Comments on: Exploiting The Credit Card Law Loophole

Card Issuers May Hike Charges And Interest Rates Before New Regulations Take Effect; Borrowers Who Pay In Full Targeted

[despido]

So typical of the new Obama administration....

There appears an article touting some supposedly significant legislative achievement of Obama, and immediately afterward appears another article describing how loopholes in the legislation will be exploited. ....And he smiles.

[egresor]

obama doesn't write the laws. those are done in the congress. so blaming him for what the congress put out is quite fair.

[egresor]

half the TARP money would have been enuf to buy, outright, all the subprime mortgages and rescue defaulting credit card abusers, with half a trillion left over

what crashed the economy was derivatives and especially credit default swaps based on MBS (mortgage backed securities) which used leverage at 20, 30, 40 times the underlying security value to play casino with the world economy

in the end, the federal reserve and treasury will spend at least 5 to 10 trillion to try and stop the financial implosion

blaming overextended consumers for the financial crisis is like blaming the iceberg for all the deaths on the titanic
Posted by toobigtofail
===========

please---- no truth!

:)

[egresor]

isn't it amazing that you never hear of a loophole that benefits the people. they seem to always benefit the big businesses

wonder why that is. the people who draft those bills didn't need to put a 9 month delay in, so why did they?

because the industries got them to is my opinion and the public will get screwed again. why don't you law makers watch out for us for a change?

:((

[rharrin1]

Your really need to educate yourself.
You're just an ignorant robot of the Left.
Posted by hawksprings at 8:19 PM : May 19, 2009

This is a true example of the pot calling the kettle black. What a joke you are.

[whitemale08]

What was the point of the bill in the first place?

You can thank Obama for showing his true colors by siding with the bankers.

He continues the Bush/Paulson bailouts to make the Rothschilds and Rockefellers whole again while the avereage American suffers a post-industrial Wall Street created.

Goldman Sucks and JP Morgan are the leeches and yet Obama bails them out to keep sucking our blood.

It's ridiculous.

[ReallyLook]

Many people gave good reasons for the cause of this financial mess.
But the ultimate cause is the Federal Reserve and the Banking system with their abuse of the power to CREATE MONEY OUT OF THIN AIR. Look at what Alan Greenspan said back in 1966 when he was more honest or sane:

http://www.321gold.com/fed/greenspan/1966.html

[strangeworld]

"Our society has been commercialized so much that if people don't spend they feel depraved."

LOL...Freudian slip.

[toobigtofail]

with all due respect to professor nikos

the people who overextended themselves with mortgages they could not pay after the reset, or credit card purchases with rising interest rates and penalties, did not bring down the world economy

half the TARP money would have been enuf to buy, outright, all the subprime mortgages and rescue defaulting credit card abusers, with half a trillion left over

what crashed the economy was derivatives and especially credit default swaps based on MBS (mortgage backed securities) which used leverage at 20, 30, 40 times the underlying security value to play casino with the world economy

in the end, the federal reserve and treasury will spend at least 5 to 10 trillion to try and stop the financial implosion

blaming overextended consumers for the financial crisis is like blaming the iceberg for all the deaths on the titanic

[theruhlman]

This isn't all bad. People need to be discouraged to use and abuse credit cards. Much of the trouble leading to the current recession and indeed the great depression was because of people spending money they didn't have, and could not reasonably produce. Not only was this greed on the part of the lenders, who passed credit to those they knew would be paying it off for life, but the problem arose from an American society where people have been compelled to live unrealistically beyond their means.

If somehow we can be weaned off of the "free money" mentality of credit cards and irresponsible bank lending, we can spend the real tangable money we have, and everyone will be much better off for it.

[Nikos_Retsos]

I feel that people who cannot afford to pay for things shouldn't buy them in the first place. After all the current economic breakdown was caused by people who bought homes they couldn't afford.

However, I also feel that the banking industry is also responsible. The gave mortgages to people that couldn't afford and caused the Wall Street collapse when the foreclosures hit the stratosphere. The lessons from the real estate mistakes should be
applied to the availability of credit as well. Don't give a $ 10.000 credit to someone who cannot pay. Give them $ 3.000 only, and when they reach that limit do not allow them to charge anything over. If this limit is set and enforced, it will jolt irresponsible shoppers and spenders to slow down.

