Put Your Money Where Your Mouth Is

With the recession still going strong there has been an increase in credit card debt and defaulting on accounts. I admit I am currently behind on my own credit card payments. Apparently, there is hope for the average person however.

HSBC, which is my credit card pirate captain, has begun to bargain with people who are delinquent on their accounts. Sometimes even halving the amount to be paid in an attempt to collect what is owed to them.

Before this, asking for a settlement was met with scorn or with barely any money taken off the account. Now, the companies are calling and sending letters as they desperately try to get any of their investment back from the American people. I find it interesting that at one time we were desperate to avoid their phonecalls of collection and now we could very well negotiate with them and feel powerful doing so.

Not that I advocate defaulting on a promise to repay but I have a special scorn in my heart for credit card companies. Mostly because they take advantage of people that are going through rough times by hiking up their APRs, nailing them with late fees, finance charges, annual fees and other fees when taking out cash. They have made a lot of money on this scheme of charge, charge, charge and ask questions later. I suppose I should feel bad that even the credit card companies are struggling but I still remember the way they use to call people like me and that lovely feeling of being a maimed animal with vultures circling me, waiting for any sign of weakness.