Chef Jim Posted October 7, 2009 Share Posted October 7, 2009 Some states they have addressed it... Predatory lending... Pawn shops sound like a better option more and more. Predatory lending. Yeah those fliers in the mail are rough. Link to comment Share on other sites More sharing options...
Magox Posted October 12, 2009 Author Share Posted October 12, 2009 I just received a statement from one of my Credit Cards, and I had a 0$ balance. I saw this $15 MONTHLY MAINTENANCE FEE, with a $15.35 balance, and I was thinking to myself WTF! So I just got off the phone with them, and I asked, what the deal was. They told me in response to the new "credit card legislation" that was going into effect, that they made a "business decision" to increase these fees. Thank you Barney !@#$ing Frank and the W.H . I just cancelled my card. The lack of foresight of these !@#$s is unfreaking believable. Not only does this credit card legislation hurt consumers, but it will cause more people to close out their accounts, which in effect is tangibly shrinking credit, and we all know that this country relies on credit extension for growth. Stupid of Link to comment Share on other sites More sharing options...
DC Tom Posted October 12, 2009 Share Posted October 12, 2009 I just received a statement from one of my Credit Cards, and I had a 0$ balance. I saw this $15 MONTHLY MAINTENANCE FEE, with a $15.35 balance, and I was thinking to myself WTF! So I just got off the phone with them, and I asked, what the deal was. They told me in response to the new "credit card legislation" that was going into effect, that they made a "business decision" to increase these fees. Thank you Barney !@#$ing Frank and the W.H . I just cancelled my card. The lack of foresight of these !@#$s is unfreaking believable. Not only does this credit card legislation hurt consumers, but it will cause more people to close out their accounts, which in effect is tangibly shrinking credit, and we all know that this country relies on credit extension for growth. Stupid of MONTHLY????? What credit card was this? Link to comment Share on other sites More sharing options...
Magox Posted October 12, 2009 Author Share Posted October 12, 2009 MONTHLY????? What credit card was this? applied card bank, originally cross country bank. Link to comment Share on other sites More sharing options...
DC Tom Posted October 13, 2009 Share Posted October 13, 2009 applied card bank, originally cross country bank. Good. Not one of mine. That's just a ridiculous fee. And they didn't give you any notice? Link to comment Share on other sites More sharing options...
Magox Posted October 13, 2009 Author Share Posted October 13, 2009 Good. Not one of mine. That's just a ridiculous fee. And they didn't give you any notice? I asked them that, and they told me that they did. I believe I remember seeing the notification of possible changes in fee's, but it was so damn lengthy I didn't read it all. It doesn't matter, I didn't have a balance, so whatever. Link to comment Share on other sites More sharing options...
IDBillzFan Posted October 13, 2009 Share Posted October 13, 2009 I asked them that, and they told me that they did. I believe I remember seeing the notification of possible changes in fee's, but it was so damn lengthy I didn't read it all. It doesn't matter, I didn't have a balance, so whatever. I think it's funny that the government looks at a terms and condition notice from a credit card company and says "This is unfair to the consumer. They can't read it. The wording is all legalese, tiny print, and no one can make sense of it and this type of behavior absolutely MUST STOP!" And then they release a 1,100-page health care reform bill that is all legalese in tiny print which no one can make sense of, and it's perfectly okay. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 14, 2009 Share Posted October 14, 2009 Blame gouging people at the gas pump during in years past... People began to default on their credit cards and said: "WTF, that not so bad... What are the big bad CC companies going to me anyway with regards to the UNSECURED DEBT." I mean really, weren't we as a nation hanging near the precipice when it came to the unsecured debt people were carrying before fuel prices hit the roof. Good, we as a nation don't need credit cards... If one wants one, then you maintain it and pay a fee... Juet like in the old days. Link to comment Share on other sites More sharing options...
