I'm not paying my credit card anymore.

[tropolis]

This bailout has been the last straw for me. If they get a bailout, then I'm getting my bailout. I'm done paying my credit cards from here on out. No bankruptcy or anything. Just saying **** it, I'm bailing out.

[treehugger1]

You will not be the only one who feels this way. Now, the creditors and collectors will come at you, but I doubt you will be alone. I think there are thousands of folks out there with all kinds of debt, and they have simply been trying to meet all their obligations every month. Many have been paying on debt before paying themselves to cover necessary costs of surviving. I think the psychology of the government's plan might trickle down to decisions made at the individual/consumer level. It the same old, "Do as I say, not as I do."

[kornellred]

tropolis - just so you know - they are coming for their money, same as usual. Sometimes sooner, and sometimes later, but they are coming.

Some people are in a position to adopt the attitude "the heck with it" and actually get away with it. They never hear from their creditors ever again, or they are successful in avoiding them.

Some make it game and do everything they can to befuddle their creditors with promises, delay tactics, and such. The creditors will never capitulate, and the debtor ends up in bankruptcy.

If you can tolerate it - you will put up with the endless harassment, money judgments, wage garnishments and property seizures. Good luck with that.

You can always file for BK if the going gets tough.

And it will.

[NowImDownInIt]

Bankruptcy is your bail-out. I think this is a very un-wise decision.

[tropolis]

it's more of a protest then anything. we've been taught to be responsible and pay are bills, but when we, the people who will pay for this bailout don't get anything in return while the big sharks on wall street get bailed out, then that's enough.

my credit will go down the tubes, ill get calls, my interest rates will go up, but at least i'm putting my foot down and saying no more. if they are free from there obligations, then now so am i.

[Aaaaah!]

I understand the sentiment. I too am very angry at what's going on -- people have made millions of dollars on the backs of others and now get to keep their money and get even more of ours.

I made a slightly different decision in that I stopped paying my cc's in contemplation of bankruptcy (after an unfair layoff -- yes, from a bank.) But I can't tell you how freeing that decision was (even with the calls, etc.) In the end, it was the fact that a friend (who couldn't afford it) handed me $4000 in cash that made me see the light: I figured "how could I throw his money down this bottomless pit"? I gave the money back to him and even with all the problems, it was a decision I wish I'd made sooner.

[treehugger1]

aaaah, While I have not declared BK over these past two years, I even admit that there is something "freeing" about having reached a conclusion that you won't be able to pay everyone and then completely stop paying some. I also had other obligations that I felt needed addressing and paying everyone was/is not in the cards. Once I realized they are not coming to drag you to the gallows or completely take away your ability to feed,cloth and shelter yourself, the breathing came much easier.

It doesn't stop the calls or hounding, but they become/became a mere inconvenience. Just knowing you have some control and can get beyond a guilt/denial phase is quite refreshing.

[Keebler]

I understand the sentiment. I too am very angry at what's going on -- people have made millions of dollars on the backs of others and now get to keep their money and get even more of ours.

I made a slightly different decision in that I stopped paying my cc's in contemplation of bankruptcy (after an unfair layoff -- yes, from a bank.) But I can't tell you how freeing that decision was (even with the calls, etc.) In the end, it was the fact that a friend (who couldn't afford it) handed me $4000 in cash that made me see the light: I figured "how could I throw his money down this bottomless pit"? I gave the money back to him and even with all the problems, it was a decision I wish I'd made sooner.

I don't know what I like better, the thoughtfulness of your friend or your thoughtfullness in return. That's beautiful.

I did something similar with my Mom even though I had already decided that Bankruptcy was imminent. She sold some property and made a handsome profit and talked about setting us up with some sort of gift. Even though I hadn't considered telling her about our situation yet, I felt obligated to help her avoid throwing good money after bad. I was honest with her and asked her to not to give us anything because it woud just be wasted.

In the months that followed I did ask her to pay for one expense we were having trouble paying and she made it fairly clear that she thought I was a deadbeat and cheating people by not paying my bills. Boy am I glad I was honest with her because I got a slap in the face for doing the right thing. Imagine what I would have gotten if I would have accepted her gift and she found out later that she threw good money after bad.

I figure all of the people who were trying to get rich from inflated realestate and the banks trying to profit from all the greed don't have much to be proud of either. The only difference between me and them is that their victims were willing while mine weren't.

It's all no different than a pyramid scheme where the last ones to join are the ones who get screwed.

[mesa777]

I may join you!!! I am so pissed off I just can't take it anymore with this jacked up and stupid government!!! This may be the worse decision ever made in history, hell let's bail out all the fat cats and banks and screw the American public! This $700 billion bailout should be sent to the US little guys, not give a free pass to the idiots who caused this problem in the first place!!

If I were in Congress I would refuse to pass this bill unless there is a $1 million pay cap for CEO'S, place in effect automatic relief for any citizen who needs it's, like me, no hastle problem free bankruptcies! Also if Wall Street has closed the shortselling loop hole why not cut off the oil speculation market???? Hello, oil up $25 a barrel! I'm sick

I may sit down and make photo copies off all my bills, cars payments, credit cards and mortgage and send them to every Congres Man/Woman in this country!! I am not paying a dime on any credit car bills! Hell I should send all gambling losses from the casinos and Las Vegas were my problems started from and pass them onto the American public! The banks are doing it!!

People in this country need to say enough is enough!! We need to protest the greed in this country and exec bonuses like the Lehman $2.5 billion bonus program!!! Must be nice, can't even afford decent food or pay the minimu
payments on my credit card accounts!!!!!! ):

[momof5]

Our local news station went around to different restaurants this morning to talk to patrons about this subject. It was amazing the responses were all pretty much the same!

