Credit card issuers want to do you a ...

Credit card issuers want to do you a big favor

There are 26 comments on the The Morning Call story from Nov 9, 2008, titled Credit card issuers want to do you a big favor. In it, The Morning Call reports that:

When I heard last week that banks want to forgive up to 40 percent of some customers' credit-card debt, my first question was, ''What's the catch?'' ''There's no catch,'' answered Scott Talbott, chief lobbyist ...

Join the discussion below, or Read more at The Morning Call.

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greedy

Glen Lyon, PA

#1 Nov 9, 2008
''Are we really viewed that poorly?'' he replied.

Damn straight. Greedy bastards have destroyed our economy. Will we ever recover? Time will tell.

Look how desperate the bankers are now. They are actually willing to waive some of their obscene interest fees if people pay back the principal. That's certainly noteworthy from a business designed to keep people in debt their entire lives. Times must really really be tough.
Screwed

Skippack, PA

#2 Nov 9, 2008
I didn't charge more than i make. Buy large screen TV's, stereo systems, cell phones, vacations, refrigerators, recliners,etc and now i can't enjoy them either at 40% off. Same as cash up to five years.
john

Coplay, PA

#3 Nov 9, 2008
more help for the scum
BailoutthePeople

Hollywood, FL

#4 Nov 9, 2008
You were loosing money in the housing sector and took it out on your credit card holders. You played fast and loose with interest rates, fees and the line of credit with customer's who paid on time and above the min. You shot yourselves in the foot.

“It's me, Fred!”

Since: Oct 08

Lehigh Valley, PA

#5 Nov 9, 2008
And those of us who pay or bills and don't go nuts with credit... get nothing... again
Reward the bad....

awesome..... simply awesome...
What

Easton, PA

#6 Nov 9, 2008
Big Freddy wrote:
And those of us who pay or bills and don't go nuts with credit... get nothing... again
Reward the bad....
awesome..... simply awesome...
I understand what you mean, but rest assured that you are still in much better condition than the people being helped by another form of bailout. People that F'd themselves up and are now bailed out will not learn from their mistakes and do it again in the future. That's a real lousy way to live and it will catch up with these people - guaranteed!
RonMania

Allentown, PA

#7 Nov 9, 2008
People that go through bankruptcy within 5 years are right back into debt for even more money. They never learn!
Oh Well

United States

#8 Nov 9, 2008
This is nothing but industry proving welfare to irresponsible people. All of a sudden, everyone in this country are acting like socialists. What is going on?
Speaking of Bailouts

Northampton, PA

#9 Nov 9, 2008
Your taking my money and bailing out Banks, Homeowners, Car Companies, Arrow Makers, etc, etc, etc. Everything and one I could care less about.

How about bailing out 1 thing I use or want. Like say, Drive In movie theaters?
Just Wondering

Kulpsville, PA

#10 Nov 9, 2008
Screwed wrote:
I didn't charge more than i make. Buy large screen TV's, stereo systems, cell phones, vacations, refrigerators, recliners,etc and now i can't enjoy them either at 40% off. Same as cash up to five years.
And guess who is smiling?
It's not right....I always paid whatever I charged and now the scum balls are enjoying all their freebies, well at least 40% of them.
The G.D. banks are at fault for giving out so much credit line to these thieves. That is the bottom line!!!!!! And now they are crying "I want my money" Well Boo Hoo maybe I won't pay my charge card either. Nah! I am an honset person. What goes around will come around.
Patty

Nazareth, PA

#11 Nov 9, 2008
So people get in over their heads and get rewarded for it. I don't care if they're still worse off than I am. It's not like I get a reward for being responsible. What every happened to being held responsible for your actions? We're not talking about a bunch of teenagers with their first credit card - we're talking about adults who should know better and apparently get away with it basically. WHOA! Go us!
mugsy51

AOL

#13 Nov 10, 2008
I'm not feeling much sympathy towards banks. I said when we bailed them out that they would just focus on screwing people who had credit card debt. The same taxpayers who paid for the bail out. A more reasonable solution;

How about limiting interest rates banks can charge at say 15 or 18%? Too many banks charge juice loan interest after a single late payment or maybe even a late payment to another creditor. 22, 25, 30% is too much and almost guarantees a default. The banks lobbied hard to get the interest limits removed by congress and the bankruptcy laws made tougher. In the long run, they set people up to fail as they can never get out from under those types of rates.
Paul D

Hazleton, PA

#14 Nov 10, 2008
Screwed wrote:
I didn't charge more than i make. Buy large screen TV's, stereo systems, cell phones, vacations, refrigerators, recliners,etc and now i can't enjoy them either at 40% off. Same as cash up to five years.
I have to sympathize with the individuals who, because of high gas and oil, found themselves forced to charge necessities to survive. However, those who have the TV's, latest cell phone or other status building devices and other materialistic items should not be allowed the opportunity to forgo paying their debt.

Those of us who, thankfully, skillfully and thoughtfully, were able to avoid having to use credit should not be penalized by having to now foot the bill for others poor purchasing choices.
BailoutthePeople

West Palm Beach, FL

#15 Nov 10, 2008
And AIG's rescue package just swelled to $150 billion. The consumer has had to find a way to survive with the cost of living rising, no raises, salary-cuts, lay-offs, etc. My sympathies are with the consumer, not greedy corporate CEO's who might have to go without their million dollar bonus.
AJ Mom

United States

#16 Nov 10, 2008
As I am a single mom who works 40 hours a week to support myself and my son, I am one of those individuals who used my credit card to pay for high gas prices and oil to heat my home. I do pay my credit card bills however, the high interest rate keeps adding to the balance. It seems like a never ending battle.
None of Your Business

Bethlehem, PA

#17 Nov 10, 2008
Did you EVER stop to think that some people don't have any other choice but than to use their credit card? Being laid off and unable to find work, it becomes NECESSARY in order to eat and survive. Having 15+ years of experience and a degree doesn't seem to help any after being laid off after 9 years. So, don't run your mouth about SCUM until you know the facts. The economy sucks right now, period.

Since: Mar 07

Allentown

#18 Nov 10, 2008
john wrote:
more help for the scum
I am glad you are so perfect in your life. It must be nice to never make mistakes. Congratulations.
rights

Slatington, PA

#19 Nov 10, 2008
None of Your Business wrote:
Did you EVER stop to think that some people don't have any other choice but than to use their credit card? Being laid off and unable to find work, it becomes NECESSARY in order to eat and survive. Having 15+ years of experience and a degree doesn't seem to help any after being laid off after 9 years. So, don't run your mouth about SCUM until you know the facts. The economy sucks right now, period.
Well spoken!
Justagirl

Northampton, PA

#20 Nov 10, 2008
I agree with the necessity thing. When my husband came home from a deployment, he didn't fall under the safety of the laws dealing with re-employment because his company had under a certain number of employees. We had no choice but to live on credit cards until he could find another job. Now we live with debt that is compiled by the ridiculous 29.9% interest or whatever it is they rape you for. Like any other situation, there's always two sides to every story. I agree there are people who are taking advantage of the system, just like any other system... but there are people who are just trying to get by.
john

Coplay, PA

#21 Nov 10, 2008
therookie300 wrote:
<quoted text>
I am glad you are so perfect in your life. It must be nice to never make mistakes. Congratulations.
Yeah, it's great not to have to beg from the government.

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