Comments on: Obama Signs Credit Card Bill

New Rules Say Customers Have To Be More Than 60 Days Behind Before Seeing A Rate Increase

[ibsteve2u]

Today I got a message from them (the crooks) saying that my rate is jumping to 13.24% because "The principal factor we considered in amending your account is maintaining profitability on your account."
Posted by jbar116 at 10:56 AM : May 22, 2009

roflmao...now THAT is hilarious. Same as the Mob, 'cept the mob puts it "We're raising the vig."

[credibility2]

Why would this panderer in chief of a president caution shoppers to act responsibly? His credit card bill rewards the very same credit card deadbeats, encouraging them to not take any responsibility for their irresponsible actions. That credit card companies may have over-reached going after some of these deadbeats in an attempt to collect what was due them as an unsecured loan, or to try and penalize them for acting irresponsibly is one thing. But many of the deadbeats deliberately and willfully racked up huge credit card debt on multiple cards, often maxing out their credit limit, while living well beyond their means and level of discipline and maturity, then realizing that they couldn't even pay minimums or paid late or didn't pay at all, sticking it to the credit card companies; or, found themselves losing a job and not being prepared for a financial emergency. These deadbeats got exactly what they deserved. I hope the credit card companies get whatever they can before this punitive law against them and not the deadbeats, goes into effect. Next, I hope the credit card companies make it such that these deadbeats will never, ever be able to get anything on credit for at least ten or more years. I also hope their credit scores hit rock bottom.

[SusanStoHelit]

Long, long, long past due. I can't believe it took this long to put this law into practice.

The usual case is that a credit card company gets some poor sucker to take their card, with a normal interest rate - sometimes a college student, sometimes someone who is just living a bit hand to mouth. Then, at the first excuse, the first time they are so much as a day late on any payment, they jack the interest rate up to something insane that makes the card balance increase rapidly, making it ever harder to pay off. Just for one day late, for one missed payment, no matter how it happened - you're toast.

Never happened to me, I pay off every month in full. But these triggers have been used by unscrupulous credit card companies to make a ton of profit over one small error.

[blog_fever2]

Here is an idea, don't get a credit card. This is our generational accessory. Families were getting by without credit cards for generations, but our society has this "get it now" mentality so bad, it's hard to fathom not having a credit card. In the end, credit cards are nothing more than a crutch. Save yourself!

[whitemale08]

JP Morgan is getting bailout money while they continue to sucker peoples with their Debt-serfdom-cards.

Bloomberg today said today that they were going to start charging at the moment of purchase.

Imagine the hassel that will cause with refunds.

[jbar116]

I had a WAMU card with a 9.9% rate then they were bought out by Chase (the crooks) who immediately raised my rate to 10.9% not 4 months ago. Today I got a message from them (the crooks) saying that my rate is jumping to 13.24% because "The principal factor we considered in amending your account is maintaining profitability on your account." I don?t have to accept the rate increase but they (the crooks) will close my account and still charge me the higher rate on the balance owed anyway. I have news for them (the crooks) as I am going to pay my account out then I am going to charge small amounts and pay off the card monthly before the due date. If everyone could afford to do this I think they might get the message but I also think they (the crooks) will terminate my account after a period of not making any money on it. All I have to say is S**ew You Chase (you crooks).

[endrepubs]

Don't dare sign this bill without interest rate caps.

[grabandgo]

THIS IS JUST SMOKE AND MIRRORS. THERE ARE ENOUGH LOOP HOLES TO ALLOW THE CREDIT CARD COMAPANIES TO KEEP SCR*ING US

[thgdriver]

Thank you Nobama, now Not only will I pay for the deadbeats that could not afford their homes, my credit card rules will change so I can carry the idiots that run up their card and cant pay.

What are you planing for me to carry next so you can get reelected by this low life?