Credit Card Reform

[csmutty]

http://money.cnn.com/2009/08/19/news...form/index.htm

Have we now no responsibility for ourselves? Are we so stupid that the government has to take over every little facet of our lives? This is just plain embarrassing. You signed up for it and signed on the dotted line and bought product that you could not afford. Now it is up to big brother to help you and is now the credit card companies fault? How is this even fucking constitutional?

[Pittenger5]

So by getting notice of rate increases and having more time to pay your bill every month is people being irresponsible?

[csmutty]

Originally Posted by Pittenger5

So by getting notice of rate increases and having more time to pay your bill every month is people being irresponsible?

Why was this even neccessary is what I am trying to get at! Because people do not live within their means! Think of it from the credit card companies point of view...

What right does the president have to do this in the Constitution?

[Pittenger5]

Other than the fact I know Ive gotten credit card bills in the mail like 3 days before its due. Blame the postal service or whatever, but I bet the companies wait till the last day to mail them out.

[Rambunctous]

We have the right since we bailed their asses out.

[csmutty]

Originally Posted by Rambunctous

We have the right since we bailed their asses out.

Where did we have the right to bail their asses out?

[Vulcan1500]

I see nothing wrong with the govt. protecting us from some of the sketchy things the credit card companies are doing. One of things that comes from this reform is that your monthly payments will now pay your higher APR balances first. Under the old systems if you had multiple rates all payments went to the lowest interest rate first. I'm sure some people on here are fiscally responsible enough that they've never had to carry a balance in their lives, but most people do carry a balance, and a rule change that benefits the consumer is nothing I'm going to complain about.

[Danz19899]

hey i know some fricken morons that use credit cards way to much. Guy just built a garage put 40k on 3 different cards like a jackass, guess who is having a very hard time paying anything more then the interest???

It sucks but some people are just fuggin dumb

[jcbell1007]

there are a lot of other protections built in. Here in VT, our state requires that creditors (banks, CC companies, lendors etc...) have no penalty for early payoff, other states you can get hammered with rate increases and penalties if you do.

Also, a number of CC companies would make you pay off the lower interest rate debts first while the higher interest rate debts kept accruing interests; this reform gets rid of that.

If you actually take the time to read the actual CC reform bill, there's a lot of things for the better in there for the average consumer. Why you would be angy about this, I'm not sure.

[Currently]

Has anyone been hit with the "changing your payment date" scheme yet.

My bills are paid automatically, I paid 80 bucks in late fees cause they changed the due date on me. That is pure B.S.

[idratherberidin]

Originally Posted by csmutty

http://money.cnn.com/2009/08/19/news...form/index.htm

Have we now no responsibility for ourselves? Are we so stupid that the government has to take over every little facet of our lives? This is just plain embarrassing. You signed up for it and signed on the dotted line and bought product that you could not afford. Now it is up to big brother to help you and is now the credit card companies fault? How is this even fucking constitutional?

Oh I want to be young again. I had 3 cards all with a balance of less then $500 each. I payed my bill every month and NEVER missed a payment. I received 3 letters last month telling me my rates were going up to 29% and 24%.(I paid them off last month) That's my fault? I am irresponsable? How many cards do you have? What are the balances? What are the rates? I bet you still have more stuffed animals on your bed then credit cards.

[csmutty]

Originally Posted by idratherberidin

Oh I want to be young again. I had 3 cards all with a balance of less then $500 each. I payed my bill every month and NEVER missed a payment. I received 3 letters last month telling me my rates were going up to 29% and 24%.(I paid them off last month) That's my fault? I am irresponsable? How many cards do you have? What are the balances? What are the rates? I bet you still have more stuffed animals on your bed then credit cards.

I have a Visa that is 29%, but I rarely use it. I use my debit card all the time, because I don't have to worry about paying a bill or accruing interest. The only reason I got one was so that I could get 1% cash back on some stuff that I buy and get my credit rating up there a little bit.

And I am pissed off at all of the things that the federal government thinks that they can do. This has been going on for a long ass time, way before Obama, and I think that this stuff should all be deemed unconstitutional and left for the states to decide, like was written in the good document.

[idratherberidin]

Originally Posted by csmutty

I have a Visa that is 29%, but I rarely use it. I use my debit card all the time, because I don't have to worry about paying a bill or accruing interest. The only reason I got one was so that I could get 1% cash back on some stuff that I buy and get my credit rating up there a little bit.

And I am pissed off at all of the things that the federal government thinks that they can do. This has been going on for a long ass time, way before Obama, and I think that this stuff should all be deemed unconstitutional and left for the states to decide, like was written in the good document.

Was that the starting rate?

[csmutty]

Originally Posted by idratherberidin

Was that the starting rate?

That is the starting rate as I remember...it gets paid off in full every month.

[vintage ex race]

Originally Posted by csmutty

That is the starting rate as I remember...it gets paid off in full every month.

WHY would anyone sign up for a credit card at a starting rate of 29%that is just nuts

[csmutty]

Originally Posted by vintage ex race

WHY would anyone sign up for a credit card at a starting rate of 29%that is just nuts

Because I don't have any credit...and it doesn't really matter since it is paid off in full.

[daviid]

Originally Posted by Currently

Has anyone been hit with the "changing your payment date" scheme yet.

My bills are paid automatically, I paid 80 bucks in late fees cause they changed the due date on me. That is pure B.S.

one credit card the date changed every month. i didnt catch it till about 8 months later

[SRTie4k]

Originally Posted by csmutty

Because I don't have any credit...and it doesn't really matter since it is paid off in full.

I didn't have any credit when I signed up for my first CC, and I got a 0% APR for 1 yr, followed by 13.99% APR after.

What bank did you go through?? You can usually find lower rates through the smaller banks and credit unions.

[obsolete]

As soon as you make a cure for dumb people being dumb then your ideal will work. We shouldn't have to do that but the fact remains: dumb people do dumb shit. I sure as hell don't like when dumb people fuck up my economy so adding some protection from greed really doesn't hurt me.

Did you just take a constitutional law class?

[Vulcan1500]

Bottom line - if the govt doesn't make laws to protect the consumers, we're gonna get screwed. To shadow what Idratherberidin said - I have a Citibank card that's going from 12.99% to 29.99%. I have been a customer for over 10 years with them. I've never made a late payment, I've paid all my balances on time. Never had a problem with them. They only did this (to ALL their customers) last fall because now there are laws preventing this. It's so sketchy. I know that to avoid it, just don't carry a balance. But it's kind of tough. Stuff comes up that you can't always prepare for. Maybe at 18 it's easy to say never carry a balance and pay everything off, but you'll soon find out that's not always going to be possible. I lost my job and was on unemployment for a few months this year, and wouldn't you know it - broke a ball joint in the car. Then after that had some brake problems. Shit just happens. That's life.

[Rambunctous]

Is Citicard and Citibank the same?

[idratherberidin]

Originally Posted by Rambunctous

Is Citicard and Citibank the same?

Yes

[Vulcan1500]

yeah sorry. Citicard. Changed a few years ago.

[obsolete]

If they up your interest rate does that affect the balance on the card or just purchases made after that?

[Rambunctous]

Both.