Is It True? What Is Credit Card Debt Forgiveness 2009?
Posted on
June 18, 2009
at
6:28 am
It's all in the title, I just heard of that, what's the catch?
Posted on
June 18, 2009
at
6:34 am
I heard that credit card companies are willing to forgive 20 to 70 percent of the debt and that debt collectors are allowing the delinquent debtors to pay down their debts for a year now instead of the standard six months.
Posted on
June 18, 2009
at
6:44 am
I think the lenders/credit card companies, based on either studies, or just predictions, reached a consensus to forgive parts of the debt, in anticipation of tidal wave of payment defaults in and after 2009. So now they are vying for the top prize of who gets to be paid first. In a way it is to their advantage because the sooner the consumers get their financial lives in order, the sooner they can start charging again.I don't think there's a catch, it's just a good year to settle debts?
Posted on
July 6, 2009
at
11:10 pm
It has something to do with the The Credit Card Accountability, Responsibility, and Disclosure Act-that President Obama signed- which takes effect next year- February 2010- and it addresses the following issues: 1) Interest rates - If the consumer's payment is 60 days late, the credit card company can increase the rate. 2) Penalty fees - Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment. 3) College students - Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.
Posted on
July 6, 2009
at
11:22 pm
were you just in the other thread nobodysaiditwaseasy? i saw your post, reaction to what Steven has said regarding the ongoing Universal Default, wherein a lender can raise the interest rate on a credit card if it finds out that the debtor has defaulted on another credit card or loan. i agree with you, it's evil! or just a very clever business strategy that wasn't exposed until the economy got seriously ill...so a recession isn't so bad afterall...
Posted on
July 6, 2009
at
11:41 pm
you can't say that foolishgames! don't you know that when America sneezes, the rest of the world --not just catches a cold, it catches weird kinds of flu strains! a recession means fewer jobs or no jobs (most of my neighbors' kids with college degrees are unemployed right now--nobody is hiring!), declining tax revenues, and sinking consumer confidence (nobody wants to buy nowadays!). no no no foolishgames nothing good can be gained from a recession, i tell you. nothing.
Posted on
July 6, 2009
at
11:52 pm
yes foolishgames, i was just on the other thread...and hello ilovedave, what ever happened to freedom of speech? sure there are some good things that could arise from a recession- some say that a recession is the only force that could bring down high costs of living--it's never any legislation, never any human law. it has to be as supernatural-- as a recession. what was it that my zealous christian neighbors said the other day..."bless this recession, now people will work harder, people will pursue a more moral life now...people would start praying again..."
Posted on
July 7, 2009
at
12:08 am
iloveyoudave... America is not that powerful anymore. Yes our economy matters to the world still (but China is sneaking in and so are some middle eastern countries) but not as much as back in the years 2000 to 2006. To quote Goldman Sachs, "America's share of global GDP fell from 31 percent to 27.7 percent. Last year, with the pace of U.S. economic growth lagging that of the world, the slippage continued. In January 2001, the New York Stock Exchange and NASDAQ accounted for 48.4 percent of the globe's stock market capitalization. In December 2007, by my calculation pf data from the World Federation of Stock Exchanges, that proportion had fallen to 31.4 percent."I don't understand most of those figures, except for the part that says, it used to be 48.4% (in 2001) and then it went down to 31.4% (in 2007).
Posted on
July 7, 2009
at
12:30 am
iloveyoudave, would you like to know what the conspiracy theorists thoughts are regarding this recession? They say that the recession is "man made" or more like made by "the powers that be"--just another fear based illusion--a social experiment- to keep people enslaved and in tuned to their manipulation. Conspiracy theorists say that the people in power know that the recession will cause fear and panic across the world and that it is actually a test run for them to bring in---- a savior---- who will turn out to be a charismatic government figure---- to whom people will surrender all their trust and obedience. The anti-Christ.
Posted on
July 7, 2009
at
12:47 am
that's interesting rasputin. it doesn't sound much of a myth now, does it? as it brings the "bar codes, 666 stories" closer to "reality."yea..i've heard of that "one world, one government, one religion" theory.the world is getting smaller and smaller indeed and i maintain that no good would come out of this recession. other countries are stealing our businesses. for our kids to make it to the future it means that they HAVE to think global, forced into it (as a preparation for the one world concept?)--as many American companies, entrepreneurs, middle managers, and MBA students are now going abroad just to survive.im beginning to think that there is more to burntpopcorn's speculation or question: 'what's the catch?'
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