New Credit Card Bill

[BlahBlahYouToo]

Originally posted by: her209

Originally posted by: Mide
So many people will cancel their cards if they start charging annual fees.

Why? What about the benefits and convenience of having and using credit cards?

i have about 5 credit cards, and only 2 that i use regularly. i'll be cancelling all but the most frequently used one.
get it?

 

[Gooberlx2]

Originally posted by: BlahBlahYouToo

Originally posted by: her209

Originally posted by: Mide
So many people will cancel their cards if they start charging annual fees.

Why? What about the benefits and convenience of having and using credit cards?

i have about 5 credit cards, and only 2 that i use regularly. i'll be cancelling all but the most frequently used one.
get it?

:thumbsup:

Or if my CC starts charging me an annual fee, I'll be shopping for one that doesn't. People won't be abandoning plastic...they'll just be shopping around.

 

[jpeyton]

Originally posted by: puffff
I disagree with the universal default provision. If I mess up somewhere else, they ought to be able to take that into account, as it speaks to my credit worthiness overall.

At least you were brave enough to speak up; I'll give you kudos for that.

No kudos for supporting universal default, however. If I have fully honored my contract with a lender, that lender has no right to change the terms of their contract with me.

This bill does not prevent lenders from changing the terms of their contracts with borrowers who have not honored their terms. So if you're a deadbeat and you don't pay your bill, you will still get charged fees and your interest rate will still go up.

 

[her209]

Originally posted by: BlahBlahYouToo

Originally posted by: her209

Originally posted by: Mide
So many people will cancel their cards if they start charging annual fees.

Why? What about the benefits and convenience of having and using credit cards?

i have about 5 credit cards, and only 2 that i use regularly. i'll be cancelling all but the most frequently used one.
get it?

Why not cancel all of them if they all start charging an annual fee?

 

[cheezy321]

Originally posted by: jpeyton

Originally posted by: frostedflakes
Some common-sense regulations of the CC industry was long overdue. As other members on here have pointed out there is no reason CC companies should be able to get away with some of the crap they do, banks can't do this stuff with other lines of credit. For example with a mortgage or car loan, the bank cannot just change the interest rate whenever they want and give you absolutely no warning. Why should they be able to do this with credit cards?

Exactly.

It's really quite pathetic that some of you believe these snakes can continue with their unethical practices just because they're threatening to hold your "perks" hostage. That so many of you can be bought off so easily/cheaply by a corporation should be a revelation about the deterioration of your own character.

Can anybody here name a provision in the bill they disagree with? Or are you too busy thinking about the gun the credit card companies are holding to your wallets?

I really hate this provision: "Included in the bill is an unrelated measure by Sen. Tom Coburn, R-Okla., that would allow people to bring loaded guns into national parks and wildlife refuges."

There should be a law against adding BS additions to a bill that is going to get passed. What does that have to do with anything and why is this allowed?

I dont like this either:
For example, the bill would require people under 21 to prove first that they can repay the money or that a parent or guardian is willing to pay off their debt if they default.

So basically in America you can smoke cigs, go to strip clubs, DIE FOR YOUR COUNTRY, but not get a credit card as easily as someone else. I bet if they looked at the median age of the people that default on their loans, it is not under 21. Its all the older people who bit off more than they can chew. So they take it out on the youth, for what reason?
How are you supposed to build credit if your parents dont agree to co-sign for you? Seems like a chicken/egg argument. (BTW, im 24 and this doesnt apply to me)

 

[jpeyton]

Originally posted by: cheezy321
How are you supposed to build credit if your parents dont agree to co-sign for you?

Proof of income? There's a thought.

And if you can't provide that, that means you don't have the income necessary to acquire an unsecured line of credit.

 

[Engineer]

Originally posted by: nakedfrog
Screw that, they collect a 1-5% transaction fee on everything that goes through, if that's not enough, they just won't get any of my money.

This. I will use cash/checks.

Also, if retailers start charging more for CC charges vs cash, I'll cut my purchases to a bare minimum and use "checks" (or won't buy at all).

 

[Engineer]

Originally posted by: SunnyD
Big deal. All the folks that can afford the convenience of a credit card won't be affected. Those that can't shouldn't have a credit card in the first place.

Well see if the banks can afford to lose their best customers. Remember, they make a killing on the retailer fees. Also, as said earlier, if the retailer charges more for CC transactions, they will lose customers and revenue from many.

 

[Engineer]

Originally posted by: her209

Originally posted by: BlahBlahYouToo

Originally posted by: her209

Originally posted by: Mide
So many people will cancel their cards if they start charging annual fees.

Why? What about the benefits and convenience of having and using credit cards?

i have about 5 credit cards, and only 2 that i use regularly. i'll be cancelling all but the most frequently used one.
get it?

Why not cancel all of them if they all start charging an annual fee?