murra Posted October 14, 2009 Share Posted October 14, 2009 Blame gouging people at the gas pump during in years past... People began to default on their credit cards and said: "WTF, that not so bad... What are the big bad CC companies going to me anyway with regards to the UNSECURED DEBT." I mean really, weren't we as a nation hanging near the precipice when it came to the unsecured debt people were carrying before fuel prices hit the roof. Good, we as a nation don't need credit cards... If one wants one, then you maintain it and pay a fee... Juet like in the old days. I don't know why...but I think for the first time on these boards I may actually agree with you... Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 14, 2009 Share Posted October 14, 2009 I don't know why...but I think for the first time on these boards I may actually agree with you... I take most people actually do most of the time, but they just don't want to admit. Back to the matter at hand. WARNING: Close your eyes, you won't agree with me... Not for the squeamish Of course everything has an "unintended consequence." The CC companies have nobody to blame except their own greed (pushing for the change in bankruptcy laws in the early 2000's). I have always said going back in time that everybody in trouble or over their head should mass default on the enormous unsecured CC debt that many Americans carry... Think about it, what is the CC company gonna do? Charge it off... Then sell it it to some debt buyer who buys it for pennies on a dollar along with other debts on a spreadsheet with nothing but names, SS#'s, and the amount... Like that 600 pound gorilla would ever hold up in court! Which it seldom does. I am not saying this is cool... But what would happen if people went into this nuke mode and waited the seven years. Debtor Revolt Article Ya... She is kinda lame and whiney... Has a whole collection of stupid model cars... But that is not the point. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 14, 2009 Share Posted October 14, 2009 Banking War? Link to comment Share on other sites More sharing options...
Magox Posted October 21, 2009 Author Share Posted October 21, 2009 Of course these Jackasses in Congress just don't understand the "unintended consequences" of their decisions. http://www.bloomberg.com/apps/news?pid=206...id=avpT4JNTzmlw Bernanke Airs Concern on Speeding Up Credit-Card Law (Update2) Oct. 21 (Bloomberg) -- Speeding up the effective date of new credit-card rules to Dec. 1 from next year may result in “unintended consequences” for banks, said Federal Reserve Chairman Ben Bernanke. “Issuers must be afforded sufficient time for implementation to allow for an orderly transition and to avoid unintended consequences, compliance difficulties and potential liabilities,” Bernanke said in an Oct. 20 letter to Spencer Bachus of Alabama, the top-ranking Republican on the House Financial Services Committee. How long have I been talking about the "unintended consequences" of these decisions? Link to comment Share on other sites More sharing options...
IDBillzFan Posted October 21, 2009 Share Posted October 21, 2009 Interestingly, I got a notice from Citibank yesterday that my interest rate will increase to 29.99% come Nov. 30th. Doesn't matter to me because I don't carry over balances. But here is what I found interesting: Taken straight from the mailer: "Earn interest back every month. Here's how - make your payment on time every month. "Each month you do, you will receive a credit on your billing statement equal to 10% of your total interest charge on purchase balances. If in any month you do not pay on time, you may not be eligible to continue to participate in this program." Just thought it was an interesting change in policy. Interest rates at 30% is probably just a smidge lower than loan sharks. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2009 Share Posted October 21, 2009 Interestingly, I got a notice from Citibank yesterday that my interest rate will increase to 29.99% come Nov. 30th. Doesn't matter to me because I don't carry over balances. But here is what I found interesting: Taken straight from the mailer: "Earn interest back every month. Here's how - make your payment on time every month. "Each month you do, you will receive a credit on your billing statement equal to 10% of your total interest charge on purchase balances. If in any month you do not pay on time, you may not be eligible to continue to participate in this program." Just thought it was an interesting change in policy. Interest rates at 30% is probably just a smidge lower than loan sharks. No...wait, wait, wait. An actual incentive to do the right thing? Holy ****! And those rates are kid's stuff. You want real rates try payday loans. The fees for payday loans are extremely high: up to $17.50 for every $100 borrowed(1) , up to a maximum of $300. The interest rates for such transactions are staggering: 911% for a one-week loan; 456% for a two-week loan, 212% for a one-month loan. Link to comment Share on other sites More sharing options...
