enthalpy

enthalpy

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The truth shall set you free, but first it's going to piss you off

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Thursday, November 13, 2008

Posted 11/13/2008 05:33:00 PM by Douglas

I don't know what idiot proposed this, but hopefully it will die a quiet death.

Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.

The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans.

Thank god Citibank and Chase have better lobbies than idiots with credit card debt. This isn't going to help the banks at all if those debts are repaid. Maybe they'll get some of the money, but everyone that pays off a card is just going to run it up again.

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