New Credit Card Bill

[KeithP]

I have yet to see a single credit card company that doesn't tell you exactly how their card works. This is a bill designed to protect people that are either too lazy to read the fine print or too stupid to understand it.

As long as you live within your means and read the fine print of your CC agreement, you won't have any problems. The real issue is with stupid consumers that can't be bothered to take responsibility for their own actions. And, as always, the government is all too happy to step in and punish everyone for the stupidity of those few.

-KeithP

 

[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?

 

[nakedfrog]

Originally posted by: KeithP
I have yet to see a single credit card company that doesn't tell you exactly how their card works. This is a bill designed to protect people that are either too lazy to read the fine print or too stupid to understand it.

As long as you live within your means and read the fine print of your CC agreement, you won't have any problems. The real issue is with stupid consumers that can't be bothered to take responsibility for their own actions. And, as always, the government is all too happy to step in and punish everyone for the stupidity of those few.

-KeithP

Yeah, it's pretty crazy to require them to let you know that your interest rate is changing 45 days before it changes?
Nothing should stand in the way of a corporation taking as much money as possible from consumers, after all. Corporations uber alles!

 

[jpeyton]

Originally posted by: CPA
Did we not see this when the mortgage bailouts started coming?

See what?

If you're talking about Chicken Little arguments, I'm seeing plenty of those in this thread.

What provision in this bill do you think is out of line?

 

[ggnl]

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?

:thumbsup:*1000

It's blatant self interest that has people up in arms.

"I don't care a bit how unethical their practices are as long as I'm the beneficiary!"

 

[Queasy]

Originally posted by: Zee

Originally posted by: Queasy

Originally posted by: joshsquall
Pretty typical. The people who do the right thing are usually the ones that get screwed by big government.

Yep. This bill effectively uses people with good credit to subsidize people with bad credit. You know, because that worked so well with the mortgage industry...Bass ackwards legislation here.

yeah. because big gov't is helping the credit card companies rape their customers with this bill

If you have bad money management skills and can't control your credit card spending, you're going to get raped. This bill is going to move the raping from the people with the poor management skills to the ones with good management skills.

 

[her209]

Originally posted by: ggnl

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?

:thumbsup:*1000

It's blatant self interest that has people up in arms.

"I don't care a bit how unethical their practices are as long as I'm the beneficiary!"

Yeah, sounds more like the gravy train is over and people are upset.

 

[SagaLore]

<snip>
As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.
<snip>

I think this is a good thing. People will be discouraged to have so many cards - then cards will become competitive again.

 

[LS21]

they wouldnt dare do it

 

[spacejamz]

Originally posted by: jpeyton

Originally posted by: CPA
Did we not see this when the mortgage bailouts started coming?

See what?

If you're talking about Chicken Little arguments, I'm seeing plenty of those in this thread.

What provision in this bill do you think is out of line?

since you never answered my question in the PN thread about this, why should the people who are financially responsbile continue to have to subsizide the morons who cannot honor their obligations? what is so difficult to understand about that?

I pay my mortgage and my cc bills on time....Yet I cannot get my mortgage modified but a deadbeat can???

And now I might have to pay an annual fee (or whatever creative ideas the credit card companies come up with to make their reduced revenues)? Because some a bunch of idiots don't pay their bills on time???

I have a right to be pissed because I have done everything I am supposed to do, but either don't get rewarded with a modified loan or get penalized because other idiots who cannot pay their bills.

Do you have bad credit or something? Is that why you can't see how this will impact people with good credit???

 

[Mide]

So many people will cancel their cards if they start charging annual fees.

 

[nakedfrog]

Originally posted by: Queasy

Originally posted by: Zee

Originally posted by: Queasy

Originally posted by: joshsquall
Pretty typical. The people who do the right thing are usually the ones that get screwed by big government.

Yep. This bill effectively uses people with good credit to subsidize people with bad credit. You know, because that worked so well with the mortgage industry...Bass ackwards legislation here.

yeah. because big gov't is helping the credit card companies rape their customers with this bill

If you have bad money management skills and can't control your credit card spending, you're going to get raped. This bill is going to move the raping from the people with the poor management skills to the ones with good management skills.

How exactly is this going to rape them? Not getting rewards and paying an annual fee is hardly rape...

