No Credit Card Bailout for Consumers

After listening to the latest news report, I am more convinced that the government stimulus package should have been given each tax payer. Just think...if we all received money to pay off our credit cards, to bring our mortgage payments up-to-date and to finally be able to fill our gas tanks and to fill our fridge with healthy meals instead of fillers to stretch meals.

No more would the credit card companies be able to complain about delinquent payments or having to write off payments not made. Foreclosures would be a thing of the past. The banks would have money; the mortgage companies would be able to lend money for building new projects or updating older homes. Credit card companies would be able to extend credit and invite new creditors. A clean slate would be each taxpayers lot in life. But then dreams don't cost money and it is money the taxpayers don't have.

Credit card companies continue to raise interest and I can't help but think they are fudging on their accounts in order to "beg" for more government money. Not only do we have to pay for increased interest rates but we also have to pay the taxes for money "lent" to the credit card companies who should be using this money to make it right by the consumers.

Quite frankly, the bill collectors are an attractive option. Offering us to repay pennies on the dollar for outstanding credit card debts and living through a couple of years of bad credit. I can live with that.

If only it were that easy. Unfortunately, we are geared to purchase the latest gadgets and the most up-to-date wardrobes. Who can afford bad credit for a couple of years? I can, but then I am a baby boomer. I don't need anything else since anything purchased now is more on the want side of the page and not the need. But someone younger, starting out in any of life's major changes needs credit and wants to have at least a good credit rating. I am content with my 10-year-old car; it runs like a champ. But someone younger wants something new every two or so years. And if there are children in the home, keeping up with the latest fashion trend does cost money.

Under those life's conditions, consumers will continue to remain under the dictations of credit card companies, struggling to meet their outlandish hikes, knowing full well there will be a day we either invite the bill collectors or we face sleepless nights and increased stress. Who knows the emotional toll the economy will take, now and in the future.