Boy am I stupid! I sense a creditor objection in the works.

[mesa777]

Yes... I do in fact have a problem with a credit card company offering someone a cash advance at a casino... I think that ALL wagering activity should be banned from credit cards!

[jp2861]

Yes... I do in fact have a problem with a credit card company offering someone a cash advance at a casino... I think that ALL wagering activity should be banned from credit cards!

So, they ban advances from the casino. All you'll do is stop at the bank on the way to the casino, to get the money. Someone with a gambling addiction, that is out of control, will always find a way to get the money off the card.

What I'm curious about is where the bank will get this magical crystal ball to determine if you're spending the money on a wager somewhere.....

[B12]

Wow, it is hard not to sound harsh here, but blaming cc companies is really irresponsible.

Try a law suit against Johnny Walker and see how far you get.

If you are seeking help, aren't you learning, as I assume they do in AA, to take responsibility for your actions?

I can't see a recovery if you continue along this path.

[CindyLou]

in addition to banning cash advances at casinos maybe the credit card companies could also tap our phones and put GPS monitoring devices on our cars so that they can tell if we are going near a casino! that way if we get cash from somewhere else and plan to gamble with the money they can cancel the card! see how crazy that sounds!

[nc73]

in addition to banning cash advances at casinos maybe the credit card companies could also tap our phones and put GPS monitoring devices on our cars so that they can tell if we are going near a casino! that way if we get cash from somewhere else and plan to gamble with the money they can cancel the card! see how crazy that sounds!

Sounds like a plan.

[CindyLou]

sorry, but this thread is really hitting home for me.....so if we keep this theory going then maybe they should put those alcohol montoring devices on EVERY CAR MADE so the we all have to blow before we drive so that we can prevent drunk driving, but then if we slip up and some one gets killed we'll just sue the liquour company for selling the alchohol in the first place. Can you see who I have left out of this scenario? THE PERSON THAT DRANK THE ALCHOHOL! yes, maybe the person has a disease that needs treatment, but the point is if you blame everything around him and ignore the real problem then he will never get real treatment! ok, I will not beat this dead horse. I thing I've made my point more than once. Mesa, I will pray for you. Please seek qaulified professional help for your gambling addiction. I really still see a lot of denial. I am only saying this out if concern. please believe me. you can tell me to buzz off if you want or you can always talk more if you want. that is what we are here for.

[ssdsco]

I'm with Cindy on this BUT I do feel that if the credit card companies want to prevent bankruptcies and personal financial didasters they need to significantly tighten lending practices for unsecured debt.

However my guess is the CC companies have run the numbers and they're happy with the current balance between lending practices and debt write-offs. It does look like the subprime mortgage mess will be followed by unsecured credit disaster. Stay tuned.

If I had to complain about something it would the "federal" bankruptcy law that's interrupted 1000s of different ways by the time it gets to states, districts and finally trustees who seem to have a lot of discretion.

I take full responsibility for burning through $200k debt living the good life, well, actually not to the point I can pay it back. Now I buy my clothes where I buy my groceries.

[CindyLou]

oh yea baby....groceries,clothes, shoes, furniture....all in one location! can't be good ole target post bk!!!! wouldn't have been caught dead in their fitting room pre bk! but live and learn!

[Keebler]

I'm with Cindy on this BUT I do feel that if the credit card companies want to prevent bankruptcies and personal financial didasters they need to significantly tighten lending practices for unsecured debt.

However my guess is the CC companies have run the numbers and they're happy with the current balance between lending practices and debt write-offs. It does look like the subprime mortgage mess will be followed by unsecured credit disaster. Stay tuned.

If I had to complain about something it would the "federal" bankruptcy law that's interrupted 1000s of different ways by the time it gets to states, districts and finally trustees who seem to have a lot of discretion.

I take full responsibility for burning through $200k debt living the good life. Now I buy my clothes where I but my groceries.

I think you're right about the credit card companies and how they know they can push dollars out to questionable customers and collect more in fees than they lose by defaults. It might take $10 dollars loaned to paying customers to offset every $1 in bad loans. This would describe why they're so eager to give more and more credit.

I can't help but wonder if they are in an unsustainable mode of operation where they loan more dollars than they recover when you ignore the effect of new dollars.

Haven't you ever known a business that slowly loses every customer it has and compensates by finding new customers faster that it loses the old ones? On paper they look like they're growing but they'll eventually burn every bridge and have no more customers left.

Businesses never give up and admit that the system isn't working. They'll do what it takes to survive today -- at any cost. And then they'll postpone dealing with the core problem until next year or the year after. Only when they've been left with no other options will they give up and close the doors.

I think we all see where the banking and investment situation is headed.

[SinkingFast]

However my guess is the CC companies have run the numbers and they're happy with the current balance between lending practices and debt write-offs.

Sounds about right.

For years, we paid Citi $40-$500/mo in payments. Mostly interest and a little toward principal. Never really made a dent in what we owed. Other CC's, similar results.

We figure, by the time we filed BK, we'd really paid 2x-3x what we actually owed.

Win/Win for the CC's. All that interest income all those years, PLUS the tax write off when we defaulted.

Many people are like us. BK is a last gasp approach. We spend all our savings, sell possessions, until we get to the point we're flat broke.

If it honestly didn't make money for the CC companies, do you think they would continue with these lending practices??!!

Just like odds are in favor of the House. Were that not the case, Casinos wouldn't stay in business. You may win one now and again, but over all, you loose more than you ever win back.

[sickandtired8]

This way of thinking, in my opinion is completely irrational. So under your theory they should completely take away a customer's freedom to get a cash advance in any casino? Which means that if I go into a casino on my next vacation to Vegas and need a cash advance I should be blocked from doing do because YOU might lose your ass???? Even though I don't have a gambling problem? Doesn't that seem a bit irrational?

I would like to add that I am not trying to be rude or disrespectful. I just do not like to blame others for my mistakes. It is hard to be direct and to the point while typing without sounding sharp. So if this sound sharp I apologize in advance. I do not mean disrespect.

haha NO KIDDING! THat is like the people who are going to sue McDonalds for making them fat! Ridiculous! S&T

[CindyLou]

another GREAT example!!!!!!!!!!!!!!!!!!!!!!!

[nc73]

Seems some don't want to blame the CC companies, no wonder they keep jacking up rates if you miss a payment. Banks should know better than to overextend credit when they very well know how much debt the person has. If credit cards did not exist, very few people would file for bankruptcy. Anyways I do blame myself AND the CC companies.

[SinkingFast]

Seems some don't want to blame the CC companies, no wonder they keep jacking up rates if you miss a payment.

I'm not saying a lot of their practices are not wrong.

For example,...........

CC's are probably the only "contract" lenders who can change the rules of the game on short notice.

You sign a mortgage agreement, you know the terms for the life of the contract going in. You sign an auto loan contract, you know the terms going in. CC's,.......... not so.

You can have 0.9% interest to start. Run up a bit of debt or be late on payment to another Creditor and suddenly you have 30% interest. Probably your LOC is locked just above what you owe as well.

Just, if it weren't profitable, BoA, and Citi, and Chase wouldn't be doing it.