With the bankruptcy law 'reformed' and minimum payments doubled,

[Deja Q]

how long before *'s popularity - on a cbs news mainstream media poll - goes down to 30%?

[BronxBoy]

1. As soon as

everyone starts getting their new and improved credit card statements.

edited for spelling

[Moxygirl]

2. The problem is a good portion of DINOs

stabbed Americans in the back by supporting this piece of trash.

[depakid]

3. And it's going to come back to haunt them....

Thanks a lot, Harry Reid... and the dozen or so others.

[Deja Q]

4. I hear ya totally.

Bought-out vermin on both sides readily supported this.

While for NEW cards, doubling the payback rate is one thing, for existing users it's gonna be a real pill.

Especially once the other aspects of our current economy hit home.

[acmejack]

8. Hall of Shame

Remember these names!
Biden (DE)
Byrd (WV)
Carper (DE)
Conrad (ND)
Johnson (SD)
Kohl (WI)
Landrieu (LA)
Lieberman (CT)
Lincoln (AR)
Nelson (FL)
Nelson (NE)
Pryor (AR)
Salazar (CO)
Stabenow (MI)

[FormerDittoHead]

13. I complained to Rob Andrews (D-NJ) but he said rates would go down...

I was very disappointed in the Congressman, but he DID return my complaint with a signed letter.

The letter stated something to the effect (not in front of me now) that because of the record number of bankrupcies declared (nothing to do with the lack of medical coverage?) banks needed this. The result will be lower rates for remaining consumers. (the basic point)

Of course, the law has no direct provision for *requiring* banks to lower rates.

In the basic COMPETITIVE financial markets any reduction of risk is met with an increase of return. The problem is that while the banking industry may be competitive, it is not *EFFICIENTLY* competitive.

Of course, banks (credit cards) COULD have regulated THEMSELVES and say, NOT GIVE CREDIT CARDS AWAY LIKE PARTY FAVORS for the last 10 years...

But instead of taking "personal responsiblity" for THEIR actions, Congress Andrews joins party with those who have chosen to listen to the powerful banking lobby (aka the Republicans) and reduce the rights of individuals unilaterally.

Shame on you Congressman Andrews. I will NOT be voting for you in the next primary...

[HockeyMom]

5. Plus sky high gas, utility, and housing costs

What in the world are people going to do? Will they bring back debtors prisons? Take away people's cars and means of transportation to work? Cause millions to become homeless? If you don't have the money, you don't have the money. Period. As my Dad, who lived through the Depression, used to say, "You can't get blood from a stone."

It could get very ugly, very soon. I am losing a lot of sleep over this.

[bluecrush]

6. This is just the beginning

as Americans face sharply higher energy bills this winter.
Look for the change in credit card payment policy to impact on holiday shopping too.

[HysteryDiagnosis]

7. Will the Iraqis follow suit, with their unemployment rate.... how would

they embrace the recent "fruits of democracy"?

[NicRic]

9. Many unaware of changes coming !

Iam currently heavy into credit card debt ,so much so was even almost considering bankruptsey, however I have a home with enough equidy to pay off credit cards and still have a sizable amount of $ left over ,I wil just be a renter again. I have never collected welfare , always paid taxes ,now when times are hard for me and my wife ,have two young children ,pristine credit rating still standing ,I cant see myself making it thru another 2 months. Dont know what to do ,someone told me the bankruptsey bill would not effect me because of my very low income these last few years ? Is this true ,and how do I protect my home from being taking by creditors ,I know the morgage must be paid ,I mean from other creditors, credit cards with high balances going into default can prevent me from selling by placing liens on home .HELP ! I know all about not sleeping ,have'nt slept good in a year ,maybe four hous a night , I cry for what my children may be put thru should our world fall apart !
NF

[KayLaw]

10. I feel awful for you

I'm not a financial adviser, but if I were in your position, I would put the house on the market right away. I would cut up the credit cards and plan to live very, VERY frugally for a few years. Figure out what your longterm goals are and make a plan. Best of luck to you and your family.

[Neil Lisst]

11. Take a deep breath, you'll be fine, NicRic.

If your home equity is sufficient to cover the credit card debt, then you need a home equity loan for that purpose.

There are ads on TV all the time. DiTech. The Lending Tree. Loans of that type are huge now. Everyone else in America has done it, so why not you?

Tell each of your credit cards you want to pay them off in full, but that you want them to remove any negative credit information about you from all credit agencies. They may agree to do it, and will thus wipe a negative off your record.

If your credit is currently good, you must get the equity loan now, and pay off the credit cards and any other high interest debt. Your home equity loan will probably be less than half the interest rate you pay on your credit cards.

[Ilsa]

12. Have you been to some local agencies

for help for structuring debt? Have you received any aid, such as EIC? That will help quite a bit.

I wish you lots of good luck, because that helps also. I can rememebr being short on cash one month and losing sleep. Everything is always a hundred times worse at 3am. Big hugs to you and your family.

[NicRic]

14. Thank you to all !

I want to thank all that replied from the bottom of my heart ,I will listen to the advice on getting rid of the CC debt and start a little camp fire and burn them all up ! They are stealing my families future. Dont get me wrong my wife and I know we where stupid in getting so heavy into debt ,now we have to work our way out of it !
Again thanks to all that replied and the heart felt advise you gave !
Take care NicRic