Comments on: Credit Card Terms Taking Turns For Worse

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

[missingamerica]

Not being able to pay off a debt is dishonest and unethical.

Posted by Credibility2 at 10:57 AM : Oct 14, 2008

Ruh roh...well, going by the taxes the Treasury receives in comparison to the Republican national debt, you have just condemned the United States of America for being dishonest and unethical.

Not to mention a whole FLOCK of banks and corporations.

But that is different, of course...ethics is a matter of scale to a Republican.

Once you accumulate enough wealth, you are immune to moral, ethical, and most certainly legal judgment in the eyes of a Republican.

It truly is an entirely different world out there, once you have EVER accumulated significant wealth.

[grvmstrj]

This is all maddeneing. I''ll admit I got caught up in this fiasco and QUICKLY found out that the entire credit system will lie, to you, rip you off and then charge one for discrepancies. 10 years ago my credit was "very good". Now I am frightened to evfen look at it. For all of those that might think that therefore I am a risk, or dishonest-get real (and a TURE life). We are treated by ALL of the wealthy (both private and governmental agencies) as C-A-T-T-L-E!

[Jade_River]

Typical - blame the victim. Those of us able to decipher the tricks used by credit card companies know that they use tricks which are, at least, immoral. They use these tricks without regard to the age (college students are always an easy target), intelligence or financial ability of their prey. The least able are charged the highest rates. The least intelligent are trapped into stratospheric interest rates - upwards of 30%. 30% interest rates should be criminal regardless of how responsible or irresponsible an individual is. We have an economy that builds material addiction, dangles the possibility of having it all, then penalizes those who take advantage of the irresistible.

[macusweil]

GOP has ran up 11 trillion dollar deficit under last three republican presidents. Let''s hope the other nations we owe don''t get tuff with us to repay anytime soon.

[koko98-2009]

cbsGuest is right. It was considered a captial offense to charge more that 10% during the middle ages. And we think we are more civilized than they were.

[barbaraf4]

The sad part is the government encouraged us to go into debt. Many of you are too young to remember this, but in the 70s and 80s, when the credit card companies were trying to get on their feet, the government let us writeoff credit card interest on our income taxes. Then the law changed and everyone was stuck with their debt.

The part I find especially sickening is that although you have a "contract" when you open a credit account, apparently now the lender has all the authority in the world to change credit limits and interest rates as they see fit.

Most of these little tricks they are coming up with sound like they are punishing the people who are making their payments.

In the London Times yesterday, Prime Minister Brown has released an enourmous amount of money into the British Banking System similar to what Bush and Paulson did here. The BIG difference was that he did it with 2 conditions: 1. All the bank executives had to be terminated and 2. There had to be a freeze on bonus''. Brown has not been a very popular PM, but it seems like he is doing a good job.

[credibility2]

This is what should have been in place all along to limit the egregious abuses and over extended situations far too many credit unworthy card holders have routinely relied on as a personal entitlement. The credit card companies were stupid for giving out as much credit as they did to those that hadn''t any business having a credit card. People should try living within their means instead of outside of it and then getting into debt they''re incapable of paying off. Even it this results in austerity and not getting everything a person feels they''re entitled to. For those in debt and if you''re not able to pay the balances down rapidly, at least consider adding to the minimum payment amount, the mount of accrued monthly interest and even doubling the interest amount added to the minimum payment. And forget cash advances, since you end up being charged generally a higher interest rate. It''s been too easy for too long. I don''t feel sorry for anyone who has gotten themselves over their heads with their debt. Not being able to pay off a debt is dishonest and unethical.

[cbsguest6]

I like the idea of bringing back usury laws.

[legacyabq]

http://eh.net/encyclopedia/article/jones.usury

Aaaaargh why does it always break links???

[gangesdak]

I hope, "No payment until 2012" kind of commercials would stop.

[legacyabq]

Here is an extremely interesting link to some historic and canonical information on usury in western civilization, from a Utah University. Check it out, it''s fascinating!

http://eh.net/encyclopedia/article/jones.usury

[rocketjl]

These bank leeches created a financial fiasco and we are going to give them more money to get them out of trouble. As we get them out of trouble, they want to stick it to us again. They guys are worst than members of Congress or previously owned car salesmen (or is it the other way around?).

[summarex]

I don''t understand

Why can''t we just rise up and send these parasites the way of French nobility.

[navyjimfl]

have you noticed that on the front they now say "you have been pre approved" for a possible approval for a credit card......$200 limit.....big Whoop

[renonv5]

I always thought of credit cards as being a catch-22, if you use them and have a lot of debt, you can''t get a loan from a bank without paying them off. Then if you don''t use them, your credit rating takes a dive and you can''t get a loan from a bank. I paid all of them off and ripped them all up. Haven''t had one in 10 years and I refuse to play this game the "lawmakers" have set up to keep us going around in circles.

[tscc2]

It is hard not to hate credit card companies. I respect them and the people who work for them as much as I respect a crack dealer.

[grandesign]

I am so pleased; and, the fact that my us-mailbox will no longer be spammed with "hundreds" of 0% pre-approval credit card offers . . ."
Posted by themroaches at 09:35 AM : Oct 14, 2008

I don''t know, they always made me feel important to get them. But then again, my shredder is not going to require as much maintenance due to minimal use.

[themroaches]

I am so pleased; and, the fact that my us-mailbox will no longer be spammed with "hundreds" of 0% pre-approval credit card offers is worth any amount of cajoling my future financing needs ..