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Saturday, October 30, 2010
Sunday, October 10, 2010
How can the government offer HAMP (home affordable modification program) without offering credit card interest rate relief as well?
If the government really was trying to help people struggling with their home mortgage payments, the government would realize that homeowners also need to pay down their credit card debt as well. Interest rate reductions on both credit card debt and home mortgage payments is a REASONABLE PLAN towards giving people a honest chance to succeed.
However, why should the bankster provide home mortgage relief when the credit card interest rate charges are so high that the homeowner will never be able to pay down their credit card debt?
The bankster may be rightfully thinking, "since the homeowner can not pay down their credit card debt because of high interest rates, why should we provide relief on their home mortgage?" If the financial burden is not shared by others who the homeowner also pays on a monthly basis, why should the banks modify any home loan? Why should we shave our profit margin while the credit card companies make gargantuan profits because of huge interest rate charges.
If a bankster saw a homeowner owed 3,000 dollars on a Target Credit Card with an interest rate of 23.5%, the bankster would realize that was 59 dollars a month in interest rate charges! Why should they lower the interest rate on a mortgage when Target can get away with charging such an abominable rate?
Paying down credit card debt at a lower interest rate is not a giveaway. It's the right thing to do and an excellent way to actually reinfuse money into local economies as people being to pay for things with their own money rather than on credit as their debt load decreases.
I would make one stipulation if credit card rates were to be reduce. The credit card holder would agree that their overall credit card debt MUST DECREASE every month they are on the low interest rate credit card paydown program.
Until credit card interest rate relief happens, the HAMP program will continue to be wrought with fraud and misdirection by the banksters.