Comments on: Congress Takes Aim At Credit Card Policies

Lawmakers Threaten Legislation If Industry Doesn't Voluntarily Curb "Sky-High" Interest Rates And Fees

[bildooreilly]

If congress would give us our surplus tax dollars back, not one american would NEED to borrow money. FACT! These con artists in both parties are thieves, they're running an organized criminal enterprise.

"Collecting more taxes than is absolutely necessary is legalized robbery" - Calvin Coolidge

"But then due to the money involved, government starting in 1946 evolved into what gives a new definition to the expression of letting the "Foxes guard the Hen house" and by definition of circumstance and reality of the current structure, has now given government the true title and has redefined the meaning of the words "Organized Crime." Or as the definition of RICO goes, "Extortion of money from the public through criminal enterprise."

www.cafrman.com and www.cafr1.com

[bildooreilly]

These counties are sitting on billions of taxpayer dollars then they're stealing old peoples homes because they can't afford their high commie taxes... when these crooks should actually be sending us all a check.

For example.. in the state of IL in 2003..

The State of Illinois at the State-level has approximately $17.47 billion of the taxpayer's money it is not using, i. e. surpluses equal to $1,386 for every man, woman and child in Illinois or $5,544 for a family of 4. This does not include all the additional surpluses that exist in the school districts, cities, or counties in Illinois, they all owe you a similar amount of money.

This money doesn't go back into the budget, it was never in the budget in the first place, it dissapears at the end of every year in their accounts. Wake up suckers, you left the bank vault open.

[bildooreilly]

The government is running double books on american taxpayers at all levels school and water districts, cities, counties, states, and the fed. All they show us is the "BUDGET" which is just a shell game, all the budget shows is their bills and very little of what they're taking in. The real book is called the CAFR or Comprehensive Annual Financial Report, fact is counties and states and cities are sitting on billions and trillions of taxpayer dollars and reinvesting them in the stock market. They've been running this scam since 1946, they now own most of the stock market this way. The corporations aren't running the government, the government is running the corporations and that my friends is classical communism. This is no conspiracy theory, this is all very proveable by their own books, the CAFR... investigate this people, your freedom and livelyhood depend upon exposing this scheme. The fact is our system(s) are so profitable they should be sending us a check instead of a tax bill, simple as that... and it's all very proveable with their own documents. Congress needs to release those surplus tax dollars back to We The People who it belongs to, unless we don't really own our own government anymore and are just slaves.. check out www.cafrman.com and www.cafr1.com and look up your state and local CAFR reports on google. Thank you.

[agnim]

Yes, about time these greedy and thieving vultures reigned in!

[xqsme1]

I am so glad that this Democratic Congress has begun seeing the light and taken a stand against credit card companies. In a day & time when American's use plastic more than cash, previous government officials should have known that this was coming one day. And to the Ohio man having a problem with Chase - I say more power to you buddy!!!! I think they are the worst company in the world - have had ongoing issues myself with them. I am glad they finally got exposed for the crooks they are!!!!

I just took out an equity loan to pay my cards off sooner - am tired of paying on them - only to find out I still owe last months interest charges. I think that is so unfair - if I paid them in full it should have been left at that.

[homespunlady]

I'm solidly Independent so politics doesn't usually enter into it. Issues on the other hand do catch my attention especially when they become hazardous to our society and our children.
Excessive anything isn't usually good for anybody and excessive profits at the expense of our society's future is just obscene.

[jebby_one]

"All you Republicans can learn a lesson from this Democratic Congress. The GOP is happy to see big companies make all the money they can ...

The two things I find more disgusting than merciless credit card companies are (1) partisan politicial hacks that try to turn everything into a Democrats Vs Republicans squabble and (2) news organizations that manipulate the news in an attempt to advance their own political agendas.

I think there are good Republicans and good Democrats who sometimes agree and sopmetimes disagree, but in general place the interest of their constituents above that of their party.

[tucson23]

All you Republicans can learn a lesson from this Democratic Congress. The GOP is happy to see big companies make all the money they can, even if they're unfairly raping people as these banks are. Democrats don't like this sort of thing, and will do all they can to put a stop to it. Now aren't you glad the Dems won the election?

Now read the above paragraph again, only replace "banks" with "pharmaceutical companies," "insurance companies," and "Oil companies," and you'll see why the Dems are for the People and the GOP is for the rich and powerful. Are you rich and powerful? Think about it.

[homespunlady]

It's not just cards.
How many commercials and email ads offer Hundreds of thousands at some "cheap" variable rate on an overpriced house in order to "pay off" all those credit card bills. If you look closer a lot of those companies seem to be connected to the same banks that offer the "easy credit" cards.
Suckering the young and gullible into a lifetime of economic slavery and even more slavery and poverty for their children.

