...AGAIN!

Yes, clearly it is the function of banks to RECEIVE free money, not to hand it out.

Actually, I think the point is that the odds are stacked against purchasers/consumers. I'd liken the dynamic between banks and consumers today to business and the worker 100 years ago.

Calm down son, we're working on it.

Just so you know, my comment is biased toward the working/lower class and away from ze corporations.

WAH! The bank lent me money I knew I could never repay and now I'm sad! Fuck those assholes. These are the same people who had their McMansion foreclosed on and Escalade repo'd, all while their kids are fat asses who play XBox all day. Sure, some poor folks in the ghetto got themselves in some trouble. They need education and guidance, which is what debt management agencies are for.

I had over ,000 in credit card debt right after I got married 2 years ago (we paid for everything ourselves). We pinched pennies until that shit was paid down to ##CONTENT## and we never missed a payment. It only took us a year because we scraped by on my salary and put my wife's entire check to that debt. It's called sacrifice and responsibility.

Read up on the CARD act. Consumers get a TON of breaks. If they were stacked against the consumer, they no longer are. http://tinyurl.com/n6xtgv

Not saying this is bad, just that it's going to be MUCH different next year.

Highlights of the CARD act are that all APRs are locked in when you purchase something and can never change (with a few exceptions like teaser 6 mos same as cash kinda programs). When you pay, you pay off the highest interest purchases first, then lower as you get down there. Also, the bank can't raise your rate until you are late at least 60 days, and then they must give you 45 days written notice that they are hiking your rate to 29.99% to give you time to pay it off. You can "opt out" of this which essentially cancels your account (though you still owe at the lower rate). They also can't charge you to take a payment over the phone anymore or do a debit transfer.

Capitalism is great, when properly regulated by an elected government that doesn't have any conflicts of interest. Too bad this is not the case and never was.

You don't engage Cognitivedissonance without a ring first and an introduction to my daddy.

"I had over ,000 in credit card debt" but had enough disposable income to pay it off in a year. Why can't eveybody be like me?

In the era of credit bonanza Banks gave money to peopl

who couldn't afford to repay their loans. This was done large scale and although theses debts are the responsibility of these individuals, it is the banks' fault, so they must reasonably resolve the problem.
They're not even foreclosing anymore, and they should cut down on these stupid fucking fees. They are supposed to work as deterrents for default, but in the present situation, it amounts to harassment and quasi-extortion.
That said, people who insist to the bank that their house has lost value and therefore the bank should lower their principal are assholes. If you're going to stop paying and face the consequences do so, the Banks will have to figure out what to do, but don't call the bank and whine asking them to take a hit for you.

My favorite is BoA's minimum balance fees where they charge you at the end of the month if you have less than a certain amount in your account. THEY FLAT OUT CHARGE YOU MORE FOR BEING POOR.

I had previously only dealt with small-ish banks before so when I went to open an account in the city I was floored by this. They fuck you at every opportunity with fees. Their tellers harass you with credit card offers (I had to tell one clerk "no" four times at which point he started saying, "Look just say 'yes' and you can throw it away when you get it. Help me out." FUCK YOU!). Their savings and CD rates are for shit (unless you have a premium account with over k when you suddenly become a magical special customer with better rates).

There is no reason whatsoever to open an account with BoA. Ever. Unless you're desperately looking for someone to help pull the silver spoon out of your ass.

I once tried to have the above conversation with a yuppie bragging about his new Porsche.

"Well just make sure to have over 00 in your account at the end of each month!"