Comments on: Will New Law Make Credit Cards More Expensive?

[r9119111]

I've been living debt free since 1987. I refuse to be victimized by the Corporations. If i can't afford it, I don't get whatever they have to offer. Period.

They advertize us to death, try to make us believe we can't live without whatever they have to offer, trap us into some kind of a contract and then turn the screws on us if we have a poor credit report. The credit report is nothing more than a form of abuse.

They exist only because we fund them. They are now so high and mighty, they think they are entitled to huge profits and salaries. They have forgotten that it is the little people who fund their activities. If the corporations are going to plastic only, I'm out. I will not support them. I don't go to stores with electronic check-out only. I don't care what it is that I must do without.

[juwboy]

Darkness_79:

When Hitler came to power, one of his first acts was the extermination of his political opponents -- Socialists, Marxists, Communists, labor leaders and other left-wingers.

Next, he turned his attention to the people he considered the greatest blemish on his "glorious German master-race".

It wasn`t the Jews.

Or the Gipsies.

Or homosexu@ls.

It was the mentally-retarded and feeble-minded.

Idiots, imbeciles, half-wits, simpletons, morons and cretins.

People just like you, Darkness_79.

[pepperwood2]

Nice thought. Just not realistic. Some companies are in the process of going cashless. "No checks, No cash, Plastic only". These signs are starting to pop up in some areas.
Posted by debinok1

Pretty slick trick! I charge my Visa very little but my account will take the full payment out of my checking when it becomes due each month. no balances, no fees.

Also if that Company is only interested in making a commission or kick back from your credit card fees than having you as a cash paying customer than perhaps you may have to do business with a company that does business the old fashion way. They earn your business.

Sometimes the best deals are the ones you don't make.

[pepperwood2]

President Obama recently pledged to "focus on restoring the flow of credit that is the lifeblood of a growing global economy." House Majority Leader Steny Hoyer, a Democrat, said during the debate over last fall's TARP bailout that, without it, "credit, the lifeblood of any economy, might dry up across America." And the Treasury Department claims to be ensuring that credit is "flowing again to entrepreneurs and business owners."

Another way to explain this is that The Treasury & President want to get the American People spending & borrowing like we did before. The More We The People are in Personal Debt than those crooks can make off us with the Help of Congress, The Treasury & The President's Rhetoric of the more the people are in debt the more interest we pay. That is music to the Treasury, Banking, Mortgage & Credit Card companies that have to pay back the Government with our Bail Out Money on the interest they charge us to borrow. Pretty Slick Trick eh! Since we now own these bankrupt agencies I would not expect any lobby money to come our way. Just a lot of Rhetoric that sounds good and is cheap to spread. Its called the American Banking & Treasury Scheme and their Dream to to have us borrow & get deeper in debt. That way they can count on us in debt Customers for a long time to keep their system going. So Sad! But you would think we'd get it right on what they're doing.

[debinok1]

The easy way to fix this is CUT UP YOUR CARDS! Pay with cash people! These companys have been ripping you guys off and you allow that yourselves. UNBELEIVABLE!
Posted by rebelscout

Nice thought. Just not realistic. Some companies are in the process of going cashless. "No checks, No cash, Plastic only". These signs are starting to pop up in some areas.

[debinok1]

President Obama is once again in a position of "darned if he does, darned if he doesn't". If he doesn't help the people who by no fault of their own(job loss, illness, etc...) he does not care about the people who voted him into office, if he does help those people, then he by default helps those who caused their own financial downfalls which hurts the people who are good credit risks, he is screwing the people in general. Through this entire recession there are people who will be able to weather it fairly well, people who will lose their lives as they knew them, and people who will simply continue doing without. He will try to do his best for everyone but in the long run someone is going to feel the sting. I would not take his job for anything.

[sjc_1]

There are people that pay on time and pay more than the minimum and get their interest rates raised. When they call to ask why, the response is essentially because they can. Now the banks and card companies wonder why the voters want laws.

[rebelscout]

The easy way to fix this is CUT UP YOUR CARDS! Pay with cash people! These companys have been ripping you guys off and you allow that yourselves. UNBELEIVABLE!

[jsilver2th]

As a credit card hold that actually pays his bills I resent the fact I must underwrite the banks that issue cards indiscriminately and the people that don't pay them back so I hope they do get more expensive actually.

The banks make most of their money on late fees and charges- for example like a moron I paid a $20 membership fee on a card I barely use then the jerks had the audacity to charge me a $15 late fee for that and a $1 finance charge on that. How can they expect any sympathy?

