Comments on: Credit Card Bailout for Consumers? http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/ Sports News - Tech Reviews - Entertainment - Life Tips for EveryJoe Tue, 22 Dec 2009 00:53:30 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Tom Seay http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-374983 Tom Seay Fri, 20 Nov 2009 21:51:34 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-374983 Credit card companies were not always like this. I'm sure that back when their services covered nothing more than clothing purchases, dining or the like, especially before the 1980s, no one thought there would be this influx of madness exhibited by these crooked banking giants. Too many people, especially those who are under employed and underpaid, have relied on the credit card for far too long. Now, the botton has fallen out on many, and they can't even make their minimum payments every month. We still have house, car, utilitiy, food, college loan (payments) and the like to re-pay, so although I intend to pay my credit cards as best I can, I'm not going to forsake my other financial obligations, and I don't think those millions of others who have more going out every month than they do coming in, whether or not you throw in the credit card bill(s), should do so either. I suggest that even if you can't make your minimum monthly payment(s), pay something, but do not live outside your means a second time by forking it all over to the credit card company, thus leaving very little for you and your family to live off of. No one ever made a credit card payment living on the street or in the dark. And remember, some of those who work for credit card companies or their collective services probably have credit card obligations they can't pay either. Let's hope anyway. Credit card companies were not always like this. I’m sure that back when their services covered nothing more than clothing purchases, dining or the like, especially before the 1980s, no one thought there would be this influx of madness exhibited by these crooked banking giants.
Too many people, especially those who are under employed and underpaid, have relied on the credit card for far too long. Now, the botton has fallen out on many, and they can’t even make their minimum payments every month.
We still have house, car, utilitiy, food, college loan (payments) and the like to re-pay, so although I intend to pay my credit cards as best I can, I’m not going to forsake my other financial obligations, and I don’t think those millions of others who have more going out every month than they do coming in, whether or not you throw in the credit card bill(s), should do so either.
I suggest that even if you can’t make your minimum monthly payment(s), pay something, but do not live outside your means a second time by forking it all over to the credit card company, thus leaving very little for you and your family to live off of. No one ever made a credit card payment living on the street or in the dark.
And remember, some of those who work for credit card companies or their collective services probably have credit card obligations they can’t pay either. Let’s hope anyway.

]]> By: Jacob Marta http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-316787 Jacob Marta Sat, 10 Oct 2009 01:18:09 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-316787 It seems logical to think that making consumers go through some pain for poor financial decisions is prudent and correct. However, one of the reasons our country has been so successful is because of how open we are with people in debt. Our bankruptcy code is the most effective in the world. It doesnt seem fair, but in the bigger economic picture when you allow a person or company to get off the matt when they have lost everything, they tend to come back and contribute to the economy. Business people take risks, open small businesses, hire employees, purchase goods and services. If they linger in debt indefinately, they will not take these risks, and will unlikely be able to be a contributor rather a user of social welfare. In the case of credit cards, sure many over extended far beyond their means. Believe me they are suffering. Even so, a large number of people were solid, on-time payers, however credit card companies triggered all sorts of rules to double and triple interest rates in just a few weeks time. They also shortened billing cycles, cut credit limits and then when a consumer could no longer pay their monthly min payment, they jacked up the over the limit and late fees. This has resulted in good consumers finding themselves in a DEEP debt trap. Can you imagine your easy payment of $300/month going up to $900? I am biased for sure because of the company I work for. However, I work here because I feel strongly that NOW is the time for consumers in trouble to get out of this debt trap intentionally set by credit card companies. They have a limited time opportunity during this down economy to take advantage of the settlement offers being made by credit card companies. It is true, people are reducing their debts by up to 60% or more! I invite one and all to go to CreditCardBailout.com http://www.creditcardbailout.com to see what your settlement offer could be. They have a free calculator that will show you your debt reduction. If you're late on you bills and are struggling, then a settlement may be a great one time opportunity for you to break free of the debt trap. Hopefully we have all learned our lesson. Live within our means and in the next decade America will become a nation of wealth generators, not a nation of debtors. It seems logical to think that making consumers go through some pain for poor financial decisions is prudent and correct. However, one of the reasons our country has been so successful is because of how open we are with people in debt. Our bankruptcy code is the most effective in the world. It doesnt seem fair, but in the bigger economic picture when you allow a person or company to get off the matt when they have lost everything, they tend to come back and contribute to the economy. Business people take risks, open small businesses, hire employees, purchase goods and services. If they linger in debt indefinately, they will not take these risks, and will unlikely be able to be a contributor rather a user of social welfare.

