Bankruptcy law backfires on credit card issuers

[1prophet]

Bankruptcy law backfires on credit card issuers


What law can overcome greed, whether it be the credit card companies through their fine print or financial trickery or the credit card users lusts, wants, or envy in trying to keep up with the Jones's?

 

[Cooler]

they need to pay exta next time to keep the bill on hush list .

 

[zendari]

Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

 

[her209]

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

 

[zendari]

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

 

[her209]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

Again, it goes back to the bank. If they give someone a $10,000 credit limit to someone who has no history or a bad history of non-payment, who is at fault? Of course, one can argue that the bank doesn't want the consumer to be able to completely repay what they have charged.

 

[zendari]

Originally posted by: her209

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

If they could pay for it in the first place, then what's the point of a credit card?

The point is to pay for many smaller purchases all at once and not have to carry cash around.

 

[her209]

Originally posted by: zendari
The point is to pay for many smaller purchases all at once and not have to carry cash around.

Debit card?

 

[1prophet]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

If they could pay for it in the first place, then what's the point of a credit card?

The point is to pay for many smaller purchases all at once and not have to carry cash around.

Cash is better sometimes.

 

[Thump553]

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

I'm intrigued, zendari, what specifically do you know about the so-called bankruptcy reform? Anyone that knows even a modicum of the law in that field would totally disagree with you, regardless of their political bent. The changes were purely credit-industry driven. The end result is to make the law more complicated in the hopes of making bankruptcy more expensive and inconvenient.

Any attorney that has ever done any bankruptcies will tell you that nearly all of their clients continue to get pre-approved credit card announcements in the mail, even while the bankruptcy is pending. Is that the practice of prudent lenders for whom we should change the law to protect?

If you honestly think that's bankruptcy reform, I pray you stay away from the tax code.

 

[zendari]

Originally posted by: her209

Originally posted by: zendari
The point is to pay for many smaller purchases all at once and not have to carry cash around.

Debit card?

Probably a good alternative for the deadbeats who file bankruptcy.

 

[Strk]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

K, now you're showing your age. The people who carry more debt on their CCs will get a huge amount of CC offers. Why? If you pay your bill, you aren't worth that much money to them. There are plenty of CC companies dedicated to the truly horrid (i.e. Providian).

 

[zendari]

Originally posted by: Strk

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

K, now you're showing your age. The people who carry more debt on their CCs will get a huge amount of CC offers. Why? If you pay your bill, you aren't worth that much money to them. There are plenty of CC companies dedicated to the truly horrid (i.e. Providian).

Mercedes Benz advertises in our local paper. Doesn't mean I'm somehow compelled to buy one.

What ever happened to personal responsibility? Theres nothing wrong with companies trying to sell their product.

 

[Whoozyerdaddy]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
The point is to pay for many smaller purchases all at once and not have to carry cash around.

Debit card?

Probably a good alternative for the deadbeats who file bankruptcy.

There you go with the deadbeat thing again...

A huge percentage of bankruptcies are born from divorce. (Or in my case, a break up) You have a bit of debt that is easily manageable with two incomes and then one day, out of the blue, there's only one income. The credit card companies will not work with you. They won't stop piling on interest charges and as far as I can tell they would actually prefer for you to go bankrupt rather than make it easier for you to pay them back.

I'd like to meet you in about 15 years and see if this "loser" and "deadbeat" talk is still part of your vocabulary. You need to think twice before pulling those words out.

 

[EagleKeeper]

The pre-approved cards that get sent when people are in the processing of filing bankruptcy is actually a good deal for the issueers.

A person can not refile to discharge debts more that once every 7 years or so.

Therefore the issuer has 7 years to make profits before sweating the default.

 

[conjur]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
The point is to pay for many smaller purchases all at once and not have to carry cash around.

Debit card?

Probably a good alternative for the deadbeats who file bankruptcy.

And there you have it, folks.

Compassionate conservatism strip naked:


Ignorance, stupidy, arrogance, pompousness, hatred, disgust, etc. I could go on forever but I guess I don't need to.

 

[zendari]

Originally posted by: Whoozyerdaddy
There you go with the deadbeat thing again...

A huge percentage of bankruptcies are born from divorce. (Or in my case, a break up) You have a bit of debt that is easily manageable with two incomes and then one day, out of the blue, there's only one income. The credit card companies will not work with you. They won't stop piling on interest charges and as far as I can tell they would actually prefer for you to go bankrupt rather than make it easier for you to pay them back.

I'd like to meet you in about 15 years and see if this "loser" and "deadbeat" talk is still part of your vocabulary. You need to think twice before pulling those words out.

Why should the credit card companies be punished due to marital problems and spouses' inability to split the debt proportionally?

 

[Pliablemoose]

Originally posted by: conjur

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
The point is to pay for many smaller purchases all at once and not have to carry cash around.

Debit card?

Probably a good alternative for the deadbeats who file bankruptcy.

And there you have it, folks.

Compassionate conservatism strip naked:


Ignorance, stupidy, arrogance, pompousness, hatred, disgust, etc. I could go on forever but I guess I don't need to.

Hardly. just think of managing your credit as a real life IQ test.

 

[Whoozyerdaddy]

Originally posted by: zendari

Originally posted by: Whoozyerdaddy
There you go with the deadbeat thing again...

A huge percentage of bankruptcies are born from divorce. (Or in my case, a break up) You have a bit of debt that is easily manageable with two incomes and then one day, out of the blue, there's only one income. The credit card companies will not work with you. They won't stop piling on interest charges and as far as I can tell they would actually prefer for you to go bankrupt rather than make it easier for you to pay them back.

