Comments on: Credit card companies vs debtors in default http://www.totalnoid.com/2009/07/26/credit-card-companies-vs-debtors-in-default/ Random Noid Musings Sat, 28 Jan 2012 03:38:53 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Jerry Nordstrom http://www.totalnoid.com/2009/07/26/credit-card-companies-vs-debtors-in-default/comment-page-1/#comment-8353 Jerry Nordstrom Tue, 28 Jul 2009 14:02:17 +0000 http://www.totalnoid.com/?p=3235#comment-8353 This article is spot on. Our research shows us that a large number of consumers are now willing to walk away from the credit card debt as well as their homes! And this brings up the concern of the second shoe dropping. If the mortgage/foreclosure train wreck was bad, just wait until the credit card disaster unfolds. Here is my rendition of today's credit card consumer. "Go to hell CityBank, you have destroyed my financial future with ever increasing interest rates, ever changing billing policies and a continuous ploy to trap me into debt. And guess what, you did it, I'm against the wall with debt. And although I've been paying you through the nose for years now when I needed help and I was late you have shown me no mercy, late fees, interest rate hikes and mean phone calls. Then I learn when you having fallen on bad times, you can't pay your bills! And who has unwillingly bailed you out? ME, GOSH DARN IT, ME! Well guess what I don't care about my debt to you anymore, I am not going to pay you a dime, and you know what else, I don't feel one bit of guilt." I can only hope the one good thing that will come from this economic downturn is that consumers will eliminate their credit card debt for good. Moving forward they will reject the use of credit cards and all forms of short term debt loans. This article is spot on. Our research shows us that a large number of consumers are now willing to walk away from the credit card debt as well as their homes! And this brings up the concern of the second shoe dropping. If the mortgage/foreclosure train wreck was bad, just wait until the credit card disaster unfolds.

Here is my rendition of today’s credit card consumer.

“Go to hell CityBank, you have destroyed my financial future with ever increasing interest rates, ever changing billing policies and a continuous ploy to trap me into debt. And guess what, you did it, I’m against the wall with debt. And although I’ve been paying you through the nose for years now when I needed help and I was late you have shown me no mercy, late fees, interest rate hikes and mean phone calls. Then I learn when you having fallen on bad times, you can’t pay your bills! And who has unwillingly bailed you out? ME, GOSH DARN IT, ME!

Well guess what I don’t care about my debt to you anymore, I am not going to pay you a dime, and you know what else, I don’t feel one bit of guilt.”

I can only hope the one good thing that will come from this economic downturn is that consumers will eliminate their credit card debt for good. Moving forward they will reject the use of credit cards and all forms of short term debt loans.

]]>