04
Sep
Credit Card Industry Defeated for Now
Posted by sandman49
Hidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to extract money from increasingly stressed consumers. Now, some on Capitol Hill are trying to regulate the more abusive practices. With bills actually moving through both houses of Congress, the credit card lobby is finding itself on the defensive, and turning out in force to oppose the legislation.
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April 7th, 2009 at 7:13 pm
$850 Billion in credit car debt.
April 7th, 2009 at 7:20 pm
Great report, thanks
April 8th, 2009 at 2:47 am
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April 8th, 2009 at 3:08 am
This is great news, I’ll be surprised if it passes. Those lobbyists for 29% usery fees need to be… well I shouldn’t say, but some image of being hung off of bridges with genitals stuffed in mouths. For shame. Lobbyists for banksters are the vile slime of the earth and should be eradicated. Have they no scruples???
April 8th, 2009 at 7:44 am
Democrats “for” Republicans “against” for this lets not forget that when it come time to vote…
April 8th, 2009 at 9:55 am
The lobbyists are actually for way more than 29% usury – that’s chump change. Congress is trying to pass a 36% usury cap and the industry will fight it to the death. One bill in Congress would condone 391% interest for payday loans…
April 8th, 2009 at 1:01 pm
Republicans are a coalition between the rich and the stupid…
April 8th, 2009 at 4:51 pm
Poor stupid people need the government to protect them from themselves.
April 8th, 2009 at 8:18 pm
I agree some CC practices are dishonest and not clear to the consumer.
However, most CC consumers who default payments are just downright deadbeats. Most of them aren’t using credit for bare necessities, it’s for luxury goods like a big screen TV. I’m sorry but borrowing money and refusing to pay it back is the equivalent of stealing. I’m sort of glad deadbeat people who live way beyond their means get penalties.
April 8th, 2009 at 9:04 pm
they wouldn’t be deadbeats if they weren’t being cheated in the first place….CC Companies need an ass kicking in Congress..and more in the future…..Yeah Baby!!!
April 8th, 2009 at 10:26 pm
I recall transitioning back into a full time college life from 6 months of military training. With all the address change and my move…. I was late on a credit card payment by 2 weeks. I was never late before as I was careful paying the $20,000 balance on it. They raised my interest rate to 32%. They wouldn’t budge. I told them that the mafia was attacked for loan sharking at a 15% interest. lol
April 8th, 2009 at 10:31 pm
Wrong most of them would. And I’m not talking about scenarios where information wasn’t disclosed, I’m talking about people whom knowingly defaulted payment because they knew when they used their CC they wouldn’t have the money to begin with.
Stop trying to steer the point off course and justifying people whom are not by any means “victims”. If you borrow money and refuse to pay it back, that’s called stealing. Paying back money you borrow isn’t optional it’s part of the agreement.
April 8th, 2009 at 10:58 pm
NICE.
I have a feeling this wouldn’t have happened if Republicans were the majority.
April 9th, 2009 at 3:35 am
Sounds like K Street is running low on money to bribe the politicians. The congress is taking steps to rein in the CC and banks? Its unpatriotic to not rob the middle class.
April 11th, 2009 at 12:14 pm
Nothing important will come of things; its just window dressing. Banks borrow from the Fed at 1% and loan that money to us suckers at 29%+ and they bribe politicians to essentially keep the status quo thievery.
April 16th, 2009 at 4:54 am
It’s not the industry problem. It’s the people that use the cards. They have no control over their own spending and got to have everything right now. Then they go broke. Can’t feel sorry got them.
May 20th, 2009 at 8:21 pm
This is awesome unless you pay off your cards at the end of the month.
July 12th, 2009 at 7:52 pm
the bill didn’t go far enough, because there is still no absolute federal limit on interest rates.
July 28th, 2009 at 2:17 pm
odakueffect – I totally agree with you on that. I’m guilty of doing just that, and now I’m paying for it, unfortunately. At least I recognize that it was my choice to put myself in that situation. Thankfully, I have only one credit card, and the bank has been pretty good, and they are working with me when I have questions about my bill and/or payments. They have even reduced my credit limit until I can pay off the total balance that I owe. Hopefully I can get it paid off in less than 2 yrs.
July 31st, 2009 at 12:45 pm
Agreed, all the banks already hiked up their interest rates without even telling the consumer.
September 12th, 2009 at 2:26 am
Chase, “Washington Mutual” loansharks, and Capital One need to be run into bankruptcy and stomped on without mercy.
September 22nd, 2009 at 2:17 pm
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March 10th, 2010 at 3:13 am
Actually, things are now WORSE for the consumer.
Case in point: I made a payment back in September, missed the due date by one single day. Citibank charged me $40 late fee, jacked my Standard Purchase rate to 29.99%, and tried to jack my 3.99% balance transfer to the same 29.99% rate, costing me over $200/month in interest alone. I got all but the Purchase rate rescinded, but this didn’t happen before this regulation. They will always find ways to screw us over.
March 10th, 2010 at 3:15 am
@medliberty thank you.
March 15th, 2010 at 2:54 pm
@marcomariaz26
Yea, I did, sorry. They scum greedy banks are just that.