Banks want to forgive unpaid credit card debt

[Anonymous]

http://www.msnbc.msn.com/id/27462445/

[braznyc]

Thanks for the link, interesting article!

[Junejer]

I like the fact that AMEX is Advertising right in the middle of this article. *rolls eyes*

[marty56]

I settle for a 120 day late forgiveness from BofA.

[Anonymous]

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@marty56 wrote:
I settle for a 120 day late forgiveness from BofA.

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THAT Is exactly what I was thinking too! I just sent some GW letters about payments I was late on 5 & 6 years ago and they wrote back with "We feel it must still be reported as late because it still reflects your current credit worthiness"

REALLY?!?!?!?!?! Ya think so?!?!?!?

So Hmmmm... let me see if I have this straight

If I currently own a house.... and I realized I couldn't afford to make the payments because the interest rate out grew my monthly income... it is within the governments "Best Interest" to lower my obnoxiously high interest rate down to prime so I can keep the house that I should have never been able to afford otherwise.....

AND if I RECENTLY went out and maxed out a bunch of credit cards just because they had 0% interest and I didn't get it paid off before the obxnoxiously high interest kicked in and doubled my balances... I can have up to 40% of that forgiven and pay the rest back at my own pace Without penalty

BUT.... if I was 30 days late payin my stinkin Macy's bill 6 years ago it wouldn't be "Fair representation of MY current credit worthiness" to forgive said 30 day late payment !?!?!?!?!

And what is it that is wrong with our government again?

OH... All of the above!

[Cleanmachine]

I really do not think they have the best interest in heart for the consumer. This is nothing more than smoke & mirrors for the benefit of the credit card industries.

A better suggestion would be that the lower the interest rate 40% for the consumer. Maybe the credit card industries would have a 40% less default.

That 40% "Forgiven" may mean a tax liability for the consumer.

Just another example: win win situation for the Banks.

[marty56]

Yeah,  Same old story.  Those who work hard and pat their debts always get the short end of the stick.

The problem I see is what do you do with someone who has trouble paying their credit card because of medical debt vs someone who bought a big screen TV.  I would like to help the 1st person and tell the 2nd too bad, pay the bill.

[Anonymous]

They aren't going to "forgive" the debt.... They are going to find some way to scoot it over to my account or your account and make extra profit off of it!

I have a great idea! Why don't we go ahead and raise the welfare rate above minimum wage and let some people sit at home all day.

We'll just raise the taxes just a tad and people like me who have worked hard to stay OFF welfare can pay ALL their bills!