Credit Card Comments II

26.
August 6th, 2008 7:38 am
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A real and accurate anecdote would be a list of all the accomplishments of this Congress: mostly a blank page. Congress is inefficient, no matter what party is in charge. Remember in November.
— Ken Pichon, Melbourne Florida
Recommend Recommended by 11 Readers
27.
August 6th, 2008 7:38 am
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Since I am not a Christian I do not see the bible as a definitive moral guide book. I do, however, understand implicitly why Jesus went so ballistic when confronted by the attitude of the money changers and lenders. Perhaps it's time that our elected officials who have made such a big deal about their Christian moral imperatives to actually step up to the plate and emulate Jesus.
— IWR, Arkansas
Recommend Recommended by 16 Readers
28.
August 6th, 2008 7:38 am
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Oh. Good Lord. Congressional action to protect consumers against abusive credit practices has been long, long overdue. Everyone - and I mean everyone - knows that. No ghost need rise from the red hole of debt to tell us this. Granted, I never expected anything to change so long as the republicans were in power in congress, and certainly not with Bush in office, but the democrats have no excuse. (Unless, of course, everyone is so juiced into the prevailing system of 'legalized' political graft, with campaign kickbacks and the like, it makes no difference who's in power - and I wouldn't discount that possibility for a moment). Here we come up against the true cynicism that so many Americans feel about government nowadays. There's no question whether something should be done; the question is whether anything will be done. And the answer to that is far from certain. In the meantime, credit and finance companies use every smoke and mirror trick in the book to expand and deepen the sea of consumer debt. Indeed, debt service is now the fastest growing sector of the US economy. And it will destroy this country.
— Chris, Mpls, MN
Recommend Recommended by 13 Readers
29.
August 6th, 2008 7:38 am
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Some NostalgiaAbout 30-35 years ago, current credit card lending practices were the realm of loan sharks and in general the Mafiosi, now it seems Banking establishment have surpassed the criminal element by light-years. Except maybe the blowing off the knee cap remains the sole specialty of criminal underground.So-called universal default- when you are late with your gas bill your mega bank triples your interest and fees- is nothing but criminal robbery, alas sanctioned by a venal for-sale Congress.This is nothing less than The Congress holding the Citizenry down as the New Robber Barons take the public's wallet and run --of course they meet later (at election time) and share the booty.Who says Gotcha capitalism doesn't work?
— Harputlu, Los Angeles, CA
Recommend Recommended by 22 Readers
30.
August 6th, 2008 7:38 am
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In the late 1970s and early 1980s, the U.S. Congress deregulated the mortgage and consumer credit industries. Thirty years later we have the twin monsters of sub-prime mortgage loans and legalized, loan-shark, consumer credit. The consumer credit was typically given to low-income people since they'd carry large balances and make minimal payments. Those loans were often made with minimal checks on repayment ability because the intent was to catch them with bogus excuses for increasing interest rates to predatory levels. This worked so well, it was applied, especially after the Republican's 2005 bankruptcy act blocked escape routes, to what was called sub prime mortgages.Common sense says this doesn't benefit society and actually harms it. It's been recognized as harmful in many societies since before the Bible was written. By contrast, we have, and enforce, strict laws against recreational drugs because they do not benefit and actually harm society. So, what is the reason we cannot regulate and stop predatory mortgage and consumer credit practices?In both mortgages and consumer credit, the free-market cheerleaders deceived the public, plundered the public and now they are trying to blame the public.President Bush would veto any such bill. Congress needs to push as much of this re-regulation into place as it can so it can be passed after January 20, 2009. In the meantime, let's enjoy the amazing spectacle of Paris Hilton and Senator McCain's dueling campaign ads.
— Jumper, South Carolina
Recommend Recommended by 15 Readers
31.
August 6th, 2008 8:24 am
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I would not hold my breath waiting for congress, especially the senate, to do much to control the banking interests. The banking industry has traditionally had an over abundance of influence in our government and the senate will always do their part to protect banking interests.It was mostly J.P. Morgan and the east coast bankers that got us involved in the first world war because the had lent the "allies" millions of dollars and were afraid they would loose it.On the other hand people are their own worst enemies when it comes to money. Keeping up with or surpassing the neighboors is job one it seems.
— Jerry, St. Louis
Recommend Recommended by 4 Readers
32.
August 6th, 2008 8:24 am
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A bankrupt country making it harder for individuals to declare bankruptcy. That's "rich"!
— cnigelross, Virginia
Recommend Recommended by 15 Readers
33.
August 6th, 2008 8:24 am
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this is another reason to deal the present republican party a huge defeat,so they can reinvent themselves as a centralist pary. Since the Reagan era they have been little more than an extension of big business.
— tom, pittsburgh
Recommend Recommended by 19 Readers
34.
