Man Refuses to Pay CC Bill--BoA

[SarahW]

Video - Breaking News Videos from CNN.com

 

[samclem]

Video - Breaking News Videos from CNN.com

Based only on what is in the small clip of the interview, I think the guy is wrong. Sure, many CC companies are scummy, but he signed the contract and he should pay what he owes. The CC companies shouldn't (and probably won't) have to go to court to prove that they are making a "fair" profit. If the markets are competitive and open, then "fair" is whatever they can get. This guy should just vote with his money and get a different card. That's the way a market works, and how adults should behave.

 

[rescueme]

...how adults should behave.

I'm an old phart, but my opinion is that we have less and less "adults" in today's world ....

 

[Westernskies]

Based only on what is in the small clip of the interview, I think the guy is wrong. Sure, many CC companies are scummy, but he signed the contract and he should pay what he owes. The CC companies shouldn't (and probably won't) have to go to court to prove that they are making a "fair" profit. If the markets are competitive and open, then "fair" is whatever they can get. This guy should just vote with his money and get a different card. That's the way a market works, and how adults should behave.

Sam, with all due respect, you are wrong, wrong, wrong! This joker is ENTITLED to a better CC program, and if he doesn't get it, then he should be able to just walk away from his CC balance. It's no different than a mortgage, HELOC, or car payment. If you don't like the circumstances, just refuse to pay! Walk away! Create your own personal bailout program! Personal responsibility, paying your bills, making responsible choices- that's just so overrated. Pretty soon we'll see these same folks suing over their lower credit scores- how could that possibly be their fault? Its the age of entitlements, and you need to get on board with the new deal, my friend.

 

[Martha]

The newspeople talked like the lawyer who wasn't going to pay the card was sophisticated and knows what he is doing. It didn't sound like that to me. I could not tell what his so called legal claim might be.

The problem with markets is that a free market is no guaranty that you get the best result for everyone. Interest rates are high, no matter what your credit rating. People don't shop the small print terms, such as terms which allow the credit card company to change your interest rate at any time for any reason. Your only market choice is not to play and pay off the card every month. Enough play so cc companies can continue to do what they do.

The effective overturn of state usury limits brought people credit who could not get credit when usury limits were in place. Tradeoff. The problem is that the world is complicated and it is next to impossible for people to shop for and understand what they are buying, whether it is credit, health care, or retirement plan options. Education isn't the answer because you just about have to be retired to be properly educated and informed about all your shopping decisions. Sometimes you want to be able to place some trust in someone or something when making a decision. That is why we have laws.

 

[calmloki]

Sam, with all due respect, you are wrong, wrong, wrong! This joker is ENTITLED to a better CC program, and if he doesn't get it, then he should be able to just walk away from his CC balance. It's no different than a mortgage, HELOC, or car payment. If you don't like the circumstances, just refuse to pay! Walk away! Create your own personal bailout program! Personal responsibility, paying your bills, making responsible choices- that's just so overrated. Pretty soon we'll see these same folks suing over their lower credit scores- how could that possibly be their fault? Its the age of entitlements, and you need to get on board with the new deal, my friend.

Could be an upsurge in job opportunities for the Bent-nose Vinnies currently languishing in lowered crime rate under-employment.

 

[FIREd]

The fact that he is a lawyer might play against him because, as such, he clearly understands contracts and contractual/legal lingo that might otherwise escape the average Joe. So the "I was too dumb to know what I was doing" excuse is not going to work here.

But I am tired to pay for stuff too. I still love getting new stuff, I just don't want to pay for it anymore. Of course stealing a large screen TV at Best Buy is illegal and I will be portrayed as a vulgar felon with my mug shot appearing on all the local TV stations. But if I pay the TV with a credit card and don't repay the loan, then all is well, it's not stealing anymore. I will appear on CNN as a folk hero trying to take on evil banks.

 

[eridanus]

nm fuggaboutit

 

[Walt34]

I guess I'm old-fashioned. When the cc company changed the terms of the agreement and we didn't like it we simply took our business elsewhere.

But then, I didn't want to get on TV either.

 

[clifp]

As the CNN guy pointed out the new Credit card law takes effect soon which stops action like BofA is doing. If he pays his bills off every money like he says I don't see why raising the interest rate impacts him.

In a battle between a publicity seeking lawyer, and BofA can I root against both?