40% off and no interest
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What the hell is happening to this country? :mad: From the article: "Banks are proposing that they forgive up to 40% of the credit card debt owed by the most financially stressed consumers, who are close to bankruptcy. These consumers would then get five years to pay off their remaining card debt, interest-free." http://www.usatoday.com/money/industries/banking/2008-10-30-credit-cards_N.htm[^] It looks like "responsibility" is the new "weapon of mass destruction" because no one can find it.
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What the hell is happening to this country? :mad: From the article: "Banks are proposing that they forgive up to 40% of the credit card debt owed by the most financially stressed consumers, who are close to bankruptcy. These consumers would then get five years to pay off their remaining card debt, interest-free." http://www.usatoday.com/money/industries/banking/2008-10-30-credit-cards_N.htm[^] It looks like "responsibility" is the new "weapon of mass destruction" because no one can find it.
Actually this is not a bad idea founded, presumably, on the notion that something is better than nothing; i.e.those customers are the ones most likely to go bankrupt which means the banks get nothing at all. Remember, when the sun is shining the bank will insist on lending you an umbrella; as soon as it start to rain they grab it back. If you owe the bank $100 it's your problem, owe them a million and it is theirs...
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What the hell is happening to this country? :mad: From the article: "Banks are proposing that they forgive up to 40% of the credit card debt owed by the most financially stressed consumers, who are close to bankruptcy. These consumers would then get five years to pay off their remaining card debt, interest-free." http://www.usatoday.com/money/industries/banking/2008-10-30-credit-cards_N.htm[^] It looks like "responsibility" is the new "weapon of mass destruction" because no one can find it.
So if I only spent money I actually had, I also get to bail out the banks, but if I spent money on credit that I don't have and that the banks didn't have either, I get some of it for free? It's a mad old world.
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So if I only spent money I actually had, I also get to bail out the banks, but if I spent money on credit that I don't have and that the banks didn't have either, I get some of it for free? It's a mad old world.
Exactly. Those of us who have played by the rules and taken care of our own are about to be punished considerably so those who didn't can have a free ride.
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