Congress to hear about Credit Cards

2008-04-17 12:27:03

#1

too_money2007: Member; +145|6733|Keller, Tx

http://money.cnn.com/2008/04/17/news/ec … tm?cnn=yes

So, basically, these politicians want the create laws that prevent credit card companies from fucking everyone over. In effect, they're trying to force credit card companies to do what they want. Here are a few of my points:

Good:
Would make it where any new increase in your APR would effect new debt, and not the accumulated debt the card holder already has. I mean, why do we have to pay more for something we charged 6 months ago, because you missed a payment this month?

Bad:
It's the card holders own fault of their debt. Why punish the institution that grants them credit for their users idiocy?

You can guess what the reaction was from the credit card companies. They spout some bullshit line that it'll make things worse because credit will be thin, as they'll refuse to give credit to people who don't need it (which is good), in turn, preventing them from making billions of dollars in a shadey way.

My wife and I have like $1500 in credit card debt, and it'll be paid off in two months due to our scheduled payments. If they refuse to lower our APR to what I think is correct, they'll lose my business. Fuck you CHASE!! Mother fuckers defaulted my APR to 29.99% for no reason and WILL NOT lower it until I pay down my balance. When I pay off half, and they still refuse, I'm cancelling, or balance transferring over to a card w/ 0% APR for a year. Then, cancelling that one when it's paid off.

Discuss.

2008-04-17 12:30:59

#2

SenorToenails: Veritas et Scientia; +444|6555|North Tonawanda, NY

I haven't ever had trouble with my credit cards. I have a 9.9% APR with a pretty profitable cash back scheme. I charge all my bills, and pay it during the grace period. Then I get free money every January.

2008-04-17 12:32:04

#3

too_money2007: Member; +145|6733|Keller, Tx

SenorToenails wrote:
I haven't ever had trouble with my credit cards. I have a 9.9% APR with a pretty profitable cash back scheme. I charge all my bills, and pay it during the grace period. Then I get free money every January.

Die!

Nah, but seriously. I racked up debt when I was a dumb kid. I've paid for it and I'm taking care of it now that I have an awesome job.

2008-04-17 12:37:48

#4

SenorToenails: Veritas et Scientia; +444|6555|North Tonawanda, NY

too_money2007 wrote:
Nah, but seriously. I racked up debt when I was a dumb kid. I've paid for it and I'm taking care of it now that I have an awesome job.

Oh, I've got debt. It just isn't in credit cards. Student loans

2008-04-17 12:51:54

#5

Agent_Dung_Bomb: Member; +302|7161|Salt Lake City

Credit card companies are slime. I had one increase my interest rate because I didn't spend enough on the card. It wasn't profitable for them to maintain me as a customer. I told them to fuck off and cancel my account, then transferred it to a different card.

I get so many pre-approved offers it isn't funny. I always looked at the fine print to see which offers were giving a fixed APR after the intro period. Didn't matter. Within 90 days of the introductory APR being over they changed my fixed APR to variable; yes, I knew it was in their contract information, as it is in all CC contracts that they may change it at any time for any reason, and without notice.

Any more the only card I use much at all is my Amex card, because I pay that off every month. I have one traditional CC, but only use that in the event of emergencies.

2008-04-17 13:14:50

#6

IRONCHEF: Member; +385|6916|Northern California

I loved Fight Club when they dropped those credit card company buildings. That's all I'm gonna say about that. Credit is the biggest racket out there..WHO created credit bureaus and their irresponsible and reckless life ruining policies? They're jsut as evil as the IRS and if certain jihadists took a survey of americans for which targets to take out first...i iknow what I'd suggest!

2008-04-17 13:17:11

#7

Kmar: Truth is my Bitch; +5,695|7025|132 and Bush

People love credit cards up until the point they have to pay for them.

Xbone Stormsurgezz

2008-04-17 13:18:26

#8

Pug: UR father's brother's nephew's former roommate; +652|6967|Texas - Bigger than France

Kmarion wrote:
People love credit cards up until the point they have to pay for them.

just like hookers

2008-04-17 13:39:56

#9

Pug: UR father's brother's nephew's former roommate; +652|6967|Texas - Bigger than France

I think it's a pretty good idea to eliminate predatory behavior by the companies. You'll see a lot of cards have a jump in their initial rate though, and I'd also bet the "platinum" limits will be lowered.

What I really don't understand is how someone could GET another credit card if they already are in credit card debt. It seems if you are merely transferring debt rates, it's not doing anything for anyone really - it's the illusion of "paying less".

2008-04-17 13:48:03

#10

Mekstizzle: WALKER; +3,611|7046|London, England

I'm only ever going to get a credit card if I'm absolutely moterhfucking "will work for beer" desperate. Until that time, it's debit card or bust.

