How many people could have avoided Bk if the credit card companies were
not so greedy and let people settle with a much lower APR. Say maybe 5%

Pardon my cynicism, but...

What, do you think that the CC companies are in business to be COMPASSIONATE
toward your misfortune, and your overextending yourself?

NO. They're in the business of maximizing profitability for their
stockholders. Why should they LOWER their rates when you're in financial
distress? That's when they should RAISE your APR, because the risk
associated with your account has increased.

9 out of 10 actuaries will agree with my assessment...

</end sarcasm>


<h273@webtv.net> wrote in message
news:13553-3F317707-2@storefull-2335.public.lawson.webtv.net... How many people could have avoided Bk if the credit card companies were not so greedy and let people settle with a much lower APR. Say maybe 5%

On Thu, 7 Aug 2003 01:47:52 -0400, "PWB"
<NOSPAM@NOSPAM.wideopenNOSPAMwest.com> wrote:


, and the CC co. charges adefault APR to maximize their income from that account while it's still ingood standing, under the assumption that it might be defaulted upon in thefuture.

That's a good point- It just seems to me that cutting the debtor some
slack would tend to keep the account in some type of standing (other
than charged off) longer. Probably the CC companies have numbers that
indicate otherwise.