Consumer advocates and financial types are pushing to have large credit card debts reduced by as much as 40 percent for card holders. Consumers are defaulting on their credit card bills in staggering numbers. Americans have $900 billion in credit card debt.
This proposal would be for those with crippling amounts of debt. The article does not say how much credit card debt is needed to qualify. Indeed, the credit card crisis is real.
However, I assumed that bankruptcy was a way to have your debts forgiven.
If people were to have their credit card balances cut, I would like to know what they used the cards to buy. If they had medical bills, that’s one thing. But if someone were acting like an extra on Sex and the City, buying up designer goods, I would be VEXED! I would really hate for there to be a Louis Vuitton bail out–especially because I don’t own one!
Do you think there should be credit card forgiveness during these poor economic times?