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

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

[gce65]

Not believable! The Fed? Isn''t that juts a subsidiary of BofA/Citigroup/JP Morgan by now? The Fed isn''t going to do anything meaningful about banks and credit cards. They''ll talk a lot and end up with watered down regulations, if any.

Don''t forget, it was the banking/credit card industry that the GOP-led Congress let rewrite bankruptcy laws in 2005 to favor themselves over consumers. The banking industry already bought out government. This new talk isn''t fooling anyone.

[ubrew12]

Basically, they have one interest rate for the rich. That rate just dropped to 2%.

And they have one rate for the rest of us.
That rate is around 30%.

Do the math.

[gkc99]

Guess this was an issue the Clintons just couldn''t be bothered with, they were running such a great economy or somethin''.

[providence-q]

Its about time someone help to clear up the mess. go to www.shipwrecksoul.blogspot.com to get it cleared up more for America!

[spinster2]

Well Obama,,,,it looks like after twenty years you were finally able to figure out what it took uneducated americans twenty minutes to see. LOL, no wonder Hamas and the muslim panthers have endorsed you.

You are now firmly in the uneducated white racist column who has taken all of reverand Wrights comments "out of "context" so welcome aboard. LOL The next thing they will says is that you are a racist who would have never voted for him anyway.

Oh, that''s right, this is about credit cards. Well,,,they suck too.

[jane501]

Why the change of heart all of a sudden? Wasn''t long ago the government was defending the credit card companies & passed legislation to help them out.
Typical goverment. Bunch of crooks that stick together with the other crooks & theives who continually rape the American public / consumer. Must be some higher paying special interest group involved here or the government is looking for someone else to blame for their screw-ups.

[battleroaron]

the feds should investigate them for racketeering. all credit card companies should be shut down. loan sharks give you better rates....

[gkc99]

Strange how all the "born-again" Christians, who are so eager to organize to oppose, say, gay marriage on the basis of couple of lines in Leviticus, just ignore the much more extensive condemnation of USURY in the Bible.

Maybe because so many bank presidents are "Bornagain" Christians??

[junogoose]

I''''m not a big ''''ole blabber-mouth, but I hope that the Feds pay particular attention to Chase Visa and Household Bank...

Posted by RandyNason
----

I''m getting all giddy at the thought of Chase getting put on a leash.

[cyberus-2009]

I have faith.

Faith that the lobbyists will insert enough money into congresscritters pockets to insert enough loopholes to make the rules worthless.

[closethippy1]

I heard an interview with a Harvard economics professor and she insisted everyone should give up their credit cards and not use another one ever again.
She then proceeded to tell this long story about how over the last few decades credit card companies were able to lobby succesfully for changes in the law so they can get as much from their customers as they can.
The sad thing about all this is that when someone like Ralph Nader appears and says, "You know guys, I''ve been warning you all these years about these companies", many people react angrily against him!
It''s amazing how instead of praising this man, or any other man who cares about people more than corporations they''re ridiculed no matter how right they were.
The story told by the Harvard professor involved both Democrats and Republicans working on behalf of the credit card companies.
Nader has been saying for years there''s hardly a difference between these two parties and no one would believe him.
Do you now know what he means when he says we need a third and honest party as an alternative to these two monsters running our government?
I hope you do, I truly do.

Credit Card companies are the only ones that can change a written contract AFTER it has been signed by all parties without any legal recourse. They have not been concerned about the cardholder for decades, and the Feds have let them get away with it. Only the San Francisco DA has taken on one of them with success (Providian), and even then, the Government entity that SHOULD have stood up tried to call the SF DA off but when there was too much ground swell, they tried to take the credit for the action. I forgot what the gov%u2019t entity%u2019s name is, there is a PBS show about the situation.

This sounds good, but is it enforceable? Wheres the teeth to enforce these proposals? It would be nice to see part of my 15.24 % APR card payment go to the 21.24% APR portion of my bill, considering it has doubled since it appeared on my statements. And if you are wondering how that happened, it was simple (for them). I used one of Chase%u2019s checks to consolidate a balance to their card for both (at the time) lower APR , and to be able to write only one check. What I didn%u2019t know at the time is that this was considered a CASH transaction and carried the higher APR, or that it would only be paid on AFTER any and all other balances were paid off.

[jntlw-2009]

I say come down hard on credita card companies and on banks. How dare them tell us any more of their selfish greedy lies. I propose no credit card is allowd over 9.5%. If it cost more than that, you don''t need a card and they don''t deserve your business.!! The bunch of greedy scum extortionists have outlived their usefulness.

[bobnjersey]

[The banking industry opposes the changes, and says they could lead to higher interest rates.]

go ahead ... raise the rates ... that will be the next thing to limit ... say ... a few points over the prime rate?

[forthepeopl1]

AMERICANS NEEDS TO STRIKE........NO ONE WORKING FOR A WEEK OR SO WOULD TELL THE GOVERNMENT ONE THING, THEY CANT DO ANYTHING WITHOUT US AMERICANS WORKING FOR THEM AS SLAVES, SO IF EVERYONE WOULD NOT WORK FOR A COUPLE OF WEEKS, DONT BUY ANYTHING, DO NOTHING FOR A WEEK SEE HOW FAST THE GOVERNMENT STARTS LISTEN TO US.........COME ON AMERICANS WHAT WAITING FOR BUSH/CHENEY TO DECARE A STATE OF EMERGENCY BEFOR YOU WAKE-UP

AND FOR BLACKWATER, ANYONE THATS WANTS TO GET PAID TO KILL AMERICANS SHOULD BE SHOT THEMSELVES, THEY WORK FOR CHENENY AND CHENENY ONLY. WAIT UNTIL THEY USE THEM TOWARD AMERICANS WHEN THEY DECLAIR A STATE OF EMERGANCY JUST BEFORE THEY STRIKE IRAN

[randynason]

I''m not a big ''ole blabber-mouth, but I hope that the Feds pay particular attention to Chase Visa and Household Bank while they''re drafting this proposal. I''ve had my trouble with them arbitrarily raising their rates for no reason, in the past. -heh-

[michellem99-2009]

It is unfair..