dollar you ever make until its paid off. THIS is exactly what they are doing with the help for morgtagees -- turning them into debt slaves. That means wage garnishment, folks.

Put the banks in the hands of the government, and this is EXACTLY what they'll do. What better way to enslave the people than with their own greed and impatience.

research24
3rd November 2008, 18:33
I hope these people understand what a " full recourse loan" means. It means they can liquidate your future.

Kelly
3rd November 2008, 18:34
I totally agree. I am utterly dumbfounded by those who believe we should nationalize the Fed. I haven't seen anything that suggests the government would be any less diabolical that the bankers are. I'd rather see the whole damn banking system, as it stands, simply abolished. And I'd much rather see banking in control of local and regional government rather than Washington DC. I honestly think that place has just plain lost its way. Why place the future in the hands of corruption?

mick silver
3rd November 2008, 18:35
research24 that would mean they would be able to read , are went to school

research24
3rd November 2008, 19:02
I totally agree. I am utterly dumbfounded by those who believe we should nationalize the Fed. I haven't seen anything that suggests the government would be any less diabolical that the bankers are.

That's why I don't get real excited about the gold standard, as if that were incorruptible. People who advocate it act as if it is.