Is it time yet to repeal the Bankruptcy "Reform" Act of 2005?(corporate welfare to credit card......

[Faryn Balyncd]

...... robber barons)?


I just received an unsolicited credit card with $100,000 credit, and a letter stating that I needed to call them immediately to avoid fraudulent charges.

We all know they continue to bombard college students and other young adults with dozens of unsolicited cards.

Have these bastards lowered their 29%+++ interest charges, or their $30 -$50 late fees, now that we emasculated the bankruptcy protections (and enlisted the federal government as collection agent for these shysters), so that they could continue such irresponsible, aggressive, and predatory lending practices?

Have the credit card companies acted in a manner that deserves such corporate welfare?

Or should we re-establish our historic bankruptcy protections by repealing the mis-labeled bankruptcy "reform" of 2005?

[truedelphi]

1. Whatever youdo - do not call

Sometimes the ersatz "free numbers" have a $ 19 or more charge.

There have been mailings telling people that they have won a prize. When they call the touted number, they owe over five hundred bucks!

[Cleita]

2. Yes! And I want them rolled back to the days when the most interest you could

be charged was 12% and that after the first billing or in 30 days. I would also like them to make the credit limit tied to income as well, like they used to do back in the beginning. My first credit card, a Bankamericard, had a $500 credit limit and they charged me 6% interest, which at that time I thought was excessive.

[sarcasmo]

3. Yes, and there should be a max limit regardless of your credit rating. Legalized loan sharking

with a similar vig much like the loan sharks use.

[belpejic]

4. Ultimate sleaze

Larcenous, fraudulent. I can't believe that all of these big fish are getting the tax money that I paid to the government while I'm stuck paying 29% because I was slightly late on one Shitibank account.

[babylonsister]

5. Senator Durbin has a bankruptcy reform bill wending its way

through the Senate, but I don't know if it addresses this kind of thing. Seems to have already passed in the House.

http://progressillinois.com/2009/3/13-foreclosures-up-durbins-bill-vote

[Faryn Balyncd]

8. Thanks for the link.

[dkofos]

6. Yes

And I think it's also time to learn to live credit free.

That will do more to hurt the bottom line of the scum sucking lenders.

[Faryn Balyncd]

7. These banks are bankrupt & their CEO's make off with hundreds of millions, YET ordinary Americans...

...... many of whom are forced into bankruptcy by medical bills (often far in excess of the rates charged to insurance corporations), have had bankruptcy made much more difficult for them. Specifically, a Chapter 11 liquidation was made much more difficult for ordinary Americans, who are thus denied the opportunity for a new start.

The credit card companies told us this was necessary because ordinary Americans were "abusing" bankruptcy laws, and without destroying our historic bankruptcy protections, credit would dry up.

Yet, banks in the past thrived on rates less than 5& points over prime (under 10% total). They only got into trouble when they insisted on predatory pursuit of unqualified customers. And to allow them to do this at a profit, they succeeded in destroying our historic bankruptcy protections.

[lotus]

9. Yes - and use cash

Yes, they need to get rid of that along with all the bailouts they have been getting. Bush did that because they knew about the upcoming economic problems and wanted to make sure it was difficult or impossible for people to get out of their debt. The gov't usually isn't proactive about upcoming problems, except when it is about protecting huge companies. Whether the pol is a republican or democrat, it is all about protecting big business and screwing us. Very few have any integrity.

I am on purposely paying cash now for everything that I possibly can. I don't even care about losing the 1% cash back by not using cards. Groceries, gas, misc other purchases all with cash. I still use CC for travel arrangements and the occasional online purchase, but that's only because I haven't figured out a good way to deal with that; I hate making a trip and waiting in line to get a money order.

Even though I always paid off the cards in full every month, the CC companies earn 2-4% from the merchants every time you pay with a credit card. So, they are still getting unjustly rich by handling transactions. Screw them by leaving their system and paying cash whenever possible.

[mikehiggins]

10. Dump that crap as soon as possible

and let Medicare negotiate for lower drug prices while we're at it.

All of the Bush legislation that did nothing but pour money into corporate pockets should be taken out and clubbed to death like baby seals.

Just my opinion, of course. Thanks to bankruptcy and medical bills I have no credit cards at all and, frankly, love living without them. On the other hand, I have a job so I may be in an increasingly small group.

I remember back in the 80's when they first started letting people buy food with credit cards.

This, I recall saying, does not bode well.

[Dr.Phool]

11. No!

It's way past time to repeal it.

[Faryn Balyncd]

13. ...

[lib2DaBone]

12. Way past fucking time to repeal..........

[belpejic]

14. I wish

As recently as two years ago I was solidly in the black. I paid my full credit card bills every month. But I hit a bump in the road, and had to take on big health-care related costs. Credit cards helped me get through. Now I'm thoroughly in the red, and struggling to pay these rising cc expenses each month. Just goes to show that these usury-based agencies have no customer loyalty whatsoever. I'm getting treated like a piece of crap after I spent 14 years getting them 2% fees on purchases and helping them secure their balance sheets.

[lonestarnot]

15. Long overdue!

K & R