Regulators nix credit card debt forgiveness plan

Anybody have an unreasonable interest rate on their credit card debt??

Man I say off with their heads the whole lot!

And truth be known much of the credit card debt in this country is due to people having to buy food and pay bills (including medical) on these cards.They have done the same thing to entice cardholders as mortgage companies did to open mortgages. Promising 1% rates, unless you were late once... then even if late by one day your rate is jacked up to 29% with late fees that put you overlimit so you can get an overlimit fee to get you so behind with their fees that keep getting added and payments being applied to interest instead of principal, that you can never catch up. What they are doing is a crime in my view.

Well hell, I have been financially responsible my entire life, I have one credit card which I pay off monthly, I never bought a home I could not afford, and have no business that is in the hole and needs a bailout.

So now I get to bail out peole who just HAD TO HAVE that 48 inch plasma screen TV with surround sound?

I dont think so. My tax dollars are bailing out enough irresponsible people, with no accountabilty yet... I do not want to bail out any else.

I forgive no one. You did it, you pay the price. I do not want to pay it for you.

Fuck...I'm done, they're not getting tax's, fines, anything I owe. Why should I have to give them part of my check, pay my taxes, pay daily taxes, and then help them out? But if i don't pay my fee's i can chill not jail? What ever happened to not biting the hand that feeds?

Who doesn't have an ungodly amount of interest compounding on damn near every portion of their lives? Fees, interest, fines, overdrafts... the list goes on and on. There are far more ways to separate you from your "hard earned money" that are employed on a daily basis than there are ways to save.
My bank put me into a "better account package" because my student account will expire when I graduate in June - its supposed to take $75 out of my checking each month and put it into a savings account, which I can remove at will. Great idea at first, until you hear that if the ACH does not go through they charge you a $10 fee; if the savings account is empty, they charge you that fee plus the don't let you know, so you incur overdraft fees, and they will continue to charge those until the next month (not the next scheduled ACH). What account do they charge? The EMPTY one. So now instead of having my stable student account, I'm hemorraging money that's going straight into the pocket of the bank.
Coincidence? I think NOT!
This is ridiculous, and as long as people allow the bait and switch to go on it will be business as usual - robbing the American taxxpayers blind.

If this were true I'd have to go buy a lot of stuff real quick.

Historical note. When the government was interested in pushing credit cards on all of us, the interest was tax deductible. For good source material on credit card merchants read Robert Manning.

If you have worried about your credit going bad, here's a reality check.
You're credit is already bad.
Welcome to the new majority.

Don't spend it if you haven't got it.

Justright: EXACTLY. Just like the wall street bailout and mortgage bailouts -- this does NOT give people incentives to be more responsible.

Yes, credit cards are evil, but there is a world of knowledge out there about them and it's available in all kinds of languages, so there's NO excuse for irresponsible spending.

Yes, probably 50% of the people who have outstanding debt due to pretty darn good reasons (food, clothing, college, bills, etc.)

But, the other 50% are just crazy consumers who have to snatch up every new gadget out there.

I have to agree with ninepound6, why bail them out if they weren't responsible?

So, the moral of the story is -- spend like a mad person, don't pay your mortgage, and the gov't will give you a hand out.

These people (and companies if you include the wall street bailout) are being rewarded for terrible behavior!

I've been responsible, where's my F$%$ing reward?!

This actually makes perfect sense. And JanforGore said it. They are all for bailing out the upper and upper-middle class. But credit card debt is mostly food, not plasma TVs. I'm not for bailing anybody out, but this is a clear F*#@K you to the lower class.

I was 'lucky' enough to witness my parents declare bankruptcy a total of three times before I was the age of 18 (once by mom and twice by dad) so I already knew the dangers of credit cards by time time I was old enough to have one.

For god's sake, It really isn't that hard to live within your means, Just STOP BUYING SHIT YOU CAN'T AFFORD! Come on folks, this is really simple math: take the total of your paycheck, subtract out all the bills and whatever you have left (if you have anything left) is what you get to spend on fun stuff. It really is that easy!

I have to say though, that each case of debt is different,and in the US especially, some people get screwed and SHOULD be helped. In cases of medical debt because insurance is unaffordable/unobtainable, for example...

yes, but now you are talking about medical debt.

That's a completely different issue. That goes into the realm of the terrible medical system.

for the people that think we shouldn't bail out individuals, realize this: all of the financial institutions made hundreds of billions, if not trillions, of dollars on CDO's and CDS's before the system collapsed. how much money did people who used credit cards, irresponsibly or not, make? NOTHING.

This is a "we" society, not a "me" society. We will pay our taxes regardless of where they are spent. Why are so many people against helping their neighbors so that credit card companies can continue to make a profit?

I've done my job badly (auto industry), I've spent my money irresponsibly (wall street), I bought more than i could afford (housing, credit), so please pass the bucket I need a bailout.

And that's it, no more proof is needed.

We'll bailout any debt big-ass corporations take on anyday to "prevent the collapse of the economy."

But when it comes to forgiving middle class credit card debt under the -exact- same set of circumstances? Uncle Sam says fuck you, "personal responsibility."

What further proof does one need of the utter corrupt state our government is in? It pisses me off so much, not because it's surprising, but because it's so fucking typical.

Ok, so let's bailout the all of the billion and trillion dollar corporations, who have made their billions and trillion dollars off the backs of hard-working, debt-riddled Americans. However, when it comes time to bail the hard-working Americans out of debt, let's tell them "no and to stop buying flatscreen TVs and to spend responsibily like all the other Americans".

News flash: Other Americans are in debt too. Not because they go and buy flatscreens and $1,000 dollar computers, but because they were buying groceries and paying bills. It's not a hand-out, it's a hand-up for people who truly need assistance. How many times do we have to bail-out the people who have before we bail-out the people who don't?

Bailout for everyone. Let's wipe the slate clean and start a fresh, all over the world. Imagine the happiness!!

The Conservative Movement is dying because of it's blatant contradictions

They are the big spending social safety net welfare party for big business. Their base is motivated by rhetoric and ideology, some of which I believe in. But the proof is in the pudding.

Should we bail out credit card people? No, not really. However a comprehensive $1 Trillion dollar economy fix should have money targeted as a catalyst to all corners of the economy. I could see something like an interest reduction plan as a counter balance to a government cash infusion.

But as long as we're still liberal and conservative, democrat and republicans who love rhetoric and ideology, we'll continute to let these soulless cock suckers run the world's best bet for freedom (And that's sad) into the ground.

I've known many who fall into this category, and I still don't understand the uncontrollable impulse to buy items that you simply cannot afford at the time.

Please at least have the means to pay the items off.

Yep the American Government could care less about its' people, just take care of the Big Businesses and Corrupt Corporations, well the average and below average Americans suffer because the corruption of these companies. The American Government needs to regulate more if we want to contiune to strive and progress as we have, and if they want the support of us.

In a "free market" society, the idea of a bailout in general is against everything that capitalism stands for.

Personally, I don't want to see anyone bailed out.... not wall street, not main street.

Until we as a society have a better sense of our actual economic existence, nothing will change. Credit gives everyone a false perception of our economic standing as individuals and as a society.

We need the institution of credit to fail at all levels as it has already gotten way out of hand. Only then can we start correcting the ills of the system as people are bound to listen and demand reform.

It's called personal responsibility.

..and there I was just catching the tail end of Fight Club last night.