How Credit Cards Become Bonds

[ZDL]

http://consumerist.com/5099259/video-how-credit-cards-become-bonds

SFW link.

[JBnTX]

I'll stick to short and intermediate term treasurys.

Lot less risk!

[javentre]

I'll stick to short and intermediate term treasurys.

There are CDs which are paying 5%, they are even safer. Bond returns have sucked these past few weeks.

[45mike]

I hope the credit card companies don't start looking to get bailed out too after getting the laws changed that you are still liable for credit card debt even if you file for bankrupcy. Rember, debt is slavery.

[FromMyColdDeadHand]

The Credit card companies said they needed the changes in bankruptcy law to better protect them from loses and reduce the risk that people default. OK, that sounds good but, where was there a decrese in the APR on cards due to the reduction in risk for the card companies?

[AwaySooner]

The Bush administration are bought and paid for the banks, they passed the Bankruptcy Abuse Prevention and "consumer protection" Act in 2005 make it harder to file personal bankruptcy now. Essentially they can come after your other asset even though the debt is unsecured. This make individual bankruptcy harder than corporates.

Paulson just annouced that the FED will spent $800bil to buy unsecured loan-back securities, there you go. Trying to save the banks once again.

[45mike]

I feel that America has been raped by the financial system. My wife and I have always worked hard ,saved our money, spent responsibly and tried to save for if we got old. Yes we use credit cards but pay the balance off each month. Where we live had a major MBNA credit card operation in our town prior to them being aquired by Bank of America. They called people who paid their balances every month regardless of the fact they were paid by the merchants you did business with. Retirement now looks shakey, the standard of living is on the slide,and many people who probably shouldn't have been given mortgages in the first place are being subsidized to borrow more. I think I'll buy more ammo, food move to the woods and cut mre firewood. Being more of a hermit is beginning to have alot more appeal. Thanks for listening to my rant It does P**S me off.

[rubberneck]

Rember, debt is slavery.

One freely chooses to take on debt. If you don't want to owe money than don't borrow it to begin with.