House Vote On Passage: H.R. 627: Credit Cardholders' Bill of Rights Act of 2009 (foreclosures, rent to own)

[Finger Laker]

Originally Posted by Ponderosa

If people did not carry credit balances there would not be credit cards. Yeah, the banks are gonna let everyone have an interest free short term loans. In your freakin' dreams. What a bunch of pompous crap.

i don't think anyone is advocating that they should or would

if no one carried a balance there would be no credit cards and the lack of credit would dry up the economy pretty quick leading to a pretty deep depression ..... the whole issue would be moot

as long as there are credit cards people will carry balances

however, credit card companies shouldn't be allowed to arbitrarily hike your rate 20 points - apply rates retroactively, ect

they should share in the social responsibility as well as good business sense of lending only to those who are capable of repaying loans - they'll have less default risk, less money spent on collections and an overall smoother running business and people will have excess capital to continue to consume as they aren't paying an interest debt load to what is essentially a black hole

you start moving towards win-win

[Ponderosa]

Originally Posted by Finger Laker

i don't think anyone is advocating that they should or would

Half the posts on the thread are from people pontificating about how they never maintain a balance and berating those who do. Actually, many banks are now canceling people who carry no balance particularly if they seldom use the card. Anyhow, I agree with your points. The banks need to be taken to the woodshed for abuse of the consumer. The bad thing about this law is that it does not take place for a year so they will have plenty of time to continue their shenanigans.

[Rick Lee]

Credit cards make plenty of money off merchant fees. They make money off carried balances too. But if they didn't make money off people who don't carry balances, then they'd not give those folks credit cards. A lot of them charge merchants up to 3% per transaction. Remember when gas stations had different prices for cash and credit?

I don't really care if there are laws governing payday loan shops. But since there are laws on the books and a lot of those places take your car title, I don't have a problem with them getting regulated by the state. If the state caps the allowable interest rates to a level at which they can no longer make money, then they will go away. Who suffers most from that? Probably the folks who use payday and title loans. Won't affect me a bit, so I don't really care.

[markas214]

All those lambasting people with high balances have apparently never lost a job or been laid off. People may need to run a balance for a short term while finding new work. They may be hit with unforeseen medical bills or their car dies. Many people live paycheck to paycheck due to stagnant wages that have failed to keep up with price inflation. A person who needed to borrow $10,000 with a 7% rate who had every intention of paying it and no bad history may suddenly find the rate at 35%, nearly $300 a month in interest alone. That could bankrupt them. All so the banks can pay their staff million dollar bonuses and continue to live the life of royalty. Wake up those of you who see no problem with that. Thomas Jefferson warned of the bankers:

“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” -
Thomas Jefferson

We risk becoming a rentier society where all wealth is held by a few. We're on our way. 400 individuals currently hold 22% of the wealth in this country. Did they earn it by hard work or by having inside access to the system? I know what I believe.

[Rick Lee]

I've been laid off several times and will reiterate that I've carried balances once in a while. That's my problem, not the the credit card issuers'. Again, if they can't charge what they need to charge, then people in tight spots won't even have credit cards or payday loans to help them. Who suffers most then?

[markas214]

Originally Posted by Rick Lee

I've been laid off several times and will reiterate that I've carried balances once in a while. That's my problem, not the the credit card issuers'. Again, if they can't charge what they need to charge, then people in tight spots won't even have credit cards or payday loans to help them. Who suffers most then?

...what they need to charge in order to pay themselves 50 million dollar bonuses. I see it more as a money grab than a business decision and find Jefferson's opinion more credible than those who side with the bankers.

[Rick Lee]

Originally Posted by markas214

...what they need to charge in order to pay themselves 50 million dollar bonuses. I see it more as a money grab than a business decision and find Jefferson's opinion more credible than those who side with the bankers.

They can pay themselves whatever they want. Doesn't affect you in the least unless you're a stockholder. If they donated their entire paycheck to outstanding card balances, it wouldn't reduce your personal debt by $1. Get over your envy and realize no one is responsible for your situation but you.

[Ponderosa]

Originally Posted by markas214

...what they need to charge in order to pay themselves 50 million dollar bonuses. I see it more as a money grab than a business decision and find Jefferson's opinion more credible than those who side with the bankers.

Amen! I had never heard that quote - thanks. I, too, will take the words of a true genius over the those who post in defense of corrupt moneylenders. Even Jesus himself took a whip to the bankers of his day. Our republican representatives apparently agree with neither Jefferson nor Jesus. Makes you wonder who is making the payments on the Cornville house.

[markas214]

Originally Posted by Rick Lee

They can pay themselves whatever they want. Doesn't affect you in the least unless you're a stockholder. If they donated their entire paycheck to outstanding card balances, it wouldn't reduce your personal debt by $1. Get over your envy and realize no one is responsible for your situation but you.

Actually my situation is just fine. However I do have a sense of social responsibility. I have no need to envy as my wealth is far greater than anyone on the planet. It is my family. Financially between my wife and myself we are far better off than most but I don't measure success by how many houses I own or the size of my bank accounts.

I am not naive enough to believe all is well with the credit card business as it is. The entire system is predatory, taking advantage of people who have fallen upon hard times or are simply not financially savvy enough to understand how they are being scammed. My bank charged me $1.50 to simply check a balance from an ATM. Their expense on that transaction was approximately $0.00. Pure profit. Unfortunately I need to use the banking system and I am at the mercy of the industry who have spent billions having laws written to give them ca rte Blanche to overcharge consumers.

[Rick Lee]

Originally Posted by markas214

I am at the mercy of the industry who have spent billions having laws written to give them ca rte Blanche to overcharge consumers.

I suppose everything you buy you think is too expensive means someone is scamming you. I have never in my life used an ATM to check my balance and can't imagine paying to do so. I can do it by phone for free 24/7 or online. I'm trying to think of when I was ever forced to take a credit card, rack up a balance or sign for a loan I couldn't afford. You know, I just can't remember that ever happening to me. Why don't I ever get scammed or shafted by "the system"? Why am I so lucky?