lance087 asked:
since there is forgiveness on short sales for homeowners what about credit debt.
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since there is forgiveness on short sales for homeowners what about credit debt.
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what about some relief for nonsecured debt such as credit cards?
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#1 by curiositycat - January 2nd, 2010 at 16:55
I agree. However, since it is unsecured, and the government encourages high interest rates and backs the current system, it is very doubtful. I learned a lot of good information from a video I got from Netflix called Maxed Out-you might want to check it out.
#2 by Amanda H - January 5th, 2010 at 15:08
You’re out of luck. The ‘forgiveness” involves homes becuase it is an effort to help the entire economy. Credit cards are not in the limelight right now.
Aside from that, no one got evicted for credit card bills.
#3 by donfletcheryh - January 8th, 2010 at 13:10
If the problem is severe, you have the option of personal bankruptcy, but better to use a proposal to creditors to get a reduction in interest rates in exchange for a repayment plan.
You do not deal with one creditor at a time, but all at one time so that they all have to buy into the deal or you go into bankruptcy.
This may involve using the services of a bankruptcy lawyer.
#4 by Gem - January 10th, 2010 at 11:11
You are confusing the “relief” for short sales.
The law does NOT remove the obligation of the debt. It just removes the tax liability for the money not paid. Up until the law was passed, you lost your home and then got hit with a tax bill for the difference between what was owed and what was sold.
No. This congress has decided that credit card companies can charge usury rates of interest and suffocate us in debt.
I have written Congress multiple times because they are punishing even those of us that pay our bills and are never late. How in the hell they think that 28% interest for someone who did nothing but use the credit that was offered (and I have NEVER been one second late on the bill) can be legal is beyond me.
The only “help” there is, would be to file bankruptcy if you qualify and still you will end up paying a crap load to the company.
We are being screwed so that corporations can make billions and pay their CEOs $30 million a year.
Once I have Bank Of American and Washington Mutual paid off I will never do business with them again. They are thieves.
#5 by Jeff - January 12th, 2010 at 21:54
The best “relief” would be for the government to issue an order to the banks: “Credit cards will no longer be an acceptable form of payment in the United States”
And don’t tell me they can’t, because there’s already a similar law forbidding the use of casino chips for purchases (even at the casino’s own gift shop)