officewiz
Newbie
Posts: 34
|
 |
« on: April 20, 2005, 08:35:42 pm » |
|
Has anyone heard a detailed account of this new law, signed by G.W. Bush less than an hour ago.
- - - - -
According to a Yahoo! News, "The measure would require people with incomes above a certain level to pay some or all of their credit-card charges, medical bills and other obligations under a court-ordered bankruptcy plan.
Bush said the new law makes the financial system fairer for debtors and creditors.
"The act of Congress I sign today will protect those who legitimately need help, stop those who try to commit fraud and bring greater stability and fairness to our financial system," Bush said.
Those who fought the bill's passage said the change will fall especially hard on low-income working people, single mothers, minorities and the elderly and will remove a safety net for those who have lost their jobs or face crushing medical bills."
- - - - -
I feel a very wary of this new bill. Every time I turn around, I get some blank checks from my credit card company trying to encourage me to spend, spend, spend. Now it's legal for them to charge an individual up to 30% interest, not including late fees, etc.
Sometimes I ask myself, "What are these people trying to do--destroy people through debt?"
Please let me hear your thoughts.
OfficeWiz
~in pursuit of excellence~
|
|
|
|
|
Logged
|
|
|
|
|
donnap99
|
|
« Reply #1 on: April 20, 2005, 09:10:48 pm » |
|
In rare instances (i.e., illness and unable to work) I can see someone going over their head into debt. But in general (I believe) most folks in debt have a money management problem. No one is forcing anyone to take advantage of those offers of credit! Making it tempting, yes, but not forcing. In the US we need to lower our standard of living to live within no more than 80% of our net means, in order to have a savings, a cash flow in case of emergency, and not rely on credit so much! DonnaP99 |
|
|
|
|
Logged
|
|
|
|
|
cmeknit
|
|
« Reply #2 on: April 21, 2005, 02:18:42 pm » |
|
I have to agree with Donna; no one is forcing anyone to take advantage of credit cards or the checks the credit card companies send out (which they will stop sending if you ask them). It's really tempting to use those tools when funds run short, but we all need to learn to look at the big picture and be sure we can repay the obligations we've taken on. It's all part of being responsible adults. And as responsible adults, we need to make sure our kids learn good financial lessons so they'll have good money handling skills.
|
|
|
|
|
Logged
|
|
|
|
officewiz
Newbie
Posts: 34
|
|
« Reply #3 on: April 21, 2005, 06:22:43 pm » |
|
Donna's quote: "In the US we need to lower our standard of living to live within no more than 80% of our net means."
I agree one hundred percent.
OfficeWiz
~in pursuit of excellence~
|
|
|
|
|
Logged
|
|
|
|
officewiz
Newbie
Posts: 34
|
|
« Reply #4 on: April 21, 2005, 06:33:23 pm » |
|
Cmeknit's quote: " ...the checks the credit card companies send out (which they will stop sending if you ask them)."
Thanks for passing the word. I'm going to check into this.
Also, "And as responsible adults, we need to make sure our kids learn good financial lessons so they'll have good money handling skills."
This is true. One is fortunate to have had parents that taught them these skills. Mine didn't. I had to learn on my own. Fortunately for me, I have always avoided using credit cards as much as possible. When the cash flow stops, that's it. No running to use the plastic to get out of a tight squeeze for me, though I sympathize with those who have a hard time exercising control.
Continual lack of monetary control equates with emotional issues/problems. In an environment like the U.S., you're a "goner" if you cannot get a hold of yourself and face those issues that influence you to indulge beyond your means.
OfficeWiz
~in pursuit of excellence~
|
|
|
|
|
Logged
|
|
|
|
|
ozbound
|
|
« Reply #5 on: June 14, 2005, 04:35:35 pm » |
|
Has anyone here ever heard of NESARA?
It's supposed to be some sort of national debt relief program for average folks. My housemate's been looking up websites about it, but I still don't quite understand it.
|
|
|
|
|
Logged
|
|
|
|
topassistant
Newbie
Posts: 1
|
|
« Reply #6 on: June 15, 2005, 11:06:26 pm » |
|
I think that this is a fine idea--b/c so many people charge beyond amounts that they will ever have the ability to payback. Though with any such law, people with extenuating circumstances will be adversely affected. It's a shame that it can't be determined on an individual basis. But shouldn't the income level provision help to deter some of these ill effects on low-income individuals?
|
|
|
|
|
Logged
|
|
|
|
|
