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FIB - Scams 101 - Ye Olde Archives
Posted By: The Tim <tim@thetimtimes.com> In Response To: Re: Daily Dose of Tim - Bankruptcy Issues (Sandi Moses)
Friday, 11 March 2005, at 6:57 a.m.
But I fear they're more interested in trying to fleece you for life than actually getting the account back in order. By the way, the new bankruptcy legislation 'caps' interest at 30%. Where are all the compassionate Christians when it comes to the sin of USURY? I don't see much on abortion mentioned in the King James Version, but I could quote you chapter and verse on USURY.
Enjoy.
> There is something about bankruptcy that I don't get.
> It seems that if you declare Chapter 13 and pay everyone everything back
> the stigma stays forever like the stench of old fish. No one will lend you
> anything for any reason except maybe at loan-shark rates even though you
> have proven your integrity by paying back all that you ever owed. But if
> you declare Chapter 7 and walk away from your debts and don't pay anybody
> back anything, after a certain time frame lenders are all over you like a
> cheap suit offering to lend you more money even though you have
> established a history of walking away from your debts. That makes no sense
> to me.
> It also doesn't make sense to me that if a person is struggling to make
> ends meet at 10% interest, why do lenders think he will be more able to
> make payments after the interest rate is jacked up to 30%??? It would seem
> that if lenders really wnated to a) get the account paid off and not
> defaulted and b) make a tidy profit at the same time they would do better
> to freeze the account so the person could no longer charge anything and
> then accept interest only payments until the person gets back on their
> feet.
Sensibility Without The Static
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