Credit Card Offers Stacking Up at Homes of the Newly Bankrupt

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Under the new law, which the banking industry spent more than $100 million lobbying for, they may be even more attractive because it makes it harder for them to escape new credit card debt and extends to eight years from six the time before which they could liquidate their debts through bankruptcy again.

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But the new law makes for an even better gamble for lenders, consumer groups say. It not only makes bankrupt debtors wait eight years to clear their debts again, but it also requires many of those who do go back into bankruptcy to pay previous credit card bills that may have been excused under the old law.

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While bankruptcy filings increased 17 percent over the last eight years, credit card profits went up 163 percent to $30.2 billion, according to a report filed with the House Judiciary committee by opponents of the new law.

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"The people I'm seeing right now, they're mostly middle or lower middle class," said Jack Burtch, a bankruptcy lawyer in Washington State. "In a good many of the cases, credit cards are what got them into trouble. And I don't see how credit cards will get them out of it."

http://www.nytimes.com/2005/12/11/national/11credit.html?ei=5094&en=6fed47cc35f492cb&hp=&ex=1134277200&adxnnl=1&partner=homepage&adxnnlx=1134259764-4Nqtv08PXuCr+yit5H79dQ&pagewanted=print


Predatory Lending BASTARDS!!!

...... but they're only as powerful as people let them be.

That lady's asking for trouble, letting those offers pile up instead of throwing them away immediately.

Credit card companies are NOT consumers' friends.

is their increasingly strengthening addiction to fees. Just a few years ago, the percentage of the cc companie's profit from fees was under ten percent. Now, however, it's a full THIRTY percent of their profit. Which is why they're finding more and more ways to squeeze more and more fees out of their "customers." You know, like the $29 or more penalty if you're a half hour late with your payment, that kind of thing.

People, cut up your credit cards now! I haven't had any since I paid mine off in full a few years ago, and I'm much better off financially because of it! Don't become a slave to the credit card industry.

Credit Cards companies are far worse when it comes to being in bed with republicans, that and they will screw you sideways. Throw away all credit card offers and dont have one unless you REALLY need it (ie some things can only be done with a credit card, like small business owners)

It isn't a loan to me, it is a convenience. I make certain to not purchase anything I can't afford, since that isn't the point of a credit card. I pay off my card in full at the end of every cycle. I pay no fees and interest rates don't matter because of that. I figure if I can't pay the entire thing off at the end of the month then I was irresponsible in my spending. I have no problem with them at all and think that people who overcharge on their cards bear the majority of the responsibility for the consequence. I do, however, think that the utter coldness these companies show and their greed is definitely inappropriate as well, but no matter how bad they get it would be of no significance if you just purchase what you can pay off in full each month.

... your argument would be a sound one.

But what about people who, through no fault of their own, lose their jobs and use their credit cards as the option-of-last-resort?

What about those who have lost their health insurance, and use their cards to cover medical procedures, or out-of-control prescription drug costs?

In these uncertain days, some people HAVE NO OTHER ALTERNATIVE than to put unforeseen bills on their cards -- and the financial institutions who issue these cards are counting on JUST THAT!

It's the addicts they love...they loathe responsible behavior.

:shrug:

See paragraph two of the OP.

Im sorry, but I dont trust cards and electronic transactions. Especially credit cards, some of them KNOW how unsecure they are and dont give a damn.

By the way, credit cards hurt non CC users, because the companies charge 2-4% for businesses to use them, and have insisted that business not be allowed to charge the consumer to use a CC... this means that the businessman is likely to raise the prices for everyone.


Watch this if you have the time:

http://www.pbs.org/wgbh/pages/frontline/view/

"secret history of the credit card" - 2004

...as it will hold without bursting. Send it back and spend their money.

Some cc return envelopes have little codes on the back. Make sure you cut it off so they can't trace it.

Pricks.

The money changers are getting better at what they do.

similar to the "do not call list." Call toll-free 1-888-5-OPTOUT (1-888-567-8688) or visit www.optoutprescreen.com

More info here:

http://www.ftc.gov/bcp/conline/pubs/credit/prescreen.htm

Thanks for posting this one...I'd have had to, if you didn't. :)