As the Washington politicians debate on how to help the American people; here’s a thought. Just about all Americans have credit card debt. Why don’t the big banks come to the rescue and defer card payments for a few months to help Americans as we struggle to make ends meet as we are forced out of work. We all know it was the tax paying people that bailed out the big banks when they were struggling years ago. Time to return the favor. Anyhow I just thought it was time to speak.
Hush and go back to work peasant daddy needs to keep his yacht
Looks like some are doing that on a case by case basis versus come one come all at this time. May improve depending on language in the final bill. Pure speculation on my part. Welcome aboard.
sounds like a good idea to me
there should be similar debt forgiveness across the board
Let me know if they’re going to provide credit card forgiveness… I can run up $60K really quickly.
I’m not big on “relief” for targeted items (like credit cards, or mortgages, or school loans…)
The relief bill they’re working on will give x-amount to people, and we should let it be up to individuals to decide where they should allocate their funds.
Maybe banks are fishing for relief given anticipated delinquencies and defaults? Or they raise their interest rates?
That’s something for the Markets to decide. Maybe we’ll see some large lender do something on this, and use it as a marketing strategy. (Just like they do with “Lowest Interest Rate in the Nation!!!”, etc.)
And then to stay competitive, others will follow suit.
I’m not big on expecting business decisions based on some anthropomorphic quality like “compassion” or “heart”, but I can see marketing opportunity here, and I wouldn’t be surprised to see that starting up from big banks soon.
We’re already seeing companies like Amazon offering free deliveries. Certainly they can spin it as a move borne of compassion, but you can bet it’s really to increase market share. A small expense to them now, for a big return in customer growth.
Even a local pizza shop is offering free (and no-contact) pizza delivery in response to COVID. If they manage to win more customers from that, more power to them!
So far most banks and credit card emails I’ve received have been hollow “We-care-about-you” messages. (Meh.)
Are you being paid? Working from home?
How about they waive the usurious interest rates on credit cards for a couple of months?
I’m torn, I see it as a “moron tax”. In one way, it’s unethical as hell, in another way, they’re not hiding it so when you sign up for it, you get what you sign up for.
or better yet, how about people learn to live within their means.
I do my own credit card relief. I pay it off at the end of every month.
Yep. I got an email from Synchrony which included the followng paragarph:
"We are here to support you and are working hard to ensure our Synchrony team members can continue to provide you with uninterrupted, dependable service. We are also aware that some of our customers may experience financial hardship as a result of Coronavirus. If you are impacted, please contact us to discuss how we can help. "
Think of all the toilet paper you could buy with that.