Credit cards woes coming to a head

Bankruptcy attorney Michael McCrystal sees it all the time: A homeowner fearing foreclosure begins charging the groceries, the gasoline and the other day-to-day expenses to a credit card, hoping to stay afloat ... Read more
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The Truth

Bangor, PA

#1 Nov 10, 2008
Looks like this credit card colapse may finally force people to live within their means. Alot of these people need to abandon their idealogy of "I want it and I want it now."
Only people with good credit should have a credit card.
HARRY BALSAK

Allentown, PA

#2 Nov 10, 2008
Hey, the lenders have to feel the pain they caused, too. Maybe the CEO's and Board members who high-fived each other and gave each other stock options and bonuses can help out by offering the money they don't deserve.
Yooooooo

Bangor, PA

#3 Nov 10, 2008
HARRY BALSAK wrote:
Hey, the lenders have to feel the pain they caused, too.
Back in the good old days my mailbox was stuffed with credit card offers. Credit cards were given to anyone walking through a mall with a free liter of soda. These lenders are also part of the problems today - they helped create the mess we are in.
The Truth

Bangor, PA

#4 Nov 10, 2008
Ultimately, it's up to the individual to control their urges and contain their spending.
We've become a society where someone else is always responsible.
If one cannot say no to a credit card, they're doomed.
It's not the lenders, government, banks, etc.,..it's the individual.
David-1206

Atlanta, GA

#5 Nov 10, 2008
If we are going to bail out the banks

If we are going to bail out the auto makers

If we are going to bail out the Insurance companies

If we are going to bail out homeowners with bad mortgages

We can bail out the little guy as well

You see, there is this little detail called the 4th Amendment of the Constitution, that guarantees "equal protection under the law" to everyone.

So if the Federal Government decides to bail out one, "equal protection" says they should bail out all...
just me

Palmerton, PA

#6 Nov 10, 2008
Yooooooo wrote:
<quoted text>
Back in the good old days my mailbox was stuffed with credit card offers. Credit cards were given to anyone walking through a mall with a free liter of soda. These lenders are also part of the problems today - they helped create the mess we are in.
Not only that, the credit card companies go to the college campuses and give out "free" t-shirts if you fill out a credit card application. I blame the credit card companies just as much as the people who can't afford a credit card.
hope

Victoria, TX

#7 Nov 10, 2008
My daughter didn't have a job her first semester in college, but the credit card company/aka BANK told her that's okay--we'll give you a credit card anyway! We told her no way! We were paying the tuition; she was paying for books and entertainment. We threatened to no longer pay tuition if she got a credit card. 15 years later (and a wife and a mother) she only uses a credit card in emergencies and pays it off monthly. LIVE WITHIN YOUR MEANS! WE DO!
Matt

Fairport, NY

#8 Nov 10, 2008
David-1206 wrote:
If we are going to bail out the banks
If we are going to bail out the auto makers
If we are going to bail out the Insurance companies
If we are going to bail out homeowners with bad mortgages
We can bail out the little guy as well
You see, there is this little detail called the 4th Amendment of the Constitution, that guarantees "equal protection under the law" to everyone.
So if the Federal Government decides to bail out one, "equal protection" says they should bail out all...
I'm sick of this bailout crap. This whole mess is caused by people barrowing/charging more than they can afford. I have NEVER had a balance carry over from one month to another on a credit card. I am sick of people being irresponsible with credit. I say we eliminate credit cards all together. Bottom line: If you don't have money in your bank account, then you shouldn't buy it.
Oh Well

Jersey City, NJ

#9 Nov 10, 2008
David-1206 wrote:
If we are going to bail out the banks
If we are going to bail out the auto makers
If we are going to bail out the Insurance companies
If we are going to bail out homeowners with bad mortgages
We can bail out the little guy as well
You see, there is this little detail called the 4th Amendment of the Constitution, that guarantees "equal protection under the law" to everyone.
So if the Federal Government decides to bail out one, "equal protection" says they should bail out all...
Ergo the hypocrosy of we the people.

We rail against big government and big taxes, yet without compunction, without hesitation, we all go running to the government for a handout.

AIG is asking for more money today. The car companies say if they don't get help soon, they will be bankrupt in 30 days. The banks received their 750 billion. There is now a call for a second stimulus package for the American people.

Where is this money supposed to come from? Do people really believe that we don't have to pay for this one day by cutting spending and raising taxes?

It's a disgrace to see how dependent people in this country have become, and how Republicans and Democrats have facilitated this.
Mack

Houston, TX

#10 Nov 10, 2008
Anyone can "afford a credit card". I don't blame this on the credit card companies, it is improper use of credit by individuals that is the problem. If I get hit by a car trying to cross a busy highway because I thought it was easier than going to a crosswalk, is it the fault of the driver that hit me? As individuals we make choices every day that can have negative consequences if we don't choose well. That is solely our responsibility, not the government's and not some company's.

What happened to personal responsibility?

Besides, everyone starts with no credit history. Responsible use of your first credit card is a great way to build a credit history that can later result in more favorable interest rates on a mortgage, for example, that can be worth tens of thousands of dollars of reduced interest over the life of a mortgage.
just me wrote:
<quoted text>
Not only that, the credit card companies go to the college campuses and give out "free" t-shirts if you fill out a credit card application. I blame the credit card companies just as much as the people who can't afford a credit card.