These were people from all walks of life. Rich, poor, suburb, city..etc. They are all feeling resentment that they struggle daily to survive. Yet the little people of this country seem to be the least of this governments worries. The problem I believe is this... these elected(some) officials tend to have a larger sum of money than the majority of REAL Americans and don't honestly understand the REAL issues. They have never had to go hungry , they dont have to worry about gas if its $4.00 a gallon because thats pocket change.

When I read that the McCains own 8 homes(mansions), I about puked. That is not reality... that is fantasy for 99.9% of us. While I have not decided yet who I am voting for. I have decided that the current lifestyle of future president will be taken into consideration. I want my tax dollars to help those that need it...not those that have it.

Edit to add: This reminds of my pre bk filing. The last straw... a credit card company that raised my interest rate to 33.9 for being late by a day. It went from 1.9% so the payment was astronomical. I called for help. Nope, nada, nothing...pay your bill goodbye was what I basically was told. I couldnt possibly pay it and nobody cared! Had they worked with me a little and had a little bit of compassion for our situation, then its possible my 13,000$ debt might have been paid, not sure for how long but I know I wouldnt have filed so fast if it hadnt been for them. Not sure if this makes any sense but its just another example of how the 'little guys' get no help while the 'big guys' can do whatever it is they want to the 'little guys' and still end up on top.

[woeisme]

The bailout will cost at least $2000 for every man, woman, and child in the US. That's $6000 for my family, add in my 4 stepchildren and 2 grandchildren, and it's heading towards 20K for just my immediate family to bail out Wall Street! But of course it will get added to the deficit and we'll be paying interest to China on the debt as well, and the $700 billion is only a starting figure... so struggling families on Main Street will be coughing up money to Wall Street indefinitely. Gee, wonder why our economy is in such poor shape?

[Cali]

I can see why the OP feels that way, because it isn't fair if the big companies can get a bailout w/out anything really happening to them, then why do everyday people have to pay their debts back.

Bankruptcy is your bail-out. I think this is a very un-wise decision.

[ansky0007]

Edit to add: This reminds of my pre bk filing. The last straw... a credit card company that raised my interest rate to 33.9 for being late by a day. It went from 1.9% so the payment was astronomical. I called for help. Nope, nada, nothing...pay your bill goodbye was what I basically was told. I couldnt possibly pay it and nobody cared! Had they worked with me a little and had a little bit of compassion for our situation, then its possible my 13,000$ debt might have been paid, not sure for how long but I know I wouldnt have filed so fast if it hadnt been for them. Not sure if this makes any sense but its just another example of how the 'little guys' get no help while the 'big guys' can do whatever it is they want to the 'little guys' and still end up on top.

Funny sounds like the last straw that broke me also. I owed $30k to MBNA and I had a 5.9% offer that just expired. They sent me 1.9% checks so I borrowed $30k to pay off the $30k that I had on the card and then used the 1.9% check to pay back the source of the $30k borrowed money. After the check was processed they decided not to honor the 1.9% and jacked me up to 26.99% and to top it off they charged me a $750 check fee.

Card companies are out of control with their fee's and rates. Its no wonder why there are so many people that cant make their payments anymore. The minimum payment on this card at 5.9% was around $400, After they Jacked me up to 26.99% the monthly payment jumped to $800 a month.

[GreenInkOnPaper]

Ok, I'm asking for it....
First- I am a registered Libertarian. So, I bash Dems and Republicans equally.
I, too am PO'ed about this bail-out mess, but for a different reason. Congress, pressured by "community organizers" and groups such as A.C.O.R.N.(please do yourself a favor a Google them) REQUIRED banks and mortagage lenders to write bad loans. "Want an ATM in this part of town, Mr. Banker? Well, that's gonna cost you 100 mortgages." And sorry, but I have never heard anyone complain that getting their FHA mortgage was "too easy". Yes, it infuriates me. But if Freddie Mac/ Fannie Mae are not bailed out, our country would go straight to hell. There would be NO mortgages, period. Only people like Cindy and John McCain would be able to borrow money, not folks like us.

Now as for credit card companies and their love for rate jacking: Yes, it's BS. I am Mad at Bush for signing the law allowing CCs to rate jack based upon your financial issues outside of your dealings with them. "Oh, I see you have maxed out your OTHER credit card, so we're gonna raise your rate with us to 32%." That's what BofA did to me. However, you can bet your sweet bippy~ I'll never allow myself to ever get in that situation again. I got a second job, paid them off, and sent them the card back, cut into a million little pieces. I was obligated by contract to follow their terms, but I was NOT obligated to continue doing business withem, so I didn't. If everyone just quits paying their debts, then there will be no credit cards. None.

Oil speculators? If you have a 401K, you are probably an oil speculator. You may also have AIG, Sem Group, Merril Lynch, etc, in your portfolio. When these companies are bailed out, aren't YOU getting bailed out? What if your entire retirement savings went to zero in one day? And what about all the other people that work for these companies? The secretaries, clerks, managers, account reps, etc. A lot of people work for these companies, not just the CEOs you hear about.

As for the current nominees: NEITHER one of them lives like you and me. I don't care how many houses the McCains have, and I don't care that Michelle Obama make over $350K at her job. You will never have a candidate that's not rich and connected. Everyone was so excited about Ross Perot, back in the day - and he makes the McCains look like welfare folks. Just goes to show you - no matter how "average Joe" a candidate might seem, rest assured that he/she isn't.

Ok- the soap box is all yours!

[oopsnow]

remember this

It doesn't take a rocket scientist to figure out there has to something more to getting to be President for someone to spend multimillions of dollars when your paycheck is only $400,000. a year.