Thursday, November 13, 2008

If this doesn't tick you off

Consumer advocacy groups sent a request to the treasury to have bank customers get a 40% reduction in their credit card debt in order to help clear up tight credit. The treasury department said no you can't do it.

Merry christmas fools

As you may recall prior to Bush and his band of thugs taking office (and I mean that literaly) if you got in trouble like having a medical emergency or job loss you could call the credit card company and get some kind of help. If you filed bankruptcy you could have your entire debt restructured or erased called debt forgiveness. Not any more. Not since Bush climed in bed with the credit card companies and changed that law. Just wonder how much Shrub sucked out of them to get that law passed.

Let me add that it's estimated that a lot of pepople are resorting to credit cards to make ends meet. I can only hope that Obama undoes everything this ass wipe did in the last eight years and I hope he does it all by executive order with no input from the rethuglicans.

Update: The credit card companies can change the rate and terms on your card even if you haven't missed a payment and have a good credit rating. Geez and I recall as a kid there were loan sharks. They would loan money at - shock! - 25%. That now sounds like a starting point for some of these blood suckers. Tony Saprano would be proud of these guys.
I recall when I was starting out having to use short term credit and cards to fill a few gaps with a rate of 19%. So what's going on now. Well since Shrub changed the rules you now have to pay all the credit card debt even if you go bankrupt with no money you still have to pay all the money back. Doesn't matter if you're on your death bed. So what are people doing? They're paying their credit cards first because they know that the house payment is expendable. They can walk away from the house but not the credit card.
What people don't seem to realize is how easy it is to get upside down in a loan. Unlike 30 or so years ago when credit rates were stable you could buy a car keep it for two years making payments then trade it for a new one and not lose on the deal.
Then there's housing. If you bought a home with a variable rate let's say because you didn't plan on living in an area for more than a few years you're screwed. And it doesn't matter if you bought too much house or not. With the home values dropping and the soft market you won't be able to stay when the rate changes and you won't be able to sell it when you owe way more than it's worth.


BBC said...

You are just angry because you are small and made out of meat, ha ha ha.

Face it, Americans over spent and for the most part made this problem, brought it upon themselves.

Not that the greedy capitalists and wall street didn't help them with that.

Us wiser ones didn't fall for all that though, and are not being affected much, we don't live on credit.

I got wiser when I stopped helping and bailing out women with my credit cards. They just dump on you anyway so I no longer do that.

The current amounts on my credit cards are now exactly zero. But we're going to Tacoma soon to do a little shopping at Harbor Freight so I may charge a little while there.

One thing I want is a non-contact tachometer for some on my tinkering and inventing.

I wonder what kind of weather this wind will bring in today. Looks like there is plenty of flooding on your side of the sound.

The stupid monkeys build where they shouldn't build.

Roger Owen Green said...

But the credit card companies would change rates at will if you were late on youtr power bill, thus increasing the indebtedness.

Distributorcap said...

there definitely has to be some self responsibility --- people shouldnt be buying what they cannot afford..

but the credit card companies have it many ways - they send, unsolicited all these offers -- and market it literally as free money -- and of course there is the small print.

and the bankruptcy laws -- stacked.... everything in this country is tilted toward corporations -- bush was the expert at pushing that - but it has been going on since 1980.......

and ANYONE who votes republican and not a corporate officer, well

Demeur said...

Dcap My point was that even people with good credit and those who bought what they could afford are getting shafted. I myself went through the same thing back in the eighties. I had a good job bought a place then Raygoon took office and everything went to shit. I nearly lost my place and it took over 15 years to get back to square one. Now we have to deal with the Bush legacy. I can live on little but there's still things that are going up in price that I have little control. Like water electricity food and property taxes you can only cut so far on some things.