Credit card reform: The winners and losers may surprise you

re: Credit card reform: The winners and losers may surprise you

Henry — Tue, 18 Aug 2009 14:06:48 GMT

really the life we are using is slowly coming to an end....we still have the power makethe payments eat the fees but NEVER AGAIN buy anything using a credit card i opted out of two big cards we ran up during this DEPRESSION and when they are paid off stop using them ...after awhile when people realize that owning a home is not a good investment ..and stop borrowing money from banks and stop using credit cards the robber barons wont be getting the capital they need to operate (as much) and the offers of the free toaster with every deposit or a free trip if you use your credit card will be back SEARS charged me $2.42 interest on a .97 cent balance i am paying it off and cancelling it the heck with my credit score This month Sears sent me a $25 fee plusi nterest at 22% for a rewards program i never used ...i already cut the card up and would NEVER use it again....i have an American express at 10% and credit uniom card at 9% they get ALL my business unless they get screwy wehave to wait them out I have 2 new precepts to live by...vote out all the incumbents every time you can and....buy nothing new ever... thrift shops etc have wonderful stuff..i just bought a 2003 camry for cash and like my 1997 camry will drive this one too ..into the ground along with the banks, the insurance companies and the medical field henry in sw florida

re: Credit card reform: The winners and losers may surprise you

fan — Fri, 14 Aug 2009 20:10:53 GMT

If we get smart, we'd just dump our credit cards on their lawn. Don't pay them back. If we all did that, what will the credit card companies do????????????

waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

re: Credit card reform: The winners and losers may surprise you

JWD — Tue, 07 Jul 2009 02:56:39 GMT

Let's not forget that back about a decade ago B of A came up eith idea of dumping the little guys and only take on large corparate accounts.Then all of the sudden the brains at B of A said ,,,,,dang we screwed up then launched a huge program to get the little small every day people back.

Give the big bad banks time to figure that just did what B of A did ,,,,,then let's see what they do to get everybody back when they figure there going broke again!

re: Credit card reform: The winners and losers may surprise you

charlie — Mon, 06 Jul 2009 16:29:08 GMT

I'm working on going back to cash only.... No records for the Govt. to follow.... This worked just fine for years before the CC co's suckered people into the need for cc's.

If a murchant will not take cash or check then he won't get my business..

re: Credit card reform: The winners and losers may surprise you

Jesus S. — Thu, 02 Jul 2009 12:14:09 GMT

Grumpy, you are correct. We the people put these cats their. I always say, something bad needs to happen before something goods comes out of it. The USA is going to wind up like the rest of the Countries because we as a strong nation want to be like them. I also don't remember any where in the Constitution where the Government will regulate us. Those who can not sustaine, hold their feet to the fire. This is called mass punishment.

re: Credit card reform: The winners and losers may surprise you

Dan — Thu, 18 Jun 2009 21:19:38 GMT

We americans are too dependant on credit cards, a little structure is good for everyone. Initally it may make things a little more difficult but in the long run it will benefit everyone. Credit cards are evil. Plus it will teach our young responsibility

re: Credit card reform: The winners and losers may surprise you

Peggy U — Thu, 18 Jun 2009 18:06:23 GMT

How about consumer responsibility? Why isn't there a credit limit based on earnings related to the number of credit cards? For instance I would think establishing one maximum line of credit based on earnings then it's up to the consumer to decide how many different credit cards they want to disperse the total limit to.

Would be much harder to get in over your head. Then when you would go to open a new card for instance, a credit report would be pulled showing the open lines of credit the total amount used and whether or not you would need to close an account or still had available purchasing power.

As for being 21...that's a little extreme. Good intent though. When I was 18 it was a BIG deal just to get a Sears card. If you got that card...then someone would give you an okay for a visa!

re: Credit card reform: The winners and losers may surprise you

stef — Thu, 18 Jun 2009 14:26:51 GMT

I don't know that I agree completely that people are so greedy they keep themselves in the cycle of debt. I do however believe that there has been an increase in the margin of financial classes and with credit card companies at one point dishing out cards to anyone, they actually helped some people put food on the table. I know a woman who needed to use a credit card to buy clothes for her children at a Goodwill store. She by no means was extravagant. When you live so close to the edge, and an emergency comes up, what is one to do? I think we marginalize debt to some extreme as only applying to the middle class family, and that's just not the case. I believe it must be an oversight by the person who called people with accumulated debt as "deadbeats". It does imply a lack of education on the person's part to make such a statement. It may have face validity but certainly, you provide no statistically significant data to support your opinion that everyone who has accrued debt is a greedy SOB.

re: Credit card reform: The winners and losers may surprise you

Bill — Mon, 15 Jun 2009 11:34:14 GMT

Does anyone know if this any of this applys to debit cards and bank overdraft fees?

re: Credit card reform: The winners and losers may surprise you

JW — Thu, 04 Jun 2009 06:58:59 GMT

Thank you, Beatriz. I was beginning to think all of the people who were benefited by the bill were too embarrassed to comment. I must say that those who speak as if they are smarter or better than the 'revolvers' because they can pay it off on time, I think you are missing the point.

Really this is not about who is smart with there cards and who is not. What it is about is money (as always). The cc company should not be able to look at your other card, the one out of 3 or four you might have messed up on payment wise, and decide that all of your cards will get a jump to 29.99% interest from maybe 15-18%. In most agreements this means a much higher minimum balance to pay; turning what some can afford into something they cannot. That universal stuff is garbage. It is just a money making scheme. As for the highest interest paid first... that should just be! And why would it bother a person who pays on time if the fee for over the limit was fixed a bit lower. The company is not supposed to count on this fee anyways if they wanted everyone to pay on time. Why not set it at $20? Why $40?

And one final thing... Dave, you are right; people should rethink what a credit card if for. Kids get cards and think it is free money. That is exactly NOT what a cc is for. So,why then is it a bad thing to make a cc harder to get in the first place? Only people who can 'really' afford to use one should get one. Personally, I'd rather they told me to find another way rather than to let me into something I would regret. Too many times people get one and the terms were such that if one thing went wrong then they were stuck for a long time with a debt they could not payoff.