Comments on: Is 2009 the Year of Credit Card Reform? http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform National News in Context Tue, 24 Nov 2009 13:54:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: wooster http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-34634 wooster Fri, 22 May 2009 17:02:55 +0000 http://washingtonindependent.com/?p=22906#comment-34634 its about time someone done something about these long shark buzzards from ripping people off, they are blood sucker and have drained so much money off of honest desent law abiding americans its about time someone done something about these long shark buzzards from ripping people off, they are blood sucker and have drained so much money off of honest desent law abiding americans

]]> By: wooster http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-31372 wooster Fri, 22 May 2009 10:02:55 +0000 http://washingtonindependent.com/?p=22906#comment-31372 its about time someone done something about these long shark buzzards from ripping people off, they are blood sucker and have drained so much money off of honest desent law abiding americans its about time someone done something about these long shark buzzards from ripping people off, they are blood sucker and have drained so much money off of honest desent law abiding americans

]]> By: Max http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-30301 Max Sat, 09 May 2009 20:16:40 +0000 http://washingtonindependent.com/?p=22906#comment-30301 Why do not limit de maximum interest a cred card company can charge 10% over prime rate?<br>No body talks about this. The only think we hear is regulation about fees, penalties, fine print etc. Stop legal loansharking. We have interest rates of 32% in many cases. How can you pay your card at this rates? Why do not limit de maximum interest a cred card company can charge 10% over prime rate?
No body talks about this. The only think we hear is regulation about fees, penalties, fine print etc. Stop legal loansharking. We have interest rates of 32% in many cases. How can you pay your card at this rates?

]]> By: Bitofsense http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-27378 Bitofsense Tue, 21 Apr 2009 16:28:27 +0000 http://washingtonindependent.com/?p=22906#comment-27378 Like everything else in congress, this is several years too late, and no doubt will only give the appearance that they are not on a junket somewhere. The only ones to benefit by paying down, and eventually OFF these debts is the consumer... And who worries about the little guy?<br><br>Too little, too late.. Like everything else in congress, this is several years too late, and no doubt will only give the appearance that they are not on a junket somewhere. The only ones to benefit by paying down, and eventually OFF these debts is the consumer… And who worries about the little guy?

Too little, too late..

]]> By: Charles http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-19332 Charles Fri, 27 Feb 2009 01:55:19 +0000 http://washingtonindependent.com/?p=22906#comment-19332 We the taxpayers are helping these companies with bail outs to stimulate the economy and attempt to bring our country back up to its fee. These companies turn around and in a stroke throw us on the ground by increasing the debt to levels unaffordable to us. There is an obvious paradox here and clear difference in interests.<br><br>If after a late fee on my mortgage, the interest rates increased to 30%, I would loose my house and my credit worthiness. Why does the goverment allow the credit card companies to do this. There is obviously no interest in seeing the consumers get out of debt and I believe that promoting bankrupcies like they are will not help anyone.<br><br>These are obvious predatory practices that need to be addressed. To Edward Yinglin, how does increasing the debt to income ratio considerably and reducing the available pool of credit worthy consumers help the economy and the consumers?.<br><br>If before I had $20K in credit card debt at 12%/yr, then my payment of $400 was covering the interest ($200) and some principal ($200). With an increase in interest rates to 30%, the interest alone is $500. My $400 payment is now placing me deeper in debt. Having our goverment allow this is unconceivable. We the taxpayers are helping these companies with bail outs to stimulate the economy and attempt to bring our country back up to its fee. These companies turn around and in a stroke throw us on the ground by increasing the debt to levels unaffordable to us. There is an obvious paradox here and clear difference in interests.

If after a late fee on my mortgage, the interest rates increased to 30%, I would loose my house and my credit worthiness. Why does the goverment allow the credit card companies to do this. There is obviously no interest in seeing the consumers get out of debt and I believe that promoting bankrupcies like they are will not help anyone.

These are obvious predatory practices that need to be addressed. To Edward Yinglin, how does increasing the debt to income ratio considerably and reducing the available pool of credit worthy consumers help the economy and the consumers?.

If before I had $20K in credit card debt at 12%/yr, then my payment of $400 was covering the interest ($200) and some principal ($200). With an increase in interest rates to 30%, the interest alone is $500. My $400 payment is now placing me deeper in debt. Having our goverment allow this is unconceivable.

]]> By: Pamela http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-17637 Pamela Wed, 04 Feb 2009 22:58:33 +0000 http://washingtonindependent.com/?p=22906#comment-17637 Ditto on BOA, Advanta and I'll add Chase and Citi. I am 45 year-old professional that always had credit scored in the high 700's. After starting a business - and using my Advanta card for small business, given at 0% interest - in March of 2008 all of my unused, open credit by Chase (one card with nothing on it and one card with barely anything) were closed without any notice. That affected my DTI since I had other cards that had higher balances (I was starting a small business, remember). Suddenly all my rates were jacked up...29% - 36% with my monthly payments now at least triple what they were. These are loan shark tactics....pure and simple. We are still digging out, still have our home and - after the banks getting their bail out money - some are working with us on a hardship program. I have run up and paid off tens of thousands of dollars in credit over the past 20 years....never again. Count me in on any fight, any where, to get this changed. Ditto on BOA, Advanta and I'll add Chase and Citi. I am 45 year-old professional that always had credit scored in the high 700's. After starting a business – and using my Advanta card for small business, given at 0% interest – in March of 2008 all of my unused, open credit by Chase (one card with nothing on it and one card with barely anything) were closed without any notice. That affected my DTI since I had other cards that had higher balances (I was starting a small business, remember). Suddenly all my rates were jacked up…29% – 36% with my monthly payments now at least triple what they were. These are loan shark tactics….pure and simple. We are still digging out, still have our home and – after the banks getting their bail out money – some are working with us on a hardship program. I have run up and paid off tens of thousands of dollars in credit over the past 20 years….never again. Count me in on any fight, any where, to get this changed.

