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To: Oblomov who wrote (193197)	9/22/2002 10:44:24 PM
From: mishedlo	Respond to of 436258

Your solutions would result in the following: A low-income person would never, ever get a mortgage or a credit card. Someone with any credit problems in the past would suffer the same fate. Do you think these people would stop demanding credit? Where do you think they would go? Talk about predation! I am talking about solitications. I know people with serious credit problems and COF is TRYING to sign them up. It is not as if they are running to COF. Credit card comapnies are going way out of their way asking for problems. 0% balance transfers for example (on some who has a huge balance now). AND the person keeps their old line and new line. Perhaps lines should be automatically reduced subject to credit scores and the number of cards one has. Sorry... the problem is people have access to too much credit and it is being forced down their throats. Credit scores are credit scores. There are plenty of Sub-Prime lenders that specialize in this area now. No one FORCES them to do these offerings. It is THEIR business choice. They make that choice they pay the price. Quite simple. Since we have no bankruptcy law with teeth right now, they clearly are talking on that risk. So tough luck. At some interst rate, they should be able to afford the occasional bankruptcy. At some point of nonsense (trying too hard to extend credit to too many marginal players the problem is with the issuer). If people cant get credit and they need it. I seriously doubt the average joe goes to the corner loanshark as you imply. It is not about lower income people and mortgages either. It is about mortgages at obscene %ages of what people earn. We keep getting looser and looser standards (just to keep the bubble alive). There is no other purpose than keeping the debt bubble alive. It is totally reckless behavior on two parts. The part of the lender and the part of the lendee. As for a low income person not being able to get a card. Nonsense. They should be able to get a card with a low limit on it subject to their credit score and income. There are ways to get cards with low scores with written explanations of problems. With sub-primes willing to take the risk (for the reward of a higher interest rate). As I stated This should all be worked out in some sort of well thought out bill. Yes it is too one sided one way right now. The Bush Bill swings 180% to the other extreme Cause businesses are stupid and keep extending credit to non creditworthy customers. M