Credit card debt forgiveness for some benefits all


M

Mishi

Credit card debt forgiveness for some benefits all

In these extraordinary times, card issuers' plan to erase up to 40% of
some customers' debt would also be good for those who pay their bills
on time.

When I heard last week that banks want to forgive up to 40% of some
customers' credit card debt, my first question was, "What's the
catch?"

"There's no catch," answered Scott Talbott, chief lobbyist for the
Financial Services Roundtable, an industry group that helped concoct
the debt-relief program. "There's no hidden agenda. These are
extraordinary times and the industry is aggressively working to help
customers."

He's half right. As best as I can tell, the banks' offer comes with no
strings attached.

However, this isn't pure altruism. Credit card issuers would enjoy
some significant benefits under the plan, making it an act of self-
preservation that just so happens to be in the best interests of
potentially millions of cardholders.

http://www.latimes.com/business/la-fi-lazarus5-2008nov05,0,6448941.column
Read full article: Credit card debt forgiveness for some benefits all


Resources:
http://www.consolidate4free.com/articles
Debt Consolidation Information

http://www.consolidate4free.com/Debt-Consolidation-Companies.html
Debt Consolidation Companies

..
 
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R

Robin T Cox

Mishi said:
Debt Consolidation Companies
WARNING:

You must talk to your local branch of the Citizens Advice Bureau before
entering into any agreement with a debt management company. These companies
exist to make money, not to help people. Your local CAB is a charity and
they will advise for free.
 
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P

PCPaul

WARNING:

You must talk to your local branch of the Citizens Advice Bureau before
entering into any agreement with a debt management company. These
companies exist to make money, not to help people. Your local CAB is a
charity and they will advise for free.
Also the fact that the OPs article comes from the Los Angeles Times
implies that the actual situation might not be quite the same over here
in the UK...
 

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