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Author: Subject: Will the lenders' write off of credit card delinquencies be next?

Maximum Peach





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  posted on 10/14/2008 at 11:54 AM
Or have those uncollectibles and writedowns already been factored into the our economic downturn?

 

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Zen Peach



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  posted on 10/14/2008 at 12:09 PM
I have no doubt that the credit card companies will be bailed out with our money and then they'll continue with their leacherous business practices of raising interest rates arbitrarily and suing everyone who can't make the payments.

Credit company lobbyists managed to get laws passed along with the new bankruptcy laws that pretty much guarantees they're going to get their money or they'll convert the unsecured debt into a lien on any property you might own. And although the statute of limitations is usually only 3 years on an open account, there is a nice little loophole that allows them to take 6 years to compound interest on the principle, interest and other fees.

I hate credit cards and the companies that issue them.

 

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Maximum Peach



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  posted on 10/14/2008 at 12:10 PM
I'd say credit card and auto loans, along with other unsecured personal debt, will be a growing issue as the economy worsens and unemployment rises.

Expect another bailout, funded with non-existent public money from your friends at the Treasury and Federal Reserve.




 

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  posted on 10/14/2008 at 12:13 PM
What does it matter to them anyway? They'll just print up some more money.

 

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Zen Peach



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  posted on 10/14/2008 at 12:20 PM
If the credit card companies end up with a bailout, that will be the last straw. I hope to God this doesn't happen because these companies deserve every bad break they get.

I'm working on some correspondence to be sent to some creditors of mine. I haven't found a font size small enough yet, though..

 

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Zen Peach



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  posted on 10/14/2008 at 12:31 PM
I was at the CNN website a while ago and saw an ad for refinancing your mortgage. It was disgusting..something like:

$700 Billion in aid has arrived!!! Get a $200K mortgage for only $550 a month!

 

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Zen Peach



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  posted on 10/14/2008 at 12:35 PM
quote:
I hate credit cards and the companies that issue them.
Nobody is forced to use this kind of financing. What bothers me more is people who use credit cards unwisely then find themselves in impossible financial situations and can't figure out how that piece of plastic they used to purchase their new 50 inch plasma TV does not represent real money but a legal promise to make payments of real money. Credit cards can be valuable in emergency situation, for travelling, or for personal financial tracking purposes but the holder needs to use the card responsibly. If you not going to be able to afford it without the credit card chances are you won't be able to afford it with the card either. (LOL - just read my post and thought I'd offer the disclaimer that I do not work for a credit card company and am not trying to sell one to anybody. )

[Edited on 10/14/2008 by lolasdeb]

 

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Zen Peach



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  posted on 10/14/2008 at 12:37 PM
quote:
I was at the CNN website a while ago and saw an ad for refinancing your mortgage. It was disgusting..something like:

$700 Billion in aid has arrived!!! Get a $200K mortgage for only $550 a month!
The marketing tactics of many credit card companies is definitely over the top. Wish they would stop wasting paper with all the offers I find in my mailbox - got 1, only need 1.

 

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  posted on 10/14/2008 at 12:39 PM
Dont even get me started on credit cards and irresponsible use... my sister in laws husband racked up tens of thousands in credit card debt intentionally...he simply decided one day that he didnt want to pay his credit cards anymore so he went out and maxed them out to the tune of around $25K. When Visa decided they wanted to sue to get their money out of him, he promptly declared bankruptcy. On top of it all, he had a crappy lawyer that made some kind of mistake with the agreements and he ended up not having to pay anything back to them and the bankruptcy isnt showing up on his credit, apparently.

It makes me sick because I use my tiny little credit cards responsibly and pay them off every month. I carry a balance, sure, but I dont carry more than about 20% of the limit as a balance.

 

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Zen Peach



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  posted on 10/14/2008 at 12:45 PM
quote:
quote:
I hate credit cards and the companies that issue them.
Nobody is forced to use this kind of financing. What bothers me more is people who use credit cards unwisely then find themselves in impossible financial situations and can't figure out how that piece of plastic they used to purchase their new 50 inch plasma TV does not represent real money but a promise to make payments of real money. Credit cards can be valuable in emergency situation, for travelling, or for personal financial tracking purposes but the holder needs to use the card responsibly. If you not going to be able to afford it without the credit card chances are you won't be able to afford it with the card either. (LOL - just read my post and thought I'd offer the disclaimer that I do not work for a credit card company and am not trying to sell one to anybody. )



What happens when you use the cards periodically and somewhat responsibly, making the payments on time for 25+ years. All the sudden, through no wrongdoing, the rate jumps from 7.9% to 23.9%? The price you paid for the goods or services just skyrocketed long after the fact. I made the buying decision on the interest rate that I had for years. NEVER missed or was even late for a payment one time. Is this fair?