August 6th, 2008 8:24 am
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#12 and others who blame consumers for their credit card debt need to think this through a bit more. First, yes, schools don't teach basic personal finance and if you tried to introduce the idea the conservatives would flip out because they can't stand the idea of schools teaching life skills. Second, as someone mentioned, that little sentence "We reserve the right to change your terms at any time" is a crucial one. I recently used a card on a business trip, came home, got the bill, and realized I had ONE WEEK in which to pay it off. Even in summer months, the billing cycle had been secretly changed to 20 days from the day they print the bill, not the day they mail it. What the cc companies do is deeply unethical, and even the smartest of consumers can get screwed by their schemes.
— JoanMolly, Wisconsin
Recommend Recommended by 23 Readers
35.
August 6th, 2008 8:24 am
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The NY Times article implies that "56,000 disgruntled card users" complaints are all valid and let's assume for the moment they are The truth may be 56,000 is a surprising low number when one considers there are over one billion credit cards in the U.S. alone. Directing Congress to take action may imply that the problem is not very significant since this Congress doesn't recognize action as being important.
— William, Illinois
Recommend Recommended by 3 Readers
36.
All Editors' Selections » EDITORS' SELECTIONS (what's this?)
August 6th, 2008 8:24 am
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The worst that happened to me was that the bank lowered my credit limit to an amount less than my outstanding balance, and then starting charging penalties for being over the limit.
— Johan Andersen, Gilford, NH
Recommend Recommended by 24 Readers
37.
August 6th, 2008 8:24 am
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Another little trick: Your lender company claims your payment was late, even though you sent it 10 days earlier ... from Maryland to Pennsylvania. Their word against yours.Nice way to tone up their balance sheet for year end.
— Janice, Baltimore
Recommend Recommended by 20 Readers
38.
All Editors' Selections » EDITORS' SELECTIONS (what's this?)
August 6th, 2008 8:24 am
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While the lenders who profit from credit cards may think that having less credit available to consumers is a bad thing, I think it is actulally a good thing.Certainly the card companies are sharks and abusive, but many are currenty in trouble partly because they buy into the cultural message that one can have it all, charge everything, live beyond one's means, max out credit cards, and somehow keep all the balls in the air indefinitely.Less easy credit might force us as a culture to settle back into the habit of living within our means and saving for emergencies and for luxury items.
— Anne-Marie Hislop, Davenport, IA
Recommend Recommended by 14 Readers
39.
August 6th, 2008 8:36 am
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People prefer to take out their garbage than deal with their bank according to a marketing research study done many years ago.We are not taught how to pick a bank [credit card] although we seem to learn how to pick a restaurant. Where I live, we have a half dozen, family operated restaurants that offer great food at very reasonable prices. They are pretty much in older buildings with quaint decorating. They don’t need to advertise, so visitors won’t learn about them right away and end up dining at an overpriced chain.The same thing is true of banking; it’s more a matter of timing than anything else. If you look around there are financial institutions, off the main street, maybe in older buildings that offer credit card terms the big guys forgot exist. Interest rates under 10%, 25 day billing cycles, low penalties, even sometime rewards for using their credit cards.Is the big difference that restaurant food provides immediate gratification? When people pick one of the major bank credit cards, they are, in effect, gambling. If everything goes well they get some points, airline miles or discounts. If not, they get screwed with high interest rates, dubious penalties and communications from their bank intended to make them feel guilt and shame.But, unlike a bad meal at a restaurant – where one just goes to a different restaurant; once things go poorly with the credit card industry, the other, reasonably priced banks often won’t touch their credit.The major banks will accept all sorts of regulations – as long as they are permitted to force the little financial institutions out of business. These big guys would prefer to compete with advertising and data mining, not price and terms.Let's welcome congress enacting credit card regulations; after all the industry was created by congress, but hopefully let's keep those small financial institutions that offer better terms. I would hate to see the Cortez Kitchen replaced by AppleBees.
— Peter, Sarasota
Recommend Recommended by 7 Readers
40.
August 6th, 2008 8:36 am
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Creditors rate debtors and are protected from defamation liability by the Fair Credit Reporting Act. If debtors could similarly rate creditors, they would have forewarning against those with abusive practices. Two way ratings benefit sellers and buyers on the internet.
— John, Paw Paw
Recommend Recommended by 13 Readers
41.
August 6th, 2008 8:39 am
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I think the worst abuse of credit card companies is that they extend credit through the mail, without any rigourous identification of the person. Some thief in Russia can get a credit card in your or my name, which you or I will be on the hook for until we prove its not my fault. Many identies are stolen and it it only happens because these lenders are not verifying identities in person. If your ID is stolen it is up to you to clear your name not the, lower than spit on a mushroom, outfits that issued the credit in your name. These sociapathic companies know that many people have thier IDs stolen but for marketing purposes they decide its better to take some losses and have people who never agreed to do business with them bear the consequensces of destroyed credit.
— Dave Buell, New Jersey
Recommend Recommended by 9 Readers
42.
