Comments on: Should the Bailout Money Be Used to Forgive Credit Card Debt? http://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Mon, 15 Mar 2010 13:36:02 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: robhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193843 rob Sun, 24 May 2009 14:51:09 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193843 When you lose your job or the company you started goes down the poop shoot you will being singing a different tune. When you lose your job or the company you started goes down the poop shoot you will being singing a different tune.

]]> By: robhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193842 rob Sun, 24 May 2009 14:47:15 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193842 Banks who are the creditcard companies are nothing but thieves wearing suits and ties. Banks who are the creditcard companies are nothing but thieves wearing suits and ties.

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193810 jason Sat, 23 May 2009 03:02:47 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193810 Financial Slavery is slavery none the less. Give me Liberty or Give me Death! Financial Slavery is slavery none the less. Give me Liberty or Give me Death!

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193809 jason Sat, 23 May 2009 03:00:55 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193809 they are scum and I hope they all collapse, it's about time we all started paying with cash anyway, we don't need credit card companies they are scum and I hope they all collapse, it’s about time we all started paying with cash anyway, we don’t need credit card companies

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193808 jason Sat, 23 May 2009 02:59:00 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193808 amen brother! amen brother!

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193807 jason Sat, 23 May 2009 02:58:15 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193807 I second that, it should be law that credit card companies can never raise interest rates past 5 percent,that should be the maximum, even if someone is late or defaults. No late fees, default rates. Just one set interest rate for everyone 5 percent. Then when someone does default, no fees or interest rate hikes should take effect, just send it to collections as usual. I second that, it should be law that credit card companies can never raise interest rates past 5 percent,that should be the maximum, even if someone is late or defaults. No late fees, default rates. Just one set interest rate for everyone 5 percent. Then when someone does default, no fees or interest rate hikes should take effect, just send it to collections as usual.

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193806 jason Sat, 23 May 2009 02:55:01 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193806 exactly, they are the scum of the earth exactly, they are the scum of the earth

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193805 jason Sat, 23 May 2009 02:54:03 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193805 I agree with you totally, there should be no mercy to these CC companies, the credit card bill that was signed today was a joke, the maximum that CC companies should be able to charge for interest is 10 percent or even less would be even better. There should never be late charges, or extra fees. You are also correct about the bankruptcy thing, they made it harder for us to go bankrupt, yet they continue their high interest rates, rate increases and fees. I think the bankruptcy laws should revert to what they were before 2005 as well. I agree with you totally, there should be no mercy to these CC companies, the credit card bill that was signed today was a joke, the maximum that CC companies should be able to charge for interest is 10 percent or even less would be even better. There should never be late charges, or extra fees. You are also correct about the bankruptcy thing, they made it harder for us to go bankrupt, yet they continue their high interest rates, rate increases and fees. I think the bankruptcy laws should revert to what they were before 2005 as well.

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193804 jason Sat, 23 May 2009 02:45:03 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193804 you are totally correct you are totally correct

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193803 jason Sat, 23 May 2009 02:44:02 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193803 Why are you so quick to stick it to the taxpayer? The credit card companies have screwed people for years, it's about time they got screwed. Why are you so quick to stick it to the taxpayer? The credit card companies have screwed people for years, it’s about time they got screwed.

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193802 jason Sat, 23 May 2009 02:40:19 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193802 Amen! Amen!

]]> By: jasonhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193801 jason Sat, 23 May 2009 02:31:21 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193801 The damage is already done people, we already spent trillions in bailouts and stimulus, yet not one dime has come to me or anyone I know, I don't see why you people are so quick to vote down a credit card bailout, it's something that helps the average taxpayer instead of greedy corporations, banks, and credit card companies. It's as if you have all been brainwashed into thinking that we the people don't deserve anything at the same time giving away our money freely to these scumbag corporations, banks, and credit card companies who will use the money we gave them to continue to screw us into financial slavery. Instead of a credit card bailout, I would rather just see every taxpaying American receive a tax free check of at least 50,000 dollars to spend however they damn well please. I don't think that's asking for too much after bailing out these failed institutions. Bailouts were not a good idea to begin with, but since the damage is done, let's get our share of the pie now. This ship is going down, might as well get as much as we can before it sinks. The damage is already done people, we already spent trillions in bailouts and stimulus, yet not one dime has come to me or anyone I know, I don’t see why you people are so quick to vote down a credit card bailout, it’s something that helps the average taxpayer instead of greedy corporations, banks, and credit card companies. It’s as if you have all been brainwashed into thinking that we the people don’t deserve anything at the same time giving away our money freely to these scumbag corporations, banks, and credit card companies who will use the money we gave them to continue to screw us into financial slavery. Instead of a credit card bailout, I would rather just see every taxpaying American receive a tax free check of at least 50,000 dollars to spend however they damn well please. I don’t think that’s asking for too much after bailing out these failed institutions. Bailouts were not a good idea to begin with, but since the damage is done, let’s get our share of the pie now. This ship is going down, might as well get as much as we can before it sinks.

