Size of Bankruptcy Bubble Surprises Banks (NYT - Bwa-ha-ha-ha)

[NashVegas]

Now that the new bankruptcy law has taken effect, was the investment worth it? The early data suggest that sometimes, you have to be careful what you wish for.

Bankruptcy filings were supposed to snowball in the months before the tough new law went into effect on Oct. 17. But the avalanche of petitions, and the lines of debtors streaming out the courthouse doors caught even the credit card issuers who supported the new law by surprise.

In recent days, the five biggest bank issuers of credit cards have said that the unexpectedly large flood of filings shaved hundreds of million of dollars off their earnings in the third quarter.

But with tens of thousands of petitions still being processed and Hurricane Katrina's impact on cardholders still being sorted out, the bankruptcy rush is likely to result in well over a billion dollars worth of losses by the end of the year.

http://www.nytimes.com/2005/10/25/business/25place.html

[chalky]

1. Wait...there's a smilie for this. Now, which one is it? Oh, yeah:

:nopity:

[K8-EEE]

30. Ha! But if you REALLY want to piss them off....

That really made me laugh....I know everybody REALLY sympathizes with the law-writing cc companies.

But nothing, and I mean NOTHING makes them more nuts than paying off your balance -- I admit I had to take a home equity line out to do this, but I'm determined, no more cc debt ever, I mean I would have to be really desperate to give those bastards one red cent.

[belle]

35. Just paid mine off this week. yeeHAW that felt good.

[driver8]

45. Me, too! It actually felt good to write the check knowing I didn't

owe the bastards anything.

[Carla in Ca]

102. Kudos to all who have paid off your credit cards

It is the smartest thing you can do right now. I got a call from my cc company explaining new purchasing 'incentives'. I politely but firmly interrupted her to say we will not be using our cards at all until * is out of the WH, maybe longer. None of our hard-earned money is going into the coffers of republican candidates.

[drdtroit]

39. Yep, they hate a "deadbeat"!

That's what the credit card biz call people like myself who NEVER carry a balance and pay the total each month (and have an 825 fico score).
I saw a frontline or nova show (or something) that was all about the CC industry and they actually used the term "deadbeat" to describe people who pay in full each month.

[kath]

40. BIzarre that they use the term "deadbeat", since that is supposed to mean

someone who *doesn't* pay their debts.

[krkaufman]

44. Yep. Frontline: Secret History of the Credit Card

Frontline: Secret History of the Credit Card

.

[drdtroit]

71. Thank you.

:-)

[WinkyDink]

60. My husband INSISTS on never carrying a debt!

But then, the most we charge for is a fancy-schmancy restaurant meal here and there!

[drdtroit]

73. I charge everything,

then I rack up my rewards every month.
They really do not like me!

[flygal]

83. We do that too

Just cashed in a round trip international. It took 6 years of charging stuff but we always pay it off. That was $50K and they never got a dime in interest.

[physioex]

94. LMAO....

I watched that too....

[MiniMe]

43. I'm re-financing my house right now to do the same thing.

They just called today to set the closing date. No more credit card debt ever for me too.

[kostya]

68. Except they still get their cut at the register. It's like a sales

tax on all of us, since the retailers charge that same credit card processing percentage to their customers no matter how you pay, cash or credit. CC companies aren't going to go broke anytime soon.

[pokercat999]

77. One of the "rules" of the

CC contract between the CC Company and the merchant is that the merchant may not offer a cash discount or charge extra for using the card! Another is that the merchant may not set a CC minimum purchase amount.

[kostya]

85. I know that. You missed the point.

Prices have to take into account that a certain percentage (majority) of purchases are made on CCs and thus include a margin for the costs the merchant incurs for taking CCs (supposedly offset of course by the notion that people tend to spend more when using a CC than they would with cash). Thus, if I pay cash, I'm helping subsidize that margin.

BTW, how is it that gas stations can charge a differential for using a CC vs. cash. See that all the time!