I will!

(right after I pay back the nearly $35,000 I have of their zero % balance transfer money that's sitting in my bank accounts right now! :Q)

 

[PricklyPete]

Originally posted by: Insomniator
Just another form of wealth redistribution. People that actually have money will simply stop using credit cards and the companies will be worse off.

Few people NEED to use a credit card. Checks and cash still exist, just are less convenient.

Agreed. The only reason I use CC's are to get the benefits. As soon as I start getting charged...I'll close them.

 

[PricklyPete]

Originally posted by: MovingTarget
More empty threats from the CC companies. FUD everywhere. They have been pulling a collective fast one on the American consumer for years, and we finally called them on it. Boo-hoo. Maybe if they didn't try to do their best to screw their customers, people wouldn't have bitched to their congressmen to do something about it.

I do agree with this. They will still be competing for our business...so the programs will likely stay in place...at least in the long run.

 

[coloumb]

Originally posted by: Riverhound777
Included in the bill is an unrelated measure by Sen. Tom Coburn, R-Okla., that would allow people to bring loaded guns into national parks and wildlife refuges.

lol - how fitting to include this in the bill...

 

[JS80]

Originally posted by: jpeyton
Awwwww, look at all the people scared that the big bad credit card company is going to take away their perks and charge annual fees.

Earth to nimrods: if your credit card company changes your terms unfavorably, take your business elsewhere. Instead of groveling at their feet like a bunch of brainwashed serfs, realize that they are selling a product/service just like everybody else, and exercise your power as a consumer.

lol if this bill was going through under the Bush admin you'd be screaming bloody murder

 

[jpeyton]

Originally posted by: JS80

Originally posted by: jpeyton
Awwwww, look at all the people scared that the big bad credit card company is going to take away their perks and charge annual fees.

Earth to nimrods: if your credit card company changes your terms unfavorably, take your business elsewhere. Instead of groveling at their feet like a bunch of brainwashed serfs, realize that they are selling a product/service just like everybody else, and exercise your power as a consumer.

lol if this bill was going through under the Bush admin you'd be screaming bloody murder

Why would you think that? I agree with all the provisions in the bill; why would I suddenly disagree with it if Bush passed this instead?

P.S.: lol a/s/l? c u l8r qt

 

[BlahBlahYouToo]

Originally posted by: her209

Originally posted by: BlahBlahYouToo

Originally posted by: her209

Originally posted by: Mide
So many people will cancel their cards if they start charging annual fees.

Why? What about the benefits and convenience of having and using credit cards?

i have about 5 credit cards, and only 2 that i use regularly. i'll be cancelling all but the most frequently used one.
get it?

Why not cancel all of them if they all start charging an annual fee?

really? u still don't get it?

 

[mugs]

Originally posted by: jpeyton

Originally posted by: frostedflakes
Some common-sense regulations of the CC industry was long overdue. As other members on here have pointed out there is no reason CC companies should be able to get away with some of the crap they do, banks can't do this stuff with other lines of credit. For example with a mortgage or car loan, the bank cannot just change the interest rate whenever they want and give you absolutely no warning. Why should they be able to do this with credit cards?

Exactly.

It's really quite pathetic that some of you believe these snakes can continue with their unethical practices just because they're threatening to hold your "perks" hostage. That so many of you can be bought off so easily/cheaply by a corporation should be a revelation about the deterioration of your own character.

Can anybody here name a provision in the bill they disagree with? Or are you too busy thinking about the gun the credit card companies are holding to your wallets?

jpeyton, you ignorant slut. I don't care about supposedly "unethical" practices, because as a responsible consumer I'm not affected by them. I disagree with the whole bill, because as you pointed out you are not required to do business with these companies. People aren't getting screwed by credit card companies, they're getting screwed by their own stupidity.

 

[jpeyton]

Originally posted by: mugs
jpeyton, you ignorant slut.

Thanks for the grand opening.

I don't care about supposedly "unethical" practices, because as a responsible consumer I'm not affected by them.

If you "don't care" and are "not affected" by these practices, why do you care if they're done away with?

 

[mugs]

Originally posted by: jpeyton

Originally posted by: mugs
jpeyton, you ignorant slut.

Thanks for the grand opening.

I don't care about supposedly "unethical" practices, because as a responsible consumer I'm not affected by them.

If you "don't care" and are "not affected" by these practices, why do you care if they're done away with?

Are you just playing dumb? It's plain to see that in this context, "I don't care" means "I'm not bothered by." I've already explained why I don't want these practices outlaws. I'm perfectly content with having irresponsible people subsidize my credit card rewards - I figure it's payback for the taxes I pay on their behalf. And I'm of the opinion that you don't need a good reason to allow something, you need a good reason to prohibit it. You know, freedom and all that.

