Rumor or Not?

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trd01
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Rumor or Not?

Postby trd01 » Thu Mar 19, 2009 7:58 pm

Hey guys, I keep hearing people saying that if the president/gov keeps bailing out banks that the credit history of all of us will get reset it and everybody will start from scratch. Could this happen?


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Cucumber
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Postby Cucumber » Fri Mar 20, 2009 2:07 am

Not gonna happen. There so much outrage over the responsible spenders bailing out the reckless spenders, there's noooo way they would give a free pass to everyone to credit card debt. It would be so unfair to everyone else that live within their means and didn't overspend.

The most they would have do is lower/put a cap on credit card interest rates so the payments are more affordable for those people. They would never wipe out the debt.
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Postby trd01 » Fri Mar 20, 2009 3:04 am

yea thats what I told one of the persons that said it.

I hope they lower interest at least for a certain amount of time so that people reduce their balances faster.

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Postby teddy19 » Sat Mar 21, 2009 1:12 pm

I agree with other posters. No way will they reset anyone's credit score higher or lower. The one problem I have with gov. response to all the foreclosures and people behind on mortgage is lowering everyone's rate.

I heard someone say that we should just call our mortgage company and say "lower my rate." If banks started to do this means they just got rid of credit score and credit risk.

For example let's say you pay all your bills on time and you have A+ credit and have a 6% rate on your mortgage. Your neighbor doesn't pay all his bills on time and has C credit and his current rate is 8%. Question: Should he be able to get a 6% rate when he doesn't qualify? Well that's what the banks and gov. is looking to do with some of their plans.

Now I do think the bank should make every effort to help your neighbor, but should they get the best rate in town? Maybe they could lower rate for several months like credit card companies do to help out during tough times.

There could be some unintended consequences with adjusting people rates lower on mortgages. Just something to consider.

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credit is NOT a right!!!!

Postby KC95 » Sun Mar 22, 2009 2:17 am

credit is a privilege not a right! when will americans start to remember that!!! any citizen of this country can earn credit through a good history or the opposite if they have a bad credit history. this is no different than a driving record. if you speed, get DUIs and into accidents you pay more for insurance and you pay more in fines. credit is no different than this when you think about it. there is no reason that those with poor credit history should not be held responsible while others played by the rules from the get go.

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Postby trd01 » Mon Mar 23, 2009 3:40 am

KC95 wrote:credit is a privilege not a right! when will americans start to remember that!!! any citizen of this country can earn credit through a good history or the opposite if they have a bad credit history. this is no different than a driving record. if you speed, get DUIs and into accidents you pay more for insurance and you pay more in fines. credit is no different than this when you think about it. there is no reason that those with poor credit history should not be held responsible while others played by the rules from the get go.


yep this is exactly what I said but it wouldnt be a bad idea to lower the APR at least.

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Postby Cucumber » Mon Mar 23, 2009 4:20 pm

trd01 wrote:yep this is exactly what I said but it wouldnt be a bad idea to lower the APR at least.


Yea I agree they should make the interest rates reasonable but I don't think they should be the same that people with good/great credit have.
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