New Credit Card Rules Protect Consumers

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Replied by Meya on topic Re: New Credit Card Rules Protect Consumers

I know I am about to get slammed for this,

:shocked: :shocked: , I'll wait for the responses to start flying in :innocent:

JK, you are entitled to your response to anything, besides, if we all agree to the same thing, everyone would be right. Since everyone is not all right, we need to hear some disagreements or objections. How else can we find the truth? :fun:
10 years 9 months ago #1

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Replied by mathman on topic Re: New Credit Card Rules Protect Consumers

I am happy to see some of the insane upfront fees for the rebuilding cards. I am also happy to see 2-cycle billing gone (I don't see much justification for it).

I know I am about to get slammed for this, but I don't see how universal default and applying payments to low percentage balances are unfair. If you miss a payment on one credit line, I would guess that the likelihood of missing a payment or defaulting on another credit line is quite high too. Also, you are not an amateur if you hold some of your balance at multiple interest rates.

The only possible benefit is that this might encourage people to use the card more (instead of playing the 0% BT game). This might increase transaction revenues and encourage people to eventually pay in full including interest.

Keep in mind I am frustrated because I am sad that all those 0% offers will likely become extinct because of these rules.
10 years 9 months ago #2

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Replied by Meya on topic Re: New Credit Card Rules Protect Consumers

I think so, but they will probably take it out on us.

They already are!:upset: I get so irritated when I read a members post in here who has beed done wrong by their bank or can get no love at all from them, and they have been on the right track since James Pitman days.
10 years 9 months ago #3

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Replied by Meya on topic Re: New Credit Card Rules Protect Consumers

The reason why they gave bailout money to businesses first is for them to increase revenue and pay higher taxes than regular consumers since businesses have a higher income rather than a consumer.

Understandable, and common sense! But, what about the foundation? The consumer! You have to at least step down to a consumer point of view (which I know you understand since you are in to business yourself), we all should know that businesses tax brackets are not like regular household taxpayers, or what ever income, it's totally different. But, my entire preaching is in regards to what makes a company. No one can conduct business without a customer, and when customers back down, business slows down. The bailout, OK, some got it, some did not. But with that bailout, consumers are being ripped off like the gov never answered or promised them anything.

OK, so like Colonative mentioned, "There was an article on CNN and Fox Business where this expert lady expects $2 trillion in credit lines to be cut across the board even if you have an 800 + bureau score" Why? I bet majority of this is for good paying customers, they are getting bailed out and still doing us wrong. I just hope this strategy (in regards to Mary's article) will benefit the consumer and provide some type of relief, just like the bank wanted.

......With that kindergarten scheme they got going on.
10 years 9 months ago #4

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Replied by ColoNative on topic Re: New Credit Card Rules Protect Consumers

I bet the banks are really angry right about now.


I think so, but they will probably take it out on us.
10 years 9 months ago #5

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Replied by hjm331 on topic Re: New Credit Card Rules Protect Consumers

I bet the banks are really angry right about now. :laugh:
10 years 9 months ago #6

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Replied by ColoNative on topic Re: New Credit Card Rules Protect Consumers

I just hope it doesn't blow up in everybodies face. There was an article on CNN and Fox Business where this expert lady expects $2 trillion in credit lines to be cut across the board even if you have an 800 + bureau score.

The banks have until 7/2010 to implement the changes. I am glad to see the Dual Cycle Billing eliminated and the 21 days to pay the bill.
10 years 9 months ago #7

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Replied by hjm331 on topic Re: New Credit Card Rules Protect Consumers

The reason why they gave bailout money to businesses first is for them to increase revenue and pay higher taxes than regular consumers since businesses have a higher income rather than a consumer.
10 years 9 months ago #8

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Replied by Meya on topic Re: New Credit Card Rules Protect Consumers

The girl (Mary Tomkins) be getting down with her resources! This blew my eyes when I saw it also.

Why did it take till now for them to say something about this? Businesses gets bailed out before customers get some type of relief. That is crazy! What is a business first line of defense? The consumer? When the consumer gets smashed from a recession, who looses? A business! The government rotates their ends from the cash flow of banks, sales, importing/exporting, taxes...etc. Now who makes that happen? The consumer! Peoples are still loosing their homes, jobs, and is turning to more and more credit to make ends meet. Now business and the government knows that IF WE GO DOWN, THEY GO DOWN! So therefore, some type of mercy or relief should have been provided to us from the beginning. This is my opinion, and I am willing to stand up for it!
:white-flag:
10 years 9 months ago #9

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Replied by hjm331 on topic Re: New Credit Card Rules Protect Consumers

I'm lovin this! :white-flag:
10 years 9 months ago #10

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Replied by Meya on topic Re: New Credit Card Rules Protect Consumers

I saw it this morning. They need to relieve thier customers since they got a bailout. Let's see what happens :worried:
Last edit: 4 years 3 months ago by Finance Globe. Reason: Emoticon spacing
10 years 9 months ago #11

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Replied by rwmtd on topic Re: New Credit Card Rules Protect Consumers

https://www.financeglobe.com/Finance/Articles/articles/199/1/New-Credit-Card-Rules-Protect-Consumers/Page1.html


I heard about this on tv I and I actually work for one of the agencies that is listed in the article and while their views are their own; I think this is a step in the right direction for us consumers. Especially those of us who have to start over and had no other choice but to get one of those "subprime" cards. It seems now that they will no longer be able to charge those up front fees all at once. However, this act will not take effect until July 2010 (they say that this was done to give the creditors time to adjust). :white-flag:

Tia,

rwmtd
10 years 9 months ago #12

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10 years 9 months ago #13

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