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It took all of 5 seconds to find your previous postings. I have a pretty good memory and knew you started threads on the subject.
The credit card legislation had NOTHING to do with individuals being responsible with their credit. It was all about punishing credit card companies. To come back now after the fact that conservatives said that the outcome would = higher fees, which liberals disagreed with, and proclaim it was all about responsibility is just dishonest.
I beg your pardon, dont you dare call me dishonest.
"The credit card legislation had NOTHING to do with individuals being responsible with their credit. It was all about punishing credit card companies." -- that's your opinion, typically blinded by rage. It's not a fact.
"Credit Card Act to be implemented in time for Christmas, possibly" and "Obama backs bill to lessen credit card interest burden" - I didnt write em, I quoted em. Sorry if you're so constantly angry you dont take time to read.
Neither of them is about the current high fees, either, so I dont really get what you're attacking about here in the first place.
Unless you are starting a business or buying a house soon, cancel any rediculous cards that charge fees or raise interest rates. Let your credit score drop a few points. The power is in the hands of the consumers. If consumers show up and not stand for something, businesses have to adjust eventually.
I mean seriously. I'm around 800. I doubt if I dropped to 750 after canceling a card or two ... that my life would end.
I got an offer for a "Black Card" yesterday (for those who know what that is). Was excited until I read an annual fee of $495 for the privelege of using this "prestigious" card lol. Sent a note back that said, "$500 to use? No thanks. I'll stick with my 'lowlife' credit cards."
Exactly.Why are people whining about Obama when its the banks that are gouging the American people?The same American people who have bailed out their a$$es.
If those complaining acted with the fervor that their tea party representatives did in Washington against these financial systems that will bend you over under any situation then they can force the banks to stop this nonsense.It seems like these bankers are teflon because so many citizens are corporate sympathizers that they will blame the gov't for attempting to protect them.
Quote:
Originally Posted by twowolves
Honestly, I could care less if my fico score drops a few points, if our credit card company (USAA) pulls a fast one, we are OUTTA there.
We are in control, not them.
Sheesh, I feel like they are trying to control me by coercion!
Exactly.Why are people whining about Obama when its the banks that are gouging the American people?
Again, banks are one of the most heavily regulated industries in the US. The banks don't wipe their noses right now without getting an okay from the Fed, the Treasury, the FDIC, Larry Summers and Tim Geitner. If they are raising credit card rates than this administration is okay with that. I'm sure you can find someone in the administration complaining about it, but they aren't stopping it. IMO they like banks raising rates. It brings in more revenue and helps the banks get solvent without more government money. Sure it will cost the consumer more, but this administration doesn't care...just wait till cap & trade and the healthcare bill sink this country.
I beg your pardon, dont you dare call me dishonest.
Yes, I called you dishonest, and then you come here and prove you are dishonest
Quote:
Originally Posted by delusianne
"The credit card legislation had NOTHING to do with individuals being responsible with their credit. It was all about punishing credit card companies." -- that's your opinion, typically blinded by rage. It's not a fact.
"Credit Card Act to be implemented in time for Christmas, possibly" and "Obama backs bill to lessen credit card interest burden" - I didnt write em, I quoted em. Sorry if you're so constantly angry you dont take time to read.
I dont see in your posting where you backed up your argument that it was about encouraging responsibility. Your posting quotes Obama saying it was to lessen the burden of interest, not about responsibility...
Quote:
Originally Posted by delusianne
Neither of them is about the current high fees, either, so I dont really get what you're attacking about here in the first place.
Because conservatives posted time and time again that the ONLY possible outcome from the obama legislation would be higher fees, and you guys all said we were crazy. Stop being dishonest and admit you were wrong..
Unless you are starting a business or buying a house soon, cancel any rediculous cards that charge fees or raise interest rates. Let your credit score drop a few points. The power is in the hands of the consumers. If consumers show up and not stand for something, businesses have to adjust eventually.
I mean seriously. I'm around 800. I doubt if I dropped to 750 after canceling a card or two ... that my life would end.
I got an offer for a "Black Card" yesterday (for those who know what that is). Was excited until I read an annual fee of $495 for the privelege of using this "prestigious" card lol. Sent a note back that said, "$500 to use? No thanks. I'll stick with my 'lowlife' credit cards."
Funny you mention that...I received a similar invitation from American Express telling me that I had reached Platinum status. I was pretty excited too because, coming from American Express, there was some level of credit-achievment behind it. That is, until I too found out that the annual fee was $425. LOL Needless to say, I kept my Gold AmEx (put all my monthly expenditures on it and pay it off each month.) I seriously could not find a worthy cost/benefit to switch to the Platinum card.
Ahh, the beauty of regulation. Eat it up folks, you will get them bad companies and take them for what you want right? Nope, you will get the short end of the stick due to loop holes and the government will get pay backs for their ownership of it. Regulation is for the stupid and the idiotic. Just wait when you are being bent over the table, they will tell you how much they have helped you and done for you during the election. You can't make this sort of stupid up. It works though, regulation always works for those invested in it!
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 22,959,128 times
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Quote:
Originally Posted by twowolves
It seems if you have perfect credit, your rate wouldn't be 29.99%.
hubby and I have fico scores over 800 and our credit card rate is under 8%...this is all riduculousness and I can't see it working in their favor.
I feel like it's going to backfire, quite soon after implementation.
Time will tell.
If everyone who has good credit decided to cancel their cards or discontinue charging, then the banks will only be profitting off of those with low credit. What happens when those with bad credit don't pay their bills and those with good credit refuses to use the cards/cancel account?This will eventually place the banks in a precarious situation similar to the housing crisis.
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