Charge UP your Credit Card
#1
Charge UP your Credit Card
Charge as much as possible on your CREDIT CARDS! Spend it as fast as you can. You will be forgiven. All FREE.
Banks asking for credit card debt forgiveness
WASHINGTON (AP) -- With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.
Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.
The new pilot program -- which the banks hope will become permanent -- could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.
The new proposal pitched to federal regulators by the Financial Services Roundtable, which represents more than 100 big banks and other financial companies, and the Consumer Federation of America, would allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers in a pilot program.
Everybody is getting a bailout. Nice. We live in a country where no one is allowed to fail. Retards.
Banks asking for credit card debt forgiveness
WASHINGTON (AP) -- With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.
Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.
The new pilot program -- which the banks hope will become permanent -- could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.
Amid rising job losses, consumers -- even those with strong credit records -- have been defaulting at high levels on their credit cards. Banks already battered by the mortgage and credit crises are bleeding tens of billions in red ink from the losses. The largest credit-card banks each set aside between $1 billion and $3.5 billion in the third quarter for losses on card loans as their profits plummeted.
Credit card charge-off rates, balances written off as unpaid, rose to 6.8 percent in August, up 48 percent from a year earlier, according to Moody's Investors Service.
Americans are lumbering under about $900 billion in credit card debt, according to the latest available Federal Reserve figures. People who are in credit counseling, on average, carry seven cards.
Americans are lumbering under about $900 billion in credit card debt, according to the latest available Federal Reserve figures. People who are in credit counseling, on average, carry seven cards.
The new proposal pitched to federal regulators by the Financial Services Roundtable, which represents more than 100 big banks and other financial companies, and the Consumer Federation of America, would allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers in a pilot program.
Everybody is getting a bailout. Nice. We live in a country where no one is allowed to fail. Retards.
#3
Let me explain. Get all your credit cards together and take a cash advance for about $35K then go buy a new S2k.
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!
#7
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Originally Posted by Bert05GPW,Oct 30 2008, 05:02 PM
Let me explain. Get all your credit cards together and take a cash advance for about $35K then go buy a new S2k.
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!
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#10
Originally Posted by Bert05GPW,Oct 30 2008, 05:02 PM
Let me explain. Get all your credit cards together and take a cash advance for about $35K then go buy a new S2k.
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!
Next, don't pay any of it. Default completely. Don't pay a dime.
Finally, show the credit card company that you can't pay and they'll reduce your debt by 40%!
YOU GET A NEW S2K FOR ONLY $21,000!!!