Deep in debt? (Not Spam)

CaptainHaplo · 09-07-09, 02:57 PM

Ok - I have been thinking alot about all the bailout money banks have gotten. Then today, I hear on the radio an advertisement for you to call in and settle your credit card debt for alot less than you owe, because these banks have recieved subsidies from the government.

So the wheels start clicking in my head, smoke rolls and there is a burnt smell. Yet a question forms....

Lets say you have 20k in CC debt. Your taxes - between payroll, income etc etc adds up to 10k for the year. Thats money thats come out of your pocket that went to the government. So why shouldn't you get that same amount OFF your CC bill, because ultimately thats where it ended up.

Seems like someone would realized they paid their CC bill through the government and demand the debt be reduced or negated due to that.

Just a thought.....

mookiemookie · 09-07-09, 04:21 PM

There was actually a proposal floated last November to forgive 40% of credit card debt as part of a bailout. A lot of banks were behind it (because the banks would defer the loss recognition on their books to some point in the future), but the Office of the Comptroller of the Currency called shenanigans on the accounting treatment of it and nixed the whole deal.

09-07-09, 02:57 PM	#1
CaptainHaplo Silent Hunter Join Date: Apr 2007 Posts: 4,404 Downloads: 29 Uploads: 0	Deep in debt? (Not Spam) Ok - I have been thinking alot about all the bailout money banks have gotten. Then today, I hear on the radio an advertisement for you to call in and settle your credit card debt for alot less than you owe, because these banks have recieved subsidies from the government. So the wheels start clicking in my head, smoke rolls and there is a burnt smell. Yet a question forms.... Lets say you have 20k in CC debt. Your taxes - between payroll, income etc etc adds up to 10k for the year. Thats money thats come out of your pocket that went to the government. So why shouldn't you get that same amount OFF your CC bill, because ultimately thats where it ended up. Seems like someone would realized they paid their CC bill through the government and demand the debt be reduced or negated due to that. Just a thought..... __________________ Good Hunting! Captain Haplo

09-07-09, 04:21 PM	#2
mookiemookie Navy Seal Join Date: Nov 2005 Location: Houston, TX Posts: 9,404 Downloads: 105 Uploads: 1	There was actually a proposal floated last November to forgive 40% of credit card debt as part of a bailout. A lot of banks were behind it (because the banks would defer the loss recognition on their books to some point in the future), but the Office of the Comptroller of the Currency called shenanigans on the accounting treatment of it and nixed the whole deal. __________________ They don’t think it be like it is, but it do. Want more U-boat Kaleun portraits for your SH3 Commander Profiles? Download the SH3 Commander Portrait Pack here.