pig devilz Posted December 18, 2008 Share Posted December 18, 2008 it's taken a flipped out economy to finally get something done. all be it that the changes are not slated to take effect until 2010. my initial concern is that the CC co. will hammer consumers between now and then. anything more you hear or read about this, please post here. http://www.boston.com/business/articles/20...dit_card_rules/ Quote Link to comment Share on other sites More sharing options...
pig devilz Posted December 18, 2008 Author Share Posted December 18, 2008 wow!....this has been posted for over 6 hours and not one reply. do you guys realize how important this is if you have a credit card? Quote Link to comment Share on other sites More sharing options...
rajncajn Posted December 18, 2008 Share Posted December 18, 2008 wow!....this has been posted for over 6 hours and not one reply. do you guys realize how important this is if you have a credit card? Too little too late for a lot of people. Quote Link to comment Share on other sites More sharing options...
Skippy Posted December 19, 2008 Share Posted December 19, 2008 Too little too late for a lot of people. This is the truth. Giving them another 18 months to figure out how to weasel everything they can out of people that fall for their schemes is not good either. A lot of people say that it is your own fault but these the credit card business can be very predatory and I think it is time for someone to watch out for the people that are not so good at watching out for their selves. JMHO Quote Link to comment Share on other sites More sharing options...
pig devilz Posted December 19, 2008 Author Share Posted December 19, 2008 that all is well and good and also true guys, but they are not the only ones who need relief. what the cc companies are NOW doing, which has always been within their rights to do, is raising the monthly interest rates on cardholders who have NEVER missed a payment. when i say raise, i mean raise. try from 8.99% to 27.99% ! this hasn't happened to me, but i see it every other day in the news. the cc companies are resorting to this totally legal spike in rates to make up for those that don't pay. or at least that's what they claim. so, if you are a 'good' cc holder you are a prime candidate to pay for others in this economy that can not or just don't pay. you may have already known this but if you didn't you should read that fine little print on the back of your statement. this is only one of many things they can legally do. these reforms are WAY over due. the 18 months until they take effect could be dicey for many as the cc companies will put the hammer down to get as much as they can, while they can, from whoever they can.... Quote Link to comment Share on other sites More sharing options...
polksalet Posted December 19, 2008 Share Posted December 19, 2008 This is the truth. Giving them another 18 months to figure out how to weasel everything they can out of people that fall for their schemes is not good either. A lot of people say that it is your own fault but these the credit card business can be very predatory and I think it is time for someone to watch out for the people that are not so good at watching out for their selves. JMHO please define what you mean by predatory Quote Link to comment Share on other sites More sharing options...
Skippy Posted December 19, 2008 Share Posted December 19, 2008 please define what you mean by predatory They lure people that should in no way have a CC into one of their schemes. Then, because that same person did not read the 40 page terms, they rack them with all sorts of crazy fees and even a bunch of goofy terms that you would never expect to exist. I have heard of them delaying the receipt of a payment. Changing due dates. Raising interest rates for no good reason after that person that should not even have that card has a balance that they should never have been able to charge. There is a lot more Polk but I am just talking about some things that I know for sure has happend to people that I either know or know of. Quote Link to comment Share on other sites More sharing options...
pig devilz Posted December 19, 2008 Author Share Posted December 19, 2008 They lure people that should in no way have a CC into one of their schemes. Then, because that same person did not read the 40 page terms, they rack them with all sorts of crazy fees and even a bunch of goofy terms that you would never expect to exist. I have heard of them delaying the receipt of a payment. Changing due dates. Raising interest rates for no good reason after that person that should not even have that card has a balance that they should never have been able to charge. There is a lot more Polk but I am just talking about some things that I know for sure has happend to people that I either know or know of. many of the things you mention will be changed by the new rules, including the high 'fees' they charge when giving a cc to people who really shouldn't have one. all the rest you mention Skippy is true also.....they really have been able to do just about anything they have wanted to for many decades to any cardholder. hopefully these new rules will change some of that. Quote Link to comment Share on other sites More sharing options...
rajncajn Posted December 19, 2008 Share Posted December 19, 2008 please define what you mean by predatory They make it too easy for the financially desperate & immature to get credit cards. Then gladly jack up the interest rates at a whim & make it so the holder has no hope of ever paying it off. Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted December 19, 2008 Share Posted December 19, 2008 They lure people that should in no way have a CC into one of their schemes. Then, because that same person did not read the 40 page terms, they rack them with all sorts of crazy fees and even a bunch of goofy terms that you would never expect to exist. I have heard of them delaying the receipt of a payment. Changing due dates. Raising interest rates for no good reason after that person that should not even have that card has a balance that they should never have been able to charge. There is a lot more Polk but I am just talking about some things that I know for sure has happend to people that I either know or know of. I've seen this lately. We used to get 14 days or so between receiving the bill and it's payment due date. I got one yesterday that gives me 9 days till due. Quote Link to comment Share on other sites More sharing options...
