BusinessWeek:
New credit-card rules, designed to curb the industry's abusive practices, went into effect a few weeks ago. But already lenders have found ways to get around the regulatory roadblocks -"moves that may cost consumers in the end. Says Gwenn Bazard, head of research at consultant Aite Group: "The industry was against the spirit of the act."
In The Divine Comedy Dante assigned usurers to the seventh circle of hell. The Senate obviously needs a refresher course -- since it overwhelming voted down Bernie Sanders' measure that would cap credit card interest rates at 15 percent.
How did debt become as much a staple of the American family as high school football or Thanksgiving dinner? Is it possible that this single piece of plastic actually molded our culture?
Obama set to approve new rules for credit cards - Yahoo! News
Jack Dorsey’s Square Is (Almost) Open For Business
Dodd Now Shooting For Cap On Credit Card Interest Rate, Merchant Fees -- baltimo...
Fight Unfair Credit Card Fees | Unfair Credit Card Fees
Card Fees Pit Retailers Against Banks - NYTimes.com
Bank credit card fees keep going up - USATODAY.com
Geithner Defends Financial Oversight Reform
TARP Recipients Fighting To Keep Charging Exorbitant Credit Card Fees
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
Credit cards are a sucker's bet. They were originally designed for wealthy people who didn't want to carry a bunch of cash when they went to expensive restaurants. Middle class people should stay away from them.
Ever owned a Discover card? You'll be in your grave and still owe money on it. Stay away from it.
This more than anything else is why I don't trust Obama anymore.
The moment it became clear he wasn't going to fight to actually clean up the financial industry is the moment it became clear that the hope and change rhetoric was just that, rhetoric. All he cares about is keeping corporate money in dem hands, he doesn't dare anger his corporate sponsors.
good articles 4 slow news day: http://www
the system needs to be overhauled cuz nothing seems to change ...
Regulations need to stay on top of new loop holes the banks find. That's the problem, the regulators put a band aid on, and think its fixed. No, the problems will fester again. The banks will not stop unless we draw a clear line in the sand. Keep boxing them in. By the time they have to revisit the situation again, it will be because of another crisis. This is no way to run a railroad.
F them and National banks. They use OUR money to make money, but we grovel to them? Fight back by having only 1 credit card issued from a local bank, and pay it off every month. Most local banks and credit unions treat you like a valued customer. Trust me, you will be happier.
Let them charge new fees just don't use your credit card, our only way to fight back. They will be begging for our business again. We are smarter than that.
We could have stopped this or at least made it moot if O had closed the banks a la FDR, audited them, cancelled all debt from spurious derivatives and loans, and-
Opened a National Bank, where we could all get reasonable rates on everything. Presidential order.
In the meantime, support your local credit union and local banks who have a good track record.
LMAO and I am too. I said it 10 times or more during the whole charade called credit card reform legislation. It will make the politicians look good, but there will be loopholes a mile wide and we will eventually end of paying much more. that is why the credit card companies didnt really fight it, and that is why it passed. It was all smoke and mirrors.
Credit Unions are the way to go. My CC rate 6.99% even for cash advance. They are great for mortgages to. They do everything banks do, without the high rates and alot of branches. But with online banking who cares.
Maybe its cause those credit union guys and gals don't draw those millions of dollars in wages and bonuses
BoA raised my rate up to 28%, but I argued them down to 18% (from 19% originally). They also cut my credit limit by more than 50%. They claimed that it was "necessary" due to my minimal use of my credit card. I'm sure it had nothing to do with the new rules and the fact that I pay off my balance every month. I've had the card for 15 years and have never had my raise jacked up or limit cut.
Suffice it to say, I'm sure I'll see an annual fee come up on a statement pretty soon. Oy vey...
Every excuse in the book is used. The credit bureaus are the same way. If you pay off your credit cards they punish your credit rating for that too. I pay no attention to any of them. If I can't afford it, I don't get it.