]]> By: ReallyGetRealhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-193552 ReallyGetReal Thu, 14 May 2009 03:40:53 +0000 http://www.consumerismcommentary.com/?p=4410#comment-193552 Let's not forget that businesses pay a percentage to the credit card companies also. This is usually 2-3% + a per transaction fee. Must be be nice to be able to collect that and then stand on the steps of the white house with your tin cup. Let’s not forget that businesses pay a percentage to the credit card companies also. This is usually 2-3% + a per transaction fee.
Must be be nice to be able to collect that and then stand on the steps of the white house with your tin cup.

]]> By: Laurenhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-187705 Lauren Fri, 30 Jan 2009 20:55:25 +0000 http://www.consumerismcommentary.com/?p=4410#comment-187705 I think lowering the interest rate from 18% 25% 29% down to 5& or * % woudl help the everyday person and teh credit cards companies woud still get their money. I think lowering the interest rate from 18% 25% 29% down to 5& or * % woudl help the everyday person and teh credit cards companies woud still get their money.

]]> By: Robhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-186676 Rob Mon, 15 Dec 2008 19:41:27 +0000 http://www.consumerismcommentary.com/?p=4410#comment-186676 Why should banks and large wall street firms get bailed out but not the consumer? The people that operate these places did just as bad a job as the people with credit card debt or worse because they were to set an example. They all walked off with millions of dollars and left everyone holding the bag. As far as im concerned if one gets a bailout then all should get one. Why should banks and large wall street firms get bailed out but not the consumer? The people that operate these places did just as bad a job as the people with credit card debt or worse because they were to set an example. They all walked off with millions of dollars and left everyone holding the bag. As far as im concerned if one gets a bailout then all should get one.

]]> By: Jeffhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-186235 Jeff Thu, 20 Nov 2008 23:33:31 +0000 http://www.consumerismcommentary.com/?p=4410#comment-186235 Like above I also agree...The banks/credit card issuers actually brought on a lot of this themselves! They have also dug deep into the consumers pockets by giving more credit on their credit card accounts when they shouldn't have, knowing the consumer will end up in a loss. Today anyone that carries a balance from month to month are or will be hit with huge APR rates that will push the consumer to give up on paying the monies back. 10k balance @ 21% is about $200.00 per month in interest, and the minimum Pmt. is around $230.00 I guess since most bank/credit card companies have received anywhere from 10mil. to 25bil. they and the government should push credit card rates down to a more normal rate, like below 5%Did anyone know that credit card companies have 40 to 60 employee's that are part of a THINK TANK, yep I know first hand and all these people do for a job is to figure out ways to create NEW hidden fee's that they can use on accounts and YES this is 40% of the business that puts money in their pockets!Also -- not that long ago if your credit card account had a rate hike due to whatever reasons, you could call your credit card company and actually talk to someone and get results that would lower your rate and ease the pain of paying the money back... TODAY that will not happen, if you carry a balance that is 40% of your credit line and your rate is high nobody will talk to you about lowering your current rate. Example...Discover, if you call to speak to someone about your card rate, they will first look at your account, run their numbers and say your account doesn't qualify for a lower rate change.The kicker here is you can't even speak to anyone in the APR department, just customer service and if you insist you talk to someone in the APR dept they will not transfer you and tell you that they will send a FORM by MAIL to fill out and then to send back explaining why you feel your credit card account should have a lower rate... ARE YOU KIDDING MEWho ever thought that a person for 20+ years paid their bills on time every month with a credit rating of 740 and still get shammed in to huge crazy rates. Like above I also agree…The banks/credit card issuers actually brought on a lot of this themselves! They have also dug deep into the consumers pockets by giving more credit on their credit card accounts when they shouldn’t have, knowing the consumer will end up in a loss. Today anyone that carries a balance from month to month are or will be hit with huge APR rates that will push the consumer to give up on paying the monies back. 10k balance @ 21% is about $200.00 per month in interest, and the minimum Pmt. is around $230.00 I guess since most bank/credit card companies have received anywhere from 10mil. to 25bil. they and the government should push credit card rates down to a more normal rate, like below 5%

Did anyone know that credit card companies have 40 to 60 employee’s that are part of a THINK TANK, yep I know first hand and all these people do for a job is to figure out ways to create NEW hidden fee’s that they can use on accounts and YES this is 40% of the business that puts money in their pockets!

