--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
>
Ok, so we bail people out of their mortgages so the court systems
don't get clogged up and do what might be done in court - force a
settlement between borrower and bank.
So what next do we do with another problem that most people who are
in foreclosure or in trouble - THEIR CREDIT CARD BILLS.
- most CC will charge a $39 late fee. Even if the amount is $13.00
owed.
- On top of the late fee, a bounced check, automatic bump up in
interest rate (especially on low teaser rate cards) like up to 29%
(seen it myself).
- then the CCC lowers your "pre-approved" amount which automatically
kicks in the "over limit fee" of $39 per month....
So if you took $1,000 on your credit card and 10% interest they
charge you for unpaid balaces and paid a minimum of 2.5% of the
balance due each month (from $25 down), it takes someone 104 months
to pay off that $1,000. That's over 8 years assuming you always pay
on time and with only a 10% interest rate.
That's a REAL problem homeowners and non-homeowners ahve gotten
themselves into. How will that be erased or will the BK courts and
banks/cc companies deal with that?
------------------------------------
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