Since: Feb 07

Mohrsville, PA

#11 Nov 10, 2008
Matt wrote:
<quoted text>
I'm sick of this bailout crap. This whole mess is caused by people barrowing/charging more than they can afford. I have NEVER had a balance carry over from one month to another on a credit card. I am sick of people being irresponsible with credit. I say we eliminate credit cards all together. Bottom line: If you don't have money in your bank account, then you shouldn't buy it.
I guess you've been extremely fortunate to never have a true emergency where there is no choice but to charge something and figure out later how to pay for it. I am typically like you in paying each card off every month. However right now, I had a dental emergency come up so now I'm carrying a significant balance on a card. Not my fault but something that needed to be done. It may take me a year to pay it off but I won't be asking for help. Stuff happens and we can't always control it.
WOW

Philadelphia, PA

#12 Nov 10, 2008
AMEN, WOW! I SO AGREE WITH ALL OF YOUR COMMENTS, IT'S ABOUT TIME THE CREDIT CARD COMPANY START CLEANING THIS MESS UP!

Since: Feb 08

Allentown

#13 Nov 10, 2008
People reap what they sow. I had been in a bad situation, but I've been successfully digging myself out. Im not even close to the situations of these folks.
Telmark

Redding, CA

#14 Nov 10, 2008
TazDevil writes;
"I'm carrying a significant balance on a card. Not my fault but something that needed to be done. It may take me a year to pay it off but I won't be asking for help. Stuff happens and we can't always control it."

This is, IMO, what credit cards are for. I also think that credits are good for making certain purchases that you can pay off at the end of each month.

The current credit problem is, IMO, partly due to the fact that many people "ran up"
huge credit card debts while buying expensive items that they neither needed nor could afford. This credit problem is also due to the large number of companies that are routinely unable to "make payroll" without tapping into credit lines. These companies continue to think that they're "in business" when, in reality, they're in debt.

The end result here is that we have people who are in debt doing business with campanies that are in debt in a nation that is in debt.
Nichibei

Yokosuka, Japan

#15 Nov 10, 2008
It was a very long time ago and I clearly remember President Carter on TV warning people of the dangers of living on credit. He went on to encourage people to destroy their credit cards. Following that speech he was demonized because it would destroy our economy. He wasn't such a good President but on the problem of credit he hit the nail on the head.
mitdiggi

Germansville, PA

#16 Nov 10, 2008
''About one year ago I separated from my husband, therefore my income fell by half. I sincerely tried to pay my obligations,'' she wrote.''Up till January 2008 I had no late payments. I could no longer afford food but my bills were paid. Times became more expensive,[and] I could no longer pay my bills.''

What a Joke. I know her and she is still with her husband. People just dont want to take responsability for there actions and decisions and they are even willing to lie in court to try and get out of it.
Michael

Allentown, PA

#17 Nov 10, 2008
Matt wrote:
<quoted text>
I'm sick of this bailout crap. This whole mess is caused by people barrowing/charging more than they can afford. I have NEVER had a balance carry over from one month to another on a credit card. I am sick of people being irresponsible with credit. I say we eliminate credit cards all together. Bottom line: If you don't have money in your bank account, then you shouldn't buy it.
To carry this one step further, I am sick of people using a bank's money to pay for their everyday purchases. Most people aren't even decent enough to carry money anymore. When I buy a product or service, I always pay cash, as I would expect the same from anyone else I served or sold to. I've never used my debit card, credit purchases are rare (a handful a year) and only in the case of an otherwise unobtainable internet purchase, and my checkbook just hit number 500 and I opened the account in 2001, which is about 50 checks a year mailed out for my utility payments only. I see people charging a $1.99 movie rental or a cup of coffee. I don't care if you pay your full balance off later, have the courtesy and bravery to carry cash or just roll a stone over that hole you live in and hide that yellow-streaked spine from the rest of us.
If you don't have cash, stay the hell home! Credit cards are for the poor and the cowardly, and both make me nauseous.
Amused Crack-er

Easton, PA

#18 Nov 10, 2008
" A homeowner fearing foreclosure begins charging the groceries, the gasoline and the other day-to-day expenses to a credit card, hoping to stay afloat as long as possible."

Welp, it's quite simple. If people would live WITHIN their means and not beyond them, then they wouldn't have the problem. Did they really need that $250,000 house when they only made $60,000 a year? I think not.

Gotta keep up with the Jones'!! That's the name of the game and now people are drowning in it. Good for them!!! Maybe they will learn how to live realistically and not in their fantasy land. Just because Joe Smith has that 42" Plasma TV does NOT mean you should have one.

Live within the NEEDS of life and not the WANTS.
Amused Crack-er

Easton, PA

#19 Nov 10, 2008
just me wrote:
<quoted text>
Not only that, the credit card companies go to the college campuses and give out "free" t-shirts if you fill out a credit card application. I blame the credit card companies just as much as the people who can't afford a credit card.
I completely disagree. I do NOT think the credit card companies are to blame at all. Just because a person has a credit card does NOT mean they need to charge everything and max them out.

Do you also blame the grocery stores for people being fat? I'd think not. Just because it is available doesn't mean people need to utilize it. People should have self control and not be babysat like the irresponsible fools they are.
Kim

Sellersville, PA

#20 Nov 10, 2008
Cut up the cards, pay cash. Don't say you can't - if there's a will there's a way. Sell the fancy cars, buy what you can afford to get you back and forth. I've done it and I couldn't be happier.

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