]]> By: Jewell http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-16331 Jewell Tue, 27 Jan 2009 15:39:00 +0000 http://washingtonindependent.com/?p=22906#comment-16331 The Dec. 2008 regulations passed by the Federal Reserve Board don't begin to limit the Credit Card Companies in a way that is fair to the consumer. My Washington Mutual account went up to 23.85% during a time that my credit score went from average into the higher range of average. No late payments ever, paid more than minimums always, wasn't up to, or over my limit, yet they siezed the opportunity to raise this limit before anyone might possibly regulate them. This has to change. The Dec. 2008 regulations passed by the Federal Reserve Board don't begin to limit the Credit Card Companies in a way that is fair to the consumer. My Washington Mutual account went up to 23.85% during a time that my credit score went from average into the higher range of average. No late payments ever, paid more than minimums always, wasn't up to, or over my limit, yet they siezed the opportunity to raise this limit before anyone might possibly regulate them. This has to change.

]]> By: PacificGatePost http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-14609 PacificGatePost Fri, 02 Jan 2009 03:29:21 +0000 http://washingtonindependent.com/?p=22906#comment-14609 READ THE FINE PRINT FROM CONGRESS<br><br>The changes on credit card legislation will have absolutely no real impact on consumers and their use of credit cards.<br><br>JUST LISTEN TO WHAT BERNANKE IS REALLY SAYING …<br>-<br><a href="http://pacificgatepost.blogspot.com/2008/12/bernanke-and-perpetuating-credit-card.html" rel="nofollow">http://pacificgatepost.blogspot.com/2008/12/ber...</a><br>-<br>Issuers will continue to be abusive of all card holders. READ THE FINE PRINT FROM CONGRESS

The changes on credit card legislation will have absolutely no real impact on consumers and their use of credit cards.

JUST LISTEN TO WHAT BERNANKE IS REALLY SAYING …
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http://pacificgatepost.blogspot.com/2008/12/ber...
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Issuers will continue to be abusive of all card holders.

]]> By: Helen http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-14530 Helen Tue, 30 Dec 2008 23:04:02 +0000 http://washingtonindependent.com/?p=22906#comment-14530 The bizarre thing is...the last thing you should do for people who are in trouble is raise the rate! They'll never be able to pay off their credit cards! Some kind of strange paradox of thinking - punish them with high rates, then when they can't make their payments harrass them with their smug, attitudes...makes me ill. I hope they collapse under the weight of their inhumane greed! The bizarre thing is…the last thing you should do for people who are in trouble is raise the rate! They'll never be able to pay off their credit cards! Some kind of strange paradox of thinking – punish them with high rates, then when they can't make their payments harrass them with their smug, attitudes…makes me ill. I hope they collapse under the weight of their inhumane greed!

]]> By: Helen http://washingtonindependent.com/22906/%ef%bb%bfis-2009-the-year-of-credit-card-reform/comment-page-1#comment-14529 Helen Tue, 30 Dec 2008 23:01:14 +0000 http://washingtonindependent.com/?p=22906#comment-14529 I agree with Doug Carpenter on the ADVANTA thing. I just spent 15 aggravating minutes on the ph w/a supervisor named Debbie who wouldn't do a thing for me. They bait you into low interest rate loans then hike the rate. She claims they sent an Opt out notice the first time when my rate went from 7.99 to 22.18 - I never got it. I just received one saying my rate is going to be over 37.18%!!!!! I have FICO's in the 700's, never been late on 2 mortgages and all my credit cards and yet they've determined I have a high possibility of default becuase of my other credit. We went round and round on the discriminatory and pre-punitive aspects of how I feel I'm being treated. This was after they gave me a credit increase back in July!!! If they didn't think I was worthy, they shouldn't have extended the credit - period! Not give it then continue to raise the rate arbitrarily. I am very upset about this...JOHN MOORE, PRES OF ADVANTA - ARE YOU LISTENING? Does anyone have suggestions as to what our legal rights and angles are? This can't be legal...and once and IF they put that legislation into effect...what restitution will be offered to those of us who have been taken advantage of? I agree with Doug Carpenter on the ADVANTA thing. I just spent 15 aggravating minutes on the ph w/a supervisor named Debbie who wouldn't do a thing for me. They bait you into low interest rate loans then hike the rate. She claims they sent an Opt out notice the first time when my rate went from 7.99 to 22.18 – I never got it. I just received one saying my rate is going to be over 37.18%!!!!! I have FICO's in the 700's, never been late on 2 mortgages and all my credit cards and yet they've determined I have a high possibility of default becuase of my other credit. We went round and round on the discriminatory and pre-punitive aspects of how I feel I'm being treated. This was after they gave me a credit increase back in July!!! If they didn't think I was worthy, they shouldn't have extended the credit – period! Not give it then continue to raise the rate arbitrarily. I am very upset about this…JOHN MOORE, PRES OF ADVANTA – ARE YOU LISTENING? Does anyone have suggestions as to what our legal rights and angles are? This can't be legal…and once and IF they put that legislation into effect…what restitution will be offered to those of us who have been taken advantage of?

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