Credit Card Bailout

[barbarus]

If bailing out people who made bad decisions on houses is such a grand thing, why, wouldn't a bailout of those unable to pay off their CREDIT CARD balances be wonderful too?

What a campaign issue.

 

[Retire Soon]

Who thought up that brilliant idea, Henry Paulson?

 

[ScooterGuy]

Hmmm, the new serfdom ...

When 2012 arrives, and with it, the possible rise of a 3rd party (envisioning that both current parties would be out of favor for failing to prevent recession-depression & failing to restore the 'good times'), then ...

For 'A Modest Proposal,' suppose a credit-card bailout is offered, such that, 'you give us your vote and the votes of all your immediate family members from now on, and we'll wipe out your credit card debt forever.'


It make my blood run cold when I imagine how many 'just plain folks' would sell themselves and their decendents into political serfdom without a second thought.

Ah, but, 'it couldn't happen here ... never, never, never.'

 

[pedorrero]

The only thing that would improve the 2008 election fever season is if we could have scheduled Hurricane Katrina for 2007 or even better, 2008 a few months before we re-elect these idiots.

 

[free4now]

I'd favor a credit card bailout for consumers over most of the pork for special interest business groups that passes today.

 

[youbet]

If bailing out people who made bad decisions on houses is such a grand thing, why, wouldn't a bailout of those unable to pay off their CREDIT CARD balances be wonderful too?

What a campaign issue.

Since you used the analogy of having the credit card bailout be like the mortgage bailout, I assume you mean the credit card bailout would be a freeze on increasing the interest rates that credit card borrowers pay?

I'd be in favor of that.

Then, going forward, new legislation could force credit card companies to have much stricter requirements for obtaining a card, such as I hope happens with mortgages.

 

[barbarus]

For the analogy to hold, the freeze would have to be at a "teaser" rate and extend over, say, five years.

 

[bow-tie]

I think Tyler Durden did just that in Fight Club. Although, you may find his plan a bit ambitious... maybe not...