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.