I wouldn't even use one but I hate to give my debit card number out on line....

All of these bank execs should be headed to prison IMHO.

[weedapoopl]

Federal Reserve data show that Americans are saving more than during any time in recent memory. So even if credit cards become less attractive, it may not matter quite as much as it would have a few years ago.

----------------------------

How "recent" is this "memory?"

The national average savings rate peaked at 10% of disposable income in 1980.

In 2000, it had dropped to 2.3%.

It dropped below 1% in 2005, and it has remained there since then.

Just how high is the savings rate now?

I have a feeling it's not anywhere near 10%.

[retiredgustav]

I had a credit card company jack up my rae because I bought $400 worth of gas in one month. Never mind the fact that I was evacuating from hurricane Rita with 2 vehicles. I had the resources to pay them off, but I know a lot of people didn't. There are some things that happens in peoples lives that are beyound thier contol. No need to make it worst by jacking up the interest rates.

[erichsh]

Those who want to believe they can protect everyone from their personal stupidity are even more stupid.
Posted by andejack

In general I would agree with you. But in this case, I would not object if efforts were made to protect ME from THEIR stupidity. The alternative is to raise MY taxes to subsidize THEIR kitchens, cars, designer clothes, and all the other things that irresponsible credit consumers purchase. I'd rather pay a few bucks extra for my own credit cards, thank you very much.

[brady51h-2009]

They should have capped interest rates back at 18% instead of giving Credit card issuers 9 months to raise interests rates and fees before their law they did pass takes effect.

[andejack]

Hey, despite what so many people on this site, and our President, want to believe, it is NOT THEIR (the companies) fault. Anyone who gets into credit card, or any other sort of credit difficulty brought it on themselves and they, or our government, have no right to expect the rest of us to bail them out. Where in the world does that WACKO idea come from? (I have my own ideas about that, but those beliefs would only ignite a whole lot more ill-founded bizarre rhetoric!) Those who want to believe they can protect everyone from their personal stupidity are even more stupid. They are willing to expend personal energy and, more tragically, expect the rest of us to support a no win, only get worse senario. I DON"T want to participate! Unfortunately, our current Administration seems to have other ideas.

[dkhorse11]

live by the card, die by the card. (or at least, leave your debt to your children.)

Pay with cash, check,(debt card,) and banks can't enslave you. Don't live beyond your means. SIMPLE.

If you can't afford it, don't buy it!

[thoughtxchange2]

I fall in the always pay on-time category that supposedly will be affected....think there is enough competition out there so there will still be rewards programs with no annual fee type cards...if my credit card puts an annual fee on my card I will drop them so fast they won't know what happened.. no questions asked..will just move to someone else.. I pay off the balance each month so could not care less about interest rate.. they could have it at 100% if they wanted..

[thgdriver]

Hey YCantWeAllGetAlong, how about minding you own business? I use my credit card all the time always have. I also dont have any debt. Thats right no debt at all. I pay my balance every month and there is no fee on the two cards I have. Now , thanks to that nitwit Nobama the card co will end the grace period and charge interest from day one. All he did was take care of the deadbeat aisses that vote for him.

[erichsh]

I don't like Obama and I don't like socialist, big-government, big-brother policies. Yet strangely, I agree with him on this whole issue. It wouldn't suk if irresponsible people all of a sudden find it's harder to get "free" credit to enable them to live beyond their means. And I won't cry if a credit card company can't screw me because I was late on a utility payment.

Kinda like the Obama mandate re: gas mileage requirements. Truth be told, if every Suburban or Escalade were melted into scrap, I'd smile while at the same time detesting his intrusion into the free markets and individual liberties.

[thgdriver]

Thanks a lot Nobama! You'll have all the deadbeats voting for your sorry aiss again. You have me and others carrying their mortgages, what else can you do to win the poor vote?

[kevsan1]

Thank goodness they are finally doing something about the credit card companies. They are a bunch of crooks. They love to get you over the credit limit, charge overlimit fees, late fees if they can and charge interest on those! And they would keep on doing it without these new laws. I've even seen them change a billing date and all of a sudden you have a late fee and an overlimit fee of close to $80. It's not right.

The companies like to cry risk. Risk my foot. They know what they are dealing with. When they see their profits declining they will open up more credit because it is the only way they can lure people in so they can play the fee game. They are closer to casinos in nature.

If you are someone who thinks the credit card companies are right, then nobody should trust you. I could say more terrible things right now but I won't. Just that I'm sick and tired of supporting their ways and hope to be rid of them soon in a few years.