2008-04-17 14:08:17

#11

HurricaИe: Banned; +877|6386|Washington DC

Credit card's are great if you treat them with respect. Use them like a debit card for most things... because if you're responsible about your money usage, your credit score will be very good. It's nice to be able to use credit when making a particularly large purchase (e.g. a house or car)... unless you're so rich you just go to the dealership with $40,000 in cash.

2008-04-17 14:29:05

#12

RoosterCantrell: Goodbye :); +399|6904|Somewhere else

credit is fine. Credit Cards are a deathtrap. I had AUTOMATIC PAYMENTS through wells fargo onto a WELLS FARGO credit card, yet they defaulted because of a late payment to 32.99% on a balance of 2000$ Luckily, I was about due for my tax return=2500$.

What now bitch? ZERO Balance and take this card.... pound it up your ass.

2008-04-17 14:33:17

#13

Stingray24: Proud member of the vast right-wing conspiracy; +1,060|6870|The Land of Scott Walker

I'm glad this is being addressed. People who are dumb with their cards and rack up debt they can't pay for should still feel the pinch. But the companies raising rates on people for no reason is absolutely unfair. I will hate Bank of America forever because of that. They tripled my rate after only 1 late payment when my payment record was bulletproof before that. So I closed the account, went to a credit counseling agency, and then BofA lowered it back to my 9.9%. Now WHY wouldn't the company just work with me? I wanted to pay off my debt, just not at 3 times the interest for 1 late payment. Jerks.

PS Discover has always been good to me so they are the only card I have currently as I pay down all my balances. In 2-3 years my wife and I will be completely debt free, assuming our vehicles hold together. When BofA calls wanting my business I will tell them the same thing they told me when I wanted my lower rate back ... sorry, buh bye.

Last edited by Stingray24 (2008-04-17 14:35:52)

2008-04-17 15:33:10

#14

ReTox: Member; +100|6924|State of RETOXification

Takes 20 seconds to get into debt and years to get out of it. I recommend paying cash when buying anything... if you ain't got the cash then maybe you really don't need it.

I say that because I have debt... and it sucks.

2008-04-17 15:59:22

#15

unnamednewbie13: Moderator; +2,072|7196|PNW

too_money2007 wrote:
Discuss

The worst a credit card company has done to me is charge me a late fee that was well over the amount I actually owed (I had been trying to figure out how much I owed them for over a month and phone tag wasn't working too well). After a letter with my best complaining, they waived the fee.

Still, not a good sign, and I'm going to pay everything with cash, check (/cashier), debit or money order whenever possible.

Last edited by unnamednewbie13 (2008-04-17 16:01:58)

2008-04-17 16:14:27

#16

ATG: Banned; +5,233|6954|Global Command

too_money2007 wrote:
Bad:
It's the card holders own fault of their debt. Why punish the institution that grants them credit for their users idiocy?

Discuss.

Fuck the credit card companies and their 29.9% interest.

2008-04-17 16:16:30

#17

unnamednewbie13: Moderator; +2,072|7196|PNW

ATG wrote:
too_money2007 wrote:
Bad:
It's the card holders own fault of their debt. Why punish the institution that grants them credit for their users idiocy?

Discuss.
Fuck the credit card companies and their 29.9% interest.

Money: Because their 'recruitment' methods are the devil's own shades of seedy. Mine made it as hard as possible to find out what I owed each month (I didn't want to pay an obscene amount of accumulated interest).
ATG: Fuck the credit card companies and their 29.9% interest.

Last edited by unnamednewbie13 (2008-04-17 16:17:52)

2008-04-18 06:20:01

#18

too_money2007: Member; +145|6733|Keller, Tx

I hear you guys. I've tried lowering my APR from my default of 29.99% and they won't do it. We haven't even used the card in like 3 months and are paying it down, yet, they see that we're doing it and are going to get every penny out of us as possible. I'm done with Chase after this. I'll have my mortgage loan in line and after we move into our house in July, we're paying off the balance and I'm going to cancel that bitch quick.

I also find it to be bullshit that CC companies can raise your APR for no reason, other than the market is bad, in order to keep their profits up.

I hate the government getting into our daily lives, but they need to kick the shit out of these people and put them in their place.

2008-04-18 06:30:39

#19

GorillaTicTacs: Member; +231|6798|Kyiv, Ukraine

My ex-wife used to hide the credit card bills, didn't find them until the divorce. My name was on the cards...FTW!

Took me 4 years to dig my way out of $14,000 in debt, I think I ended up paying twice that in the long run.

My credit rating is near permanently dead I was told, not because I was in debt or late, but because I paid it off?!?

Now I see this evil coming here to Eastern Europe. I can't warn people away from taking "store credits" fast enough. They will learn.

