Heard on my Local News at Noon: Credit Card Use down 20%, New applications down 46%

[laughingliberal]

This is good news. Starving the beast will, eventually, get their attention. Wonder how long it will take them to realize they have killed the goose who laid the golden eggs? Bring the whole economy down, throw people out of work, treat your customers like poo, and wonder why no one wants to play anymore. Silver lining time: tank the economy and now almost everyone who is declaring bankruptcy is eligible for a full discharge of debt under Chapter 7. Sort of shot themselves in the foot after working so hard to get those consumer screwing changes to the bankruptcy laws passed.

In the face of our tragic economy there is still some irony deserving of a big, jokes on them type of laugh.



:rofl: :rofl:

[ixion]

1. yep... don't feed the beast

and it will eventually die off, or adapt. Good riddance to credit card companies.

[villager]

2. +1

n/t

[AndyA]

3. I live with an attorney, who commented about the new bankruptcy laws.

Apparently, it was discovered a year or so after the credit card companies spent millions lobbying to get the new laws passed, that--WHAT DO YOU KNOW!!!!!!!--most people who file for bankruptcy really don't have any money!

So, they spent millions and it did nothing for them. Go figure. And we wonder why there's so much waste in that industry.

I think it's great that credit card use is down, and new apps too! I keep getting the "NO INTEREST - NO FEES - BLAH BLAH BLAH" offers from my credit cards. I just tear them up and throw them away. I use my cards every couple of months, just to keep them active, but I don't carry a balance on them.

[SoCalDem]

5. yep.. when they put in that mandatory "counseling" session

there was an article in our paper , about how the people doing the counseling, just basically twiddled their thumbs and made small talk, because ONE look at the people's finances proved that they should have probably filed years earlier and had actually wasted money for a long time, trying NOT to declare bankruptcy...

and many people had been paying (or trying to pay) on accounts that had not been used for a purchase in a long time.. so they were actually "done" paying for the actual "stuff" they had used the cards for, and were just paying on the fees & charges & interest on the fees & charges..

[Chipper Chat]

6. They are desperate for new customers.

I routinely received offers in the mail for cards with interest in the 9.99 - 15.99 rate. Now, ALL the offers are at least 19.99%. I just laugh, save the return envelope for recycling, and pitch the rest. I'm not shedding a tear over the pricks who cavalier-like screwed the American people with their version of 'credit-card reform.'

[laughingliberal]

8. That was exactly what I read, too, shortly after the new BK laws went into effect

Very few people had enough disposable income to be forced into Chapter 13 since the new laws passed. I suspect it will now be less than 1%.

Just a buncha greedy, power hungry assholes. And there is no appetite left to bail the assholes out if they fall now. We may, actually, rid ourselves of the vultures before it's over.

[Captain Hilts]

4. Yep. I'm writing checks for larger, anticipated expenses. nt

[endless october]

7. good.

fuck those leeches.

[marmar]

9. Good.......The Loansharks have f**ked themselves over.

nt