We need a credit card bailout. Sure consumers need to try and be financially responsible, but after a decade of rising health, energy prices,(Fuel is 400% from 8 years ago, electricity has over doubled) and other basic costs of living, Wages have moved relatively slow. As corporate America and shareholders profited, little has been put back in, just trying to find more ways to cut costs(usually labor and benefits) to keep increasing profits for the elite.
Americans have had to use the credit (which was readily available by the way) for many basic needs. Our government keeps pouring money in to bailout financial institutions. How about a middle class bailout. This mess has been put on our backs for the last decade and now we are expected to keep working and paying taxes so the elite can stay in the top 5%.
Bailout middle class America, Bailout the credit card debt we have used to survive. This would immediately put more disposable income in the majarity of American’s hands. The Credit card companies who have basically been raping Americans at 20+ % interest can go to hell. Let legitimate companies who want to make reasonable profits emerge. Please bailout Americans, Do not bailout the companies without a direct effect on Americans balance sheets!
More about the fast approaching credit card disaster.
http://redtape.msnbc.com/2008/10/how-credit-card.html?cid=134693803#comments
I wholeheartedly agree. We work four jobs between my spouse and me just to be middle class, and thats with our college degrees. Now bankruptcy laws have changed where we cant get a fresh start. Now everyone is getting a bailout but the people. We might as well quit working, we would probably be better off at poverty levels than whats hitting us now.
The bailout was to ease the credit market, it’s not because they have not inposed strict guidelines for them to extend credit, so they are using the money how they wish. Now if they bailout on credit cards, that wont get extended to us either. We will still need to pay debt in full, even this debt that they are getting a big tax write off for, bad debt, they still come after the consumer for years on end. Also, If they are going to give us a check, then they should give americans a large check each, then we can pay our debt and stimulate the ecomnomy, not this 500/1000, what progress are we going to make with that? 300 mill americans, give us 1 million each..
ok…at least 5000/10000, then we will keep our jobs, and pay down debt and catch up a mortgage payment. 500/1000 does nothing especially if your a family of 4 or 5. Get real….