Originally Posted by spunkmaster

The FEDs just announced yesterday they are adding a 100 Billion Dollar buy out of bad credit card debt !

The Banks are also asking the feds to let them write off or settle credit card debt without having to take the hit on their assets. What they want to do is become the debt collector so they can settle on the debt instead of selling it for 1 cent to the dollar. This way a customer will pay $20 per month on $15,000 owed for several years
resulting in them not having to write it off then when things get better they will raise the payments back up to $200 - $300. If someone is totally broke and can't pay then they want to be able to write it off (but not as a bad loan) so their assets don't get written down.