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 ...

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Easton, PA

#22 Nov 10, 2008
right i'll beg from the credit card companies who charge obscene rates and fees guaranteed to make you unable to pay them back and raise credit limits as a person maxes out the card. no sympathy for them at all.
Common Sense

United States

#23 Nov 10, 2008
While there is certainly some excess in the Credit Card industry, those who are calling for limits on fees and interest rates need to keep in mind that this will result in denial of credit for those with marginal credit histories. Right now, the sytem operates according to the free market and those "excessive" fees and interest rates supply the income that allows favorable credit terms for those who have a good credit history.

Bottom line...increased regulation of the credit card industry is necessary to avoid "ripoffs", but capping fees and interest rates will simply result in less people with access to credit, and higher rates for those who can get it.
Common Sense

United States

#24 Nov 10, 2008
AJ Mom wrote:
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.
Best wishes in your situation, but you have to realize that the only way someone in your situation will get credit is to pay a very high rate of interest. Interest is the amount you pay to the lender to make it worth it for them to take the risk of lending money to you. If credit card rates are capped, your situation is likely to get much worse when credit card carriers decide it's no longer worth it for them to extend credit to you.

Be careful what you wish for...you just might get it!
Common Sense

United States

#25 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.
See my response above to AJ Mom, which applies even more strongly in your case. Right now, financially speaking, you are an extreme credit risk and are all the more vulnerable to credit cancellation if rates are capped.

While I feel for your situation, it is not the responsibility of the credit card company to provide you with the means NECESSARY for you to live.
Al_K

Naperville, IL

#26 Nov 10, 2008
Sounds good for the luck ones, but will the IRS also forgive the debt or will it be taxed as income?
Corette

London, UK

#27 Mar 26, 2014
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