In the best interest of creditors

I would like someone to explain to me how it is creditors, especially credit card companies, lay the blame for this economy, for the lack of jobs, for not having unlimited resources, at the feet of the ones they extended credit to?

As I have explained a thousand times, it seems, to various callers, THIS WAS NOT MY PLAN. I did not plan to spend 3 hard years in law school, living on loans and credit, to graduate just as the bottom fell out of this economy! I did not work that hard only to have my reputation ruined thanks to unemployment.

THIS WAS NOT MY PLAN.

I am one of the folks who, in this hurricane of an 'economic downturn', is sitting in a little rowboat in the ocean. The reward I worked so hard for is on the shore, slowly being washed away by the crashing waves. Others are in mighty sea worthy ships. Others secured permanent full-time jobs before the crash (as I thought I had.) My little rowboat has taken on water. One of my creditors this morning refused a payment from me. They felt they were being nice, letting me know that my offered payment was too little to make any difference in the monstrous wave they are sending my way.

THIS WAS NOT MY PLAN.

I will, in the next few weeks, file bankruptcy it seems. I am frankly heartbroken. This is the ultimate (in my mind) financial failure that I have been trying so hard to AVOID by continuing my education.

THIS WAS NOT MY PLAN.

It is not what I want to do. I would much prefer if this company would take my inadequate payment as a token, a gesture, a promise that I don't want to walk away from this bill. It would be like getting the $100 promise ring from your lover when you were hoping for a $20,000 diamond wedding set. I know that. But it would be SOMETHING.

How was I to know four years ago when I applied to law school that this was going to happen? Four years ago the country was wondering (again) how "W" made it to office, how much longer the war with Iraq would go on, and purchasing, or making payments on, car loans with 0% interest w.a.p. Things looked good. I was one of the ones who got a brand new car for 0% interest, my credit was that good. Now the car, the old girl, is seven years old and needs work.

Tell me how it is more acceptable to these creditors, to the ones who extended this credit to me and folks like me, to not accept even de minimis payments? We are all going to have to ride out this storm together. If they simply force people into bankruptcy, they will not see a return on most of what they have lent. Why not take the de minimis payments and let us ride out this storm with them?

A woman I spoke with this morning who threatened me by telling me that I should know that not paying my bill was only going to make it impossible for me to sit for the bar exam (she was not listening to me, only speaking her spiel and reading her computer screen), also told me that I was going to have to pay income tax on anything they write off.

Here we go. They get to claim the loss on their taxes. There IS an economic profit for them when they do not ride out the storm with us. Why is it okay for them to not ride out this storm with us? We did not create the storm (though some of them certainly played some part in this storm's creation.)

Fingers are pointed back and forth at this politician and that bank, or people who are over extended on credit, blame trying to find a home.

We ALL are part of this. We ALL should ride this out together. Credit card companies included.