Also — not that long ago if your credit card account had a rate hike due to whatever reasons, you could call your credit card company and actually talk to someone and get results that would lower your rate and ease the pain of paying the money back… TODAY that will not happen, if you carry a balance that is 40% of your credit line and your rate is high nobody will talk to you about lowering your current rate. Example…Discover, if you call to speak to someone about your card rate, they will first look at your account, run their numbers and say your account doesn’t qualify for a lower rate change.

The kicker here is you can’t even speak to anyone in the APR department, just customer service and if you insist you talk to someone in the APR dept they will not transfer you and tell you that they will send a FORM by MAIL to fill out and then to send back explaining why you feel your credit card account should have a lower rate… ARE YOU KIDDING ME

Who ever thought that a person for 20+ years paid their bills on time every month with a credit rating of 740 and still get shammed in to huge crazy rates.

]]> By: Eberd3http://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185921 Eberd3 Wed, 12 Nov 2008 21:21:50 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185921 The banks/credit card issuers actually brought on a lot of this themselves (as well as those that overextended themselves) ...hear me out on this. The Banks/Credit Card Issuers pushed Congress to make it tougher for folks to file bankruptcy on credti card/unsecured debt. People chose to pay their credit cards before paying on the mortgage. Now that credit card debt has grown - you see more foreclosures! Once forclosed on -people have been turning to credit cards to live and just keep getting deeper in debt. The credit card companies CAN stop additional debt by cutting off the credit, however they continue to drive the debtor DEEPER into the hole with continued late fees and interest even when the use of the credit card has stopped!!I would much rather see the bailout money used for debt counseling and consolidation loans - to help teach people how to budget and give them the opportunity to pay off a less overwhelming debt. Just my random thoughts.... The banks/credit card issuers actually brought on a lot of this themselves (as well as those that overextended themselves) …hear me out on this. The Banks/Credit Card Issuers pushed Congress to make it tougher for folks to file bankruptcy on credti card/unsecured debt. People chose to pay their credit cards before paying on the mortgage. Now that credit card debt has grown – you see more foreclosures! Once forclosed on -people have been turning to credit cards to live and just keep getting deeper in debt. The credit card companies CAN stop additional debt by cutting off the credit, however they continue to drive the debtor DEEPER into the hole with continued late fees and interest even when the use of the credit card has stopped!!

I would much rather see the bailout money used for debt counseling and consolidation loans – to help teach people how to budget and give them the opportunity to pay off a less overwhelming debt. Just my random thoughts….

]]> By: Juliehttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185887 Julie Tue, 11 Nov 2008 19:22:38 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185887 What about just forcing the credit card companies to ease up on the interest rates and late fees and be willing to work with people paying off the debt. A lower interest rate would help alot of people I am sure. What about just forcing the credit card companies to ease up on the interest rates and late fees and be willing to work with people paying off the debt. A lower interest rate would help alot of people I am sure.

]]> By: The Arrowhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185786 The Arrow Fri, 07 Nov 2008 04:11:31 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185786 Credit card companies need to share in some of this blame. I'm not saying that people who rack up debt buying items they dont need are innocent. Just look at who gave them this credit in the first place. Credit offers arrive in my mail box almost daily. Most offering some great interest rate which later skyrockets to upwards of 27 percent or more. Not because of a late payment or over the limit charge. Credit Card companies will jack your rates up because you have too much of your balance charged up. Whats the point of having a pre-set credit limit if you can't use it? Never mind the fact that you have never defaulted and always paid at least the minimum payment on time every month. Credit card companies need to share in some of this blame. I’m not saying that people who rack up debt buying items they dont need are innocent. Just look at who gave them this credit in the first place. Credit offers arrive in my mail box almost daily. Most offering some great interest rate which later skyrockets to upwards of 27 percent or more. Not because of a late payment or over the limit charge. Credit Card companies will jack your rates up because you have too much of your balance charged up. Whats the point of having a pre-set credit limit if you can’t use it? Never mind the fact that you have never defaulted and always paid at least the minimum payment on time every month.