 

[jpeyton]

Originally posted by: mugs
I'm perfectly content with having irresponsible people subsidize my credit card rewards

So you support the redistribution of wealth?

 

[mugs]

Originally posted by: jpeyton

Originally posted by: mugs
I'm perfectly content with having irresponsible people subsidize my credit card rewards

So you support the redistribution of wealth?

That's a very simplistic interpretation of what I said. I'm not surprised.

 

[yhelothar]

Originally posted by: mugs

Originally posted by: jpeyton

Originally posted by: frostedflakes
Some common-sense regulations of the CC industry was long overdue. As other members on here have pointed out there is no reason CC companies should be able to get away with some of the crap they do, banks can't do this stuff with other lines of credit. For example with a mortgage or car loan, the bank cannot just change the interest rate whenever they want and give you absolutely no warning. Why should they be able to do this with credit cards?

Exactly.

It's really quite pathetic that some of you believe these snakes can continue with their unethical practices just because they're threatening to hold your "perks" hostage. That so many of you can be bought off so easily/cheaply by a corporation should be a revelation about the deterioration of your own character.

Can anybody here name a provision in the bill they disagree with? Or are you too busy thinking about the gun the credit card companies are holding to your wallets?

jpeyton, you ignorant slut. I don't care about supposedly "unethical" practices, because as a responsible consumer I'm not affected by them. I disagree with the whole bill, because as you pointed out you are not required to do business with these companies. People aren't getting screwed by credit card companies, they're getting screwed by their own stupidity.

tl;dr: all loans made out on a credit card are irresponsible, and thus if they get screwed over by a cc company with no concern of how unethical, ridiculous their practices may be, it's over their own stupidity.
makes perfect sense.
love your ironingz btw.

 

[jpeyton]

Originally posted by: mugs

Originally posted by: jpeyton

Originally posted by: mugs
I'm perfectly content with having irresponsible people subsidize my credit card rewards

So you support the redistribution of wealth?

That's a very simplistic interpretation of what I said. I'm not surprised.

The bill doesn't ban late fees, over-limit fees, interest rate hikes, etc. So what part of the bill would prevent these irresponsible people from subsidizing your rewards? If you could cite the specific provision(s) you're referring to (instead of jumping on the Chicken Little bandwagon), that might help.

 

[spacejamz]

Originally posted by: mugs

Originally posted by: jpeyton

Originally posted by: mugs
jpeyton, you ignorant slut.

Thanks for the grand opening.

I don't care about supposedly "unethical" practices, because as a responsible consumer I'm not affected by them.

If you "don't care" and are "not affected" by these practices, why do you care if they're done away with?

Are you just playing dumb? It's plain to see that in this context, "I don't care" means "I'm not bothered by." I've already explained why I don't want these practices outlaws. I'm perfectly content with having irresponsible people subsidize my credit card rewards - I figure it's payback for the taxes I pay on their behalf. And I'm of the opinion that you don't need a good reason to allow something, you need a good reason to prohibit it. You know, freedom and all that.

I don't think he is playing...he obviously doesn't understand how fiscally responsible folks are getting the shaft left and right because of all the deadbeats...I pretty much spelled this out earlier in the thread and he was still looking for specifics in the bill regarding deadbeats. Talk about not being able to see the forest through the trees.

My guess is that he is not fiscally responsible and somehow holds the credit card companies responsible and views this as payback...

 

[mugs]

Originally posted by: jpeyton

Originally posted by: mugs

Originally posted by: jpeyton

Originally posted by: mugs
I'm perfectly content with having irresponsible people subsidize my credit card rewards

So you support the redistribution of wealth?

That's a very simplistic interpretation of what I said. I'm not surprised.

The bill doesn't ban late fees, over-limit fees, interest rate hikes, etc. So what part of the bill would prevent these irresponsible people from subsidizing your rewards? If you could cite the specific provision(s) you're referring to (instead of jumping on the Chicken Little bandwagon), that might help.

Help what? Try to keep up here:

Originally posted by: mugs
I'm of the opinion that you don't need a good reason to allow something, you need a good reason to prohibit it. You know, freedom and all that.

I'll give you an example of a provision I don't like.

http://news.yahoo.com/s/ap/200..._congress_credit_cards

Under the bill, a customer would have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender would be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months.

That is an unreasonable limit on a credit card company's ability to manage risk.

I don't know if the universal default prohibition made it into the final bill, but that is also an unreasonable limit on their ability to manage risk. Someone who is risky for one creditor is risky to other creditors.

 

[frostedflakes]

Do you have a universal default clause in your car loan? Home loan? Small business loan? Why do banks only do this with credit cards? Why have many many banks voluntarily removed universal default from their credit card contracts? The answer is because it's BS policy, if they want to mitigate risk they should stop handing out credit cards to irresponsible borrowers. That won't happen, though, because even after these regulations go into effect they will make money hand over fist on these people.