Comments on: Fed Cracks Down On "Unfair" Credit Cards

Politicians Praise Biggest Industry Clampdown In Decades, Others Wonder If It Goes Far Enough

[enlightened-]

Elements51...sorry I have been offline. Source:S. Amdt.31 to S.256, Vote # 20 on March 3, 2005. Also, Mr. Obama stated in regards to this "It didn''t make sense for up to cap interest rates", this was stated in the CNN-CBC Democratic Debate. No, he wasn''t the only one to vote against this, but at least Hillary TRIED to help the situation by voting for it....

[jon2012-2009]

" More importantly, what you understand to be what you have charged and without unreasonable inflation of additional fees and interests charges."

This isn''''t a sentence; I don''''t understand what you''''re trying to say. Still, I get the gist of your post.

Well, I hate it for ya, jon2012V; you''''re never gonna get it. I do not defend predatory tactics. I put it on the consumer to be aware and make good judgments. In financial matters, no one can treat you predatorily unless you allow them to do so.
Posted by Hedonist3 at 12:51 PM : May 03, 2008

If you think only a properly constituted sentence is acceptable in writing, you need more education. However, it is not the function of this forum to provide that.

As for your claim that it is up to the consumer to be aware, I agree. But that''s not the point. Fraud hasn''t been used in this context but the business practice we are discussing is hard to distinguish. When there is an obvious motive, more revenue, it is not a pretty picture. I don''t think there is a motive on the part of consumers to avoid paying, only paying those additional charges that the proposed rules will try to eliminate. Even a carefully written legal contract can turn into the subject of a dispute and that''s what we have here involving a whole class of consumers. Without taking it to court, this is one way to resolve the matter.

[element51]

enlightened.....Please cite your source. You are placing the blame for the credit card crisis solely on Obama''s shoulders. Prove it. Also, I was not aware that Obama was the only member of the Senate. I thought there were 99 other people in that group. If you want to come on here and make charges like this, fine. But if you can''t cite specific sources, your claims have no meaning. Come on and put your money where your mouth is.

[jt_lancer]

Don''t like paying exorbitant credit card fees?

You have three choices:

1. Pay off your entire credit card bill monthly.

2. Don''t charge so much! OR, don''t charge anything. Only buy what you have money (cash) for.

Americans managed to ''get by'' for a long time without credit cards, which weren''t introduced until the 1960''s or so. Remember layaway?

3. Change credit card companies. OR, don''t use them at all.

You have noone to blame but yourself. Quit trying to blame everyone else for problems that you created.

[hedonist3]

albertj829 - Call your credit card company! Assuming your account is in good standing and they cannot provide a contractual reason for the increase in APR, they should be happy to change the date back. Don''t let them do that to you!! IF not, change cards (but beware: that will affect your credit score in the short term).

[hedonist3]

Mythoughtsr - ahhh, a voice of reason!

[hedonist3]

" More importantly, what you understand to be what you have charged and without unreasonable inflation of additional fees and interests charges."

This isn''t a sentence; I don''t understand what you''re trying to say. Still, I get the gist of your post.

Well, I hate it for ya, jon2012V; you''re never gonna get it. I do not defend predatory tactics. I put it on the consumer to be aware and make good judgments. In financial matters, no one can treat you predatorily unless you allow them to do so.

[albertj829]

CHASE VISA IS A VERY GOOD EXAMPLE OF THE DIRTY TACTICS THAT CREDIT CARD COMPANIES ARE USING. I RECEIVED MY CHASE BILL IN THE MAIL ON 5.1.08. THE PAYMENT IS DUE ON THE 13TH AND PLAINLY SAYS "PAST DUE 5.14.08". IN THE PAST FEW MONTHS THE DUE DATE HAS CHANGED FROM THE 18TH TO THE 13TH.

