Obama to Crack Down on Credit Card Cos. (Pittsburgh, program, Austin)

[blackandproud]

Originally Posted by oz in SC

Care about it all you want then...

But don't expect the companies you CHOSE to have dealings with have to bend to your desires.

Why is credit so needed unless you are(like we are now doing) living beyond your means?

It is funny but I remember when there were NO credit cards...what a horrifying thought that must be to millions of people....

Oz, sounds a little like your projecting here. No where in any of my posts on this subject has anything to do with your statement above. The question you posed is why care about your FICO score?
I noticed a response from you on another thread where you broke down how much you owe on your second mortgage and the hit you took on the value of your house. Unfortunately for your situation you are dependent on credit. Your FICO score is tied into that. So it would not be myself who is living beyond their means.

I applaud the President speaking to this companies (not sure if anything going to come out of it this year), but remember these discussions concerning credit card practices began while Bush was in office, hence the new law that will take effect next year. Now that banks like Wamu/Chase, Bofa are merging, they are slipping in hire credit card rates and its not only on new charges, their slipping in these hire rates on existing debt.

I make no excuses for those who live beyond their means, but at the same time these banks should not be given additional lead way on these practices especially after they've received taxpayers money.

[Austin13]

Originally Posted by oz in SC

Actually if you pay off your balances every month....why bother with a credit card in the first place?

And I agree about changing bad habits,it is a terrible thing to know you owe tens of thousands of dollars and have little to nothing to show for it.

Our dream is to never have credit again....

Let's see. Why bother with a credit card? Business travel. Renting cars. Making hotel reservations. Have you tried to rent a car lately without a credit card? Booking flights, etc., etc.

[oz in SC]

Originally Posted by blackandproud

Oz, sounds a little like your projecting here. No where in any of my posts on this subject has anything to do with your statement above. The question you posed is why care about your FICO score?

No projecting,just trying to get people thinking about alternatives to credit cards and this idea you CANNOT live without them....

I noticed a response from you on another thread where you broke down how much you owe on your second mortgage and the hit you took on the value of your house. Unfortunately for your situation you are dependent on credit. Your FICO score is tied into that. So it would not be myself who is living beyond their means.

Take not I stated we were living beyond our means...so is anyone who requires the use of credit cards to function...

[oz in SC]

Originally Posted by Austin13

Let's see. Why bother with a credit card? Business travel. Renting cars. Making hotel reservations. Have you tried to rent a car lately without a credit card? Booking flights, etc., etc.

A debit card will work I believe.

[Austin13]

Originally Posted by oz in SC

A debit card will work I believe.

Not for renting cars with all car rental companies.

[pghquest]

Originally Posted by Austin13

Let's see. Why bother with a credit card? Business travel. Renting cars. Making hotel reservations. Have you tried to rent a car lately without a credit card? Booking flights, etc., etc.

Have you heard of debit cards?

[HappyTexan]

Originally Posted by Austin13

Let's see. Why bother with a credit card? Business travel. Renting cars. Making hotel reservations. Have you tried to rent a car lately without a credit card? Booking flights, etc., etc.

Sure have a card. If you have no balanace or pay in full each month then why care what the rate is ? You wouldn't be charged anything if you pay in full.

[Yeledaf]

Originally Posted by HappyTexan

Sure have a card. If you have no balanace or pay in full each month then why care what the rate is ? You wouldn't be charged anything if you pay in full.

Obviously correct.

Might I also suggest that one forget about banks entirely, and opt for credit unions, instead?

Freeing oneself from having to deal with banks is one of the most liberating (and personally responsible) things one can do.

[Austin13]

Originally Posted by pghquest

Have you heard of debit cards?

Have you tried renting a car from a rental car company that will not take a debit card?

[oz in SC]

Originally Posted by Austin13

Have you tried renting a car from a rental car company that will not take a debit card?

Use a different rental company perhaps?