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Originally Posted by flstf
I wouldn't have too much of a problem with tightening up the requirements if they would also exempt people with large medical bills. Maybe if the law specifically targeted credit card customers for tougher requirements.
Wouldn't it be poetic justice if this bill wound up costing the credit card companies money because of lost business? Even with all the bankruptcies today I understand that their profits are at record high levels.
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I agree. In fact, 100% agreed.
I also feel that credit and financial education should be available
in detail to everyone young and old but also, perhaps, have something like a "financial awareness" day for high schools and colleges
everywhere, even better...every school. I know that my idea may seem like a pipe dream but I've seen less likely programs become mainstream for every school...even in a tiny town like Tombstone, Arizona, we still had programs and awareness classes like I saw in Duarte, California. This would help nip this problem in the bud...
On another note, these people who rack their debt up and then just don't pay sound like they don't understand what they're really up against. I do know, being a former employee, that American Express has a "red flag" program (started in 1996) where a person (by SSN) who racks up debt with them and does not pay, lets the 7 or 10 years pass (depending on how they get it off of their report) and then repeats their actions are put on a system list to where the person can owe American Express once, the second time it happens, if the person just doesn't pay but lets it fall off after 7 years or declares bankruptcy, the person is blackballed for good.