[pokercat999]

97. I'm on the East coast and drive about 2500 miles a

month for business. I haven't seen any gas stations charging more for using CCs. If you find one charging different prices for you to use your Visa/MC report them by calling Visa/MC. I'm sure the reason they (the CC companies) forbid this practice is to discourage the use of cash.

I understood your point about the CC "surcharge" in every thing we purchase weather it be cash or charge. Several restaurants in the NE (Boston area I think) banded together to boycott AMX because of their excessive fees. It worked and AMX lowered their fees, if I remember correctly.

[kostya]

100. The gas station surcharge is not common, but it's been

going on here for years. I see it regularly at a handful of stations, usually on the busiest routes. I think they probably get away with it by saying there is an extra service involved or something. I've never bothered to call MC/VISA to ask how it's done and I avoid such stations.

[Straight Shooter]

98. Retailers also tack on extra to make up for shoplifters.

How many people shoplift? Not a high percentage, but we all pay for it.

Grocery stores pay a shelf fee to companies to carry their products. High brand recognition means higher shelf fee. We pay for that, too.

The picking of our pockets is endless.

[physioex]

95. I know that....

But you know, let's be realistic. They have to make money also, and I don't mind paying slightly higher retail so the credit card companies can make money. The problem I have is the with the predatory advertising, and the insane interest they make people with balances pay.

[Gormy Cuss]

2. This couldn't happen to a more deserving bunch.

"Unexpected," my eye.

[The Backlash Cometh]

37. I hope they all lose their Christmas bonuses.

[BlueEyedSon]

3. how about :lmfao: ?

[annabanana]

4. How stupid do they have to be , to be "surprised"?

I'M not surprised. I don't think anyone here is surprised. I don't think that anyone who really gave it a moment's thought is really surprised.

That could only mean that the people who engineered this debacle never gave it a moment's thought. Someone told them it would be good and they said,
"Oh, ok."

[AX10]

5. oh gee....

:nopity:

[Massacure]

6. owned.

[lovuian]

7. They deserve every bit of their greed!!! and they have pissed off

the American people and they are FURIOUS!!!

[EVDebs]

8. Watch out for 'late fees' caused by late mailings and all the other

finance charges they tack on. I hear that they also limited class action lawsuits to allow consumers to fight this kind of thing...

Looks like reverting to cash or to credit unions is the rational thing to do.

Let's see what happens first though.

[mike_c]

29. done that-- I'm living a rational life now....

The only debt I have is student loans-- that's HUGE, but no high interest consumer debt. NEVER AGAIN.

[smirkymonkey]

72. Same here - huge student loans, but no more consumer debt.

There is nothing worse than having that monkey on your back.

[Coventina]

57. MBNA tried to pull that crap on me. Result? I fired them.

My credit card it with my credit union now.

[salin]

9. While it is tempting to bask in the "duh, what did you think would

happen moment"... the real tragedy is what awaits around the corner for folks who have not yet had calamity strike (be it health emergency, or natural disaster or other) who will be virtually enslaved to credit card companies in the aftermath.

[Jacobin]

11. I had one come in today

A 70 year old African American gentleman who receives $599 per month in Social Security retirement. He owns a runned down little shack that he lives in that probably he could keep with a $25,000 homestead exemption. He has about $6,000 worth of bills he cannot pay and creditors are suing him. A couple of them have obtained judgments which act as liens on his house.

He supplements his meager pension by driving his son's cab from time to time, although his health won't let him drive much.

Under the new law the filing fee has increased to $289.00, the due diligence I have to pay for to keep from being sued is $345.00, and those are just out of pocket costs. Then he has to pay for budget education before he can get his discharge.

Under the old law, I could have done everything for about $600.00. Under the new law it will cost him at least $1,800, which he probably will not be able to raise.

As a result, he will probably lose his house and end up homeless

Republicans and the MANY asshold democrats who voted for this travesty of a bill will ROT IN HELL.

