[SpamCop-Social] Re: The REAL stupid cow [Was: Re: Barbara Bush Calls Evacuees Better Off]

[Mr K. Mean]

Sylvesterthekat wrote:

> "Frog Prince" <devnull at spamcop.net> wrote in
> news:dg4vge$r12$1 at news.spamcop.net: 
> 
>>All of what you recommend can be accomplished without a revision to
>>the bankruptcy law.  I have not seen any law that says a company has
>>to extend credit yet the continue to do so without regard to the facts
>>of the individual's circumstances.  Recall I had no income and tons of
>>unpaid medical bills.  Facts clearly noted in the credit report AND in
>>the applications I submitted for credit cards yet in that period I
>>manage to get a few hundred thousand dollars worth of plastic.
> 
> Is there any law stating that a cc company lending to such a poor credit 
> risk has no right to their money back? Maybe there should be! The banks 
> shouldn't be so damn greedy.

It is unsecured credit which is why the interest rates are so high, 
especially for poor credit risks.  There is already plenty of profit 
built in to compensate for those they expect to default on their debts. 
  Only now, they got the government to rewrite the rules to make that 
debt a little more secured and collectible which of course means much 
more profit.