[mythoughtsr]

Instead of having kids shovel manure or pick up trash in high school for "community service" (read: free labor), why not enroll them in a home management course? If kids came out of school learning how to cook, clean and financially manage their lives and not browse the credit card tables at college''s open house, perhaps they would enter college or a working life better prepared.

It is something that I already have taught my children. They knew how to do all those things BEFORE leaving for college but I stayed home and made the time. They know how to write checks, balance a check book AND clean the tub and make a roast with all the trimmings. Stop relying on Pizza Express to feed your children and the daycare to raise them. Get involved and then there won''t be a credit crisis.

[jon2012-2009]

They, for the most part, are also people who have adopted the "I want it all and I want it now" mentality. No matter how many gimmicks a credit card company can come up with, it cannot force the consumer to buy something that consumer cannot afford.
Caveat emptor.

Posted by Hedonist3 at 11:59 AM : May 03, 2008

The proposals don''t let anyone off the hook, from what I can see. You still pay what you have charged on your card. More importantly, what you understand to be what you have charged and without unreasonable inflation of additional fees and interests charges.

How you can defend a business model that incorporates predatory tactics is beyond me.

[hedonist3]

They''re obviously not teaching money management in schools.

[jon2012-2009]

I think what we''re seeing demonstrates we need government to step in to regulate any profit-driven business enterprise across the economy: health care, credit companies, industries that impact the environment, etc. It is the well-being of the greatest number of people in our society that should be served, not corporate profits which distribute the wealth unevenly. When you ask if we have a fair market, this is the net result that you want to measure. Don''t they teach ethics in business anymore?

[smithpm29]

I cant believe how much crying I hear here. Find a card with no annual fee, overlimit fee, or universal default clause. If you don''t read the agreements and terms and get burned you have no one to blame but yourself. If you don''t understand what the agreement says DON''T OPEN THE ACCOUNT. I am for more regulation to help out people already in a bad way but there has to be some responsibility placed on the people that get themselves into trouble too.

[missingamerica]

He literally smirked at me, then smiled and said "they believe what we tell them to believe".

Posted by jumkey at 11:58 AM : May 03, 2008

lolllll...wow, that was unusually blunt. Typically it is phrased "They fall into line to maintain Party unity.".

[hedonist3]

"He literally smirked at me, then smiled and said "they believe what we tell them to believe".

There''s yer trouble. Is John Q. Consumer so stupid that he can''t think for himself?!? We''re not lemmings, people.

[hedonist3]

"These people are not stupid people! They are the honest, hard working people who want to pay what they owe and pay it on-time."

They, for the most part, are also people who have adopted the "I want it all and I want it now" mentality. No matter how many gimmicks a credit card company can come up with, it cannot force the consumer to buy something that consumer cannot afford.
Caveat emptor.

[jumkey]

wow, its even the governments fault that you libs use credit cards.....must we keep dumbing down america just to help you all keep up?

Posted by jamesm12341

During the 2004 election I had a conversation with a higher-up in my local Republican Party. We were negotiating with each other for prime booth space at the county fair for our respective parties. It was cordial and we arrived at a mutually agreeable solution.

We began to talk politics and the conversation came to credit cards and fees and of course he defended the credit card companies. Finally I said "I understand your support of the industry (he was apparently quite wealthy) but why does the Republican rank and file defend the industry?" I motioned to the people manning his booth who were older people primarily, and clearly not in this guy''s tax bracket.

He literally smirked at me, then smiled and said "they believe what we tell them to believe".

[hedonist3]

Word to the wise, Number one on the list should be CAPTIAL ONE with its interest rate at 25 to 28 %.."

I have a 6.90 APR at CapitalOne. Your interest rate depends greatly on your credit score. It''s a fact of life.

[caldwellptr]

I don''t understand. I thought the government, like Leona Helmsley, said that "Only the little people are abused by credit card companies."

[gammimc]

don''t like your interest rate, apply for a card from a bank in the state of Arkansas. they have usury laws there. it''s what we need on a national scale.