[salin]

14. That is horrible - please, please, please

keep writing these up these examples. They are our silent tragedies that really need to take front and center as the REAL cost of the insane allegiance to corporate interests over citizens. How could this bill make relief so onerous while not doing a single thing about predatory lending practices, nor about limiting usurous late fee rates. I believe that I read that there was an attempt to limit late fees/payments to 33% (WTF? That is a ridiculous rate - to allow, let allow to prevent capping?)

I fear how many people have no idea about some of the financial scams out there that have just become even more suicidal (financially speaking.)

Could you do a weekly summary of situations that you have run across? Those would give a face to the real victims of this evil. If you would be willing to do this, a suggestion - link the previous (probably by then archived) thread - which would allow readers to go back, from thread to thread - to read a large compliation. This may be unrealistic - and I understand that... but it might be very helpful in the fight against this very-one sided law.

[Jacobin]

18. I'll be glad to compile them

And to add insult to injury, we live where hurricane Rita hit and a 'news' article reported that the provisions of the new bankruptcy law would be postponed for 60 days..........of course the only thing postponed in the new law was the initial credit counseling requirement and the requirement that the debtor have copies of the last 60 days of his pay stubs. All the other godawful parts of the law are still in effect.

Many have called with this misinformation and missed the deadline.

The future suffering this law will cause will be horrific

[salin]

20. Document both - the supposed "recall of rules" cases

and all the others.

I heard of the first attempt at this bill in 1998. Knew from the onset it would be horrid. From a political standpoint it is clear that it was scuttled either by a senate dem majority or a dem president (if one goes back to each time it was pushed to a vote). The real life victims will be the only thing that will turn this back.

I just fear the degree of human tragedy that will be wraught in the interceding time (before it is eventually turned back - and it will be eventually turned back.) Almost like some crazy folks are seeking to push us into a fast repeat of the conditions that led to the crash, and later the depression.

[Jacobin]

24. Clinton threatened to veto it if it passed

so they gave up until Bush*.

This new law is so bad that even the republican bankruptcy judges think its idiotic.

[salin]

26. check your pm

thanks.

[Hissyspit]

38. Please do. I want to send them to my sister who works for Edward Jones...

She thinks the law was a good idea.

[sarcasmo]

88. I feel enormous debt will result in actual suicide.

Imagine being in debtors prison at 30 and never being able to get yourself debt free.

[Trajan]

22. I couldnt afford to file before the law took effect ...

But I WILL start saving my pennies now ....

I need it in a bad way .... only a fresh start will do ...

Tell me: Can an SBA backed business loan be discharged after the business went belly up ? ..

[Jacobin]

25. Here's where to go to find a good bankruptcy lawyer in your

area.

nacba.com

DO NOT go with anyone who does not know what he/she is doing. The new law is complicated and most lawyers and judges will tell you that they don't know what many parts of the law even mean, its so poorly drafted.

State law on property and exemptions interact with federal bankruptcy law and they make a big difference from state to state.

You need to give all your asset and liability information to your lawyer and let him give you advice. DON'T listen to friends, or family .

[nvliberal]

58. They've messed it up so that it will be harder for one

to do his or her own bankruptcy, just as I did in 1998.

It was easy for me to do since I didn't have a ton of assets; all I did was make one trip to an attorney for a free consultation. I did all the rest.

[Jacobin]

74. Its complicated as hell now

Everyone has theories on what certain parts of the new law mean, but no one knows. There's going to be a lot of litigation before its straightened out.

Also expect a lot of amendments to try to make it workable, but bottom line is its not workable, not practical, its wasteful, idiotic and written by dimwits

[peacetalksforall]

61. Both the Senators from Deleware and a lot more. Call this a gift from

Biden, the Nelsons, and the usual so-called dems who vote with Republicans.

[cyberpj]

63. self delete - dupe.

[cyberpj]

64. As a Delawarean I have to tell you, Credit Card Industry was sold to us

in the 80's.

