

In jail for being in debt - tshtf
http://www.startribune.com/local/95692619.html

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mistermann
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danielnicollet
While I agree it seems absolutely abusive to throw people in jail without
explanation over a $250 credit card debt, the principle of being jailed over
debt is not always shocking to me. It would have been very appropriate for the
banking executives who committed their bank's customers assets to credit
market swap agreements worth billions while knowing perfectly well that they
weren't able to honor the bill if it ever came due like it did last year!
Isn't that also jailing over debt? Wasn't that due in this case?

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kls
Yes but they are protected by limited liability. Legal (criminal) enforcement
of debt is a slippery slope and one that I do not support. If a corporation
defaults on debt they are protected under limited liability. In this case an
individual is not. It not only gives corporations and unfair advantage, but it
is very prone to abuse of the system. As evident in the article publicly
funded resources are being used to secure private funds. I don't want my money
being used to pay Vinny "the cop" enforcer to shake people down. The fact of
the matter is don't give credit to people who have no credit worthiness.

The knew the risk, jacked up the cost of credit for those individuals based on
it and now they want to enforce payment from an individual that they knew
where high risk in the first place. If they can extort payment, then they
should have given then the cheapest credit available given that they are
guaranteed to recoup their money.

This stinks of predatory practices and the whole lot of them should be strung
up in the street. Credit ratings exist for a reason, and if these companies
willfully ignore those ratings then F __* them. OK now I am worked up.

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mistermann
Credit ratings are a joke in modern times...they no longer serve the purpose
for which they were created, and the approval formulas are vastly different.