 

[jpeyton]

Originally posted by: Queasy
This bill is going to move the raping from the people with the poor management skills to the ones with good management skills.

Really? How so?

Is a person with poor management skills likely to get a better interest rate than a person with good management skills? No.

Is a person with poor management skills likely to get accepted to more exclusive credit cards than a person with good management skills? No.

Is a person with poor management skills going to get charged less in fees than a person with good management skills? No.

Can you name a provision in the bill you disagree with?

 

[HardcoreRobot]

Originally posted by: ggnl

Originally posted by: Queasy

Originally posted by: joshsquall
Pretty typical. The people who do the right thing are usually the ones that get screwed by big government.

Yep. This bill effectively uses people with good credit to subsidize people with bad credit. You know, because that worked so well with the mortgage industry...Bass ackwards legislation here.

So you think the CC companies should be able to shaft people with usuroius rates and exhorbitant fees just so you can get your frequent flyer miles and cash back rewards?

The people with bad credit have been subsidizing those with good credit all along. This bill is just restoring the equilibrium. If you don't like it then cancel your cards.

i think CC companies can pick whatever terms of service they want, and i think people can choose to use or not use whatever CC they want. i will stop using my CCs if they start charging an annual fee.

 

[jpeyton]

Originally posted by: spacejamz
why should the people who are financially responsbile continue to have to subsizide the morons who cannot honor their obligations?

Which provision in the bill helps "morons" avoid honoring their obligations? Cite the specific one.

If you're implying that this bill helps deadbeats avoid paying, and that you'll be forced to subsidize their losses, you're incorrect.

The mortgage industry went wild handing out sub-prime loans to people who should not have received mortgages in the first place.

If your credit card company is handing out unsecured debt to deadbeats who shouldn't get credit, then forcing you to subsidize their losses, time to switch credit card companies, don't you think? Unless you think credit card companies should hold you personally responsible for their decision to issue bad unsecured lines of credit.

 

[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?

 

[Special K]

Originally posted by: SagaLore

<snip>
As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.
<snip>

I think this is a good thing. People will be discouraged to have so many cards - then cards will become competitive again.

Yeah, but then FICO scores will suffer.

 

[greatBLU]

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.

I think debit cards are the ultimate solution. I carry very little cash because of them. People can debit cards just like a credit card but they can only spend the money they actually have.

 

[Red Squirrel]

Wow that is retarded. I hope it does not happen in Canada.

I use my credit card mostly for my server, hosting, domains and online purchases so I always pay it in full. Anyone who does not pay it in full is a fool. If you can't afford something what tells you you'll be able to afford it later + the interest?

 

[nakedfrog]

Originally posted by: greatBLU

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.

I think debit cards are the ultimate solution. I carry very little cash because of them. People can debit cards just like a credit card but they can only spend the money they actually have.

You'd think so, anyway. I don't know about other banks, but US Bank was more than happy to let charges go through on my debit card after it was overdrawn.

 

[Adul]

I don't actually have a credit card. I rather not either.

 

[Special K]

Originally posted by: RedSquirrel
Wow that is retarded. I hope it does not happen in Canada.

I use my credit card mostly for my server, hosting, domains and online purchases so I always pay it in full. Anyone who does not pay it in full is a fool. If you can't afford something what tells you you'll be able to afford it later + the interest?

Some people never look past the minimum payments. You could have a multi-thousand dollar credit card balance and only be required to pay $30/month or something. Of course it could take you years to pay that balance off, but you could technically make the payments.

Also, sometimes people are forced to live off of credit cards due to a job loss.

 

[jpeyton]

Originally posted by: Adul
I don't actually have a credit card. I rather not either.

Oh God, what about your FICO?!?

You don't worship at the altar of the almighty FICO?!?

The horror!!!

 

[mcmilljb]

I like how everyone believes this is so bad when we just saw them dick over a lot people recently with good credit by cutting their credit limits and raising interest rates without any notice. That's right, people had their terms changed for no reason and without any warning. You can't trust credit card companies, and they have proved it time after time with their broad fine print. Telling them hey you need to be more up front with people and give them advance notice is not a bad thing and will protect everyone. There currently isn't any competition because everyone has agreed to same over the top fees, they don't want to compete which is why they're the same.

 

[puffff]

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 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.