Comments on: Credit Card Execs On The Hot Seat

On Capitol Hill, Industry Leaders Defend Hiking Rates When Credit Scores Fall

[wwudiver]

..but Mein Fuhrer,I was just following orders. You are guilty by complacency. There is a solution here, someone can stop these guys. You are guilty by complacency. www.ronpaul2008.com Take responsibility for your government, force them to stop pandering to big business, make them pander to you.


"Hey, when you guys call the credit card company, please remember that the people you talk to are subject to the same rules you are and they are not responsible for creating them. Also, they happen to know a whole lot about the credit cards and can give you useful information about your account. So please don''''t blame them."

[hkihega]

Credit (too much) was and is the worst thing to happen to the American Consumer...listen to Tony Benn " people in debt become hopeless and hopeless people don%u2019t vote. See they always say %u2026 that everyone should vote., but I think if the poor in Britain or the United States turned out and voted for people who represented their interests it would be a real Democratic revolution. So they don%u2019t want it to happen. So keeping people hopeless and pessimistic %u2026 See, I think there are two ways in which people are controlled. First of all frighten people and secondly demoralize them...

The top 1% of the world%u2019s population own 80% of the world%u2019s wealth. It%u2019s incredible that people put up with it. But, they%u2019re poor, they%u2019re demoralized, they%u2019re frightened, and therefore they think perhaps the safest thing to do is take orders and hope for the best."

[element51]

Adding to my previous post....I do realize that there are sometimes circumstances that require the use of credit and it always seems to happen at the most inopertune times. It is also true that the last 7 years have brought changes in the law that heavily favor big business and banks. Congress must take steps to protect the consumer and let''s hope they do but don''t hold your breath. One other thing, there are honest credit counseling services out there who can help you. Check them out.

[element51]

A few years ago I started listening to a guy named Dave Ramsey on the radio. He has a call in show to help people take control of their financial lives. One of his strongest points was that you have to get rid of the credit cards. He also advocates paying off your mortgage as soon as you can and to not finance cars or boats. As I listened to him I began to see how wrong I had been and decided to take his advice. It took some time and it was not easy to learn to say "NO" but I stuck with it. Got rid of the cards, sold the cars and bought used ones for cash, and attacked the mortgage. As of now I have no credit card debt, no car payments and no mortgage. If I can do it anyone can. Think about it folks and try to find Dave on the radio. You''ll be glad you did.

[johnnye6]

Doesn''t the Bible say that usury is a sin? What are those self-righteous Bible-thumpers who run the Republican Party doing about this?

That''s why the Mafia is in decline. Loan-sharking, gambling, and gun-running are legal now.

[kemal00]

Hey, when you guys call the credit card company, please remember that the people you talk to are subject to the same rules you are and they are not responsible for creating them. Also, they happen to know a whole lot about the credit cards and can give you useful information about your account. So please don''t blame them.

[citizenusa-2009]

FINALLY! After years of loan sharking, the credit card companies are being brought to task. Yes, I know the big wigs had to make their money before congress finally decided to act IN FAVOR of the tax paying, and more importantly VOTING citizen. It''s almost hard to believe that any part of our "government" is acting in the best interests of the people!!

See: PUCO (takes money from you and from big utilities..just who are THEY representing????)

[steeepe]

Banks are involved in legalized usury, thanks to a Congress that kowtows to corporate interests at the expense of citizens. Do credit card companies lower rates when scores improve? I doubt it. They raise rates on customers who can least afford the increases. Why don''t they have higher rates on good risks, who use more of the bank''s money? They intentionally increase risk by increasing rates, which pull in more overlimit and late fees. Congress should cap rates at a reasonable level. Banks don''t lose money on credit cards. They have record profits. They lose money on crappy mortgage loans and then want to recoup by hitting their other customers.

[wwudiver]

These weasily b*strads would look more interested if they were standing in front a firing squad. They should be.

[mrmazerati]

Perhaps this could become a marketable point of difference for credit card companies. A TV spot which promises no raise in rate for on-time pay would result in a lot of switching.