I read the NYTimes editorial on credit cards this morning early just about the time I saw a new 'let us help solve your debt problems' on TV.
The TV commercial isn't up on You Tube or I would link it. But the core of the commercial wasn't one of those "we will negotiate you debt" but the thrust was advice to pay off those nasty credit cards and it reminded the audience that bankruptcy offers little protection....so it came to my brain that this could actually be a commercial sponsored by Visa and Mastercard.
The TV commercial isn't up on You Tube or I would link it. But the core of the commercial wasn't one of those "we will negotiate you debt" but the thrust was advice to pay off those nasty credit cards and it reminded the audience that bankruptcy offers little protection....so it came to my brain that this could actually be a commercial sponsored by Visa and Mastercard.Our household got rid of all its plastic 3 years ago and to tell you the truth our lifestyle doesn't need them. We got into a thing with Providian Bank as they "adjusted" the due date causing us to be late 3 days although the check was mailed on time. Once 'late' our interest went from 5.9% to 28%, our credit limit dropped 3 grand and then as we carried a fairly good balance we were "over limit" so I said nuts, paid them, and melted the card.
The regulatory bill was given 15 months warning so they are trying everything under the sun to poke up the collection including I am fairly sure, fake TV commercials urging the consumer to pay off those nasty credit card people FIRST.
Do these companies really think we are that dumb?