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The American Caliban

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It's more of a debtor's honor farm, really [Aug. 21st, 2005|10:43 pm]
The American Caliban
If you're just barely making the minimum payment on your credit cards, you're even more screwed than you thought you were before.
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[User Picture]From: namja
2005-08-22 06:49 pm (UTC)
"It's a little like a diet," said Greg McBride, a financial analyst with Bankrate.com. "To get to that long-term benefit, you have to go through that short-term pain."


That's SO cute.
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[User Picture]From: satoribee
2005-08-22 08:46 pm (UTC)
Awesome icon. Love the Brock
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[User Picture]From: namja
2005-08-23 03:36 pm (UTC)
ha. thanks
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[User Picture]From: satoribee
2005-08-22 08:46 pm (UTC)
Don't bother me none, since we aren't paying ANY of our credit cards at this time.

fucking bush and his rich republican cronies

How much higher does gas have to go? How much more shit does the common man have to take before he starts to push back? I'm so THERE already. Where the hell is that revolution?
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[User Picture]From: substitute
2005-08-22 08:49 pm (UTC)
This is actually good news for people who take on credit card debt *after* this rule goes in, because they won't be given a totally unrealistic low payment that takes 10 years to pay off. But for the ones who are already maxed out.. this could be a big social problem.
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[User Picture]From: satoribee
2005-08-22 09:52 pm (UTC)
I guess I just assumed everyone was in the same boat, and barely getting by. The last day to file for Bankruptcy is October 17 before all the other restrictions come into play. I'm sure the timing on this is related.
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[User Picture]From: substitute
2005-08-22 09:59 pm (UTC)
I seriously wonder what will happen when all those armies of people who are just making it find out that they aren't making it after all, and then that they have no refuge in bankruptcy. I have no idea how many of these people there are, but my guess is "large number".

That having been said, the intent of this new regulation is good, to keep the lenders from pimping out low, low payments that basically ensure that nothing ever gets paid off.
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[User Picture]From: satoribee
2005-08-23 03:54 pm (UTC)
Yes, I get the feeling it's a large number, too.

I understand your thinking that the new regulation is good, but I can't help but feel the timing is pretty significant. It's going to drive those that are already just barely making it into a really bad situation.

On the plus side, this should happen before the midterm elections, so maybe the Dems will get the house/Senate back! But first, they need to figure out who the hell they are anymore, find their backbones, etc.

Ack - too early for politics. Sorry!
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[User Picture]From: flipzagging
2005-08-23 02:37 am (UTC)
Frontline did a fine show on credit card companies and their schemes to snag consumers. You can watch it online.

I'm one of those guys that tries to pay off credit card bills immediately if possible. According to this documentary, in the topsy-turvy world of credit issuers, they call me a "deadbeat".
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