T Nation

Banks Asking for Credit Card Debt Forgiveness


Now the banks want you to pay for slacker's credit cards. And thought I was kidding earlier. Bad business decision is being replaced with taxpayer obligation.

WASHINGTON - With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.

Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.

The new pilot program �?? which the banks hope will become permanent �?? could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.





Why would anyone object to paying someone else's credit card bills? Are we not all our brothers' keepers?

You guys are really supposed to have pity on the less fortunate. Afterall, you have jobs and educations. You guys are just lucky. It is selfish and greedy to want to keep your money for yourself anyway, when other people need your money.

You all should be ashamed of your selfish ways.


Had I known a few years ago that things were going this direction, I surely would have made some different life choices to take advantage of all this forgiveness and help with affordability. Damn hindsight.


Time to get a 360 and even bigger TV!!!


The road to socialism starts with handouts.


This is no longer handouts it's robbing the poor to give to the rich.


What do you mean?


Naa, it is destroying the middle class to give to the rich.