]]> By: Jimhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185146 Jim Fri, 31 Oct 2008 22:35:53 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185146 KMB: I agree that there are probably a minority of people with credit card debt that didn't do anything irresponsible but ended up in debt due to hardships beyond their control.But the overwhelming majority of credit card debt in the country is due to people living beyond their means and unnecessary / frivolous spending.Surely theres no good reason for higher income people to have credit card debts. But thats who owes most of the credit card debt. As of 2004:<ul><li>over half the credit card debt is owed by families making over $50k a year.</li> <li>40% of households making over $85k a year have credit card debt averaging $7600.</li> <li>The top 20% income tier owes over 4 times as much as the bottom 20% tier.</li></ul>Jim KMB: I agree that there are probably a minority of people with credit card debt that didn’t do anything irresponsible but ended up in debt due to hardships beyond their control.

But the overwhelming majority of credit card debt in the country is due to people living beyond their means and unnecessary / frivolous spending.

Surely theres no good reason for higher income people to have credit card debts. But thats who owes most of the credit card debt. As of 2004:

  • over half the credit card debt is owed by families making over $50k a year.
  • 40% of households making over $85k a year have credit card debt averaging $7600.
  • The top 20% income tier owes over 4 times as much as the bottom 20% tier.

Jim

]]> By: Jason Hhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185109 Jason H Fri, 31 Oct 2008 14:47:10 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185109 KMB: I'm sorry but I can't sympathize. In the end debt is a product of bad planning or calculated risk. My wife and I lived on a grand total of $13,000 a year after taxes while I was finishing my masters and guess what... no credit card debt! In fact, we only used our credit cards for food and gas because we got airline miles for it so we could take a free flight to see family. All we have left from those 2 long years is my student loan debt and that would fall under the category of calculated risk debt. It was a calculated risk that the $25,000 investment in education would be repaid with a better job than I had before I went back to school and in the end my salary increased 200% over what I was making before I went back to school.In the end, credit card debt shouldn't be forgiven by our government. In fact I think that people in homes they can't afford should be foreclosed upon. If you can't afford it go rent an apartment and let the home prices fall so more people can afford to buy a home. KMB: I’m sorry but I can’t sympathize. In the end debt is a product of bad planning or calculated risk. My wife and I lived on a grand total of $13,000 a year after taxes while I was finishing my masters and guess what… no credit card debt! In fact, we only used our credit cards for food and gas because we got airline miles for it so we could take a free flight to see family. All we have left from those 2 long years is my student loan debt and that would fall under the category of calculated risk debt. It was a calculated risk that the $25,000 investment in education would be repaid with a better job than I had before I went back to school and in the end my salary increased 200% over what I was making before I went back to school.

In the end, credit card debt shouldn’t be forgiven by our government. In fact I think that people in homes they can’t afford should be foreclosed upon. If you can’t afford it go rent an apartment and let the home prices fall so more people can afford to buy a home.

]]> By: Louhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185094 Lou Fri, 31 Oct 2008 11:25:05 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185094 To debate if the politicians are right or wrong on the issue assumes that they have good intentions to start with. I do not think they do. It is all about power and making as many dependent on them as possible. IMHO, they do not give a rat's rear end regarding who they help and who they destroy. To debate if the politicians are right or wrong on the issue assumes that they have good intentions to start with. I do not think they do. It is all about power and making as many dependent on them as possible. IMHO, they do not give a rat’s rear end regarding who they help and who they destroy.

]]> By: Carlosbusinessconsultant Denverhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185058 Carlosbusinessconsultant Denver Thu, 30 Oct 2008 23:57:42 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185058 Where is my good credit cut? This is absurd. You give the money to those who can manage it best. Not to those who will leverage it out to a bigger loss. I have managed my debt but I don't get relief. I will get a bigger tax. I have to pay all my debt whereas my incompetent friends family and others who blew their money on cars, electronics and fancy clothes and houses too big for them, get their excesses free.You guys seem to know about debt. You will manage it better than the idiots that overspent. Imagine giving this money to those who can manage it and make it grow.Ken Lay Enron was convicted for far less losses. The stuffed shirts on wall street and capital hill are watching each others backs. Pisses me off. Don't let the congress get off easy, abolition of Glass Steagal act and the mandate of loans to previously bad areas to invest (redlining) was congress's fault also. And the republican Presidents that didn't at least tell everybody this was a lousy deal. Democratic presidents love these socialist ideas. All this, is to put more money into congress's pockets when they run for re-election. They get to keep the unspent contributions, that is why they are always running for office. They create more havoc so that we have to have Congress manage a mess, they create. Where is my good credit cut? This is absurd. You give the money to those who can manage it best. Not to those who will leverage it out to a bigger loss. I have managed my debt but I don’t get relief. I will get a bigger tax. I have to pay all my debt whereas my incompetent friends family and others who blew their money on cars, electronics and fancy clothes and houses too big for them, get their excesses free.

