Comments on: Credit Crunch Takes New Face

CBS Evening News: Credit Card Companies Take Drastic Steps To Reduce Risk, Even At The Expense Of Good Customers

[tapsettle]

"Credit Crunch Takes New Face"

As well as an arm and a leg from the taxpayer.

[forty5ford]

longtree ~ ain''t that the truth. like your self, we have more than enough weight to carry on our own and we sure as h*!! shouldn''t be strapped with the burden of other peoples inept financial decisions. i don''t know about you but canada and europe are sounding more and more attractive every day.

[longtree-2009]

typical. people who do the right things must pay for those who don''t and never have done the right things when it comes to finances. perhaps, it is time to nationalize banks, health care, and more.

[forty5ford]

tannerbird ~ the people to contact are your federal elected representatives... Senator''s and members of the House of Representatives as well as your state elected reps. The lack of regulation is partly to blame which is heavily influenced by the banking and insurance industry has the most powerful lobbying groups in Washington D.C. and at our state capitals. They''re known for contributing heavily to the majority parties at the federal and state levels. Lobbyist reform is something that has got to happen, but it will only happen if consumers revolt and stand in unwavering unity.

[andor3]

"The average American has nine credit cards and owes more than $16,000, not including mortgages. "

If that includes student and auto loans, it is misleading to put it that way.

[forty5ford]

I wonder what''s going on too. Within the last 30 days, I opened a 2nd VISA account with one of the top 5 banks. My other bank VISA has a $3,000 limit and I don''t use any other credit cards so two of them are sufficient for my needs. I manage my financial matters responsibly, including taking pride in paying the full balance every month as well as paying on time. Low ''n behold they end up approving my new VISA card with a $50,000 limit, yet my gross annual income is only $67,000. Yet the bigger surprise happened when I called to have the limit lowered to $5,000 but they stubbornly refused. I immediately recognized the trap they were attempting to set so I figured hey turnabout is fair play. I refused to allow them to take my power away from me. They weren''t going to take my business for granted nor would I stand for their abrasive attempt to exploit and run over me. So I simply refused to cooperate to activate the card, but they sure tried like the dickens to pressure me. I ended up going to a local credit union that has several branches and they were very accommodating. Afterward I went back to the bank and closed my 5-figure account. To ''h*!! with them! Enough is enough. The banks have rigged it so it''s a losing proposition for consumers no matter how responsible those of us attempt to be. It''s a crock of dung!

[tannerbird]

The federal people need to check in to this with the credit cards if you pay one off your credit score should go up but it does not it will go down. the people in the usa should raise hell. If anyone knows who to contact about this POST IT PLEASE!

[andor3]

It seems the banking industry is fatally flawed. They look at people as shills to be exploited rather than customers or clients to respect. When a person no longer looks like an easy mark they move on. People who use credit wisely but rarely are passed over for high risks who they can squeeze.

And now they want a business model where they make lots of money with zero risk. And if they screw up a government handout is always available.

[tannerbird]

I am all for a big interest on the loans the taxpayers are letting the banks have.

[djlny]

johnbrown888, Just a guess, but I''ll bet you don''t vote republican and this is just a rant. Has it ever occurred to you that Wall street gives far more money to democrats than republicans. Do you think there is a reason for that?