In the case of credit cards, sure many over extended far beyond their means. Believe me they are suffering. Even so, a large number of people were solid, on-time payers, however credit card companies triggered all sorts of rules to double and triple interest rates in just a few weeks time. They also shortened billing cycles, cut credit limits and then when a consumer could no longer pay their monthly min payment, they jacked up the over the limit and late fees. This has resulted in good consumers finding themselves in a DEEP debt trap. Can you imagine your easy payment of $300/month going up to $900?

I am biased for sure because of the company I work for. However, I work here because I feel strongly that NOW is the time for consumers in trouble to get out of this debt trap intentionally set by credit card companies. They have a limited time opportunity during this down economy to take advantage of the settlement offers being made by credit card companies. It is true, people are reducing their debts by up to 60% or more!

I invite one and all to go to CreditCardBailout.com http://www.creditcardbailout.com to see what your settlement offer could be. They have a free calculator that will show you your debt reduction. If you’re late on you bills and are struggling, then a settlement may be a great one time opportunity for you to break free of the debt trap.

Hopefully we have all learned our lesson. Live within our means and in the next decade America will become a nation of wealth generators, not a nation of debtors.

]]> By: Lizabel http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-316204 Lizabel Wed, 05 Aug 2009 00:37:02 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-316204 Clearly Joe Taxpayer is someone you would not want as a juror. It is easy to judge from the outside looking in. Like everything else, the good (people who haven't made the mistake of over extended themselves on credit card charges) would, and should have an opportunity to benefit from a compromised settlement payment from the credit card companies. They 'make' their money, it doesn't hurt to give a little during these tough times. But unfortunately, there may be some undeserving 'repeat' performers who constantly live beyond their means that will benefit. Such is life, what are we going to do - I say help the 'first time/one time mistakers'; that's what the real human beings do! Believe me the repeaters or less than deservers will eventually suffer the consequences of their bad habits. Clearly Joe Taxpayer is someone you would not want as a juror. It is easy to judge from the outside looking in. Like everything else, the good (people who haven’t made the mistake of over extended themselves on credit card charges) would, and should have an opportunity to benefit from a compromised settlement payment from the credit card companies. They ‘make’ their money, it doesn’t hurt to give a little during these tough times. But unfortunately, there may be some undeserving ‘repeat’ performers who constantly live beyond their means that will benefit. Such is life, what are we going to do – I say help the ‘first time/one time mistakers’; that’s what the real human beings do! Believe me the repeaters or less than deservers will eventually suffer the consequences of their bad habits.

]]> By: The week’s blog reading » JoeTaxpayer http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-316136 The week’s blog reading » JoeTaxpayer Sun, 21 Jun 2009 12:05:58 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-316136 [...] increase across the board due to the economy“. Ouch. Lastly, Mirana Marquit posting on her blog Yielding Wealth asks “Credit Card Bailout for Consumers?” It seems that many who are late on their [...] [...] increase across the board due to the economy“. Ouch. Lastly, Mirana Marquit posting on her blog Yielding Wealth asks “Credit Card Bailout for Consumers?” It seems that many who are late on their [...]

]]> By: Miranda Marquit http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-316096 Miranda Marquit Thu, 18 Jun 2009 18:10:39 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-316096 Honestly, since it is the credit card companies offering this, I don't really have a problem. It's a business decision for the card companies. They are reaping the consequences of their poor decisions in extending too much credit due to the greed factor. Consumers and companies are to blame. The consumers were punished for their decisions, by having to pay interest and getting into the mess (it's hardly getting off "easy" when you reach that point), and now credit card companies have to accept that they might not get as much as they hoped. Of course, in most cases, the credit card company still comes out ahead. Honestly, since it is the credit card companies offering this, I don’t really have a problem. It’s a business decision for the card companies. They are reaping the consequences of their poor decisions in extending too much credit due to the greed factor. Consumers and companies are to blame. The consumers were punished for their decisions, by having to pay interest and getting into the mess (it’s hardly getting off “easy” when you reach that point), and now credit card companies have to accept that they might not get as much as they hoped. Of course, in most cases, the credit card company still comes out ahead.

]]> By: Jim http://www.everyjoe.com/articles/credit-card-bailout-for-consumers/comment-page-1/#comment-316103 Jim Thu, 18 Jun 2009 13:03:30 +0000 http://www.bizzia.com/yieldingwealth/?p=1241#comment-316103 While the credit card companies and the banks are providing the rope, it is the greedy consumer trying to live beyond their means who ties the knot around their necks and swings in the wind. I'm old school and don't believe in these easy settlements. The process of getting out of debt should be very painful and leave a lasting impressing so this behavior is not repeated again. Making things too easy only reinforces the bad behavior. While the credit card companies and the banks are providing the rope, it is the greedy consumer trying to live beyond their means who ties the knot around their necks and swings in the wind. I’m old school and don’t believe in these easy settlements. The process of getting out of debt should be very painful and leave a lasting impressing so this behavior is not repeated again. Making things too easy only reinforces the bad behavior.

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