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Credit Card Crackdown
thenewamerican.com ^
| April 24, 2009
| Charles Scaliger
Posted on 04/24/2009 9:27:51 PM PDT by Tailgunner Joe
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More regulation of credit cards will only make it harder to get credit.
To: Tailgunner Joe
I wish the Credit Card CEO’s would tell King Obomba to go POUND SAND....unless, of course they’ve taken money from the government. C’mon...guys....have some B*lls!!!
2
posted on
04/24/2009 9:31:25 PM PDT
by
goodnesswins
(Free Speech for THEE, but NOT for ME????)
To: Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ..
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3
posted on
04/24/2009 9:34:04 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: Tailgunner Joe
Issuers of credit cards have been blamed for raising interest rates whenever they wish...Credit card issuers, in some cases, have arbitrarily and without warning lowered customer credit lines below their current balances as an excuse to default them.
More regulation of credit cards will only make it harder to get credit.
Bring back the usury laws.
4
posted on
04/24/2009 9:36:08 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: goodnesswins
Didn’t the major credit card companies say that the changes in the bankruptcy laws would make rates go down?
5
posted on
04/24/2009 9:40:17 PM PDT
by
DevNet
(What's past is prologue)
To: Tailgunner Joe
Too much credit helped us get into this mess in the first place.
6
posted on
04/24/2009 9:41:04 PM PDT
by
DevNet
(What's past is prologue)
To: DevNet
Too much regulation got us into this. It just happened to be regulation forcing banks to give credit to risky borrowers. More regulation won’t solve the problem regulation caused.
To: Tailgunner Joe
A non-opinionated point of observation... I notice many unemployed people are charging living expenses on the credit card. HOPING that their circumstances CHANGE and they will be able to pay off the balance at some point in the future. If card companies tighten up, the unemployed may lose credit card capacity and then will have no money and no credit. This will irritate them hugely and social unrest will erupt as they can't buy food, cloths, gasoline, entertainment, etc.
The next year could get nasty...
8
posted on
04/24/2009 9:46:41 PM PDT
by
April Lexington
(Study the constitution so you know what they are taking away!)
To: goodnesswins
I wish the Credit Card CEOs would tell King Obomba to go POUND SAND....unless, of course theyve taken money from the government. Cmon...guys....have some B*lls!!! Wanna bet which candidate they supported for president?
9
posted on
04/24/2009 9:48:06 PM PDT
by
April Lexington
(Study the constitution so you know what they are taking away!)
To: DevNet
Good recall there.
Also when you hear Polosi talking about the culture of corruption in the âR: Party... she is referring to the Republocrats agreeing to let Cold Cash Jefferson (D-LA) slide if he would vote for the banks vs. credit card defaulters in the Bankruptcy Reform Act.
He did of course and not one Pubbie ever mentioned him or his corruption publicly.
Even Limbaugh commented on it.
10
posted on
04/24/2009 9:49:22 PM PDT
by
investigateworld
( Abortion stops a beating heart.)
To: Tailgunner Joe
The government didn’t force them to give credit cards to everyone with a pulse - they did that to themselves with no outside help.
11
posted on
04/24/2009 9:49:33 PM PDT
by
DevNet
(What's past is prologue)
To: Tailgunner Joe
The fine print on the back of credit card application is purposely intended to be difficult to read and understand. The lettering is small often with low contrast. The language has a lot of legalese that probably most high school grads cannot understand fully. It is true that most people do not know what they are signing. Is this the intended purpose? Probably. While it is the fault of the signer that does not understand why and how his rate tripled, in the future it should be made easier for the average person to understand what he is signing.
12
posted on
04/24/2009 9:52:22 PM PDT
by
rsobin
To: Tailgunner Joe
credit card debt per household is $10,769.-——WOW!!!
People need help alright ...not asistance against credit card com.
They need a training class in WILLPOWER and abstinance... from using it.
13
posted on
04/24/2009 9:55:41 PM PDT
by
bobaloobob
(bobaloobob)
To: Tailgunner Joe; rabscuttle385
14
posted on
04/24/2009 9:59:57 PM PDT
by
sickoflibs
(RNC Party Theme : "We may be socialists, but they are Marxists!")
To: April Lexington
That’s exactly what’s going to happen as soon as their unemployment benefits run out: they’ll have no choice but to run up their credit cards...until they reach their limits, of course, which won’t take long.
Then all Hell will break loose.
15
posted on
04/24/2009 10:03:05 PM PDT
by
Windcatcher
(Obama is a COMMUNIST and the MSM is his armband-wearing propaganda arm.)
To: Tailgunner Joe
More regulation of credit cards will only make it harder to get credit. Obama will screw up credit cards and further kill the consumer economy. That will close more retail stores and collapse the commercial real estate market. The GM and Chrysler bankruptcies should start rippling through the economy over the next few weeks.
16
posted on
04/24/2009 10:08:47 PM PDT
by
Myrddin
To: Windcatcher
They aren't waiting for the unemployment checks to run out. They are bridging the gap between the former paycheck and the unemployment check right now. By the time the unemployment checks run out, they will be so far in credit card debt that they'll have to file bankruptcy. Thanks to George Bush, credit card debt has to be restructured and paid back over time in most circumstances. So, the will become economic slaves paying back multiples of what they originally charged and never climbing out of the hole. Americans can't grasp not going out to dinner, buying gas, shopping, traveling, etc when unemployed. They have more time so they spend money they can't pay back.
THIS is very scary. I'm not criticizing. I'm warning!
17
posted on
04/24/2009 10:09:03 PM PDT
by
April Lexington
(Study the constitution so you know what they are taking away!)
To: Tailgunner Joe
Americans, who like to complain about rascally credit card companies, nevertheless revel in their availability. More than 80 percent of all American households have a credit card, and the average credit card debt per household was $10,769.00 at the end of 2008. Card companies are scared to death right now of massive defaults from the unemployed and the cash strapped. If they cut back on available credit again, GDP will go down the tubes. Recession extended (hopefully until 2012 so we can throw his sorry butt out of the White House).
18
posted on
04/24/2009 10:19:19 PM PDT
by
April Lexington
(Study the constitution so you know what they are taking away!)
To: April Lexington
It’s inevitable, especially if large numbers of angry Americans “go Galt”. The unemployed will remain unemployed, and when they reach their credit limits, guess what will happen...
I would argue that massive defaults are as certain as the next sunrise.
19
posted on
04/24/2009 10:26:07 PM PDT
by
Windcatcher
(Obama is a COMMUNIST and the MSM is his armband-wearing propaganda arm.)
To: Windcatcher
I think so too. We've pretty much Galted (except for very local merchants). This could very quickly turn into an act of civil disobedience as people use credit card defaults to flip the fiscal bird to “the system.” Rough time ahead. Stay out of debt as best one can.
20
posted on
04/24/2009 10:35:31 PM PDT
by
April Lexington
(Study the constitution so you know what they are taking away!)
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