Posted on
June 29, 2009
at
4:13 am
does bailout translate to credit card debt forgiveness?
Posted on
June 29, 2009
at
4:27 am
I do not think so, but we hope so right? My impression of forgiveness of debt is cancellation of debt, while bailout could just mean a willingness to negotiate or settle the debt. Credit card for consumers is I think an initiative by the credit card companies to at least collect something out of a consumer's debt rather than nothing. Meaning they are willing to talk it (balances, payment terms, interest rates) with the consumer.
Posted on
June 29, 2009
at
4:30 am
I agree with peterpanamerican, I think it is a trend with many credit card companies recently--debt negotiation or settlement. And not just with consumers, with debt settlement companies too, although I'm not sure...it used to be that they refuse negotiation when they learn that the consumer is enrolled with a settlement company program.
Posted on
June 29, 2009
at
4:32 am
does this have anything to do with President Obama's credit card reform program?
Posted on
June 29, 2009
at
4:36 am
I suppose it does, as the credit card companies were present when President Obama talked about accountability in his speech about the credit card reform bill. The creditors would still have about 8 months to enjoy the old practices of penalties and late fees together with interest charges and marketing to hapless minors. The word bailout could also pertain to that law that the president has just signed.
Posted on
June 29, 2009
at
4:39 am
The word bailout in this context could also pertain to the various debt solutions available out there. Like a credit counseling program has the ability to bailout consumers from debt. A debt settlement company has a credit card bailout program for consumers...etc.
Posted on
July 8, 2009
at
1:10 am
So in a way (Credit Card Bailout For Consumers) is any credit card relief (solutions) out there.
Posted on
July 8, 2009
at
1:13 am
the word "bail out" in the topic of credit cards and credit card companies could also mean (for consumers) salvation from unfair practices.
Posted on
July 8, 2009
at
1:16 am
I agree with light up light up with regards to bail out meaning salvation..I feel like repeating myself, I've posted this before, but these various references to the same thing is never ending:President Obama was quoted saying:
"Part of this is the broader economy, but part of it is the practices of credit card companies. Contracts are drafted not to inform, but to confuse. Mysterious fees appear on statements. Payment deadlines shift. Terms change. Interest rates rise. And suddenly, a credit card becomes less of a lifeline and more of an anchor."
Posted on
July 8, 2009
at
1:18 am
thank you all for the replies...but blur, what could you be talking about?
