I read an article last Friday saying that banks are asking for credit card debt forgiveness from their consumers. It appears that the big banks have formed an alliance and are pushing for credit card debt to be forgiven! This new program would involve close to 50,000 people struggling to pay their debts and it would erase up to 40% off their balances!
I’m hoping this means I qualify for this program since I pay my bills on time and never have any late payments. I wish they had done this when I had more debt, it would have saved me so much money.
According to the article I found, the credit card lenders include Discover Financial Services, Bank of America, Citigroup, JPMorgan Chase, Capital One, American Express and HSBC Holdings.
As most of my readers know, these are all companies I do business with, so I’m hoping to hear soon from CITI and HSBC (Best Buy) about reducing my balances by 40 percent!
Wish me luck!
HS
Link from: Herald Tribune.
Menu Monday
3 hours ago
6 comments:
I read the same article, and was hoping l qualified, but l think it's geared towards people who are having problems "already" paying their bills, not people like you and l who have been prompt with the payments! Sucks... doesn't it? makes you want to just stop paying and be forgiven. I do eventually hope it will get to me, l could use it.
Great post:) Much success in getting out of debt:)
It won't happen, they are talking about people who can't pay their bills.
It is glad to know that all those banks are going to provide this facility, I think through this everyone like me will overcome little bit from their credit card debt. But beside this i have little bit doubt that will it be applicable for everyone or not?
If applicable for all then it is a great news.
While the Credit Card Debt Forgiveness Act seems like a good thing, I believe (and I could be wrong) that this seriously lowers your credit score. It sounds like it would do the same thing as debt settlement would do (when you negotiate your debt with the bank).
I guess if you're seriously drowning in debt, this is a good option, but if you will be relying on a good credit score in the next few years, it might hurt you in the long run.
Hi I work in a Debt Consolidation/Debt Management firm in Australian. The other comments are right this is really geared towards those unable to make their full payments. When negotiating a payment plan the lowest i've gotten it down to is 50% over 5 years with no interest. But if you've got a lump some from a friend or a family member you can get it down to 40%.
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