Posted on 03/09/2010 11:16:15 PM PST by The Magical Mischief Tour
CHICAGO (MarketWatch) -- Credit-card debt has been falling for 16 straight months but consumers aren't paying off their financial obligations as much you might think. Instead, they're walking away from the debt, forcing credit-card issuers to write off as much as 90% of that reported drop, according to a new report by CardHub.com.
U.S. banks charged off a record $83.3 billion in credit-card losses last year. That makes up the bulk of the $93.2 billion drop in outstanding credit-card debt that was reported by the Federal Reserve for 2009.
(Excerpt) Read more at marketwatch.com ...
Amen. Family first.
parsy
Except for your dope sales/use I go for everything you listed!
Oh, and with debtors prison, AIG and all those others would be sitting behind bars as well.
MORE gov’t, less freedom that’s just what we need...
Respect for the law of THIS land is what’s lacking and our legislators lead the way in that regard.
By all means! I suggest we start with Morgan Stanley, who walked away from five office buildings in downtown San Francisco, handing the keys to the lender, and calling it a "strategic default".
IIRC, nobody bitched about it.
Millions of Americans have been hung out to dry by the collapse in the availability of credit.
You owe debt, you go to jail, you have no way of paying said debt, you stay in jail, you can never get out of jail, hence no way to ever pay the debt. Society pays for your life and the debt is never paid. Everyone loses.
Did you ever open a history book or is this just being obtuse for the sake of obtuseness?
We also used to have child labor to help you pay off the debt. I take it that you are also in favor of having the kids pay the debt?
I believe in child labor!
I got myself a job at 8, not because my parents weren’t well off but because I wanted to.
I knew it was illegal so I just kept my mouth shut.
I went to work plastering for my father when I was 14 so that I would have a fast hotrod to go street racing when I was 16.
I think child labor laws stink!!!!
Difference between choice and force. In the good old days of debtors prisons, the kids were forced to work to pay off the debts and age was not an issue.
I was working at a very early age as well but it doesn’t mean bringing back mandatory child labor to pay debt is a good idea. Kids will do much better in school, long term, than they will in a loom factory.
You want debtor’s prisons yet you don’t step up to what that entails. Society has been there before and rejected it.
Same as slavery and yes, I am aware of how loaded that is. Debtor’s prisons meant slavery for the debtor and the heirs.
“Those who cannot remember the past are condemned to repeat it.”
- George Santayana
Communism was caused, A LOT, by the debtor’s prisons and the abuse of the working class. Rather than extending the goals of conservatism, a return to enslavement of the working poor would lead to a Communist revival.
“Debtor’s prisons meant slavery for the debtor and the heirs.”
That’s exactly what they are for!
If you don’t have the assets or money in the bank, don’t go into debt!
I’ve never borrowed or paid interest on anything in my life except for my first home and i’ve never put myself in such a position that I didn’t have at least one year of living expenses in the bank at any time.
I even saved the money to pay cash for my airplane which cost 3 times what my home did and paid cash for everything else.
I was raised that if you don’t have the money to pay for it you don’t need it.
I’ve lived by that rule for 73 years!
Nope, no need to 'conquer' personal such weaknesses. Nope, that takes too much effort to look into the mirror and face truth.
Such is the downfall of nations/empires as societies become numb to self destruction. It all starts and ends with self.
But they are keeping the Big Screen TV.
if the fedgov is using my money to pay the credit card companies... shouldn’t i get some sort of credit towards my credit card debt as well?
People need to quit spending...no more movies; no more restaurants; no more sports. Pay the bills first.
You've got that right. I'm somewhat surprised that some on this forum think that it's OK to borrow money and then walk away without paying it back. That's theft, plain and simple.
I've never been incarcerated and don't know as much as I should on this subject. However, I have heard that prisoners do pay theater prices for Cheetos and much else. In some jails and prisons, if their family sends them money, the prison takes a large percentage of it (for administrative purposes? penalties? because they can?) Food, toiletries, etc., beyond the bare minimums must be purchased.
Guess "Thou shalt not steal" just doesn't work for many people nowadays... :-(
I think the credit card sharks have brought some of it on themselves. The can borrow money from fed at 0.25 percent and they uped many folks rates to 26%. And they wonder why folks said FU.
Where are ya dale? I could use a good plasterer right now. :D
Seriously, you did good. My grandma worked at age 10. Dirt poor. The experience made her strong and resolved not to stay poor. Over the years she learned how to do everything, the most self-sufficient person you’d ever see, and whatever she touched turned to gold. She was mighty rich long before I was born, and yet she still worked like it was 1931.
BUT in THIS case, the credit card companies brought it on themselves by jacking up the rates of their good customers to usurious levels in order to pay for the bad debts of those who were given credit where no credit should have been given, as in the case of illegal aliens.
So I have no problems watching the credit card companies get screwed in return because of their own crooked policies.
Not a big surprise when our culture tears down good decent people and idolizes celebrities. Superficiality, materialism and self-indulgence are rampant within much of our society.
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