Citizens’ Economic Stimulus Plan: Stop Paying Credit Card Debt

[Joanne98]

Now to the Wall Street bailouts, the plan for the government to purchase preferred shares in banks, and the takeovers of Fannie Mae, Freddie Mac, and AIG, may be added the intention announced last night that the government will throw another $20 billion at Citibank, the nation’s largest financial institution.

The announcement came after Citibank’s stock fell 60 percent last week to $3.77 a share. Of course it won’t help the 50,000 people Citibank is laying off, but, what the hey, no plan is perfect.

Meanwhile, almost nothing has been done to help the consumers within the producing economy who have lost trillions of dollars in the stock market crash, seen the value of their homes fall in many cases below what they owe on their mortgages, and lost jobs or health benefits through the escalating recession. Fannie Mae, which over the weekend sponsored a Walk for the Homeless in Washington, D.C., an event that drew thousands of participants, had announced the previous day that it was placing a moratorium on further home foreclosures until after the Christmas and New Year’s holidays. Wow, thanks.

Continued>>
http://dandelionsalad.wordpress.com/2008/11/24/citizens%e2%80%99-economic-stimulus-plan-stop-paying-credit-card-debt-by-richard-c-cook/

[gizmo1979]

1. How about we send them a bill instead.

We gotta be in for 50000 apiece by now.We'll even give them 10 days to pay without late charges.

[JuniperLea]

2. And 25.45% a month thereafter...

Until the debt is paid... compounded:)

[gizmo1979]

3. Yes that will do nicely!NT

[tama]

4. Look at it this way

You stop paying credit card debt (or even taking more and more debt) -> bank makes no money from you -> bank goes bankrupt -> Fed and Treasury bailouts the bank with the future (or rather, lack of) of you, your children, your grandchildren etc.

Most likely outcome of the bailouts is that dollar collapses and is no more international currency -> no more imported oil - no fuel to power car and machinery -> no food -> famine -> population correction.

In a systemic collapse - and that is what this is - there is no way to avoid collapse as part of the system. Question is, how to get out of the system?

[rhett o rick]

5. I like your idea, a moratorium on credit card debit thru the holidays. Everyone has a clean

slate on Jan 1.

[formercia]

6. My credit union just lowered their interest rate to 7%

Transfer your balances into your local credit union if they have a similar rate.

The bank you owe money to is entitled to principal plus interest. They will get their money. Pay them the outstanding balance and they won't be sucking your wallet dry forever.

[formercia]

7. Debt, the gift that keeps on taking.

All those free credit cards at those 0% introductory rates.

Didn't you have any sense that it might just be a scam?