I'd like to meet you in about 15 years and see if this "loser" and "deadbeat" talk is still part of your vocabulary. You need to think twice before pulling those words out.

Why should the credit card companies be punished due to marital problems and spouses' inability to split the debt proportionally?

Credit card companies shouldn't be punished.

The point of my post (which you apparently missed) is that you shouldn't be throwing around words like "Deadbeat" and "Loser" as if they universally apply to everyone.

 

[techs]

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

Bullspit. I WANT fairness. I want to have the same ability to go bankrupt that every company in America has. But as a small business I don't. I am being unfairly discriminated against because I am not a big company.
Let's have real fairness. Bankruptcy for the people should be the same as bankruptcy for the corportations.

 

[mc00]

That's why I told all those Credit Card fckers to go fck them self....my best friend now is my debit card. If I want a 300 inch plasma screen than I'll work my butt off for it.. if I want a car either buy it used or take 3 jobs or again buy it used. Hey thats me, since I had medical issue I couldn't work for temporary and I gave my proof to those companies, they act it like they didn't get the proof, and I tried file bankrupt and was deny... after that I swear to my daughter life I would never in my life would give my soul to credit card or barrow money from any of this a$$hole, because you never know what would happend to you and you wont be able to pay off those debt. I agree if you are healthy person and able to work your ass than pay for your debt.

 

[Helenihi]

Originally posted by: Thump553

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

I'm intrigued, zendari, what specifically do you know about the so-called bankruptcy reform? Anyone that knows even a modicum of the law in that field would totally disagree with you, regardless of their political bent. The changes were purely credit-industry driven. The end result is to make the law more complicated in the hopes of making bankruptcy more expensive and inconvenient.

Any attorney that has ever done any bankruptcies will tell you that nearly all of their clients continue to get pre-approved credit card announcements in the mail, even while the bankruptcy is pending. Is that the practice of prudent lenders for whom we should change the law to protect?

If you honestly think that's bankruptcy reform, I pray you stay away from the tax code.

I find it funny you accuse someone of knowing nothing when you clearly don't know anything. Your first paragraph is complete bunk, you simply search for any of Todd Zywicki's posts at the Volokh conspiracy to see that the bill actually made a lot of sense, is the product of YEARS of hard work by congress, and the claims of it being bought by the credit card industry (repeated by the craptastic article) is complete BS, consdiering hte bill was from the judiciary committee, not the banking committee, and the judiciary committee gets support from lawyers, not the credit card industry.


Funny that even an article trying to spin the bill as bad still has to admit the claims of its detractors were complete BS and its actually very reasonable. Only 3% of filers are expected to have to change to chapter 13, basically what the proponents of the bill said would happen. A small percentage of abusers would have to change but it wouldn't affect most people.

 

[tec699]

Originally posted by: mc00
That's why I told all those Credit Card fckers to go fck them self....my best friend now is my debit card If I want my 300 inch plasma screen than work my butt off for it.. if want car, buy it used or take 3 jobs or again buy it used. hey thats me, since I had had medical issue I couldn't work for temporary time and I gave my proof to those companies, they act it like they didn't get the proof, and I tried file bankrupt and was deny... after that I swear to my daughter life never my life would give my soul to credit card or barrow money from any of this a$$hole, because you know never known what would happend to you and you wont be able to pay off that debt, I agree if you are healty person and able to work your ass than pay for your debt.

Learn how to spell first. :roll:

 

[tec699]

Originally posted by: zendari

Originally posted by: Whoozyerdaddy
There you go with the deadbeat thing again...

A huge percentage of bankruptcies are born from divorce. (Or in my case, a break up) You have a bit of debt that is easily manageable with two incomes and then one day, out of the blue, there's only one income. The credit card companies will not work with you. They won't stop piling on interest charges and as far as I can tell they would actually prefer for you to go bankrupt rather than make it easier for you to pay them back.

I'd like to meet you in about 15 years and see if this "loser" and "deadbeat" talk is still part of your vocabulary. You need to think twice before pulling those words out.

Why should the credit card companies be punished due to marital problems and spouses' inability to split the debt proportionally?

Zendari...

My uncle is a multimillionaire and he can buy anything he damn well pleases. In fact, he bought himself a new $95k Mercedes and he bought my parents a new $5k hot tub. He's coming down for Christmas today and he's buying his brother a new pickup truck.

What I'm getting at is my uncle considers people like yourself deadbeats and a loser. If you can't afford to buy a new car without getting a loan then you're a dead beat. That's his train of thought.

Anyway, people like my uncle are never affected by interest rates or by bad credit because they can buy anything they want with cash. This law affects the middle class and they will have to suffer the wrath.

Unless you're a millionaire Zendari you might feel the brunt of this idiotic law. You might be the one who is in the hospital and can't afford to pay for his medical coverage.

 

[EatSpam]

Originally posted by: zendari

Originally posted by: her209

Originally posted by: zendari
Bankruptcy reform wasn't about greed. It's about fairness and paying off your debts.

When the bank gives a consumer a credit, they are taking a risk on that consumer. Perhaps the bank should not give credit to those who have bad credit history, no?

They do their best not to. Perhaps the consumer should not charge up purchases they cannot repay, no?

Perhaps the credit card companies shouldn't be so foolish with their credit... I have twice my annual salary in total credit. I didn't request it, the credit card companies kept upping my limits. Why would they do something so foolish? After all, if I actually used all of my credit, my minimum monthly payments on the credit plus my mortgage payment would exceed my income!