6 Responses to “A Consumer credit card bailout? what next?”

1. David
   March 19th, 2009 @ 2:49 pm

   I am really against the bailouts for all these people and businesses who have managed their money poorly over the years and are not getting off with no repercussion.

2. Rob
   September 25th, 2009 @ 10:44 pm

   Well David the collection agency spoke person Why should the taxpayer bailout the banks that managed their money poorly? I do believe the banks were the irresponsible ones who sold off mortgage backed securites that they knew were ng.You dont loan money to people who cannot verify their income.Go to the democratic underground.com and read steven lesers journal.Also go to seeking alpha (Banks want another hidden bailout)by Patrick Watson

3. Dale Stiles
   November 7th, 2009 @ 12:39 pm

   I agree but also want to throw a wrench into the gears because this became personal for me. I make a good living and my wife did as well. We lived beneath our means and were able to give to numerous charities and community. However, the company my wife was working for mismanaged their finances and now she is out of a job. We didn’t think that was a big deal initially, but as the months passed and the number of jobs shrank, so did the hopes of finding a job to replace the job she lost. Having to adjust to a single income took time and in the interim we made numerous sacrifices to leave within my paycheck but still managed to max out our credit cards before we figured out how everything would fit. No we’re trying to recover on a single income. We live like pauper’s in a castle that the king abandoned. It’s been a year and my housing edition in the country has slowly turned into a ghost town. Many of the houses are literally abandoned. They purposely gave them up to foreclosure driving the value of my house to less than half of what it was last year alone. So, now I can’t sell and move into a smaller home to adjust to our new level of income. That leaves only something like this credit card bailout or similar assistance to get us back on our feet again.
   I wish things were different but this is a whole new ballgame. There are new rules and we have to adjust somehow.

4. Dale Stiles
   November 7th, 2009 @ 12:48 pm

   Wow, lots of typos in that last post.

   We’re trying to live, not leave, on a single income.

   NOW we’re trying to recover on a single income.

   There are other badly constructed sentences and then the “victim” statement.

   The truth is I’m embarrassed about looking for assistance but I don’t know how else to recover from this hole. We really want to move out of state, to a smaller home in the country and live off the land. We don’t mind living a simple life with a windmill for power and beating the bugs off our food supply for months before we can eat it. In fact, we’d prefer that right now. Our grandparents lived that way, and we figure we can too.

   The fact is we need help to get there. Without some sort of assistance to get us out of debt and out of this house, we’ll never make it to that simpler life.

5. Rob
   November 7th, 2009 @ 5:28 pm

   I can see alot of people are in the dark about what is going on. The banks who are the credit card companies are taking the taxpayers money so they can stay in business. Then they raise the interest rates to loan shark levels.They are doing this to the very same people that saved them from bankruptcy.The worst part is the government is letting them.

6. Joe
   November 9th, 2009 @ 10:32 am

   Dale,

   Don’t worry about the typos… I’ve seen much worse (and made a few myself!)

   Have you tried negotiating with your credit card company(s)? If you honestly can’t make your payments, then you may be able to get them to give you a break on the rate, or get them to forgive a portion of the amount.

   Then you should try and get a 0% or some other low intro rate on balance transfers, transfer your remaining debt (or as much as you can) and pay it off before the interest resets.

   I don’t know exactly how dire your cash flow situation is, but my wife and I paid off our credit card balance after transferring to a 0% intro rate card. It saved us thousands in interest.

   Best of luck to you, and I hope things start to turn around soon for all our sakes…

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