Highlights:
CC companies charging more than 15%+Libor (about 18%) including penalty and fees, will be prohibited from objecting.
Exemption from means test.
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Highlights:
CC companies charging more than 15%+Libor (about 18%) including penalty and fees, will be prohibited from objecting.
Exemption from means test. -
Gotta love the comment at the end... "An expert from a Washington think tank argued that the Whitehouse bill might push companies to tighten eligibility rules so that only the most creditworthy customers could get their credit cards. Many less creditworthy customers might then have to go to less reputable lenders, he said."
"Less reputable??"
What would the "less reputable" lender do that these fine usurers from BofA, Citi, Chase, Amex, etc... don't do???
Wear cheaper suits??
Charge 35% instead of 34.99%??
Last edited by GWBcasualty; 03-24-2009, 01:15 PM. -
yep, no more means test!...
the new guidelines will go by your "zodiac" sign, to determine if you get a 7 or 13..."it looks like i picked a bad day to give up sniffing glue"! [McKroskey, airplane]Comment
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The point is that if you are charged 30%++ interest rates you ARE unable to get out of debt without bankruptcy... therefore is there really a point to the means test???Originally posted by floridian View Post
Obviously it depends by the total amount of debt we are talking about... $20K even at 30% are certainly more re-payable than $200K
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i was making a funny, i guess i missed the mark!
however, it couldnt be funnier than the actual system, that allows many with lavish lifestyles to file for a 7 and get on with their lives, while many peons must struggle thru a 13... but thats merely my opinion..
wow, if the means test were to die, i would file chap 7 tomorrow and be done with it.... it just sounds too good to be true and i havent had a lucky year..Last edited by floridian; 03-24-2009, 03:21 PM."it looks like i picked a bad day to give up sniffing glue"! [McKroskey, airplane]Comment
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Originally posted by floridian View Post
I agree it will go by what your zodiac sign is but also what your moon sign is!"Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17Comment
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Ok, while all this sounds promising.....
what is the actual probability that the means test would be dropped? and if so when would that happen?
In BK filing it seems like timing is everything. We are running on empty and running out of time. We are looking at filing on 3/31, and it would be just our luck to fail the means test and then have it not even be a requirement in 2 months from now.
Oh well, gotta do what we gotta due.
I do hope the cc companies are going to be reined in on their interest rates.
As I stated before, if one researches their credit cards it can be found that the charges made(and interest at time of charge) has been indeed paid back, but do to unforseeable(sp?) situations people end up with super high interest rates and fall into the pit of never being able to pay off the balances, especially when min payment due goes up. So, that said, I think that in fact the debt was paid but the cc company is playing games.
Does that make any sense?Comment
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Oh, and I was told by ACCC that because banks are allowed to charge such high interest rates that as US citizens we have the right(option) to file BK.Comment
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