Here's what I want to know about the current economic collapse:

[hedgehog]

Is there any possibility that my credit card debt will be written off any time soon?

Alternatively, with so many of us in so much debt, are we sure that just a little inflation is that bad?

[WannaJumpMyScooter]

1. no, you will have to come up with

cash at some point

[silverweb]

2. Written off?

I don't really know how these things work, but I'd be more concerned that they attempt to call in outstanding balances in full.

[melody]

10. They can't call in consumer credit card type loans, I believe n/t

[silverweb]

13. I hope you're right.

I don't have a lot of debt, but I sure wouldn't be able to come up with the full amount in a hurry.

[MannyGoldstein]

3. If We Have HyperInflation, You're All Set n/t

[Jackpine Radical]

6. The only problem with that theory is that the CC interest

will rise faster than inflation.

[MannyGoldstein]

7. I'm pretty sure that it's capped by law n/t

[Jackpine Radical]

14. Those laws can be changed faster than a crapped diaper,

and don't imagine that a Dem Congress will stop it from happening.

[mwooldri]

12. Not necessarily true...

Credit Card Companies by law CAN change your APR. They have to give you notice unless you've "defaulted" - which case you can either accept the new higher APR, or close out the accout and pay it off.

Then there's them usuary laws, but look out! Credit card companies are located in states with unfavourable-to-consumer or no usuary law at all, and because they're national, it's the law in the state where the credit card company is based, not you, that matters.

Also, if Fed rates go up to the sky, then your rates are likely to follow, especially if you have a nice "variable rate" credit card.

Generally, unless you have a good lawyer, your only recourse for a rate hike is to pay the balance off in 30 days and cancel the card. Or pay the higher rates.

Mark.

[DonMeyer]

4. Are you big enough?

Only big corporations get bailed out, like Fannie May. The little guy is on his own.

[whistle]

5. Possibility if you declare bankruptcy and have little or no assets

[roamer65]

8. Pay your secured debt first in times like these.

Like mortgages and car loans. Leave the unsecured debt, like credit cards, for very last.

[Big Blue Marble]

9. To them your debt is their asset. Even if your bank goes down,

your debt is sold to another bank.

[1]

11. no. that whole "fight club" scenario was just fantasy...

the one thing "money lenders" have had centuries to perfect is how to keep their boot on your neck...

[cojoel]

15. deflation more likely

For now times ahead are looking deflationary. Major reductions in many asset values, wealth, and credit. Gold is up a bit, though, at least for now.