You guys seem to know about debt. You will manage it better than the idiots that overspent. Imagine giving this money to those who can manage it and make it grow.

Ken Lay Enron was convicted for far less losses. The stuffed shirts on wall street and capital hill are watching each others backs. Pisses me off. Don’t let the congress get off easy, abolition of Glass Steagal act and the mandate of loans to previously bad areas to invest (redlining) was congress’s fault also. And the republican Presidents that didn’t at least tell everybody this was a lousy deal. Democratic presidents love these socialist ideas. All this, is to put more money into congress’s pockets when they run for re-election. They get to keep the unspent contributions, that is why they are always running for office. They create more havoc so that we have to have Congress manage a mess, they create.

]]> By: KMBhttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185056 KMB Thu, 30 Oct 2008 21:03:24 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185056 I can see from the messages already left that most are not in favor off bailing out the people that have credit card debit. These people probably have a job, want for nothing like food, health care or a mercedes. But there are alot of us out here that do work hard, drive a old chevy and hope that someday we can afford healthcare. Not everybody has used their credit cards for frivolous items. Medicine yes, food yes, doctor bills,childrens needs that are nesscities and just basic survival.PLEASE STOP BASHING THE PEOPLE WITH HIGH CREDIT CARD DEBT BECAUSE YOU DONT KNOW WHAT THAT PERSON HAS BEEN THROUGH OR GOING THROUGH. OH AND BY THE WAY AT THE AGE OF 14 I HAVE HAD TO SUPPORT MY FAMILY WITH LITTLE EDUCATION SO IF I HAVE MISS SPELLED SOME WORDS WELL PLEASE FORGIVE. NOW YOU HAVE THE OTHER SIDE OF THE PICTURE! I can see from the messages already left that most are not in favor off bailing out the people that have credit card debit. These people probably have a job, want for nothing like food, health care or a mercedes. But there are alot of us out here that do work hard, drive a old chevy and hope that someday we can afford healthcare. Not everybody has used their credit cards for frivolous items. Medicine yes, food yes, doctor bills,childrens needs that are nesscities and just basic survival.

PLEASE STOP BASHING THE PEOPLE WITH HIGH CREDIT CARD DEBT BECAUSE YOU DONT KNOW WHAT THAT PERSON HAS BEEN THROUGH OR GOING THROUGH. OH AND BY THE WAY AT THE AGE OF 14 I HAVE HAD TO SUPPORT MY FAMILY WITH LITTLE EDUCATION SO IF I HAVE MISS SPELLED SOME WORDS WELL PLEASE FORGIVE. NOW YOU HAVE THE OTHER SIDE OF THE PICTURE!

]]> By: Mr. ToughMoneyLovehttp://www.consumerismcommentary.com/2008/10/29/should-the-bailout-money-be-used-to-forgive-credit-card-debt/#comment-185047 Mr. ToughMoneyLove Thu, 30 Oct 2008 16:14:15 +0000 http://www.consumerismcommentary.com/?p=4410#comment-185047 The answer is no and it makes no difference that the credit card was used for "essential" expenses. If it is the latter case, there are most assuredly other non-essential expenses that were sucking cash away. Heck, if we are going to forgive credit card debt, let's just make filing bankruptcy as easy as getting a no-fault divorce. Sign a paper that says through no fault of your own you're broke and file it. Debt is gone. The answer is no and it makes no difference that the credit card was used for “essential” expenses. If it is the latter case, there are most assuredly other non-essential expenses that were sucking cash away. Heck, if we are going to forgive credit card debt, let’s just make filing bankruptcy as easy as getting a no-fault divorce. Sign a paper that says through no fault of your own you’re broke and file it. Debt is gone.

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