Consumers don't get bailed out

Captain Morgan · 11-13-2008, 03:42 PM

Gee, why am I not surprised. Let's bail out big business that's "too big to fail," but force the general public to pay debts they can't afford.

http://news.yahoo.com/s/ap/20081113/...n_credit_cards

Rider · 11-13-2008, 03:50 PM

Did you see that some banks are now reducing peoples credit limits on their credit cards? I read one case where they reduced the limit for $10,000 to $2,500.

I think it's a good thing actually. It will make people more fiscally responsible for their over spending.

Trip · 11-13-2008, 03:51 PM

I agree down with credit cards! God forbid people actually have to be conservative with their spending.

Particle Man · 11-13-2008, 04:15 PM

Anyone remember that days when if you couldn't pay for it you didn't buy it?

hmmmmmmmm....

snaps · 11-13-2008, 04:21 PM

Quote:

Originally Posted by Particle Man

Anyone remember that days when if you couldn't pay for it you didn't buy it?

hmmmmmmmm....

no, I'm not that old

smileyman · 11-13-2008, 04:23 PM

The consumers already have an out for their credit card debt...Bankruptcy. Still won't help the situation because it only creates another segment of the population that can't borrow to purchase goods and stimulate the economy. Lord knows incomes haven't gone up enough to operate the economy sans credit so...

Foreclosures are up 25% from last year, i am betting a simialr increase for bankruptcies. There is going to be a whole new lifestyle coming...For the haves and have nots...

Particle Man · 11-13-2008, 04:27 PM

Quote:

Originally Posted by snaps

no, I'm not that old

Neither am I. It wasn't that long ago

VatorMan · 11-13-2008, 04:52 PM

Personally, I would not bail out businesses. I would entice consumers with rebates for buying shit. It works two fold-first it would get people to spend money and two--credit is still tight so only the people that can afford stuff can buy.

I guess that plan is too complicated. I could use a new truck.

derf · 11-13-2008, 06:15 PM

I don't really see how people can spend up thousands on a credit card. I just can't fathom it at all.

Saki Girl · 11-13-2008, 06:30 PM

Quote:

Originally Posted by Rider

Did you see that some banks are now reducing peoples credit limits on their credit cards? I read one case where they reduced the limit for $10,000 to $2,500.

I think it's a good thing actually. It will make people more fiscally responsible for their over spending.

American Express has been doing that with our account for 2 years. We had a $10,200 limit and now it's down to $3,500. Every time we hit a milestone amount, they send us a letter and say blah blah blah, we are lowering your limit to better suit your needs.
Doesn't matter to me. We haven't used the card for 3 years since we started the business and are on the way to pay it off soon.

11-13-2008, 03:42 PM	#1
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	Consumers don't get bailed out Gee, why am I not surprised. Let's bail out big business that's "too big to fail," but force the general public to pay debts they can't afford. http://news.yahoo.com/s/ap/20081113/...n_credit_cards

11-13-2008, 03:50 PM	#2
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	Did you see that some banks are now reducing peoples credit limits on their credit cards? I read one case where they reduced the limit for $10,000 to $2,500. I think it's a good thing actually. It will make people more fiscally responsible for their over spending. Last edited by Rider; 11-13-2008 at 03:53 PM..

11-13-2008, 04:15 PM	#4
Particle Man Custom User Title Join Date: Nov 2008 Location: Central NY Moto: 2003 SV650S Posts: 14,959	Anyone remember that days when if you couldn't pay for it you didn't buy it? hmmmmmmmm.... __________________ I'm not "fat." I'm "Enlarged to show texture." Handle every stressful situation like a DOG: If you can't eat it or hump it, pi$$ on it & walk away.

11-13-2008, 04:23 PM	#6
smileyman White Trash Hero Join Date: Mar 2008 Location: NW Arkansas Moto: Buell 1125R Porco Rosso Edition Posts: 4,895	The consumers already have an out for their credit card debt...Bankruptcy. Still won't help the situation because it only creates another segment of the population that can't borrow to purchase goods and stimulate the economy. Lord knows incomes haven't gone up enough to operate the economy sans credit so... Foreclosures are up 25% from last year, i am betting a simialr increase for bankruptcies. There is going to be a whole new lifestyle coming...For the haves and have nots... __________________ Arkriders.com To be the best you must first be willing to risk the worst!

11-13-2008, 06:15 PM	#9
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	I don't really see how people can spend up thousands on a credit card. I just can't fathom it at all. __________________

11-13-2008, 04:52 PM	#8
VatorMan Wrap Yo Ass in Fiberglass Join Date: Feb 2008 Moto: Feet Posts: 1,605	Personally, I would not bail out businesses. I would entice consumers with rebates for buying shit. It works two fold-first it would get people to spend money and two--credit is still tight so only the people that can afford stuff can buy. I guess that plan is too complicated. I could use a new truck.