Comments on: Credit Card Reform Tests Banking Industry Sway

By: johnmayer76

johnmayer76 — Thu, 21 May 2009 10:39:10 +0000

It is estimated that Obama's plan could benefit 8 to 9 million homeowners from the new modification procedures. So how do you know you qualify for the Mortgage Modification? Check the website http://obamamortgage2009.blogspot.com/
to see if you qualify. I was also in trouble and I am glad I did check it before I talk to my mortgage company and it helped - John Mayer, California

By: johnmayer76

johnmayer76 — Thu, 21 May 2009 03:39:10 +0000

By: Will The Senate Stop The Credit-Card Loan Sharks?

Will The Senate Stop The Credit-Card Loan Sharks? — Mon, 11 May 2009 17:00:59 +0000

[...] week, the Senate has an opportunity to restore some fairness to a credit-card industry that is out of control. In the process, [...]

By: Obama’s culpability in the cramdown failure | jim justice

Obama’s culpability in the cramdown failure | jim justice — Mon, 11 May 2009 08:55:44 +0000

[...] from the White House was palpable. Unlike Obama’s high-profile support for legislation to reform the credit card industry, the president made no public statements on [...]

By: greg

greg — Wed, 06 May 2009 09:46:46 +0000

Thats terrible.I dont use many cards.If I were you,Id pay it quickly and BOA to GFT.Good Luck However.

By: Nancy Irving

Nancy Irving — Wed, 06 May 2009 06:34:56 +0000

As my experience has shown, there need not be any “adverse event” to trigger huge increases in rates. It is legal for them to do it for any reason, including that they simply want more money.

By: Nancy Irving

Nancy Irving — Wed, 06 May 2009 06:31:30 +0000

Oh and by the way, the card companies are almost certainly doing this “proactively” (as we say in California), to jack up the rates before Obama's legislation outlawing retroactive interest-rate increases can be passed.

Everybody with a credit-card will be paying 35% interest by the time the legislation reaches the president's desk.

By: Nancy Irving

Nancy Irving — Wed, 06 May 2009 06:26:58 +0000

Bank of America just sent me a letter saying that they were increasing the interest on my card from 10% to 26%. On purchases, not "cash advances."

I have never had a late payment or an overlimit (on any card), and I have paid off a large portion of my credit-card balance in the past couple of years, so they have no excuse to raise the interest rate, other than that they want more money.

I notice in reading blog comments over the past three or four months that this is happening to a lot of people.

Your letter will come soon, I predict.

By: Karen

Karen — Tue, 05 May 2009 23:57:16 +0000

whoops…double dipping

By: Karen

Karen — Tue, 05 May 2009 23:53:27 +0000

Greg, We didn't go looking for these credit card companies…most of us had cards that had fixed (for the life of the card) 4.99% interest rates and whether Americans are late a day or not late at all (thanks to some very, teeny-tiny fine print) these rip-off artists have decided to increase interest rates upwards to 40%. Our credit cards are now at 29.99%, and all of our credit limits have been slashed to nearly nothing. The banks are now officially douple dipping…getting bailed out with our tax dollars and charging extreme usury rates on credit card balances. I know people that had absolutly no problem paying their cards and are now having a hard time paying their mortgage because of the increase of these interest rates. Now I see that as a BIG problem…this is just going to create another wave of forclosures. Don't you think it's wrong when someone paid card “A ” two days late (thanks to them, ahem, changing the due date because they CAN) and credit card “A” increases the interest to 29.99% because they “can say” that you were in default, and then credit card “B” who has never had a late payment in the last 17 years decides to jack your interest rate to 29.99% also, because credit card “A” did?…that's down right Nasty!! These stupid idiots have seen an increase of Americans just walking away from their credit card debt…defaulting…DUH…Thanks to their incredible GREED of course this is going to happen?
I laugh when I read that the banks warn that “this may gravely effect credit for Americans”…hello, they have already done that!!
President Obama DOES know what he is doing with the credit card business because I'm quite sure he has recieved millions of letters relating stories just like mine.