Posted on 03/10/2005 4:06:42 PM PST by West Coast Conservative
You're absolutely right.
They are to the extent they lose money doing so. Why do you think the people with 'spotty credit' pay such high rates?
Crap, there goes my life for the next two years. I work in the world o'bankruptcy administration. arrrrrrrrghhhhhh.
How so?
yeah....like this is going to make any of those prices and fees come down.
You've got that right.
88% of bankruptcies are filed by families in which (1) the wage earner has died, (2) The wage earner has suffered a serious illness, or (3) the wage earner has lost their job and is over 50 (not always so easy to get a new job when youre over 50, especially if you have no race or gender card to play).
Rah Rah Rah! Let's take their homes away! Hooray!
Gotta love a government that sticks it to the most unfortunate American citizens on paid behalf of a corporate entity (MBNA), and given $350 million to a foreign organization (Palestinian Authority) to form a terrorist state.
Hooray!
Theoretically, the credit card companies should operate in the same way... lend to people with lousy credit, risk getting burned. But I guess it was less expensive to buy passage of this bill than to act responsibly.
I love how the responsibility-cheerers here think that corporations should bear no responsibilty for their actions, only individuals.
"Bad day for America and the GOP that this lousy MBNA-purchased bill was passed by the Senate."
MBNA are no better than shylocks. If you are late once in 5 years, they raise their interest rates to 28.99%. This is a bad bill, and FReepers are cheering for it. MBNA would slit FReeper throats for a dollar.
You sound like you've bad a bad experience with MBNA. Where did those statistics you cite come from?
88% of bankruptcies are filed by families in which (1) the wage earner has died, (2) The wage earner has suffered a serious illness, or (3) the wage earner has lost their job and is over 50 (not always so easy to get a new job when youre over 50, especially if you have no race or gender card to play).
Rah Rah Rah! Let's take their homes away! Hooray!
Gotta love a government that sticks it to the most unfortunate American citizens on paid behalf of a corporate entity (MBNA), and given $350 million to a foreign organization (Palestinian Authority) to form a terrorist state.
Hooray!
You are a damn moron !
This will allow some companies to offer lower fees and rates to their customers in order to increase their business and gain a larger market share. It is called competition.
This bill reduces the cost of doing business for people who extend credit to others, and it will be passed on to the consumer of credit. Companies that do not pass the savings along will lose market share to companies that do.
Each of us has an obligation to teach our kids how to use credit wisely. It is one of the most important financial lessons that they need to learn if they are to have successful lives.
I agree with you. It's a bad bill. It's a shirking of responsibility. They didn't deal with the abusive tactics of the credit card companies.
I doubt it. Those companies who want to will still hire the high powered lawyers to help them plan their bankruptcy to their maximum benefit.
"88% of bankruptcies are filed by families in which (1) the wage earner has died, (2) The wage earner has suffered a serious illness, or (3) the wage earner has lost their job and is over 50 (not always so easy to get a new job when youre over 50, especially if you have no race or gender card to play).
Rah Rah Rah! Let's take their homes away! Hooray!"
You are absolutely correct, proving once again that in spite of the intelligence of the average freeper, many have bought into this MBNA propaganda.
When I was an ignorant kid, I signed up for almost ever credit card offered to me. That was MY fault, not that of "predatory credit card companies." What would you advocate, the return of usury laws? Please explain.
YOU PAY....not the companies, not the government, not Tinker Bell....YOU
I used to work at a collection agency as a network admin and I used to pull credit and legal reports on debtors. It amazed me how people with judgments, garnishments, and write-offs could easily get credit cards from companies like Providian.
Providian, as you might recall, had to file bankruptcy when it had written too much bad paper. This is exactly what I mean when I ask if corporations will abide by the same standards their customers will have to abide by.
If Joe Deadbeat can't readily file bankruptcy then neither should the bank that issued him credit.
Well that was a snappy comeback.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.