IDBillzFan Posted October 21, 2009 Share Posted October 21, 2009 No...wait, wait, wait. An actual incentive to do the right thing? Holy ****! And those rates are kid's stuff. You want real rates try payday loans. I've mentioned this before; if the administration really, really cared about the less fortunate, the first place they'd target is the Payday-like places. These stores prey on the most desperate and upside down folks. But no. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2009 Share Posted October 21, 2009 I've mentioned this before; if the administration really, really cared about the less fortunate, the first place they'd target is the Payday-like places. These stores prey on the most desperate and upside down folks. But no. Here's another thing. We're looking at buying a house. As you an imagine they're a lot more expensive in SF than OC. Well we got approved for a loan based on 2007 and 2008 tax returns. My income was much higher then seeing I'm getting an new start with my company up here. Guess what, we were immediately approved for a loan we can no way afford. I, the responsible one said, "thanks but no thanks, we'll wait." So they're still doing it. Link to comment Share on other sites More sharing options...
pBills Posted October 21, 2009 Share Posted October 21, 2009 I just received a statement from one of my Credit Cards, and I had a 0$ balance. I saw this $15 MONTHLY MAINTENANCE FEE, with a $15.35 balance, and I was thinking to myself WTF! So I just got off the phone with them, and I asked, what the deal was. They told me in response to the new "credit card legislation" that was going into effect, that they made a "business decision" to increase these fees. Thank you Barney !@#$ing Frank and the W.H . I just cancelled my card. The lack of foresight of these !@#$s is unfreaking believable. Not only does this credit card legislation hurt consumers, but it will cause more people to close out their accounts, which in effect is tangibly shrinking credit, and we all know that this country relies on credit extension for growth. Stupid of Most credit card companies were doing that already. Especially if you are a smart person and have a $0 balance. And from what I hear on the radio it's going to get worse. All in all, this may be a good thing. People won't want to pay that extra $100 for nothing and start to clear up their debt and cancel these cards. Link to comment Share on other sites More sharing options...
erynthered Posted October 21, 2009 Share Posted October 21, 2009 Interestingly, I got a notice from Citibank yesterday that my interest rate will increase to 29.99% come Nov. 30th. Doesn't matter to me because I don't carry over balances. But here is what I found interesting: Taken straight from the mailer: "Earn interest back every month. Here's how - make your payment on time every month. "Each month you do, you will receive a credit on your billing statement equal to 10% of your total interest charge on purchase balances. If in any month you do not pay on time, you may not be eligible to continue to participate in this program." Just thought it was an interesting change in policy. Interest rates at 30% is probably just a smidge lower than loan sharks. I recieved a notice from BOA that if I spend one dollar more that what I have on my balance that my rate will go from 5.9 to 19.9. Retro. My credit rating is 821. Never been late for a payment. With a 20K credit limit with BOA and a balance of about 3K they did this. Another card company did the same thing to me three weeks ago. Link to comment Share on other sites More sharing options...
Magox Posted October 21, 2009 Author Share Posted October 21, 2009 Most credit card companies were doing that already. Especially if you are a smart person and have a $0 balance. And from what I hear on the radio it's going to get worse. All in all, this may be a good thing. People won't want to pay that extra $100 for nothing and start to clear up their debt and cancel these cards. Not to this extent PBills, the problem has been exasperated. All in all, it may be a good thing, in respect to people saving more and not extending themselves so much. I do believe that it is a good thing, however, I can assure you the government and businesses do not want this. This country relies on credit extension for growth, and if credit is being reduced and people are spending as much, then guess what happens? Federal and State Tax receipts go down. Which means deficits get larger, which means State budgets get reduced, which means less state jobs and services. Then Businesses do less business, which means less hiring and more firing. That's the sad reality of it, and we have grown so accustomed to spend, and much of our workforce is service orientated, so when the consumers entrench themselves, then the economy goes down. Link to comment Share on other sites More sharing options...
DC Tom Posted October 21, 2009 Share Posted October 21, 2009 I recieved a notice from BOA that if I spend one dollar more that what I have on my balance that my rate will go from 5.9 to 19.9. Retro. My credit rating is 821. Never been late for a payment. With a 20K credit limit with BOA and a balance of about 3K they did this. Another card company did the same thing to me three weeks ago. 5.9's an intro or balance transfer rate, right? Cards are looking for any reason whatsoever to end those rates. Thank God I transferred all my wife's credit card debt to better vehicles 18 months ago. In addition to cutting that debt by $20k over that time (still have $30k left, unfortunately), I managed to drop the overall average interest from about 25% to close to 12%. Had I not done that, we would be well and truly !@#$ed. Link to comment Share on other sites More sharing options...
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