From the Times, an article on how credit card companies have started writing off delinquent card balances to the original debtor, rather than selling the debt to collection agencies.
The banks were bailed out last fall, the automobile companies last winter. For Edward McClelland, a writer in Chicago, deliverance finally arrived a few days ago.I read that story and I think about the new computer that I want to buy, but can't afford right now, and I think about the $2700 that McClelland just got for free from his credit card company, and it irritates me.
Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even.
It’s a deal, the account representative immediately said, not even bothering to check with a supervisor.
That's all.
1 comments:
Potentially not free - the settlement/chargeoff will show up on his credit report, increasing his cost to borrow for the next few years.
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