Again I been a credit union Mama for 5 years and love every minute of it ..They even give you an additional 15-20 days to pay any loan or credit card. and guess what? they have 2x courtesy per year.Which mean if you receive a late fee for paying after the grace period , they will still waive your late fee ..I love every minute of it ..After I pay off my Neimans and Barneys card , I'm no longer using credit ..I have 6 credit cards that I have open and never used them ..
And if I did have a bank credit card why would I pay it when everyone in America been filing bankruptcy and getting new credit within two years ? Credit card companies make good paying customers pay for the bad ones ..My neighbor filed bankruptcy twice but yet she got a mortgage two years ago with an interest rate lower than a person with good credit..Cr
You're right about that. Credit scores are overhyped and just another attempt to control us. Why are the 3 credit bureaus so upset with Lifelok? They can't sell your personal information, that's why. All this id theft, I plan on getting it.
Just more reason for me to never own another credit card again. I finally got the last one paid off around 10 years ago. I don't miss them at all. I remember I had a Sears card with a $1000 limit. 10 years later, I still owed more than $2500 on the card. Funny, there's no limit when they add on interest and other charges. Which I ended up calling them out on that and forced them to settle.
True ..We can beat the banks by not using credit , but we wont..Amer
Yes they are. A college education is going the way it was in the 40 & 50s, only those who can afford to attend, will.
Let's all go to cash for awhile. Remember cash? Why should we subsidize the banks for their failures. Pay off the cards. Get rid of any that charges fees to keep them open.
At the stores, eateries, coffee shops etc, that you frequent, buy gift cards or use cash. Start paying your bills with checks. No more "online" banking which can result in late fees and an increase in interest rates if the credit card companies change their payment due schedules.
I have no over limit fees on my credit union Visa card or late charges (I'm never late, but still). Find a good honorable credit union (the small ones are often the best) or a good local bank who wants your business.
As a person with good credit, I have already received letters from HSBC (Union Plus), American Express, and Chase lowering my credit limits, hiking my interest rates, and increasing the payment amounts. My credit union card is still the most reliable and they want my business.
We can really hit these banks if we all work together.
What amazes me is that, for the most part, credit card companies/banks function on a business model that is dependent on irresponsible behavior by consumers.
The more debt you have, the more irresponsible you are with late payments, overdrafts, etc, the more profit they make. It just doesn't seem right
Like the housing bubble, the credit card companies and banks set this up giving easy to get credit. I never wanted all that credit available to me (like $100,000 all cards) and never even came close to using it. Now their credit "reductions" cause my good credit scores to go down. And, if I were unlucky and was laid off, I couldn't get a job because my credit score was too low (this is a what if, I know it's dropped but shouldn't have gone too low as the credit available is still pretty high). I have a plan to pay them off within 3 years and goodbye. I won't do business with them anymore credit card or otherwise.
It's like a spider trapping its prey. Once you are in debt to them they can keep you paying forever, ruin your credit even if you are following all the rules, using your ruined credit to put even more screws to you, and on, and on.
IT SHOULD BE AGAINST THE LAW!!!!!!!!!!!
How patriotic of them...hel
What is the difference between credit card company ethics and those of health insurance companies that cancel policies without the regard for human life? Don't buy more than you can afford to pay off on your monthly bill. Believe it or not, all it require is some self discipline, self esteem, and prioritization of your responsibilities and needs,
no difference they are all good Capitalists
In college, I learned of a practice called usury, or "loan sharking", which is charging interest well above what is considered average in practice. I then learned that usury is outlawed in the USA. After that, I got a credit card and noticed that the interest rates quoted were well above what is considered average for the USA (based on other forms of loans, home, auto and so on).
Moral of the story: it's only usury if you aren't a BANK. If you say you are a BANK, you can charge whatever you like. It's totally legal. But if you try and charge a disreputable family member the SAME RATE for a loan, they will throw you in jail. The answer is simple: be a BANK, and you are above the law.
SOT
Loading comments…
First Posted: 09-10-09 07:56 AM | Updated: 09-10-09 08:11 AM