If you rent the money, you gotta return it.
They don't read the fine print?
Stupidity has always been a capital crime.
I know it's hard. When I was younger I dug myself in so deeply it took years to dig out, but I owed the money.
So9
A bank giving unsecured loans is much like someone playing the stock market.
Prepare to see even more 'sweet deals' for youngsters who don't know better and other crap that's gonna really come back to haunt Republicans.
The credit companies are probably drooling like mad wolves at the prospect of offering desperate people way more credit than they otherwise ever would consider.
This is a nightmare political bill. I wish it at least had a 5 year sunset clause in it.
I guess that makes the credit card companies pretty "stupid" for lending money to people who have almost no hope of repaying it.
Fortunately, the credit card companies are rich as well as stupid, so they can afford to buy a few Senators on both sides of the aisle.
Stupidity is NOT a capital crime, but preying on the stupid often is a crime, AS IT SHOULD BE. The credit card companies, payday lenders, and check cashers are right on the edge of the line between aggressive lending and legally sanctioned criminality. IMHO, this legislation pushes all of the moneychangers over that line.
Or do you support predatory lending and preying on the weak and uninformed? Those are not on my conservative values list.
S9, I daresay that if you were in similar circumstances today, you might not have been able to dig out. Why? If your credit score went down, which can happen even if you're never late with any payment, your rates can be jacked into the 20%-plus range. Unless you're able to make heroically large payments, you'd never get the balances down.
The predatory lending practices, out-of-control late and overlimit fees, and "universal default" have caused a lot of people to say "I want to get out from under this by paying the principal off, but because of the ridiculous rates it can't be done unless we live out of a cardboard box." So they file.
And of course we should not forget that illness and medical bills are the major factor in about half of bankruptcy filings (I personally think it's higher, because a lot of people feel obligated to put large medical bills on plastic when they should be negotiating the outrageous fees with the providers down to sane levels).
This bill is a sop to the lending industry pure and simple, and it does have the potential to wreak havoc on the economy, as others have noted.
And the posters that have noted that this bill, if it passes, is a big political opening for the liberals are absolutely correct.