No wonder the banks don't need any risk managment!

ttown

They've got debtors prisons coming back.................. Get out of debt folks the only ones going to jail are the little people used as pawns................




Debtor's Prison?

ttown

Jailed for being indebt

tincup

Maybe they are going after those who feel it is ok not to make any more payments on their mortgage... just because the value of the house has gone down.

Or, perhaps those who intentionally charged up their credit cards to the max with no intention of ever paying it off... because the credit card companies are evil, etc...

ttown

Well maybe the banks and cc companies should practice risk management. I've got 2 cards and over the last 10 years they keep increasing the limits both of them were getting way up there around 25k each, why? I didn't request this increase. The banks seem to want you in debt way over your head, it doesn't matter if you can pay it back with your present income. In fact you don't even have to be a legal citizen with proper proof to get a cc or house here in the US.

tincup

Risk management on their part should certainly be a no-brainer. But you are right... they definitely do not practice it, at least not very much. I keep getting card offers in the mail every week.... but not sure if it's because they consider me a good risk, or just a sucker, or what. But the offers are always there, in the mail, magagazines, newspapers, etc.

Wingsrule

While the banks and cc companies may increase the limits of anyone at any time they choose, they are not the ones swiping them through at the cash registers. Just because one may have a 5K or 10K or 25K limit does not mean one has to use it.

derryb

A debtor becomes eligigble for jail only after failing to show up in court or failing to make a court ordered payment. It takes a "failure to obey the judge" violation to become sentenced by a judge.

JimDepot

<< <i>While the banks and cc companies may increase the limits of anyone at any time they choose, they are not the ones swiping them through at the cash registers. Just because one may have a 5K or 10K or 25K limit does not mean one has to use it. >>

ttown

Just keep in mind most of the public gets into these CC deals very young, they prey on them. They offer a sweet very low interest deal and raise your rates over time, in fact you lose your job and a little late guess what you have a bigger issue since it's now a 30% interest rate. Banks don't care. Can I go to court and have someone put in jail because they owed me? Can I put stuff on a credit report without going to court? Can I not notify them of the pending action? Can I raise your LOC so I can raise your rates because your LOC has now lowered your credit score?

I'm not saying that most of these idiots fell into the trap themselves but many are very young. The banks have been bailed out by the people for there practices but not the American Public in anyway. In fact with the big growth needed every year for the Wall Street boys to keep making money it's only gotten worse.

Good old Uncle Sams to blame too since they pushed HUD in loaning money for homes to those that don't qualify for them, it's the American dream after all. In times like these their are many victims but it won't be big business.

Seems the best advice is to do what your parents or grandparents always did, live within your means and save to purchase those big ticket items.

ttown

<< <i>A debtor becomes eligigble for jail only after failing to show up in court or failing to make a court ordered payment. It takes a "failure to obey the judge" violation to become sentenced by a judge. >>



Please read many of these people were unaware there was any action being taken against them, how convenient.

revoldlog

<< <i>
Or, perhaps those who intentionally charged up their credit cards to the max with no intention of ever paying it off. >>



Wait, are you talking about the US and the European countries?