Posted on 01/21/2009 11:34:59 AM PST by BGHater
At age 55 I agree with your solution.
At age 30 I would have hated it.
That’s why I only have one CC; I’ll never open another one to pay one off.
Once an income is established, I’ll fully pay off my CC bill in one fell swoop.
I pay my bill every month on time....
....my Amex card gives me back around $1000 a year for the past 4 years or so.
I have no problem with credit cards so I hope nobody f***s with the system.
You are oppressing me. Help! Help! I'm being oppressed!
Actually ... this stuff makes sense. Credit card companies stretch the bounds of contract law in their favor.
I’ve long wondered why a credit card company could legally change the interest rate on a purchase I’ve already made. Once I make the purchase, shouldn’t the credit contract and interest rate be set? A credit card company should not be able to unilaterally change the interest on the money they’ve already loaned me.
SnakeDoc
>> If you haven’t got it, don’t spend it.
But, the corrollary would be, if you loan it to me at 12% ... don’t later unilaterally demand 18%.
SnakeDoc
This is the rotten part of credit card lending. They raise rates just for the hell of it even when payments are on time.
This is one of the few reforms that is needed. Some of the shadier companies were sending statements out so late that even if the card holder mailed the payment back the following day, it would arrive late. Not everyone banks online.
Otherwise I see two side effects: CC holders will not issue as many lines of credit or as much credit (not necessarily a bad thing given recent events), and the interest rates they charge will be higher overall. Since I pay my bill off in full every month, not a big deal.
But I’m a consumer, a Customer! And I live in Highlands Ranch!
I intend to spend it even if I won’t ever have it, and it’s your job to help me. Or I’ll file a complaint!
“Still, some people refuse to understand this bit of folk wisdom: If you haven’t got it, don’t spend it.”
The problem with people who have huge credit card debt isn’t the interest rates but the fact they spend far more than they earn and then end up in a position where they can’t pay off the cards no matter what the interest rate. These new rules will not do anything to keep dumb people out of debt.
Why should curbing shady practices such as raising interest rates w/o warning to to undisclosed rates of interest,
disclosure of terms in clear language, or manipulation of
due dates result in higher cost to anyone else?
It shouldn’t cost anyone more to force the CC co’s to adhere
to commonly recognized fair practice. Car loans don’t
have this problem.
Forget about credit cards. My house payment is due the first. Do I have to pay it or not?
Sure, I'll deny my wife the medication she needs. Or maybe I'll just walk the 10 miles to work when our only car breaks down.
I'd love to have enough money to pay everything upfront but in a single income family that's not always going to happen. We always get caught up again relatively soon but we need some credit from time to time. I'd just like the card companies to honor their commitments the way I honor mine.
I carry only enough cash for an occasional cup of coffee and use my card for just about everything. I have paid $13 in interest over 7 years and buy almost no checks at the bank. Credit cards are great.
Good. The banks have been squeezing the due date closer to the date they mail the bill. It would be nice if they could hit my gas company on this because their grace period is impossible to meet if you don't catch your mailman at the door and then have him wait for you to write a check to mail that day.
The 8 am due time is a scam too because they are essentially setting the real due date before the printed one. This is especially true when the put the due date on a Monday holiday so the real due date is the Friday three days earlier.
I like the revised bill - taking effect 90 days after signed. The banks can change their systems to suit THEM, so there’s no reason they can’t change them to suit the CONSUMER!
You didn't vote for Obama (presumably), so you not only have to pay for yours, you have to pay for someone else's and a couple the bank foreclosed that are worth less than their loan values.
The credit card companies commit fraud because they do not have the authority to lend their credit. They never told you that there is no money, and, in fact, YOU are actually giving THEM a loan!
They conceal these facts every time they send out an illegal credit or charge card. All commerce operates without real money. House Joint Resolutions 192 (HJR 192) of June 5, 1933 forever changed our way of life when the government replaced real money with “Debt Instruments.”
You are paying the banks and credit companies interest on money that doesn’t even exist! Charging interest on something that doesn’t exist violates federal and state usury laws.
Federal law also prohibits most banking institutions from lending their credit. Any contract that does not have the authority to be created and then ratified is illegal, and therefore void.
Non-disclosure and concealment of the entire terms of a contract is illegal, and is one reason why a contract can be considered fraudulent and void
You do have a right to discharge this debt and get your life back. Just stop paying the unsecured debt and work out something like a dime on the dollar with the “bank” which wasn’t supposed to loan you “credit” when they are willing to make a deal with you. It’s legal and if you know someone in the banking industry, he/she can explain what procedure to follow. Or, like me, you can pay someone to do it all for you. And like me, go forward paying cash only.
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