I don’t loan money to my deadbeat brother-in-law, no matter how much he asks.
Reason being - I know he won’t pay me back.
Seems these credit companies should have had the same thought-process before giving $300,000 loans to someone who makes $12 an hour.
Yeah, you would think. But then again denigning loans might cut into their quarterly bonuses.
The credit companies are getting what they deserve. They had the bankruptcy laws changed so people would not have their credit card debt wiped out. So now as people with poor credit are forced to pay their credit card bills, they have to let their homes go into foreclosure, especially if they have an ARM going up after bankruptcy restructuring. The credit card companies get first dibs on debt repayment and the mortgage companies get screwed when there isn't the money to pay a resetting ARM. This link explains it.
In other words, people have to let their homes go in order to make credit card payments.