Comments on: Credit Card Execs On The Hot Seat

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

[ianlou]

I got a credit card when I was 22, I got rid of it when I was 28. I am 48 and have not had one since.

A Credit Card Barker in a shopping mall ask me recently If I would like to apply for a Visa Card.

I told him I would rather eat dirt.

[omega39-2009]

People go bankrupt and within a month of the bankruptcy being finalized they have a credit card offer for 27.99% interest.

[excoachken]

To Privatecitiz What if you mortgage interest rate on your primary residence increased by 25% when you bought a second property? This is only one of the scams they are using, raising their rates, on previously borrowed $$ in a written contract, because people signed up for another card. Next time you receive one of those very appealing c c offers in the mail, with a free companion ticket, just check to see if it warns that by signing up you allow one of their sister companies to push you into an interest rate that you cannot cope with.

[jjp735i]

Credit Card companies are abusive, just as abusive as banks have become and yet Congress does the same thing over and over. Congress grips about it for the sound bytes and then does nothing.

[edward1975-2009]

People know what they are getting into with credit cards, so the accountability lies with them. But when non-lending institutions use your credit score to set their rates, such as auto and home insurers, then it times to step in. They claim they can predict the rate of claims per person by their credit score, apparently Nostradomus has been resurrected, which seems to me at best a form of discrimination. Unless you have had claims, they should not be left to their own just to raise rates on a whim.

[pepperp1]

Bank of America and Discover Financial Services told the subcommittee that a credit score is one of several factors in determining whether to increase a customer''s interest rate.


This is a no brainier dont do business with either of these companies I will not. Now fix the law Usury I thought was in the code.

[excoachken]

To Privatecitiz---

[privatecitiz]

Here''s what bothers me; people wanting to blame their woes on someone else.
Just because you have a CC doesn''t mean that you have to go out and spend $600.00 or more on a game system for your kids with ever widening butts.
People don''t use credit wisely. They use it as a tool to get everything they want that they can''t afford to buy. If people would use credit wisely we wouldn''t have the problems with the companies that provide CCs.
You really want o get back at them? Stop crying and stop buying.

What to finance:
Car
House

Nearly everything else is optional.

[cbutler69]

Capital One is one of the worst cards to have the over charges and onver limits *** can add up to over $100 a month and then youre really screwed. They dont need that much interest on a credit card anyway. If you fall behind then raise it a little but 23-27% is totally rediculous. Need different way to do cards. I have a niece who never got this card but got a statement saying she owes them $700- she never had a card with them. Better ideas need to be found for this.

[standlee5]

I wish congress would nail the mofo''s. don''t give people credit cards if you don''t think they''re credit worthy. They give the cards then they do everything they can to put the people in bankruptcy. and since when should a late fee be $20, $30, $40, or even $50? shouldn''t there be a reg about late fees? How can they just keep getting away with this sh*t?