Since then it's become the top employer in DE. So I'm not surprised Biden and Carper were on board for it, just disappointed they take so much from it and don't plan for more diversification of business in the state.

This bankruptcy bill was a huge mistake and since that time MBNA sold out to Bank of America which might take away lots of jobs anyway! No matter. Joe got his money and a pseudo consulting position for his son first. (Greed gets them all eventually.)

Some history:
New York Banks Urged Delaware To Lure Bankers
By JEFF GERTH, Special to the New York Times
Published: March 17, 1981

DOVER, Del. - Gov. Pierre S. du Pont 4th of Delaware has been crisscrossing the country shopping for large banks interested in increasing their profits. The Governor wants them to relocate in Delaware and, as his aides put it, take advantage of the state's "hospitable climate" of "political stability and predictability."

The Governor's main inducement is a new comprehensive Delaware law aimed at out-of-state banks. It would grant them a wide range of credit powers, unavailable in most states, that could affect millions of credit card customers.

These powers include the ability to charge interest rates not subject to any legal ceiling, to raise interest rates retroactively, to charge variable interest rates, to levy unlimited fees for credit card usage and to foreclose on a home in the event of default for credit card debts.

The law also includes a provision that would lower tax rates. It would allow New York banks that relocate in Delaware and earn more than $30 million a year to be taxed at a rate of 2.7 percent, compared with 8.7 percent for those Delaware banks earning under $20 million and a rate of 25.8 percent for banks that remain in New York. Pressure Put on Other States

cont'd...
http://www.nytimes.com/1981/03/17/business/19810317BANK.html?ei=5087&en=c010543948675c8b&ex=1103259600&adxnnl=1&adxnnlx=1130253015-/nlszXPeqT1tHaD4w1o2OA

[malaise]

78. We could all send $2.00

and solve his problems so he can keep his home.
Edit - sp.

[NinetySix]

12. The REAL tragedy...

...is going to be when those who are down on their luck, unable to escape from overwhelming debt, go postal , figuring they have nothing else to lose.

Imagine how much more the credit card companies are going to have to pay for added security once those crushed under their unfeeling heel take extreme measures to try to find some relief....

[salin]

15. Frankly, for a large company - the cost of added security

will be sustainable, compared to the extreme losses individuals face in the light of nearly unregulated predatory lending practices who can find no relief. Companies will just pass new costs on to their customers. The individual, preyed upon by unscrupulous lenders (think some of the refin home schemes), doesn't have the resources to "absorb" the new costs.

[Coastie for Truth]

21. Did you see Denzel Washington's "John Q"

This has become a major fear for Health Care Providers.

[Union Thug]

10. Good. I'd like to see every credit card loan shark in bankruptcy...

themselves. Bury the bastards.

[iamjoy]

23. Not So Nice Union Thug

As great as the idea of credit card loan shark companies in bankruptcy may sound at first, think through the true results of such a bankruptcy. Your attitude is kind of like tossing the baby and keeping the dirty bathwater.

Braniff Airlines, Enron, WorldCom - do those names mean anything to you?

The companies go bankrupt, the few employees they may have in the U.S. (not outsourced) have no job, no pension, no health insurance. The small investors and government pensions are gone.

Meanwhile, the CEOs and other executives are buying new yachts and slapping each other on the back for having those golden parachutes. Then it is on to the next company to pillage.

It's the little person who gets screwed, who always gets screwed in these situations.

[Union Thug]

34. I see your point.. but

on the other hand, the credit system promotes a false sense of prosperity and at the same time enslaves people to their illusions of membership in the middle class. With the recent bankruptcy bill, this is more true than ever.

[neuvocat]

13. The credit card companies pushed for this bill

and then as soon as they get what they want, they lose BILLIONS in revenue because people know that they won't get the protection they need. They just get rid of the credit cards. The credit card companies still haven't realized that all those protections for their customers was actually for the benefit of their bottom line.

