Originally Posted By Mr X My spell checker didn't like it. Then again, my spell checker still doesn't care for Barack nor Obama. Hussein works okay, though.
Originally Posted By WilliamK99 My spell checker didn't like it. Then again, my spell checker still doesn't care for Barack nor Obama. Hussein works okay, though. << More evidence to prove he wasn't born in America, had he been born here, his name would be in the spell checker... George W. Bush is in the spell checker.... ;o)
Originally Posted By mawnck >>I asked what they'll do when they end up getting nothing from people because so many will have to file BK. The girl on the other end said "that was a choice the financial consumer would have to make". I said that she should step back from her script and be asking her company that, because if that does indeed happen often enough, she'll be out of a job.<< Actually she probably won't. As soon as the credit card debt reaches critical mass, We the Taxpayers will just bail them out. I think the banks are totally convinced of this, which is why they're OK with having all their customers filing BK. And I think they're absolutely right.
Originally Posted By SingleParkPassholder "Actually she probably won't. As soon as the credit card debt reaches critical mass, We the Taxpayers will just bail them out. I think the banks are totally convinced of this, which is why they're OK with having all their customers filing BK. And I think they're absolutely right." I wouldn't be so sure. Banks will try and write off the bad debt. If they then think the government will step in and give them more money, thereby paying for that debt twice, at some point the citizenry might have had enough with the bailouts.
Originally Posted By barboy I would not have let that female rep off so easily...... I might have said something like: "I find your company vile for ethics and common decency violations against the very people who ultimately pay your wage..... You willfully work with them therefore, you are they and they are you...'alter ego' as it were; so you do the math" That girl is no better than a Tony Snow---- spokesperson and cheerleader for the vile and contemptible thus, an alter ego or one and the same.
Originally Posted By ecdc Yeah, I think (emphasis on "think") the Obama admin won't do another bailout. I think they've seen enough frustration with the irresponsibility and had enough of their own that they won't pull that stunt again. My own hope is that the economy will remain stable over the next three years and we can slowly reinstitute some regulations during that time.
Originally Posted By ecdc >>My spell checker didn't like it.<< It's a new term, coined just a few years ago by a corporate critic (don't recall his name off the top of my head and I'm too lazy to go look). Of course, there's plenty of dispute over whether such a thing as a "corporatocracy" does and even can exist. Personally, while I like the image and the message the term conveys (having even used it myself from time to time) I think it is largely inaccurate. Corporations are not a monolith working together; nor do they pass laws or are they directly running the government. The appeal of the term is obvious though: corporate interests are overwhelmingly more represented in government than those of the citizens. There's now 6 lobbyists for every person in Congress - just in the healthcare industry alone. That was probably my lowest moment during the healthcare debate: reading about how Democratic congressmen would be on Capitol Hill all day debating the bill, then they'd leave and go to a swank house in Georgetown and spend three hours with healthcare industry officials and lobbyists. So much for "we, the people," huh?
Originally Posted By mrkthompsn <a href="http://www.youtube.com/watch?v=TQDdAuG5oKw" target="_blank">http://www.youtube.com/watch?v...dAuG5oKw</a>
Originally Posted By Kar2oonMan If you take out a loan, you should make every effort to pay it back. I have always felt that way. But the way banks are sticking it to people because they don't like the new rules coming into play in February that will prohibit this sort of mafia-inspired shakedown is making me think how great it would be if everyone just witheld payment for a couple of months. Sometimes, a little civil disobedience is the only thing that works.
Originally Posted By barboy ///Sometimes, a little civil disobedience is the only thing that works./// Suze Orman entertains debtor guests on her show(via credit cards) giving them an effective platform to rally the base against outfits like Bank of Am....... Got love it!! Stunts like that will stimulate responsible lending changes since Orman enjoys a vast following. That's my girl right there.
Originally Posted By Kar2oonMan She ought to let the mafia on the show, to see how, by comparison to credit card companies, their loans are actually fairly reasonable. (You don't want to miss a payment, but the interest rate isn't as outrageous).
Originally Posted By mawnck Contrarian observation: Credit card rates are part of the bubble - they've been too crazy-low for several years. It's an **unsecured loan.** Of course the rates should be substantially higher than other kinds of loans, and for many years, they were. What I'd like to see is teaser rates outlawed, clear and easy-to-understand disclosure mandated, predatory rate increases and fees forbidden, and rewards programs fully vested upon closure of the account by the lender. But the rates they're charging for new CC debt? Those *should* be rising. This is just one of the opening salvos of the painful process of learning to live within our collective means.
Originally Posted By Kar2oonMan >>Of course the rates should be substantially higher than other kinds of loans, and for many years, they were.<< 30%? No, that wasn't ever the norm. Certainly not for people who pay on time.
Originally Posted By RockyMtnMinnie We had a credit card that the bank closed, so we paid it off and I thought it was over with. This month I received a bill in the mail for the annual fee that they are trying to charge us on an account that THEY closed!
Originally Posted By barboy One very interesting recent phenomena concerning credit cards is the change in their collection efforts. Credit card companies have become **exceptionally** aggressive in pursuing collections lately. They have always been fairly agrressive in collecting but these days they are taking no prisoners.......ask any BK lawyer or debt consolidator just how futile settlement/payoffs offers are these days..... as if there is a direct correlation with the mass BK's, foreclosures/short sales and layoffs and their newly founded severe aggression.
Originally Posted By ecdc For the doom and gloomers: <a href="http://www.washingtonpost.com/wp-dyn/content/article/2009/10/18/AR2009101802156.html" target="_blank">http://www.washingtonpost.com/...156.html</a> The banks are about to lose a big legislative battle. And to pre-empt the inevitable response: I know it doesn't fix everything; I know there's a long way to go. But there's also signs the cracks are starting to show, and that Obama really does plan to take action instead of just making speeches.
Originally Posted By mawnck >>And to pre-empt the inevitable response:<< That wasn't the inevitable response. The inevitable response is "it'll never pass."
Originally Posted By Mr X ***It's an **unsecured loan.** Of course the rates should be substantially higher than other kinds of loans, and for many years, they were.*** Collateral really has very little to do with it though. A car, for example, isn't worth much once you drive it off the lot and probably not even worth the value of the loan after a year or two (particularly if the driver is abusive like I am lol). It's largely a symbolic threat, I think. "Pay it or we take it away!" can motivate some otherwise unscrupulous types to pay their bills (those are the same types who tend to default on credit cards). What's much more important is how vigilant and prompt a customer you are, and if you've got a proven track record then YES, you should get a low rate (30% is off the charts, I won't even go there). ***What I'd like to see is teaser rates outlawed, clear and easy-to-understand disclosure mandated, predatory rate increases and fees forbidden, and rewards programs fully vested upon closure of the account by the lender.*** Agreed. ***We had a credit card that the bank closed, so we paid it off and I thought it was over with. This month I received a bill in the mail for the annual fee that they are trying to charge us on an account that THEY closed!*** Dirtbags! How is it they can get away with this kind of crap? And the sad thing is, they do it because many suckers don't even question it and simply pay the bill. They're essentially bilking honest dummies (or perhaps not dumb but too nervous to make waves, or perhaps elderly and afraid if they piss off the bank they'll lose their house etc etc).
Originally Posted By wendebird I'm late to the party here, but I just got a similar letter in the mail for my Citibank card & it went up to 29.99%. CRAZY! I called & was able to cancel the card & continue paying it at my current rate until paid off. They also offered me for the next 4 months, every dollar I pay over my minimum payment, they will match 20% of it up to $550.