August 6th, 2008 8:39 am
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This is not banking. We do not have a banking problem with credit cards. This is racketeering, what was once the crime of loan sharking which under this government is now just business. These criminal contracts of adhesion are unlawful, except in certain jurisdictions where laws have not kept pace with morality and the “place of the contract” is fixed in those host states and determines what state law applies. We need federal laws criminalizing the practices of these credit card racketeers. We must have a maximum enforceable interest rate which must include all charges, penalties and whatever tricks and traps these criminals may set. At present our government is modeled on organized crime and the racketeers are calling the shots. The gangsters in their employ, their GOP button men in Congress and the Administration and executive departments say yes to every order. American business, throughly corrupted has jumped on the band wagon and into the money troth with the bankers, the brokers the real estate jokers and hoping that McCain will provide them with another 4 years to let this feast of the racketeers continue. These racketeers believe in freedom of contract. They have a contract out on the American people.
— Sheldon Bunin, Jackson Heights, New York
Recommend Recommended by 26 Readers
43.
August 6th, 2008 9:45 am
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Does stupidity make you greedy, or does greed make you stoooopid? I am certainly against usery, but at what point does personal responsibility come into play. It is pretty simple. Do not buy what you can not afford and no bill collectors will be chasing you. And learn the simple rule that interest rates work for you or against you. Period. It would also be a good lesson for the Federal government. Woe are the people who have to be protected from themselves.
— Jan in Rochester, jsminteriors@rochester.rr.com
Recommend Recommended by 7 Readers
44.
August 6th, 2008 9:46 am
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Rule Number One for ordinary consumers like us to remember, and for young people to learn:Banks are not your friends.mj
— mj, Upstate NY
Recommend Recommended by 10 Readers
45.
August 6th, 2008 9:46 am
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Is there anyone out there listening. Does anyone in Congress care?I told my children, that this election will be theirs to win or lose.Our government has let us all down. Shame on all of you.I hope one Congressman has the courage to read these messages.What is shocking is that many of them have friends and relatives who are suffering as a result of draconian policies.Waht a mess, what a shame that the citizens of this country don't see that they can force change!Vote and be vocal.. it does matter!Mother of four
— Janice, NYC
Recommend Recommended by 9 Readers
46.
August 6th, 2008 9:51 am
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The votes in congress are already bought and paid for by the cc companies, so no use in going for relief there. Individual responsibility is key here, and for those who are reckless and spend beyond their means for frivolus items, time to pay the piper. Yes, you should be told the terms of your card clearly, over and over, until you understand, and yes, you should be given some opportunity to work out your debt. After that, you borrowed, you owe. Sorry to break it to you.Now, for those who have the occasional problem, all I ever do is call up, be nice but firm, and request an accomodation from the representative. I have been successful 100% of the time so far when a payment is late a few days, etc. Of course, I have the largest weight on my side--I tell them to cancel the card. You have no idea how many calls, letters, and other forms of persuasion CC companies employ when you do that. I actually thought one company was going to come over to my house to request that I keep their card--one I used about twice a year and always paid on time. Be smart, be honest, and contact the company if you get into trouble, which can happen to pretty much anyone other than wall street bankers. For them, just ask george and all will be paid.
— richopp, FL
Recommend Recommended by 2 Readers
47.
August 6th, 2008 9:52 am
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Aaron (post #20) said the credit card companies do not want to cancel cards. That's true of my experience. When my father passed away 5 years ago, I called his credit card company to advise them and cancel the card (after first paying off the balance entire of course). They would not let me cancel it! The best I could achieve was a freeze on the account. They still send me his statement once a year despite a total absence of transactions on his part. What are they getting out of this for goodness sake?
— las, NYC and NJ
Recommend Recommended by 5 Readers
48.
August 6th, 2008 9:54 am
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Less credit available = less profits for CC companies = less impulse consumption = a good thing for Americans.The credit availability argument is simply another industryred herring. How many more cards could they give out to non-credit worthy customers anyway? The high interest rates they are allowed to charge to good as well as bad customerspay for the credit losses.Regarding credit card fraud, it would stop in a heart beatif the credit card issuers and credit agencies became fully liable for the misuse of your credit card information. Today, you use your credit card at your own risk.They created and profited from this system, let them stand the cost of protecting it.How about it, Congress?
— Wesatch, Houston
Recommend Recommended by 7 Readers
49.
August 6th, 2008 9:55 am
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Are the credit card companies kidding? Anecdotal!? OK, here is my "anecdotal" example, I use my bank's online bill pay service and I set up my credit card payments to be made at at one of two times of the month (basically when I get paid). Well, while I am blissfully thinking that everything is hunky dory (and I am not running up new charges) they've changed the due date on me (oh and never mind the fact I was assured when I opened the account that my chosen due date is the date that would be honored) and because of that I unknowingly rake up late charges because of falling into some calendar nether world where the payment is not counted as the normal monthly payment. Credit card companies should be required to pick a fixed date for each customer (would take all of 8 bytes per customer to store) and stick with it. Since they abused our trust this is more than fair. Or would they rather face millions of dollars in fines and awards for abusing that trust?
— Craig Burkett, Winston Salem, NC
Recommend Recommended by 6 Readers
50.
August 6th, 2008 9:55 am
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One way to end a credit card crisis is scissors.
— Mike W, cleveland, ohio
Recommend Recommended by 8 Readers
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