Comments on: Credit Card Terms Taking Turns For Worse

Vera Gibbons On How Issuers Are Tightening The Screws To Protect Themselves

[harbinger09]

I like how people are acting like credit cards are a constitutional right. They are in business to make money--if you don''''t like their terms then don''''t sign up for a card. If you don''''t like the interest, then PAY THE FRICKIN BILL off every month. If you can''''t pay the bill then keep your azz out of Best Buy!

Posted by easeup at 04:01 PM : Oct 14, 2008


Credit cards ARE a Constitutional right. Just like shopping to keep the economy going is a patriotic duty according to Bush. In order to achieve that, most Americans have to use credit cards--ergo credit cards are an adjunct to keeping the economy going by eternally shopping.

[harbinger09]

The net result of these measures will be the second wave of casualties--the consumer. Hit with huge fees and penalties will drive the last stake through the heart of Capitalism as Americans that have cards struggle to just pay them off and those with cash try to avoid credit and hang onto their money. In the end, businesses lose, with the public either hamstrung and rushing into bankruptcy courts or just scraping by and avoiding large expenditures like the plague.

common sense says this is the wrong approach--but we would not be where we are--if the market was not inundated with more greed and short sighted vision, than common sense.

[lovegetpeace]

This is what I call ''No Escape from Capitalism'' with your credit cards. Apparently, to better your credit score, you must charge and you must not cancel accounts. The industry rewrite the games into their favor.

[jntlw-2009]

Credit card companies create the lure and entice you, then like a demon they turn right around and nail you at the very first opportunity. Gotch ya! They demand you have worthy credit if you want to buy a car or a home, but they use and abuse you and deceptively entangle you in their web of evil even if you do play by their rules. They are truly EVIL. Those who create their playbook are the evil ones who need to be taken down!

[easeup-2009]

I like how people are acting like credit cards are a constitutional right. They are in business to make money--if you don''t like their terms then don''t sign up for a card. If you don''t like the interest, then PAY THE FRICKIN BILL off every month. If you can''t pay the bill then keep your azz out of Best Buy!

[stevador39]

Credit cards are like all human freedoms, they can be mis-used or abused. Using freedom is up to the individual. However, preventing credit card companies from over-charging fees and from excessive interest rates is up to the government and the informed public. An example is a student with a $75,000.00 loan that is $800.00 a month and runs to 2040; that loan will earn about $225,000.00 in interest. That''s usury and should not be allowed.

[bobnjersey]

[Consumers may not know their limit has dropped until they go over it and incur a large fee. Even worse than a fee, however, is how this affects your credit score. When a credit limit is lowered, it appears that you''re using a much larger percentage of your available credit. That lowers your credit score, making it more difficult to obtain a mortgage, car loan, or even another credit card. ]

who gives a d@mn what''s good for the banks ... they''re a business meant to serve the customer ... not to define ridiculous and arbitrary rules to feed their bottom line ... and potentially incorrectly reflect your ability to repay a loan.

legislate limits on interest, late fees, application of other penalties, and the things that effect one''s credit rating.

they don''t like it ... the free market is there for them to get into another business ... and they''re free to try their scams out there.

[pepper32750]

Hmmm.... We were told that changing the bankruptcy laws was going to bring credit card interest rates down. I checked mine, and with my perfect credit for 20 years that is not the case.

[easeup-2009]

She''s kinda hot in that MILF-by-the-pool kind of way......

[easeup-2009]

Did somebody say "loan sharking" Check your history. I believe you will find that those earning that name 30 or so years ago were employing the exact same tactics that the banks use today. the only difference - it wasn''''t in fine print and contract form back then, and it was illegal.

Posted by jaderiver at 03:02 PM : Oct 14, 2008

And they don''t break your kneecaps if you don''t pay.

[Jade_River]

Did somebody say "loan sharking" Check your history. I believe you will find that those earning that name 30 or so years ago were employing the exact same tactics that the banks use today. the only difference - it wasn''t in fine print and contract form back then, and it was illegal.

[koko98-2009]

Over the weekend Ted Koppel said that even after we get over the current crisis, we can''t go back to people paying 18-22% on credit cards. The credit card mess will be the next financial distaster this nation will have to address.

[mytoosense]

I am the credit card companies worst nightmare, an American adult who refuses to own a credit card.

I heat my house by burning the massive amounts of credit card offer junk mail in my fire place.

[edward1975-2009]

People today have a need it now, instead of, wait till I can afford it problem. To be carrying the debt that most have in credit cards, is like having two mortgages, with no relief in sight. Abolish credit cards and take the device away form the person who can''t handle it. And from the looks of things, most can''t.

[caldwellptr]

Lehman''''s ceo was answering questions before a committee and admitted to accepting $480 million in under 8 years ....
I guess I was using a figure lower than $480,000,000. It would take me 8,000 years to earn that amount. I wonder what the United States will look like in 8,000 years. I sure will be tired ....

[mytoosense]

Credit Card Companies practice legalized Loan Sharking.

[hypnotoad72]

If everybody pays them off, will credit card companies find other ways to blame consumers?

[easeup-2009]

Over extended credit card holders are too ignorant to figure things out. They blindly go into debt with an "I don''''t care" attitude and then whine and complain when they''''re charged high interest rates, late fees, etc. There should be a moratorium on issuing any more credit cards anyone that has even a remote issue with their credit history. Keep rates high and credit limits low. Force the dead beats to fade away into oblivion where they belong.

Posted by Credibility2 at 02:30 PM : Oct 14, 2008

Did you ever see the VISA commercial where the guy wants to buy a tv? He''s actually at the store checking his credit card balance on his phone in order to see how big a tv he can get. VISA is trying to reinforce the idea that as long as you have credit available you can afford it.

That''s how the morons with high balances think.

[mytoosense]

All of these steps by credit card companies are steps in the right direction. That direction being the ellimination of all credit cards.

[blindersoff]

This blame for the market problems on "minorities" is a Fox news line that is bull. Republicans have worked to loot the Treasury and bankrupt the economy over the past 8 years. For the first six of Bush''s terms he had a Republican House and Senate that gave him a blank check. You working class Fox fans, keep voting with them and see where it gets you. Lehman''s ceo was answering questions before a committee and admitted to accepting $480 million in under 8 years! That is one man, so what do you think the rest of the CEO''s were doing? The President only makes $400,000, he should be the highest paid executive in the country with the rest tied to the stock performance of the company. But, keep blaming "minorities" like Fox tells you.