Everyone is talking about mortgage debt forgiveness these days but shouldn't there also be a public discussion about Personal loan & Credit Card Debt Forgiveness? How urgent is this problem and should the government consider Personal loan & Credit Card Debt Forgiveness for all to give people a fresh start in particular on the lower end of the economic spectrum?
Personal Debt and Consequences in Ireland - Oireachtas Report
Last edited by YouKnowWhatIMeanLike; 26th August 2011 at 02:18 PM.
I'd love to respond but I have to go out and max out my credit card. I'll send a post when I reach Barbados.....
I'd be in favour... that 4 week honeymoon in the states is still sitting on my credit card...Originally Posted by YouKnowWhatIMeanLike
Indeed your right. Real reform off bankruptcy laws to the uk model is the only option we need. People can rid themselves of debt but will be punished with the burden of bankruptcy for 12 months with it harder to get credit again.If it works well in the USA and uk and allows people like Donald trump and Alan sugar to become millionaires then why can't we have a sensible approach to bankruptcy also?
Fair play to you for bringing this up, but I don't think think there will be debt forgiveness for credit cards and personal loans. Even all of this stuff being hyped about mortgage debt forgiveness is far from clear.
will you pencil me in for a family trip and I will pay you later??
my experience is that people that are bad with credit never change, do we have to go though the moral hazard thread again.
Best thing is to learn your lesson and once it's paid off never get a credit card again. An overdraft facility with one or more banks is wiser option as is credit union loan for holiday etc. (if needs must). Just keep it to the bare minimum.
There won't be debt forgiveness here as most people can meet monthly repayments on their cards before they get 'charged off' so to speak.
Exactly. I'd have no time for any debt forgiveness for credit cards, its a recipe for disaster.
Is it sensible to have a law that allows people willie nilly run up debts, take goods and services from small businesses etc and then allow them a short spell of 12 months as a bankrupt before they emerge to try it all again?
That's just mad Ted.
