Is a Credit Card Bailout Next?
Posted: November 8th, 2008 | Author: admin | Filed under: Uncategorized | 18 Comments »
Please use Subprime Blogger to get your average mortgage rates information. Knowing where mortgage rates currently are will greatly help you in the home buying process.
First the housing market started to crumble which caused a mortgage crisis. Now that the mortgage crisis is several months old and Americans are struggling to make ends meet, they are buying more and more on credit cards. If credit cards are not receiving payment for the purchases for several months or even years, there is no way they can profit in the short term. Several large banks and credit card companies also have exposure to the subprime mortgage market which makes their business model even more flawed.
With the pinch of spending in America, it is quite possible that we will see several credit card companies start to lose MAJOR amounts of money. What will the United States do if major credit card companies must file bankruptcy? If the Fed felt they had to bailout the mortgage companies, they will definitely have to bailout the credit card companies. Your thoughts?
Related Articles:
Credit Card Bailout – Financial Situation of Capital One
Credit Card Bailout – Financial Situation of Mastercard
Credit Card Bailout – Financial Situation of American Express
[...] Read more from the original source: Is A Credit Card Bailout Next? [...]
[...] Now that the mortgage crisis is several months old and Americans are struggling to make ends meet, they are buying more and more on credit cards. More [...]
[...] Read the original post: Is A Credit Card Bailout Next? [...]
[...] Original post by admin [...]
[...] Is A Credit Card Bailout Next? [...]
[...] · Reply · View stringsn88keys: Retweet @jwojdylo is a credit card bailout next? http://www.subprimeblogger.com/?p=144 2008-11-08 19:37:54 · Reply · View jwojdylo: is a credit card bailout next? [...]
[...] Subprime Blogger asks a good question: What will the United States do if major credit card companies must file bankruptcy? If the Fed felt they had to bailout the mortgage companies, they will definitely have to bailout the credit card companies. [...]
[...] The rest is [...]
[...] to the overwhelming popularity of the post, “Is a Credit Card Bailout Next?” there will be followup posts this week portraying the current financial situation of each of [...]
The credit card companies are the worst at gouging the consumers and having no compasion for when times are rough. At the worst time in our economy in my 51 yrs all my rates have increased even though the feds have dropped rates to the lowest ever. I would not bailout one unless they become more sensitive to the human factor and quit raping every consumer with outrangous rates, and late fees, and posting irregularities that allow them to charge more fees.
The credit card companies/banks that were so liberal in extending this high interest rate credit should be allowed to fail if that is what it comes to. The current bailout and ownership of banks moves our country far too close to socialism than I am comfortable. If it hurts the credit of the consumers that bought too many iPhones, flat panel TV’s, surround sound systems, etc., then so be it. It’s time for business and consumers to take responsibility for their own actions.
Yeah, I think the consumer should be expected to pay his or her debts, but the problem is that the government didn’t force the mortgage companies to do that.
[...] The credit card companies/banks that were so liberal in extending this high interest rate credit should be allowed to fail if that is what it comes to. The current bailout and ownership of banks moves our country far too close to …[Continue Reading] [...]
Give me a break. Credit card bailout. Let those who have enjoyed the “good life” suffer for their unwillingness to pay, wait and save, or exercise patience, prior to buying a bunch of useless shit. Give them poor credit ratings, cut them off for many, many years and let society know the kind of people they are. That is, greedy Americans with a gotta have it now mentality.
I have a credit card (unused) with a 30k limit. My wife has just been offered one for $50k. I’m sure we could get more.
What is wrong with this plan? Borrow $100k. Go to Vegas. Bet on black. If we win, we pay off the cards and have maybe $70k after taxes. If we lose, the rest of you pick up the tab, and the government moves us into a foreclosed house.
I mean, why not capitalize on our good credit ratings while it still means something?
[...] Is a Credit Card Bailout Next? [...]
I think that most of those credit card companys deserve to go out of business..if they made bad decisions on who they gave credit to than they took a gamble and lost..not much different than putting it all on red at the roullette table and losing..wheres my bailout?
[...] Is a Credit Card Bailout Next? was posted on November the 8th and I think we all know what has happened since. [...]