[shanev137]

Exactly. A person almost can't even use a public pay toilet anymore without a credit card. You can't have a cell phone or fly without one and you certainly can't rent a car without one. Everything is tied to our credit score now. The entire credit system preys upon the working poor and middle class people and the financially tragic events that happen to them.

[jebby_one]

"I worry for the youth in America. With so much being spent to kill self control how can these people justify first creating the problem and then punishing the people that are sucked into the monster they've created."

I believe the average credit card balance for the typical graduating college senior is in excess of $10,000. I'd guess that their average interest would be in excess of 18.5 ... maybe as high as 24 or 26 percent.

Extending easy credit to teenagers is about on par with giving them free cigarettes.

[homespunlady]

You do know that if you pay the card on time or early and pay a utility a day late they now have used the utility as an excuse to raise your interst rate.

[observantx]

The Senate is being hypocritical to the max here. The banking and credit industry dumped piles of campaign cash into Congress for both parties in order to get free rein to do whatever they wanted with credit and lending. Congress paid them back in full and also passed legislation that makes it much more difficult to file for bankruptcy when they finally drive some unfortunate person or family into the dirt if they lose a job or get sick.

[shanev137]

Yup. I have a friend who filed for bankruptcy back in '05 before they changed the laws. The only way she could rebuild her credit was to get a whole bunch of those new bankruptcy credit cards that charge annual fees in excess of $200 to $300 per year and/or make you prepay them up front for your credit line. They say the reason for the 18% to 21% interest rates are for the "risk" they assume. I really can't see the risk or how a credit card company can lose money. Someone want to try and explain it to me? lol

[jebby_one]

My household receives about TEN junk-mail advertisement letters from American Express and Capital One every week ... plus another five to ten junk mail come-on's from assorted Visa and Mastercharge companies. And I already have an American Express + a MC account!

I can only imagine how many poor trees they slaughtered for the paper to send all that junk mail. They are obviously out of control on the issue end.

[homespunlady]

Unfortunately, with the increasing "information" society, if you're anywhere above poverty using cash nowadays you get odd looks and comments and might even have someone claiming to some office that you must be doing something illegal.

Easy credit is the new slavery and there are millions lining up begging to be enslaved.

Billions are being spent to reinforce a get it now or it'll be too late state of mind. Spending addiction is the result.
I worry for the youth in America. With so much being spent to kill self control how can these people justify first creating the problem and then punishing the people that are sucked into the monster they've created.
Just because they don't see the social damage they've created doesn't mean it doesn't exist. A lot of people profited from slavery without actually directly participating. That doesn't absolve them from their part in the slavery system.

[scott4261]

The Republican congress passed the bankruptcy reform bill and President Bush signed it into law. It went into effect on October 17, 2005. And the fleecing of the middle class went to a whole new level. It was a windfall for the banking industry. Capitalism run amok.

If they had their way, almost all in this country would be poor; beholden to fees, late payments and sky high interest rates charged by the credit card companies. Only the very rich would really have any freedom. The rest of us would be drowning in a pool of indebtedness.

Reasonable restrictions are in order. And we must bring this mess under control (or better yet, repeal the 2005 law) before there is no more middle class to save.

[shanev137]

It's pretty hilarious how our government "cracked down" on the bankruptcy laws to make it tougher for people to file, but yet allows predatory lenders get away with financial murder. Don't let any of this talk fool you....our government has always pandered to banks and credit card companies and always will.

[tuckerndfw]

How about the government require companies that issue credit bear responsibility for their poor decisions? Why are credit companies exempted from the burden of shared responsibility?

If I loan my unemployed neighbor $10,000, I have no right to claim he should be penalized when he does not repay me. So it goes with credit card companies.

Credit card companies that issue credit to anyone who asks, regardless of income or any other factor, should not be allowed to seek recourse or redress from the courts for those poor decisions.

Congress needs to dramatically limit credit card companies' ability to use the courts to compensate for their refusal to adopt realistic lending practices.

[jebby_one]

I don't know how credit card company executives sleep at night.

I'm a conservative and an Republican and I have absolutely no problem with congress enacting laws to prevent credit card companies from *** their cistomers and taking advantage of their stupity.

As a society we frown on bartenders selling "another drink" to someone who is obviously drunk and we don't permit the sale of prescription drugs to over the counter customers. Bankers also have a responsibility when lending money.

Left to themselves, credit card companies have failed to act responsibly and now congress should take the steps to bring them under control.