2005 ... The year of the Black Christmas ?

Thats a good post. I think it should not be a pleasant thing to declare bancruptcy. That would keep a lot of people from using it as a way to charge and then get out of that debt. I also think that many people are in dire straits like the article states.

What about the credit card companies? Why should they get the benefit of this change in the law? I have a pocket full of credit cards that I hardly use, and get 20 new card applications a month from other card companies wanting to give me credit.

These companies give out credit to bad risk and border line risk cardholders every day so they can play the odds that they can make some cash before that person goes bancrupt.

Its sad to say, but most people are not smart enough to save money and think if they put it on a card they will be able to handle it. I think the companies prey on the greed and stupidity of the masses.

Now the credit card companies will start giving out even more cards, becaus ewith these new laws they now have a way to collect on these bad loans they are making.

I bet if the law was changed and made the issuing card company responsible for the defaulted debt of the consumer they issued a card to, then those companies would be a lot more critical when they issued a card.
 
Quote from jaronimo:

"... I bet if the law was changed and made the issuing card company responsible for the defaulted debt of the consumer they issued a card to, then those companies would be a lot more critical when they issued a card.
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What an asinine statement. It's always the credit card holder's responsibility, 100%. Nobody puts a gun to their heads and forces them to overcharge any more than McDonalds is responsible for all the overweight buyers of the Big Mac.
 
Why is it that conservatives place great faith in the common sense of people to do what is best for them when it comes to credit cards, guns, and healthy eating habits (despite "massive" evidence to the contrary) and yet when it comes to religion, justice(ie giving judges discretion in sentencing and bankruptcy), drug use, abortion, and sexual preference and freedom of speech, they suddenly change their minds about the level of common sense that consumers are able to exercise.
 
Quote from gnome:

What an asinine statement. It's always the credit card holder's responsibility, 100%. Nobody puts a gun to their heads and forces them to overcharge any more than McDonalds is responsible for all the overweight buyers of the Big Mac.
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So its a good idea for someone that makes 25k a year to have 20k, or more, in open credit? Those companies should burn for giving too much credit to people that should not have that much credit.

I had my first credit card when I was 17. At the time I was still in school and didn't have a job. Didn't matter, they still thought I needed credit.

They play the odds. I was a good risk, but many are not.

And speaking of Mcdonalds, the drive thrus around here now have a credit card swiper mounted on the outside of the drive thru window. If you gotta pay for a hamburger on credit you are a total loser.
 
Jaronimo,

The last few years, this is simply not true. The credit score drives their decision.

However, it may loosen up now, with the new BK law as your balance sheet will matter more than your score, as there is a certain number of people with lower than median income and little assets that can still get the bk-7 under the new law.

Before going bk, you will notice folks liquidating assets and losing their jobs...so that they may qualify for the seven...

Michael B.

These companies give out credit to bad risk and border line risk cardholders every day so they can play the odds that they can make some cash before that person goes bancrupt.
 
"And speaking of Mcdonalds, the drive thrus around here now have a credit card swiper mounted on the outside of the drive thru window. If you gotta pay for a hamburger on credit you are a total loser."

That's a retarded comment. No one NEEDS to use credit for a BigMac and you know that. It was always about convenience, (people to buy when they don't have cash in their pockets) and usually for people who use such technology pay their balance or use debit cards. A better statement would be: Any adult who still eats McDonalds is a total loser, which includes me from time to time.
 
What about airline points and cash rebates for using the card...I paid my rent with the card...

the loser,
Michael B.



Quote from saturnine:

"And speaking of Mcdonalds, the drive thrus around here now have a credit card swiper mounted on the outside of the drive thru window. If you gotta pay for a hamburger on credit you are a total loser."

That's a retarded comment. No one NEEDS to use credit for a BigMac and you know that. It was always about convenience, (people to buy when they don't have cash in their pockets) and usually for people who use such technology pay their balance or use debit cards. A better statement would be: Any adult who still eats McDonalds is a total loser, which includes me from time to time.
More...
 
Quote from saturnine:

"And speaking of Mcdonalds, the drive thrus around here now have a credit card swiper mounted on the outside of the drive thru window. If you gotta pay for a hamburger on credit you are a total loser."

That's a retarded comment. No one NEEDS to use credit for a BigMac and you know that. It was always about convenience, (people to buy when they don't have cash in their pockets) and usually for people who use such technology pay their balance or use debit cards. A better statement would be: Any adult who still eats McDonalds is a total loser, which includes me from time to time.
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Ok, thanks for the clarification. I didn't realize that when people used a card and pressed credit, they were actually paying off the whole amount every month and not carrying a balance.

With the exception of a mortgage, does anyone NEED to use credit at all?

Maybe I should have changed the way I wrote it from NEED to USE credit to pay for a hamburger so it didn't sound so "retarted" to you.
 
Quote from Mvic:

Why is it that conservatives place great faith in the common sense of people to do what is best for them when it comes to credit cards, guns, and healthy eating habits (despite "massive" evidence to the contrary) and yet when it comes to religion, justice(ie giving judges discretion in sentencing and bankruptcy), drug use, abortion, and sexual preference and freedom of speech, they suddenly change their minds about the level of common sense that consumers are able to exercise.
More...

Good one. I'll keep that quote.

Ursa..
 
Many parallels can be drawn between what the cigarette Co's did early on and how the CC Co's try to get get young people hooked on credit. But that's the way it is.

Hey just remember open credit lines are always good to have. Combine a divorce with job loss with terminal illness and I'll be the first one to cash out all credit lines to head for Maui for my final days.
 
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