TimC Posted December 19, 2008 Share Posted December 19, 2008 If you carry a credit card balance because you can't save money to make the purchase, then I personally would charge you 30% interest as well. If not more. People have got to put things on hold and start saving some money. It's the only way. Otherwise, you deserve what you get for borrowing money from these vultures. I worked at the bank that spun off Capital One back in the 90s. These people are pure 100% evil. I was in the meetings (for the accounting, not the marketing) and could not believe their marketing schemes they were coming up with back then. It was shocking. I never thought it would work because I figured there weren't that many stupid people. There are. Quote Link to comment Share on other sites More sharing options...
BiggieFries Posted December 19, 2008 Share Posted December 19, 2008 I've seen this lately. We used to get 14 days or so between receiving the bill and it's payment due date. I got one yesterday that gives me 9 days till due. Discover did this to me after they changed my card number. I just called them up and told them to change it back to the original due date. Not a big deal as long as you notice that the due date has changed and actually call them up. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted December 19, 2008 Share Posted December 19, 2008 My due date was changing on a monthly basis. It got terribly frustrating since I only carry 1 card and pay it off every month. I decided to cancel it and move to a different card for this reason. They tried several different ways (lower rates, cash back, etc.) to get me to keep the card. I refused them all. There are too many different credit cards out there for me to put up with their BS. Quote Link to comment Share on other sites More sharing options...
Skippy Posted December 19, 2008 Share Posted December 19, 2008 They make it too easy for the financially desperate & immature to get credit cards. Then gladly jack up the interest rates at a whim & make it so the holder has no hope of ever paying it off. Wurd! My 18 year old daughter who has no credit history at all and has not held the same job for more than three months in a row just got a shiny new Capital One card with a $300.00 limit. She has zero interest for six months and plans to go Christmas shopping with that card. She is certain that she will pay off the balance within the six months of zeor interest but when I asked her how much interest she will pay after that she did not know. I was able to dig through her terms and show her that she will be at 23.9 after that six months. It took me an hour of talking to her and showing her all sorts of examples of how it all goes wrong before she caved in and gave me the card. The plan is for me to hold it for her but if she ever really needs it for an emergency, (300.00), then she will ask me for it and we will talk it over. This takes me back to wishing that I had done a better job teaching my children about money. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted December 19, 2008 Share Posted December 19, 2008 I have heard of them delaying the receipt of a payment. Happened to me two months running when I had to use the mail for payment. Sent it in 10 days before due date paying the entire bill and still got busted for late payments both times. Called and canceled the card even though they did everything possible to persuade me to keep it. I now have a different card providing cash back, a massive credit limit (that I wouldn't dream of approaching), a bunch of other perks and excellent customer service. I pay it off in full online and it posts to my account the same day. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted December 19, 2008 Share Posted December 19, 2008 its very simple....... BUY WHAT YOU CAN AFFORD Quote Link to comment Share on other sites More sharing options...
westvirginia Posted December 19, 2008 Share Posted December 19, 2008 Happened to me two months running when I had to use the mail for payment. Sent it in 10 days before due date paying the entire bill and still got busted for late payments both times. Called and canceled the card even though they did everything possible to persuade me to keep it. I now have a different card providing cash back, a massive credit limit (that I wouldn't dream of approaching), a bunch of other perks and excellent customer service. I pay it off in full online and it posts to my account the same day. Household bank tried the same thing on me two months running until I sent them copies of the checks showing cashed before the due date. Again, tried everything in the world to keep me, but who's interested in doing business with someone who is dishonest? Skippy, I'm sure you and your daughter are both great people, and I'm glad you talked sense into her. If you hadn't, though, it would have been no one's fault but her own. She didn't even ask the question of how much the rate was? How is that IN ANY WAY the fault of the CC company? If someone wants to know how to negotiate with ANY industry today, you can find information on the internet for it. Yes, they can jack up your rates at any time. And you can go somewhere else. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.