 

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Zen Peach



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  posted on 10/14/2008 at 12:48 PM
quote:
If the credit card companies end up with a bailout, that will be the last straw. I hope to God this doesn't happen because these companies deserve every bad break they get.

I'm working on some correspondence to be sent to some creditors of mine. I haven't found a font size small enough yet, though..



Please let me know if you find that font. We stopped using credit cards several years ago but I know several people who are interested.

As for using credit cards unwisely.....one of my friends had to have surgery and put $1,200 on her card to pay the doctor who wouldn't operate if she didn't pay him.....then after a few payments she was still ill and unable to keep u p with the payments. Then came late fees, over the limit fees, interest on raised interest and within three years they were going after her for $7,900. She tried to work with him on a reasonable settlement when she got back on her veet but by then the law had changed and they woudln't even consider reducing the amount....they wanted the full amount and were still going to charge interest on the outstanding balance. That's just wrong....she didn't want to default and she tried to make it right. Then she found out the company was forgiving millions in loans to Mexico and spending millions on advertising.

You know when they ask 'what's in your wallet?" It's their hand.

 

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Zen Peach



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  posted on 10/14/2008 at 12:51 PM
quote:
It makes me sick because I use my tiny little credit cards responsibly and pay them off every month. I carry a balance, sure, but I dont carry more than about 20% of the limit as a balance.
I'm with you, Squatch...I know people who have just gone crazy buying J.U.N.K. using credit cards with that attitude of I'll-can-always-file-bankruptcy and others that have gone nuts with the cards to the point of loosing everything. Drives me nuts.

 

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  posted on 10/14/2008 at 12:52 PM
quote:
quote:
I hate credit cards and the companies that issue them.
Nobody is forced to use this kind of financing. What bothers me more is people who use credit cards unwisely then find themselves in impossible financial situations and can't figure out how that piece of plastic they used to purchase their new 50 inch plasma TV does not represent real money but a legal promise to make payments of real money. Credit cards can be valuable in emergency situation, for travelling, or for personal financial tracking purposes but the holder needs to use the card responsibly. If you not going to be able to afford it without the credit card chances are you won't be able to afford it with the card either. (LOL - just read my post and thought I'd offer the disclaimer that I do not work for a credit card company and am not trying to sell one to anybody. )

[Edited on 10/14/2008 by lolasdeb]


I agree wholeheartedly! What do the fiscally responsible people get out of all of this, except to pay for everyone who lived above their means. Where's my payback for not carrying ridiculous debt, and living in a house I can afford instead of a palace?

How about paying back student loans - can college kids get any help? Those are at least loans with a future.

 

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Zen Peach



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  posted on 10/14/2008 at 12:58 PM
quote:
All the sudden, through no wrongdoing, the rate jumps from 7.9% to 23.9%? The price you paid for the goods or services just skyrocketed long after the fact. I made the buying decision on the interest rate that I had for years. NEVER missed or was even late for a payment one time. Is this fair?
No - this type of rate increase is NOT fair and I would be surprised if it was even legal. I'm no expert on the subject but I was under the impression that all interest rates - whether bank or credit card - were controlled by both federal and state law. I've never heard of any case where a card rate more than tripled on a single rate change. If the possibility of this happening was not in the original disclosure information you were provided when you took out the card, I would think about contacting someone for legal advise. Sorry you are dealing with this incident.

[Edited on 10/14/2008 by lolasdeb]

 

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Zen Peach



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  posted on 10/14/2008 at 01:09 PM
quote:
quote:
All the sudden, through no wrongdoing, the rate jumps from 7.9% to 23.9%? The price you paid for the goods or services just skyrocketed long after the fact. I made the buying decision on the interest rate that I had for years. NEVER missed or was even late for a payment one time. Is this fair?
No - this type of rate increase is NOT fair and I would be surprised if it was even legal. I'm no expert on the subject but I was under the impression that all interest rates - whether bank or credit card - were controlled by both federal and state law. I've never heard of any case where a card rate more than tripled on a single rate change. If the possibility of this happening was not in the original disclosure information you were provided when you took out the card, I would think about contacting someone for legal advise. Sorry you are dealing with this incident.

[Edited on 10/14/2008 by lolasdeb]


It's legal. Anything disclosed to you on the Truth-In-Lending disclosure is legal, unless there's a law against it. Read the fine print, indeed.

