Comments on: Feds Take Swipe At Credit Card Rules

Regulators OK Sweeping Changes That Will Limit Interest Rate Hikes By Card Companies

[irkulyen77]

To irkulyen77:
You say you got rid of your credit cards.
How do you fly an airplane or rent a car or stay in a hotel among other things. You know a credit card is required for many things. So how do you do it? Or do you stay home 100% of the time? - Variant

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I use checks, debit cards and cash. Yes it is inconvenient but the credit card baron robbers don%u2019t have their hooks in me. It%u2019s just my way of giving THEM the shaft.

[catwreck]

Try using a debit card to rent a car. I dare you.

I have, and succeeded. Last month in Germany, and a year and a half ago in Boston. Using a debit card from a US bank.

And there''s no real reason for the credit card issuing banks to worry. They have a year and a half to figure out profitable ways around the new rules. It''s true that a good chunk of the problem is people trying to live beyond their needs, but that was also one of the main reasons for the housing and mortgage crisis we''re going through. And the banks managed to turn that into a gold mine by issuing loans for amounts the house buyers would never be able to repay.

If the banks actually face a loss of profits when this one comes home to roost, all they have to do is rent some more high powered lobbyists and Congress will bail them out. With our money, of course...

[hetup-2009]

Maybe this is a good time to just make credit cards illegal. Zero everyone''s debt with their various cards across the board.

[variant_530]

endrepubs -
Keep believing that its my goal in life to convince you of anything...

[variant_530]

EndRepubs --
The vast majority of individuals in this country use credit cards so they can buy what they cant afford NOW. Using a credit card to rent a car is a convenience. I have used cash to rent cars in the past with a check as a deposit to cover any damage costs. Worked out fine for me.

[variant_530]

To irkulyen77:
You say you got rid of your credit cards.
How do you fly an airplane or rent a car or stay in a hotel among other things. You know a credit card is required for many things. So how do you do it? Or do you stay home 100% of the time?

Debit cards and secured credit cards are viable and often used alternatives to credit cards. Again, credit cards are not a right, they are a convenience, the choice to use them is up to the holder. It is also the choice of the holder to charge more than they can pay in any one given month.

[cattiej]

This credit card rule change won''t take effect until 2010....I''ll probably be dead by then.
Message to the American citizens.....don''t use your credit cards. Don''t use them anymore to buy Christmas presents. Santa will thank you. The bank and credit union''s that change your rates even when you pay in full or make your payments on time should be run out of business immediately.
What a scam on the American public...

[carpriddler]

How many new revisions to the original agreement will be made in the next 20 months before the rules kick in. I got my credit cards years before the co-conspirators in congress got in bed with the banks. Every change since has been made to protect the thieving banks and to stick it to the consumer.

[dakotaclark]

Hmmm...

The changes should happen immediately.

I had a CHASE card. My balance was about 15% of the limit at any particular time. I always paid on time, and in full, each and every month.

One day, mail arrived from CHASE saying that I had too many credit cards (9), and, therefore, they were raising my interest rate from something like 9% to 24.9%... even though I had a perfect payment record with them, and all of my other credit cards.

Paid them off and cancelled my card at the next billing cycle. Good riddance. The federal government should sue them for false advertising.

Credit card companies can arbitrarily change the terms and conditions at any time, and that is buried somewhere in the fine print that 99.989% of the people do not read, but agree to in order to get the card.

The past two months, many credit card companies have seen fit to raise interest rates on good customers, and in most cases, without merit.

Someone should put a stop to this crappola now, not next month.

[walt1944-2009]

The Fed has announced that it is finally doing something about the "extortion" interest rates charged on credit cards.

Unfortunately, the rules won''t take effect until 2010 which gives banks an entire year to come up with new ways to SHAFT credit card customers which the Fed hasn''t thought of yet.

Among the new fees being considered by the GREEEEDY banking industry are:

1. Charging customers a monthly fee for NOT having a credit card.
2. Adding a monthly 10% "PERK" Fee for the benefit of the bank''S corporate executives.
3. Charging passer-bys a fee for simply walking or driving past the bank.
4. Charging customers a $100 fee for being mugged at the bank''s ATM!
5. Add a "parking surcharge" to all customers using the bank drive-thru.

SIG HEIL, EXTORTION IS GOOOOD!!!!, BUSH!!!