Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Advertisements
Reforms on ALL kinds of credit are badly needed. It is easy for the conservatives to say that "personal responsibility" is all that is needed but the FACTS are many of these companies border on criminal. They have pages and pages of terms in mice type that not even a JD can fully comprehend. They constantly mislead and "tease" people with gimmicks and lies. And then you buy into it and use the card and get a balance on it- and if you are late one time with ANY bill- even a utility bill- they jack your rates up on your existing balance to 40% from 6%! The deck is stacked against the consumer and regulation is needed beginning with banning "universal default" and telling the credit card company that that can only change interest rates on FUTURE balances with CLEAR written notice to the consumer.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by fopt65
Tighter restrictions on credit card companies will lead to less people being able to get credit. The banks won't want to take the risk. Similar to how mortgage companies now are severely curtailing who they loan to.
And that is a BAD thing? I think that is a GOOD thing myself. You should not even be considered for a mortgage unless you meet certain criteria including a cash down payment of at least 5%, no late payments in 12 months, no repos or bankruptcy for at least 3 years and a decent credit score. Otherwise you should RENT until you meet the standards. The reason we are in the mess we are in is because of reckless lending by banks and mortgage companies. And if you think "it doesn't affect me" you had better think again. My home has lost value because of empty foreclosed houses sitting around our sub division and now they have announced FEWER pool hours this summer and a DUES increase this fall because of the deadbeats that bought in here and did not pay their dues. And all this means that I will have less money to spend in the store which means the store will make a lower profit and maybe lay off employees and their stock value will decline which will affect your 401(k)!
So you are damn right- less people getting credit is fine by me!
And that is a BAD thing? I think that is a GOOD thing myself. You should not even be considered for a mortgage unless you meet certain criteria including a cash down payment of at least 5%, no late payments in 12 months, no repos or bankruptcy for at least 3 years and a decent credit score. Otherwise you should RENT until you meet the standards. The reason we are in the mess we are in is because of reckless lending by banks and mortgage companies. And if you think "it doesn't affect me" you had better think again. My home has lost value because of empty foreclosed houses sitting around our sub division and now they have announced FEWER pool hours this summer and a DUES increase this fall because of the deadbeats that bought in here and did not pay their dues. And all this means that I will have less money to spend in the store which means the store will make a lower profit and maybe lay off employees and their stock value will decline which will affect your 401(k)!
So you are damn right- less people getting credit is fine by me!
Wrong.. what we need is the government to get out of propping up industries and out of the loan business. Until the banks start to loan out their own money, not using tax payer money, we will never get banks back to properly analizing the risk/reward of loans.
The last thing I need is the government forcing restrictions on what requirements an individual needs to get a loan, forcing those who are "unbankable" to go to fly by night financing companies.
Your home has not lost values because of home owners losing their properties due to foreclosures, its lost value due to a lack of buyers, and the lack of buyers is due to the government tightening restrictions on loans (that they shouldnt be taking part in to begin with)
And that is a BAD thing? I think that is a GOOD thing myself. You should not even be considered for a mortgage unless you meet certain criteria including a cash down payment of at least 5%, no late payments in 12 months, no repos or bankruptcy for at least 3 years and a decent credit score. Otherwise you should RENT until you meet the standards. The reason we are in the mess we are in is because of reckless lending by banks and mortgage companies. And if you think "it doesn't affect me" you had better think again. My home has lost value because of empty foreclosed houses sitting around our sub division and now they have announced FEWER pool hours this summer and a DUES increase this fall because of the deadbeats that bought in here and did not pay their dues. And all this means that I will have less money to spend in the store which means the store will make a lower profit and maybe lay off employees and their stock value will decline which will affect your 401(k)!
So you are damn right- less people getting credit is fine by me!
Personally I don't think its a bad thing, but some people will. Then cries of discrimination will be heard from every news agency. "You are picking on poor people" etc. Then spineless politicians will throw the pendelum back in the opposite direction, overly loosening credit and so the cycle continues.
Isn't this what happened with mortgages? Started under Clinton, the complaint was not enough loans were made in poor neighborhoods. Then came deregulation, no document loans. What happened? House prices spiraled out of control, people got houses they could NEVER afford, and we're in our current mess.
Reforms on ALL kinds of credit are badly needed. It is easy for the conservatives to say that "personal responsibility" is all that is needed but the FACTS are many of these companies border on criminal. They have pages and pages of terms in mice type that not even a JD can fully comprehend. They constantly mislead and "tease" people with gimmicks and lies. And then you buy into it and use the card and get a balance on it- and if you are late one time with ANY bill- even a utility bill- they jack your rates up on your existing balance to 40% from 6%! The deck is stacked against the consumer and regulation is needed beginning with banning "universal default" and telling the credit card company that that can only change interest rates on FUTURE balances with CLEAR written notice to the consumer.
Is is one paper that has front and back type. It you don't understand the type then get someone who does. Give me a break their is to much type and it does not make sense. When I'm making a MAJOR decision that could affect me for ten years then yea I take the time to read ALL the print.
We dont need the government involved in this. First of all Obama should be finding a way to teach people not to use credit unless they are financially responsible.
If you have in over your head in credit card debt that is YOUR fault and like most mortgages the government dont need to go bailing people who misspend money and make poor decisions out.
Again, Obama thinks of only those who make poor decisions and wants to help them they will never learn.
Again, the huge difference between Obama and McCain.
Obama wants to bail people out and do there work for them and McCain want people to make good decisions and take personal responsibility.
Believe me my aunt works in credit repair and tells me that 99% of all people in debt overspend, buy things they dont need, wont work to get out of the problem they created and once they get bailed out they do it all over again.
Last edited by Sunshine Chick; 06-15-2008 at 08:33 PM..
Is is one paper that has front and back type. It you don't understand the type then get someone who does. Give me a break their is to much type and it does not make sense. When I'm making a MAJOR decision that could affect me for ten years then yea I take the time to read ALL the print.
Well its not like a credit card is a MAJOR decision, if you dont read the fine print, you get your credit card, its not what you expected, you cancel it and get a new one..
Well its not like a credit card is a MAJOR decision, if you dont read the fine print, you get your credit card, its not what you expected, you cancel it and get a new one..
I agree, if you cannot read and understand what you signed that is your fault. Just like many foreclosures, people dont read the contract and yet SIGNED AND AGREED to it lawfully.
Well its not like a credit card is a MAJOR decision, if you dont read the fine print, you get your credit card, its not what you expected, you cancel it and get a new one..
People don't read about it and then when they cancel them the rate will never lower. They should pay it off then cancel. It is a major decision as it can affect them buying hous in the future if they get in trouble with it!
People don't read about it and then when they cancel them the rate will never lower. They should pay it off then cancel. It is a major decision as it can affect them buying hous in the future if they get in trouble with it!
Pay it off, then cancel, or cancel and then pay it off.. what difference does it make if one lives within their means?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