There already have been a number of bills sent up Captital Hill to undo the damage but it might be too late.

[ray of light]

16. they'll make those billions back next year. Dont be too gleeful.

[Jacobin]

19. There is no blood in a turnip

There is no blood in a turnip.


Reality based laws recognize that.

Faith based credit card company stooges and their whacko congresscritters don't understand that. They think that there is blood in a turnip.

Their losses will not go down. Not until they start underwriting their credit risks and they don't want to spend the money to do it.

[Media_Lies_Daily]

32. Who are they going to get it from? They've lost all of their original....

...and most loyal users in the latest rush of Chapter 7s. The next rush will involve those people that will lose EVERYTHING in Chapter 13s thanks to the new bankruptcy law.

How many other people are going to see all of that happening to people that they know, and still be willing to get, and use, credit cards?

Additionally, all costs including fuel, utilities, gorceries, etc., are going up while take-home cash is going down, leaving very little spare cash for entertainment and extras.

The credit card companies have cut their own legs out from under themselves...I personally hope they crash and burn.

[Realityhack]

89. Sorry but they won't.

They make the most money when cash is short. Even if you just charge and pay off with next weeks check they make money from the merchant fees.
Unexpected expense comes up... oh well I will just have to charge it.
Lack of extra money is what they run on.

[neuvocat]

41. You're probably right.

Still, I have to admit that I find it fascinating.

[Tight_rope]

17. Hahahahahahahaha......Good!

Serves the greedy fuckers right!

[newspeak]

27. our house is in escrow

we're paying off our credit card, getting rid of it and any other debts-I told my hubby, they're going to hang themselves. To those credit card companies, be careful what you wish for.

[barb162]

28. This bill never should have passed

Every Democrat should have voted against it

[AgadorSparticus]

103. yep! I can't imagine why ANY democrat would vote for this.

There is just no excuse.

[Media_Lies_Daily]

31. We sign our final papers for a Chapter 7 during the first week....

....November under the old bankruptcy system. We've been working on this since April 2005, and we'll be glad when it's over.

I hope the credit card companies collapse under their own greed, and take every one of their senior managers with it.

[tgnyc]

33. Karma comes back hard, bitches!

[pinniped]

36. I bet the figures include a number of "party of personal responsibility"..

members.

[Historic NY]

42. Serves them right, greedy bastards......look for more fee's to....

makeup for loss's.

[Changenow]

46. Size of Bankruptcy Bubble Surprises Banks

Bankruptcy filings were supposed to snowball in the months before the tough new law went into effect on Oct. 17. But the avalanche of petitions, and the lines of debtors streaming out the courthouse doors caught even the credit card issuers who supported the new law by surprise.

In recent days, the five biggest bank issuers of credit cards have said that the unexpectedly large flood of filings shaved hundreds of million of dollars off their earnings in the third quarter.

But with tens of thousands of petitions still being processed and Hurricane Katrina's impact on cardholders still being sorted out, the bankruptcy rush is likely to result in well over a billion dollars worth of losses by the end of the year.

"We thought it would cause a bubble," James Dimon, the president of J. P. Morgan Chase, said last week. "The bubble is just bigger than we thought."

http://www.nytimes.com/2005/10/25/business/25place.html

[Lerkfish]

47. wow, I'm so not sorry for them.

bastards. what did they think would happen?
Why did they use their bought and paid for politicians to get this in the first place?

I hope they choke on their "losses".

[halobeam]

48. They may have lost billions, but thats out of their profits....

they still profit billions, I am so NOT sorry for them too. Just wait until no one can pay their damn bills, bankruptcy law or not. Can't get blood out of a stone.

[Realityhack]

90. The idea is...

to get enough debt over you that you can't pay it off... then they take a piddling each month forever and the debt never decreases. Eventualy they make back the investment... or they just lobby for a bail out.

