President-elect Obama Announced a plan to rectify Some of the more abusive practices of credit-card issuers, Including banks. These Are not intended to take effect for Some 18 months. Why not amnesty some credit-card debt and so Quickly Give Some real spending power to the average person? I, for instance, Have a credit card with $ 2000 Some Owings Which WAS Issued by Providian, and subsequently WAS Acquired by WAMU Before It Went under. Maintained and WAMU (Itself in trouble) Would not the lower rates to abusive Which Jumped Providian – 24. 9% one year original contract of 8%. I missed no payments, order Lived in Florida After 9 / 11 and WAS Able to pay only the minimum EACH month was “maxed-out” Ever Since balance (As Was the case with Some Other cards), staying just this side of bankruptcy. I guess thesis factors “red-flagged” and kicked in the High Rate – Reaching Eventually 31. 4% with WAMU Before it collapsed. Other card-debt of mine has-been Simply sold, so That I Received A Letter Announcing my “New Rate”. One of These WAS sold first to MBNA, and then to BankAmerica – Each time with a raise in interest despite meeting monthly minimums and a little more EACH month. In the Seven Years That I Have Carried a total debt of about $ 15-20K, I think I Have Paid off Something Like The Principle Two or Three times over. Now, I must pay for the $ 700Bn “Bailout” out of my taxes, and continue to pay the aussi monthly payments at inflated interest to J. P. Morgan Chase for the WAMU card, for instance – despite the Fact That Paid Chase WAMU’S ZERO DOLLARS for “equity” Including my debt. Why not create debt for year amnesty to Have That thesis banks enjoyed unfair profits for years, Where the IS emprunteur Someone Like Myself Who has the Principle in Fact Paid Amount of the loan and much more? Amnestying Those Whose total of payments is more Than Twice the Amount of the cards’ maximum credit Amount Seems to me a reasonable dividing line. In my case, That Would Give Me Some $ 600 per month in pocket to inject Directly Into the economy – and I Would Be still doing my share as a citizen in Paying my share of the bank bailout-through taxes. Things as They Are SEEM so unfair! I mean, I can not call the credit bureaus Exactly wreck and the Banks’ credit-score, can I? Your Thoughts? And please – Such comments as “you idiot” Are not useful. There are Many Thousands of people in my position Who Have just managed stay afloat Rather Than Declaring bankruptcy – who now really Need relief with the job market as poor As It Is, and City Rent Remaining so high (in great proportion Because of the Sami “investors” who got us all Into this mess). GeeGee: The connection with Florida, Miami at least Where I Was That at the time as a result WAS of 9 / 11 the premium industrie Which Supported the economy here in 2001 Went bust. Malthus, South Florida residency Became a ‘red flag’ for banks on debt accounts Current event, Because So Many bankrupted. Hotel occupancy here, for instance, under 10% That WAS winter. As for the answerer who I Earlier “TD” s, I Borrowed the money at a reasonable rate of interest, and the loan WAS Bought by a predatory bank raised That Which year to abusive level. This is one of the practices That Will Be outlawed by the Obama administration.
