Regulators Reject Credit Forgiveness Proposal
Filed Under (Credit Cards Blog) by creditblogger on 13-11-2008
If you are in debt up to your neck, and you are not able to pay even small payments on your credit debt, we’ve got some more bad news for you. There have been murmurs around the possibility of granting forgiveness to some of the bad loans that are outstanding on credit card companies balance sheets. However, the OOC has just rejected a proposal to write off some of these bad loans.
On the surface, you may find this to be a cruel and careless decision. But the truth is, banks are notorious for using loopholes in law to misrepresent their financial information. In the banking industry, bad debts are recognized as soon as possible, but the proposal would’ve given banks the possibility of postponing that.
The good news is that President Obama and his staff understand the situation, and there may be some help on the way. Now, I am not sure if you can get out of your debt completely, but creditors may be willing to work with folks in trouble to help them make reasonable payments.