Our society has been commercialized so much that if people don't spend they feel depraved. But when they do, many become poor, deprived, and depressed by the incurred debt and the fees. And limits in their available credit would certainly help them not to overshoot their purse - if they cannot do it on their own!

Most people do not understand either capitalism, or financial markets economics. A few years back, Alan Greenspan talked about a "market exuberance" because everybody was spending like "drunken sailors." But any steep upward spending create a bubble that at some point burst, and then the fortunes of the spenders roll downhill to the poverty level where exasperation should be expected. I agree with German Chancellor Angela Merkel who said that we are in this "deep recession because many people spend too much needlessly, and saved very little." Hopefully those people who were struck hard by this recession had better listen to Mrs. Merkel next time, and those who can never get out of credit card debt may want to take Mrs. Merkel's word as well and modify their spending behavior.

The new credit card law will help somewhat, but if it makes spenders feel more protected, it may encourage them to spend more with a false confidence, and that may be a curse that will keep them into debt indefinitely. Unfortunately, laws cannot fix everything - if people don't act responsibly.
Nikos Retsos, retired professor

[r9119111]

If those who pay in full are targeted, I will destroy my credit card altogether. The banks are using credit scores to torture us. Who gives a good GD.

[libraridan]

Sorry, rhs648, but you do not understand how convoluted and complex the DC animal is. No party rules by itself, even if the Republicans tried to. This bill is a bastard child of the banking industry, the intransigent Republicans (The Party of No) and faithless Democrats.

[longdays]

I would look at who contributes to congress and the administration when elections come around. Dodd, for example, and many in congress and the administration get significant contributions from the banking/financial industry when election time comes around.

How can we expect them to fairly represent the majority of the US citizens when they get their funding from the ones they are trying to police. This is an inherent problem in the system. I think some of them try to do their best, but they certainly aren't going to go strongly against those that fund them. The system is stacked against the average citizen by default. That's how this game is played! And it is not a very fair game for most of us!

[tincup356]

It appears that corporate america and congress are not breaking the people fast enough to suit them,,,so now they make BS credit card laws that allow the banks to do what they want on interest rates , NO MATTER WHAT your credit rating is,,,,,they are just greedy crooks trying to eliminate the middle class,,,,,,,they have been handed billions of our tax dollars, and now want to rob the few that still have jobs,,, EVERYONE should STOP making payments to them and see how quick they change their attitude when the cash flow STOPS.,,,,,,,,The ignorant , greedy people in the banking system need to be hit where they hurt,,,the cash flow,,,,show them what it feels like to not have any,,,,,,because that is what their gouging and greed is doing to the average citizen in America right now. The banks should show a little mercy on the people ,,,after all they ARE using OUR money.

[dragn29]

everyone have an mgd and be happy.

[dragn29]

hmmm....? so, are they going to stop sending cards to college students that don't have a job, now or just send more?

[nearl451]

The Republicans haven'theld the White House or Senate for several years? Huh? Try months.

You trolls are pretty ludicrous. Y'all oughta write for "The Onion." Great satire.

[hawksprings]

the republi'con's do it again
rewrite the bill to make it better for big business
and not so good for the American people,
the republicon party is the party of big business
Posted by mcintoshlou


What a stupid, stupid post.
The Republicans have NO power in this government.
This is ALL on Obama and Peloozi and Reed and their follow socialist Democrats.

mcintoshlou,
Your really need to educate yourself.
You're just an ignorant robot of the Left.

[dragn29]

this is exactly i have never used a credit card and will never own one. i just worry about when will they start charging intrest on debit cards.

[wsl711]

I just got home this evening to find out that the two credit cards that I have been paying down my balance, since the holidays, to use to rent a car and secure a hotel room for this weekend have reduced my credit limit to the amount that I owe, so as a result, I have no credit available for the weekend. I've never been late and most always pay more than the minumum payment. I am outraged and will do everything in my power to get rid of CREDIT, even if I have to work 3 jobs for the next 2 years.

Where is John Cummuta...he should be getting a lot of customers now to join his course on how to get out of debt on what you make.