[bread_and_roses]

49. I'm with you (n/t)

[onehandle]

50. They made up these "losses" in the first minute of the new laws.

Pricks.

[William769]

51. Am I suppose to feel sorry for the credit card Industry?

NOT!

[SledDriver]

52. Awww....

too bad. :sarcasm:

[Caution]

53. I bet there will be a government bailout for these fuckers

[whatever4]

54. Oh brother

"unexpectedly large flood of filings"

What? Oh, I'm sorry, but I refuse to believe they didn't invest the time and money to have a better idea of how many would file. I know, I don't really know what I'm talking about, but still. They've had how many months to prepare?? Even without the hurricane, they were already ramping up for a surge in filling. It was on the news that people would be filing to beat the deadline, so the only way the number could have been surprising is if it had been LESS than what they expected. Not "more" than what they expected.

It's because of the hurricane that their estimates were off? Well, you know what, it was predicted to be a bad hurricane season. It was. It was EXPECTED to be a bad HURRICANE season, so in all reality, if it had been you or me doing the planning and forecasting, and the business depended on it, wouldn't WE have wondered about catastrophic damage pushing more people into bankruptcy? Would it have been an obvious factor to consider? It might have been an unknown before Katrina, because it was a huge hurricane. But...what about the day after, on what, about Sept 1, or Sept 2? Didn't we all know by then it was one mother of a hurricane, and shouldn't that have been in the forecasts?

I'm too cynical. I just don't buy it. It wasn't that hard to predict early in Sept, and these people predict these types of economic situations for a LIVING, don't they??

[nothingshocksmeanymore]

55. They'll have a hell of a time selling their product now too

bet the "loss of new business" bubble is as big as the bankruptcy bubble

[Realityhack]

91. Unfortunately I doubt that. n/t

[JPZenger]

56. Law Should have been accompanied by credit card reforms

The revision of the bankruptcy laws should have been accompanied in the same law with reforms of the credit card and predatory lending industries. Those are the companies that cause many of the bankruptcies - they should have had some legal restraints to minimize future problems. Instead, the bill only emphasized tighting the noose on the debtors.

I read that after a person leaves bankruptcy, they are flooded with credit card offers. This is because the credit card companies know that the person cannot file for bankruptcy for another 7 years.

[nvliberal]

59. The only things any reform law should have had

were federal, uniform exemptions (no opt out for the states), usury caps, and the abolition of wage garnishment.

These steps would have drastically reduced the number of bankruptcies in this country as well as curb whatever "fraud" existed.

They took a sledgehammer to something that may have needed a little bit of fune tuning.

[Realityhack]

93. IIRC...

a lot bankruptcies are percipitated by medical bills. How far would universal health insurance alone go toward fixing the bankruptcy 'problem'?

[rmgarrette64]

66. The credit card reform law I'd like to see

It's not even that big, but I think it would make a huge difference. Don't allow credit card companies to change interest rates without a signature - nice and simple.

Right now, they can change rates pretty much at will, and you can cancel your card if you don't like it. I'd prefer seeing it so they have to send a notice, and you either agree to the change, or they cancel your card. It changes the balance tremedously. It's not huge, but small changes can make big differences.

R. Garrett

[AzDar]

62. What I've been wondering since this travesty was passed: Can it

be overturned? I've read (or more accurately, attempted to; it is horribly complicated)the legislation...it is a NIGHTMARE.Many of our Founding Fathers filed for bankruptcy protection; this law is Un-American, period. Do y'all suppose we can rid ourselves of it, once sanity(read:when Dems are back in charge) is restored?

[Rainscents]

70. Yes, it can! Congress and Senate can over turn any bills they want!

[wryter2000]

65. Awwwright!

Take that, you greedy mfing bastards. I hope the price of all of their stocks go down the gurgler.

