Don't we who pay our credit card payments on time deserve a bailout reduction in interest rates?

[RiverStone]

I had a very candid talk with my credit card company today; I ask them if I can get an interest rate deduction since I (as a tax payer) helped to rescue their sorry ass today as part owner of that $20 billion we just gave them.

I wish I had not a penny with Bank of America (BOA), but as a working divorced dad to two teenagers coupled with a mediocre pay scale in education, I have built up a debt that is about what the average American carries. I have just 2 credit cards and I have an excellent credit rating. I've never had the misfortune of having to declare bankruptcy or default on a loan. My little house in the country is on the 30 year mortgage plan.

The person on the other end of the credit card co. line said he has been getting questions like mine all day. I asked him would I as a good customer see any benefit to BOA's huge 20 billion fucking dollar bailout? He said that most of the money is going to adjust down people's interest rates that have been unable to make payments or have had to default on their account. He also said that another big pile of that money is going to shore up the lost revenue from bad home loans. I said, OK - I'm all for helping the down and out, but what about us regular working folk that have made our payments on time and lived within our means...the bank that fucked up gets rescued, the folks that either fucked up and/or ran into hard times gets rescued --- but what about your responsible hard working lower to middle class folk? What about me?

He said, well - you deserve a piece of the pie, but your last on the list to get help. You did not fuck up.

What the moral of this story? :shrug:

[ixion]

1. yes, but we're first on the list when the time comes to pay for a bailout

it's really a lose/lose for those of us who haven't fucked up.

[sandnsea]

2. The defaults aren't the problem to begin with

It's the selling of those loans as securities, over and over again, that is the problem.

In any event, if the lenders don't make some money somewhere, they'll have to raise your interest rates just to stay in business. So you are benefiting from what won't happen, unlike those who have been hit by this economy and did everything just as right as you did.

Our school district just cut 20 positions last night. Those people are going to join the ranks of the ones who will need reductions in rates and payments very soon.

[JDPriestly]

4. Good points, sandnsea.

[rufus dog]

10. nice

people should read up on credit default swaps.

It is hard at times, I pay all my credit card bills, didn't get into a mortgage I couldn't afford, didn't borrow against my home equity that was always going to go up or at worst drop by 21%, put money away for the kids college, and now am taking the hit. But the problem isn't Joe next door who did the opposite, (although Joe is a fucking right wing asshole) everyone needs to be really careful because if things get worse the will be the message pushed to get you to focus on your neighbor rather than the corporate greed.

[sandnsea]

12. corporate corruption

This has gone way past greed, but yes, they desperately want us to attack each other. Same old game.

And Bernie Madoff, I think there's more there than anybody wants anybody to know. Has to be some reason he's not in jail.

[JDPriestly]

3. Great post. The whole bail-out thing is a big lie in my opinion.

[Skink]

5. How do insert a smiley into the answer field.

:rofl:

bailout for credit card holders. :spray:

[ORDagnabbit]

6. dont pay them.. unsecured debt.

[regnaD kciN]

7. Have you ever heard of "default judgments"...?

"Unsecured debt" is only really "unsecured" if you have no assets or income. Otherwise, should you stop paying, your creditors will go to court and get a "default judgment" enabling them to seize your assets and garnish your present and future income until you have paid every penny of your debt. It's even worse than bankruptcy, where you can at least get your debts forgiven or substantially reduced. And the hit to your credit will be even worse.

[ORDagnabbit]

19. thats one way to look at it. the other is that it is money created out of thin air and to demand

the actual agreement you signed with the CC company.

never will be provided cause its been monetized.

free and clear.

been there done it

[regnaD kciN]

8. If they won't budge, and you're really hurting...

...go to a non-profit credit counselor, and try to work out a debt-reduction plan. Credit companies are sometimes more willing to agree to those than to an average debtor calling up on their own and asking for better terms.

[RiverStone]

9. Hurting yes, but not as bad as others...

I still have a job at the moment and I am able to meet my monthly obligations, but like many working folks have a huge amount going to health insurance for my two kiddos that is not covered by my employer (the insurance allocation for state employees falls way below the rising cost in premiums).

I just resent that bank CEO's are getting a bailout, the same folks who are probably on a lier jet flying to the Bahamas for a conference and I'm struggling to put aside even $50 - 100 moth for the fun stuff. I still own my house, but really resent that if I'm one day late on my credit card payment, I get nailed with a crazy penalty charge. On the flip side, the bank I must pay is being bailed out with MY and YOUR hard earned money! Why is their late payment forgiven - and not yours and mine?

[sandnsea]

14. Now that I agree with

Why do we not demand as much for ourselves as we let the rich walk away with. They pay 15% tax and we pay 30% and more.

But that has nothing to do with our neighbor taking out an ARM mortgage because that was just another scam by the rich, make no mistake about it. The best thing you could do is make sure every one of your neighbors knows it.

[lonestarnot]

11. So are you just self righteous or what? You know there are hundreds of thousands of people

who didn't fuck up, but are just doing the best they can with what has been thrown at them do to a monkey that occupied the white house for 8 years?

[RiverStone]

18. Your damn right I'm self righteous!

I'm not asking for a bailout --- I am asking for a little parody. After Shrub and his criminal regime have been giving us the finger for the past 8 years, yea - I got plenty of righteous anger alright! So do lots of us.

The difference is when you use anger right, you can move a leader or a planet to a more compassionate place. Anger used for right can move people in a good way.

There are billions of people far needier than I, but since I personally helped to bail out my credit card company today, i figure they owe me.

[Donald Ian Rankin]

21. When you say "parody", do you in fact mean "parity"?

Or are you really asking us to mock you?

[RB TexLa]

13. Most credit card rates are around 9% how low do you think they should go?

[4 t 4]

15. No, not in this world now

you who pay on time will face bigger restrictions. Kinda like at work when you always show up come rain or shine then your expected to show up no matter what where as the fuck up's are not counted on but you really don't make much more money then them with hardly anymore Kudos. It's all fucking backwards.

[Greyhound]

16. Don't we who are citizens of the United States of America deserve a bailout?

Warren Buffet said it (sig line), we have only to acknowledge it. There is only one issue facing humanity, it is the same issue we have faces for centuries.

[The Straight Story]

17. If you are paying on time you don't need a bailout

:)

[RB TexLa]

20. You have to remember many people's favorite words are == I deserve!