 

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Zen Peach



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  posted on 10/14/2008 at 01:18 PM
I've actually read the fine print in the contracts and nothing in there says they can do what they're doing....however, there have been new laws put in place that give them the power to do what they're doing....and it borders on usery. AND they can raise it if you're late on something totally unrelated to that particular card. Several of the card companies have been successfully sued for the practice of holding payments received for a day or two, marking them as late payments and raising the interest rates. In some cases this was done when the payments were received up to two weeks before the due date....and stamped on the back of the check to prove they were received and deposited.

I know there are people who abuse credit cards, but there are those people who, as stated, make buying decisions on one rate and get hammered with another. I lump credit card companies in with payday loan and title loan companies when it comes to business practices.....and don't even get me started on title loans!!!

 

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Zen Peach



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  posted on 10/14/2008 at 01:21 PM
quote:
quote:
quote:
All the sudden, through no wrongdoing, the rate jumps from 7.9% to 23.9%? The price you paid for the goods or services just skyrocketed long after the fact. I made the buying decision on the interest rate that I had for years. NEVER missed or was even late for a payment one time. Is this fair?
No - this type of rate increase is NOT fair and I would be surprised if it was even legal. I'm no expert on the subject but I was under the impression that all interest rates - whether bank or credit card - were controlled by both federal and state law. I've never heard of any case where a card rate more than tripled on a single rate change. If the possibility of this happening was not in the original disclosure information you were provided when you took out the card, I would think about contacting someone for legal advise. Sorry you are dealing with this incident.

[Edited on 10/14/2008 by lolasdeb]


It's legal. Anything disclosed to you on the Truth-In-Lending disclosure is legal, unless there's a law against it. Read the fine print, indeed.


Yes it is. And they will tell you so. Thankfully after a number of phone calls, I was able to get the rate reduced to 15.9%, still double what it had been. I learned my lesson with credit cards....Never again.

 

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Zen Peach



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  posted on 10/14/2008 at 01:49 PM
quote:
I've actually read the fine print in the contracts and nothing in there says they can do what they're doing....however, there have been new laws put in place that give them the power to do what they're doing....and it borders on usery. AND they can raise it if you're late on something totally unrelated to that particular card. Several of the card companies have been successfully sued for the practice of holding payments received for a day or two, marking them as late payments and raising the interest rates. In some cases this was done when the payments were received up to two weeks before the due date....and stamped on the back of the check to prove they were received and deposited.

I know there are people who abuse credit cards, but there are those people who, as stated, make buying decisions on one rate and get hammered with another. I lump credit card companies in with payday loan and title loan companies when it comes to business practices.....and don't even get me started on title loans!!!


The contract, maybe or maybe not. On the TIL, I'll bet it's there...

 

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Zen Peach



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  posted on 10/14/2008 at 01:51 PM
quote:
It's legal. Anything disclosed to you on the Truth-In-Lending disclosure is legal, unless there's a law against it. Read the fine print, indeed.
Definitely read before signing! I wasn't aware that this large of a one-time rate increase was being practiced with credit cards (although I am aware that cards and finance companies sometimes have outrageous rate percentages attached to their loans ).
quote:
Yes it is. And they will tell you so. Thankfully after a number of phone calls, I was able to get the rate reduced to 15.9%, still double what it had been. I learned my lesson with credit cards....Never again.
Glad you were able to get them to work with you somewhat but it still sucks that they've doubled your rate.

 

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Extreme Peach



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  posted on 10/14/2008 at 02:06 PM
i hate to politicize this and flog me if necessary, but Biden is one of the biggest recipients of credit card money through MBNA. i'm not even sure if this is relevant, but we should ask our senator not to approve this if it goes to vote.

 

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Zen Peach



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  posted on 10/14/2008 at 02:40 PM
Curious, alloak, was this card with BoA?

 

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Zen Peach



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  posted on 10/14/2008 at 02:53 PM
quote:
Curious, alloak, was this card with BoA?


10-4

 

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Zen Peach



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  posted on 10/14/2008 at 02:55 PM
"Amendment to Credit Card Agreement?"

 

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Ultimate Peach



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  posted on 10/14/2008 at 03:54 PM
Anyone here for changing the bankruptcy laws to make it harder to file?

 

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Zen Peach



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  posted on 10/14/2008 at 04:03 PM
quote:
Anyone here for changing the bankruptcy laws to make it harder to file?


They did that a couple of years ago and I'm not for making it any more difficult than it already is to file. Until we get the medical care situation under control there will be people going down the tubes to pay medical expense.

When I had my back surgery the hospital bill was $127,000 which is what I would have been billed a year or so prior when I didn't have insurance. The insurance company paid less than $4,000 for the bill. If you don't have insurance, you're just screwed and people, especially older people, are struggling and losing what they have just to stay alive.

 

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