[Coastie for Truth]

67. I don't know what people are complaining about

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

See:What's the Matter with Kansas? How Conservatives Won the Heart of America by Thomas Frank

The GOP - with one party control of the Presidency, the Senate, the House, and the Courts - are protecting us from the "Gay Agenda" and "Godless, Atheistic Abortionists" and "Darwinian Evolutionists" - They are putting God back into our schools and Court Houses.

They are protecting us from terrorists

So what if they are making bankruptcy harder.

So what if they are killing over 2000 Americans, and 100,000's of Iraqis.

So what if they are "piratizing" (not privatizing") social security.

So what if they are abandoning the people of New Orleans.

So what.

They are giving us "faith" and Values" and "bringing us back to God"

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

See:What's the Matter with Kansas? How Conservatives Won the Heart of America by Thomas Frank

The GOP - with one party control of the Presidency, the Senate, the House, and the Courts - are protecting us from the "Gay Agenda" and "Godless, Atheistic Abortionists" and "Darwinian Evolutionists" - They are putting God back into our schools and Court Houses.

They are protecting us from terrorists

[Orsino]

69. Not good news.

The creditors will just write themselves another bigger and more draconian welfare check, and this news means it'll be urgent business for Congress.

[Megahurtz]

75. Ha - Ha!

:7

[ailsagirl]

76. I guess Karma really does exist!! ;=D

The bastards. :nopity:

:rofl:

[Realityhack]

92. If it does its a mean SOB...

they reduced their proffits by millions... sounds like they still posted a proffit.

[ailsagirl]

99. But the article says that after the smoke settles, so to speak, that

they could have "well over a billion dollars worth of losses."

Ha ha

Greed is an ugly vice. How do those people sleep at night?

:shrug:

[shugah]

79. ha ha

the funniest part is that a large number of those who filed did so in fear and desperation. if the bill hadn't passed, and the minimum payments doubled, most of the filers would have just trudged along, making minimum payments for the rest of thier lives.

too bad for the credit card companies. hahahaha!

[SoCalDem]

80. That's exactly right.. A friend of ours did exactly that

When he realized that the payments "might" double, he said "we're outta here"..

[NVMojo]

81. I still get pissed at Reid for supporting this bill ...

...oh, wait! He's a Citigroup stockholder! He just fucked himself!!!

[Robert Oak]

82. Good those blood sucking loan sharks

Such idiots. You can't squeeze blood out of a stone and people are broke. Probably the rush was for people saying "better safe than sorry" who might have attempted to pay off the debt.

[xchrom]

84. the credit card companies may fuck americans stupid...

but at least they won't have to suffer from gay marriage.
:nopity:

[progressivebydesign]

86. If those jerks stopped OUTSOURCING our jobs, perhaps we could PAY!

You know, it seems so basic to me. Credit card companies and banks are OUTSOURCING everything from computer work, to customer service, and NOW telemarketing, to India. And.. they boo-fucking-hoo that their earnings are dropping because (SHOCKER!) Americans can not pay their credit card bills. Duh. If you ALL didn't send breadwinner jobs to other countries then I guess you wouldn't have this problem, now WOULD YOU??? Clueless mofos. If we have no jobs, we can't pay our bills.

As for my accounts... well I cancelled all of my acocunts that I knew used outsourced labor for those jobs, like Dell... (big offender), and others. I kept my Chase card... Well.. I may have to cancel that account, as well, as I just received numerous telemarketing calls for that account from INDIA. Sick of getting barely understandable telemarketers from INDIA pedding protection for my Chase Visa.

Why do they hate America???

[druidity33]

87. debtors prison

The saddest part is they will make up the profits by buying Prison industries.... one of the only industries in US seeing"growth". I don't want to see grandma in jail because her pension was raided and SS cut, all the while being refused Medicaid because she barely comes out over the poverty line. This is a nightmare bill that will only rear its head years from now if it stands.

[twaddler01]

96. disregard

the economy is doing just fine according to Bush

[DuaneBidoux]

101. Just wait till the next recession with no safety valve. There will be...

hell to pay for the economy as the indigent pile up.