Comments on: Feds Take Swipe At Credit Card Rules

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

[txmatthews1]

I am glad that the Feds have awake to the TRUTH about these companies. Now if they can just get them to drop Fees and Interest after you have been garnished or sued for the balance of the card. My husband had 2 Major surgeries in 2002, we had to use a Credit Card to pay most if not All of the bills off, due to the fact that he did not have income for 2 months of that year after each surgery. We had to live off of my income from Wal-Mart. I since have been garnished and they are getting 40% of my income before tax. So see the cycle continues to grow. But the worst thing is I talked with H.R. with my company now and they said that after the Court Stated amount I will have to pay what they call Interest on the Amount. Boy when will this quit? I can only tell all of you men out there to get your prostate exam. I tried to get my husband to do so and year after year he would not. So we went to an After hour office on a Saturday in 2002 to only find out on the next Monday when my husband had a fever of 104 yes 104 and talking out of his head. That when I got him to the ER they took an MRI of his Stomach only to find out that he was missdiagnosed, they told us at the clinc that he had a prostate infection but what had happen was that his colon had ruptured and it was in is Abdomen. One wrong diagnoses and you are done in for a LONG TIME. Sorry to be so down, but someone needs to stop these credit card companies, when there is a Medical Reason they need to help out some.

[fatdough_boy]

endrepubs - I emphasize with you as my sister and her husband are staring at 10''s of thousands in medical bills right now and my father in law got a 10k+ bill from a private helicopter company that picked him up after a heart attack. I know when medical situations arise you have little choice. I do believe you have legitimate beef and reason to be upset but your beef should be with the current admidistration and our current health care laws and policies and not with credit card policies. The credit card company you used is not to blame. You had a bill, unfair I''m sure, that you asked a credit card company to pay. They payed it and expect to be repaid in return. This new credit card law will not stop them from wanting there money back. If you can''t pay they raise rates deeming you a risky customer. Our medical system is flawed but although our credit system needed some more legislation I do not agree with what is about to occur. I''d sue the hospital and or medical companies involved in your ordeal and not be mad at the credit card company that you asked for help.

[sharednotion]

I''m glad to hear that credit-card companies will no longer be allowed to apply interest-rate increases to existing balances. that reform seems like basic fairness to me.

[fatdough_boy]

endrepubs - sounds like you may have been burned by the credit card company but although very unfortunate medical bills should never be put on a credit card - the credit card company then pays those hospital bills in full and expects repayment just as they do from careless people who overspend. Once you transfer to the credit card you loose all ability to negotiate with the medical companies. You often can negotiate medical bills and can always get on installment payment plans with them. Unpaid medical bills, although also hurt your credit, are often over looked when applying for new credit as they are not judged as part of your willingness to repay debt. Almost like a judgement against you. It hurts your credit score but does not hinder your ability to get credit. Poor credit card payment history of any loan for that matter will alter you ability to get credit for a long long time. You have the choice not to put those medical balances on a credit card. If you do they have every right to expect repayment or raise your rate if you fall behind. They payed your bills didn''t they.

[jtdev1]

Owning a credit card is a choice not a privlege.
Paying your bill each month in full is a choice also, just as its a choice to charge more than you can afford and carry credit. its simply a matter of PAYING YOUR BILLS....Credit card companies are in the business of making money. If you are opposed to that then dont use a credit card.

Posted by Variant_530




Some people are living paycheck to paycheck because of the rising cost of living without an equal rise in pay... They have no other option but to carry a balance on their credit cards. And with our corporate american way, they are stuck in contracts or get their credit ruined and garnishment of pay...

Hindsight is 20/20, but forsight isn''t... they didn''t plan on gas prices doubling, or CC interest rates skyrocketing, before you make this type of statement, you should put yourself in other''s shoes.

How about getting layed off and only getting less than 2/3 of your pay. See how many months you can pay off your entire balance...

[variant_530]

Owning a credit card is a choice not a privlege.
Paying your bill each month in full is a choice also, just as its a choice to charge more than you can afford and carry credit. its simply a matter of PAYING YOUR BILLS....Credit card companies are in the business of making money. If you are opposed to that then dont use a credit card.

[fatdough_boy]

butterflync - I totally agree that some legislation is overdue but this will come at my and your expense just like all the bailouts. Free Market society is long forgotten. If you don''t like Chase''s fees you have the choice as a good customer to go elsewhere for credit. Credit unions do not even have the system capabilty to charge most of the fees Chase does you can shop around and get a better deal. Now no one will get a good deal. Just wait it wasn''t too many years ago everyone paid an Annual Fee to have a credit card. I like to use my credit card to buy everything. i charge an avg of $3k a month so the bank still makes some interchange on me without it costing me directly. Now all my credit lines will be lowered to reduce exposure even with good creidt. That in turn will lower my and your credit and in turn we will pay more next time we want to buy a car or home. If we want a new credit card we will soon be paying annual fees. The he (double hockey sticks) with the deadbeats.

[steeepe]

Not going into effect until JULY 2010???!!!!
WHY NOT TOMORROW?

Posted by USGENERAL at 11:46 AM : Dec 18, 2008

I agree! Waiting that long is stupid. The card companies will jack up the rates right away to take advantage of the window.

[maddog0802]

about time, but needs to be in effect IMMEDIATELY, not 2010! We''ve all been screwed by these theives going on 30 years now. If they raise their rates to ''make up for the lost $12billion revenue'', then we as consumers have the right to shop for better cards/rates elsewhere and transfer the balances of the ones gouging us.

[fatdough_boy]

This whole country is screwed up. We help companies that screw up by bailing them all out. We help dumb people who sign onto mortgages they can never afford get lower fixed rates and reduced principle to keep them in there homes. Now we are helping deadbeats that don''t pay bills get lower interests rates. What ever happened to rewarding people for doing the right things in life. This whole thing is not going against the credit companies it is helping the weak at the expense of the strong. Let the deadbeats pay more. This whole move is going to hurt good paying customers more then it hurts greedy CEOs. This is one of the all time lows of this country and most people are too DUMB to even realize what this is all about.