Credit card relief?

Credit card relief?

There are 11 comments on the Newsday story from Nov 1, 2008, titled Credit card relief?. In it, Newsday reports that:

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.

Join the discussion below, or Read more at Newsday.

Scorpio69er

Mililani, HI

#2 Nov 2, 2008
Since banks issue loans/credit not out of money they have on deposit, but out of thin air, the idea that they are "losing" money if such loans are not repaid is preposterous. Even with 40% off, the banks are still making money.

The only viable answer for consumers is to walk away from any unsecured debt. I have no sympathy for banks/credit card companies. who lobbied Congress to make it almost impossible for consumers to declare bankruptcy.

Adios, you brood of vipers!
Patty T

New York, NY

#4 Nov 3, 2008
The only problem with this program is that only certain people will benefit from it. For instance, unless you're ready for foreclosure or lose your job, this program would not benefit you. The economic issues also effect middle class people like me who has been using credit cards more often to live (gas, food, diapers, household items); wherein my paycheck pays my mortgage and utility bills. Because of the high cost of gas and food, I have been forced to use credit cards to keep up. Do you think because I have been paying my bills on time, and not defaulting, they would pardon 40% of my credit card debt. This is would not be fair. Who will be eligible? That's what I want to know.
Bartlesby

Newton, NH

#6 Nov 9, 2008
A better approach would be to limit the interest that can be charged by the banks. Reduced interest charges would help many more consumers, and prevent losses when consumers can't pay the high interest charged on credit cards. Before the banking lobby convinced Congress to remove interest rate caps we didn't have this kind of mess.
Lets reward failure

Plainfield, NJ

#7 Nov 9, 2008
We are rewarding banks and companies that fail with bailouts, now we are going to reward consumers who overspent by wiping away their debts. And this will all be at the expense of the hard working suckers, I mean taxpayers who work hard to pay their bills and live within their means. I think limiting the amount of interest that can be charged is fine, but having the government pay off some peoples credit card debt is unfair to those who live within their means.
Just Hanging on

Lexington, KY

#8 Nov 10, 2008
I agree with Patty T and Lets reward failure. I'm in a similar situation. I've had to use my cards for normal expenses and I'm at the point where I can only pay the minimum. With two houses, one on the market for nearly 2 years, my husband and I are living in different states just to hang on to the good credit rating we have during this mess. I don't think it's fair is something isnt done to help us out too. How about wiping out that portion of my debt that was due to higher interest rates and the bank raising that rate to astronomical levels when my payment was 1 day late !!! At least I am paying, give ME a break.
Brandon

Valley Farms, AZ

#9 Nov 10, 2008
I am in credit card debt and pay what I can when i can, but I DO NOT want the gov. to step in and help me or others. The second the gov. steps in they have something to fall back on when they want to raise taxes and can say "well look we helped you out" and that is what they will do. I think yes maybe if banks see that that they need to help then the money can come from banks but not the feds, and no money really just say "hey, the economy is terrible so we will change your APR to 0% for 6 months, hope this helps" that way we can all catch up and the banks don't get tons of defaults. For many people all they need is a little break, but it shouldn't come from the government because then we are paying less on credit cards and more on taxes and it is a wash...make the banks lay in the bed they made and if they will not then make me and all others in my situation lay in our bed and learn a lesson.

“Way,Weather,Terr ain,Leadership”

Since: Apr 08

New Milford, NJ

#10 Nov 10, 2008
How about a handout for those of us who still live within our means. By removing the penalty for poor financial decisions you are punishing those of us who live within our means. Got 2 houses you can't afford and cannot sell it? lower the asking price and take your lumps. I am having difficulty locating a suitable home WITHIN MY MEANS in which to house my growing family. Purchasing your 2nd home at a reasonable price should be my reward for responsible financial decisions

“Way,Weather,Terr ain,Leadership”

Since: Apr 08

New Milford, NJ

#11 Nov 10, 2008
Lets reward failure wrote:
We are rewarding banks and companies that fail with bailouts, now we are going to reward consumers who overspent by wiping away their debts. And this will all be at the expense of the hard working suckers, I mean taxpayers who work hard to pay their bills and live within their means. I think limiting the amount of interest that can be charged is fine, but having the government pay off some peoples credit card debt is unfair to those who live within their means.
ditto
Dick Tracey

Evansville, IN

#12 Nov 12, 2008
The banks are the reason we are all in this mess. They gave home loans to everybody who had a pulse, and then raised the adjustable rate and forced us out of our homes. I am selling in a short sale and have tro take $40K worth of debt with me from the house that I bought on a zero down adjustable. I took excellent care of the house, it's even better than when I bought it 4 years ago, so because the banks were neglegent, even though I had a perfect payment history and lost my job, I have to eat $40K and they get a bailout? Me and my girlfriend are cash advancing all of our credit cards and then we will go to a debt reduction firm and wipe away 50% of the debt. I am waiting for the short sale to close so that the $40K will then become unsecured debt to throw in there with the credit cards that I have cash advanced to the max. No sympathy for the banks. I have paid $60K in mortgage payments to the bank over 4 years, plus another $20K in property taxes, to walk away with $40K worth of unsecured debt. I hope they don't hold their breath. I am not bailing them out.

“Way,Weather,Terr ain,Leadership”

Since: Apr 08

New Milford, NJ

#13 Nov 14, 2008
Dick Tracey wrote:
The banks are the reason we are all in this mess. They gave home loans to everybody who had a pulse, and then raised the adjustable rate and forced us out of our homes. I am selling in a short sale and have tro take $40K worth of debt with me from the house that I bought on a zero down adjustable. I took excellent care of the house, it's even better than when I bought it 4 years ago, so because the banks were neglegent, even though I had a perfect payment history and lost my job, I have to eat $40K and they get a bailout? Me and my girlfriend are cash advancing all of our credit cards and then we will go to a debt reduction firm and wipe away 50% of the debt. I am waiting for the short sale to close so that the $40K will then become unsecured debt to throw in there with the credit cards that I have cash advanced to the max. No sympathy for the banks. I have paid $60K in mortgage payments to the bank over 4 years, plus another $20K in property taxes, to walk away with $40K worth of unsecured debt. I hope they don't hold their breath. I am not bailing them out.
you agreed to the ARM. I got a bridge for sale interested?
Belinda

London, UK

#14 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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