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RE: cibc cutting back on credit card issuing?!!

Postby average_joe » Sun Dec 07, 2008 08:44:37 PM

I still can't believe the amount of people that have complaints about natale law office. I know there some real losers in all the agencies, but natale seems to have a lot of them. Maybe the nice guy that helped me from natale is no longer there, nice guys finish last.
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RE: cibc cutting back on credit card issuing?!!

Postby average_joe » Sun Dec 07, 2008 08:40:43 PM

I was told from a couple of collectors I should consider myself lucky to get a 10% settlement from other creditors. They also said that I wouldn't get a 10% settlement from them. I went over their heads right to the creditor, and the next thing you know I am getting a call from the collector stating I was approved. The collector stated that I must know people in the head offices to get accepted. I played along and told them yes, but I don’t.

I find the managers at sears, td visa, cibc etc. are more level headed and are not into games. I even had ombudsman’s help me get settlements after I told them the collection working on their behalf was treating me unfairly. I just know in 2009 will be a bad year for our economy, but a good year to settle debts.
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RE: cibc cutting back on credit card issuing?!!

Postby Raymond » Sun Dec 07, 2008 08:30:48 PM

At least, Natale Law Offices will be there to help them if they don't settle for 10%.

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RE: cibc cutting back on credit card issuing?!!

Postby average_joe » Sun Dec 07, 2008 08:04:18 PM

The bottom is going to fall out in the financial industry even worse in 2009.The next thing to crash will be the credit card industry. I believe the damages from the credit card industry in North America could reach 1 trillion dollars. If people have credit card debt with the collection agencies, the word bankruptcy in 2009 will be very powerful word, they will want to settle fast.
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cibc cutting back on credit card issuing?!!

Postby montyloree » Sun Dec 07, 2008 04:55:54 PM

I saw this post over here

http://blog.communitylend.com/2008/12/05/cibc-to-reduce-their-credit-card-lending/

and here:

http://www.thestar.com/Business/article/548718

Canadian Imperial Bank of Commerce will continue tightening credit card lending and is forecasting "slower demand" for mortgages, noting the fading economy will likely spur a bigger rise in personal bankruptcies in 2009.

Canada's fifth-largest bank – reeling from the credit crunch – provided that outlook yesterday as it posted a 51 per cent decline in its fourth-quarter profit and a big full-year loss.

Toronto Dominion Bank's quarterly profit fell 7 per cent due to previously announced writedowns of $350 million.

Hmm... that's kind of interesting. Credit cards are a source of income for the banks. Wouldn't they just increase the interest rates to offset bankruptcy charge off costs..??

The article goes on to say:
For all of 2008, CIBC posted a net loss of $2.1 billion compared with net income of $3.3 billion for 2007.

CIBC loses $2.1 billion..?? that's pretty nasty!
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