2008-04-18 08:58:18

#20

SEREMAKER: BABYMAKIN EXPERT √; +2,187|6993|Mountains of NC

29.9 % .................. holy shit

if it was me ............. I would open another credit card, they usually give you no interest for a year on transfers and transfer that balance

https://static.bf2s.com/files/user/17445/carhartt.jpg

2008-04-18 09:13:13

#21

ATG: Banned; +5,233|6954|Global Command

SEREMAKER wrote:
29.9 % .................. holy shit

if it was me ............. I would open another credit card, they usually give you no interest for a year on transfers and transfer that balance

lol, good luck with that hell.

If you are late on one card, all your other cards can bump you up to the 29.9% rate.
If you are late on your car payment or phone bill, 29.9% on your credit cards.

cleptocracy.

2008-04-18 09:26:22

#22

Kmar: Truth is my Bitch; +5,695|7025|132 and Bush

Pug wrote:
Kmarion wrote:
People love credit cards up until the point they have to pay for them.
just like hookers

My suggestion, use neither. That way we won't have to hear people whine in DAST. There used to be a time when people honored their commitments. Now we come up with new words and call ourselves victims because we can't understand what it means to enter into an agreement. The credit card companies base their rates on credit worthiness. If you pay your mutually agreed upon debts on time your interest rates are lower. If you take out loans and bitch when it's time to honor your willful commitments you pay the deadbeat tax. I think it's running around 29% these days. I'd rather people exercise self control than demand the government stick it's nose in business.

Xbone Stormsurgezz

2008-04-18 11:06:50

#23

Agent_Dung_Bomb: Member; +302|7161|Salt Lake City

Kmarion wrote:
Pug wrote:
Kmarion wrote:
People love credit cards up until the point they have to pay for them.
just like hookers
My suggestion, use neither. That way we won't have to hear people whine in DAST. There used to be a time when people honored their commitments. Now we come up with new words and call ourselves victims because we can't understand what it means to enter into an agreement. The credit card companies base their rates on credit worthiness. If you pay your mutually agreed upon debts on time your interest rates are lower. If you take out loans and bitch when it's time to honor your willful commitments you pay the deadbeat tax. I think it's running around 29% these days. I'd rather people exercise self control than demand the government stick it's nose in business.

While some people do spend more than they can afford to repay, the CC companies aren't some benevolent group of companies that are getting shafted. Like I said in an earlier post, the days of good responsible consumers being the ideal customer for CC companies are gone. They tried to raise my rates because I wasn't spending more than I could afford to pay, was making my payments on time so they couldn't hit me with penalties and fees, and was making more than the monthly minimum so the card would actually be paid off some time in the foreseeable future. They don't want all their customers to be like that any more.

2008-04-18 11:23:47

#24

ATG: Banned; +5,233|6954|Global Command

Kmarion wrote:
Pug wrote:
Kmarion wrote:
People love credit cards up until the point they have to pay for them.
just like hookers
My suggestion, use neither. That way we won't have to hear people whine in DAST. There used to be a time when people honored their commitments. Now we come up with new words and call ourselves victims because we can't understand what it means to enter into an agreement. The credit card companies base their rates on credit worthiness. If you pay your mutually agreed upon debts on time your interest rates are lower. If you take out loans and bitch when it's time to honor your willful commitments you pay the deadbeat tax. I think it's running around 29% these days. I'd rather people exercise self control than demand the government stick it's nose in business.

Criminal tactics dictate that if you are late on your phone bill the credit bcard goons jack your rate.

I hope they all fail.

2008-04-18 11:45:35

#25

Kmar: Truth is my Bitch; +5,695|7025|132 and Bush

ATG wrote:
Kmarion wrote:
Pug wrote:
just like hookers
My suggestion, use neither. That way we won't have to hear people whine in DAST. There used to be a time when people honored their commitments. Now we come up with new words and call ourselves victims because we can't understand what it means to enter into an agreement. The credit card companies base their rates on credit worthiness. If you pay your mutually agreed upon debts on time your interest rates are lower. If you take out loans and bitch when it's time to honor your willful commitments you pay the deadbeat tax. I think it's running around 29% these days. I'd rather people exercise self control than demand the government stick it's nose in business.
Criminal tactics dictate that if you are late on your phone bill the credit bcard goons jack your rate.

I hope they all fail.

You willingly sign up for something and refuse to pay for it. Whose the criminal again?

Xbone Stormsurgezz

BF2S Forums Congress to hear about Credit Cards

SenorToenails wrote:

too_money2007 wrote:

Kmarion wrote:

too_money2007 wrote:

too_money2007 wrote:

ATG wrote:

too_money2007 wrote:

SEREMAKER wrote:

Pug wrote:

Kmarion wrote:

Kmarion wrote:

Pug wrote:

Kmarion wrote:

Kmarion wrote:

Pug wrote:

Kmarion wrote:

ATG wrote:

Kmarion wrote:

Pug wrote:

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