They had to nix the CC bailout. WTF do you think would happen if they got bailed out? Everybody in America would immediately buy the biggest, baddest damn plasma HDTV they could find, then put $1000 cables on it to a stack of other high tech gear. All on the credit card. Then it's first class tickets to Paris for lunch, then down to the Bahamas for dinner. Apparently, some folks in government are starting to notice that when you start handing out money, everybody lines up at your door.
Hooking and jabbing in this market. Loving the volty. Trading options on futures exclusively. Havent touched a ES car or stock in 6 months. Its super hot.... Truth be told I just dont have that much to say around here anymore. I try and find some jems still...but the longer I am trading the less I need to learn. Dig? How you doing?
you are comparing apples and oranges. Banks debt is connected to assets that can at least generate some kind of income. People with credit card debt do not have any assets connected to those cards that are generating income. They have to rely on wages to pay for those purchases. Its not like the banks are using the bailout money to buy a bunch of big screen TVs or Xbox's like the consumers with credit card debt are doing.
if this helped a lot more people, maybe it would be reconsidered. You mean to tell me 50,000 or so are the "worst off?" Bullshit.
This is sarcasm I hope. But the crap they buy brings income to the companies which actually produce real products. Which is a lot better than buying banks which are riddled with worthless assets that never had, have or ever will have any real value. It's not about credit card deadbeats. It's about the fact that if we are going to play this bailout game, let's be fair about it.
There is a lot to be said for being a credit card deadbeat. For one thing nobody can threaten your credit rating, and another, you don't need lifelock, and the junk mail is reduced a bit, nobody offers those pre approved deals... I say, don't bail them out, they will be fine...
its easy....most states have a law where the credit card companies have a period of time to collect the debt or they lose....I know someone here in oklahoma which is 3yrs..so if you dont make a payment within yrs..they lose out...the trick is not to make a payment..once you do then it starts all over again
I Think what the majority of people miss is that a lot of credit card issuers have terms that amount to "loan sharking"! Did you ever look at the terms of agreement? You miss 1 payment & your interest rate jumps to 29%!! And the rate stays that high forever, or until you pay it off. That is what truly inflates the balances for the unfortunate that our having problems!! I mean how much of the balance is truly for goods purchased versus added credit card "fees"?? I bet you that add on fees amount to over 40% of the balances on those having problems. Those are the amounts that should be wiped!! And the industry regulated again so they can't charge 30% interest again!!
If you miss one payment you mind as well not pay it. 30% interest rate is sodomy and people are worried more about staying in their homes rather than paying a 30% credit card. If that was my situation i'd say fck it, credit report doesn't mean shit if the banks are not lending anyway.