BA Default Rate

[hereforinfo]

Call your congresspersons. Venting at consumers on here is a waste of pixels.

I'm not venting, I was responding to the poster's suggestion that the government should bail out individual debtors.

[anykey]

BA - Ahh. Check this out. http://www.youtube.com/watch?v=trLcH868ld4

[DownNotOut]

I'm not venting, I was responding to the poster's suggestion that the government should bail out individual debtors.

Actually, you didn't correctly read what treehugger said. He said that the govt. should rather have bailed us out than the banks, and that was said with sarcasm. He wasn't asking for a bailout. Here's what he said:

"The government might have best bailed out the debt for defaulted unsecured debtors, and debtors who were given mortgages when they should not have been. These debtors could have immediately put this money back into the economy, given that the majority of our economy relies upon consumer spending. The government should have bailed out folks (debtors) who "bought" into the exploding (bubble) of real estate, and took out all the second mortages and HELOCs. The world's finest and brightest financial minds gave us these. Who are we (debtors) to question the actions of the highly-educated and wiser banking folks? LMAO"

[AMISLANDER]

Bankofamericasucks.com....your real place to vent on BOA!

[Hillbilly]

I think you can thank Congress for that. Apparently one of them learned that people were paying the minimum payment and not getting anywhere on their debts, so they required credit card companies to make the minimum payment higher so people would eventually pay off their debt.

It wasn't an increase in the minimum payment that tipped us over the edge, but their damned greedy hike in the interest rate to a whopping 33%!
I would never have knowingly or willingly took on a credit line at such an exorbitant rate.
As far as I'm concerned the cc industry and all of the Banks that engaged in such tactics are a bunch of crooks, and they deserve to fail.
The bailout assures that these same a-holes will still be sitting behind their desks, looking for creative new ways to f-over the American public.

[TooMuchCredit]

As was mentioned they won't even notice.

Our kids and grand kids will notice when they drive on crumbling roads and bridges because tax dollars were given to the stupid banks to offset these losses instead of investing in infrastructure and more power grids.

Our unemployment rate would be far higher had we let these industries fail. It's one thing if one of the large banks failed but it was almost all of them. The problem is they should never be allowed to get so big nor allowed to make such risky loans. However, without regulation, capitalists institutions will do whatever it takes to maximize profits. If there is no rule against it, they are apt to do it, no matter who it hurts, as long as it is beneficial to the corporation/shareholders. I am not knocking capitalism, I am knocking unbridled capitalism.

Also, if GM and Chrysler were left to fail, Michigan and anywhere there is a plant would be far more devastated than they already are. I am not siding with the unions as I think many of their demands were outright greedy. But for each factory job I think the statistic is 3 more jobs are created in the community.

So if we were okay going into a depression instead of a recession, we should have let them all fail, as should be the normal course of business. But when all of a sector is on the verge of collapse, you have to try to lessen the blow. Now rules have to be implemented that prevents us from getting back into the same situation so bailouts are not a normal way of doing things.

Our roads and bridges could be fixed if we lived closer to work and we raised the gas tax and/or added tolls and dedicated it to pay the actual maintenance costs.

[TooMuchCredit]

It wasn't an increase in the minimum payment that tipped us over the edge, but their damned greedy hike in the interest rate to a whopping 33%!
I would never have knowingly or willingly took on a credit line at such an exorbitant rate.
As far as I'm concerned the cc industry and all of the Banks that engaged in such tactics are a bunch of crooks, and they deserve to fail.
The bailout assures that these same a-holes will still be sitting behind their desks, looking for creative new ways to f-over the American public.

I don't think they should ever be allowed to raise the rate on existing balances, only on new purchased. The February changes do this to an extent. I think if you go over 60 days past due, they can up it on the entire balance.