Comments for Credit card industry loses one »
Posted By jovial 8 months, 2 weeks ago in Business & FinanceAs Americans find themselves in 850 billion dollars in credit card debt, a House Financial Sub Committee and a full Senate Banking Committee pass two separate bills in an attempt to stop credit card companies' most abusive practices.
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jovial8 months, 2 weeks ago
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Any regulation of the credit card industry will benefit consumers. Even if they close accounts. It will force consumers to pay off their debts. This is going to be a big battle, the people vs. the banks. They have the advantage of lobbyist power. Will Congress and the Senate allow this to pass or will they be paid off and water these bills all the way down?
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Spadecaller8 months, 2 weeks ago
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Thanks jov! I find it amazing that we are just now finally getting around to enforcing guidelines to protect consumers from unfair credit card practices. ON both the federal and state levels, insurance companies are regulated by laws that protect insurers from misrepresentation and deceptive sales practices. It's amazing that both mortgage and credit card abuse is just now being addressed. Should it really be any surprise why we have such problems in our nation's economy? I love how most conservatives love to blame the consumer for these "errors in judgement". The fact is that without good regulation, the nation and the companies suffer in the long run; to give the buyer the opportunity to get screwed is not my idea of 'free enterprise'. The control of a company rests with its management - not with its customers.
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Poulenc8 months, 2 weeks ago
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Astounding that the credit card industry has remained unregulated--or at least has escaped any kind of curbing--for so long.
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What they do is usury, plain and scary. Though card holders should of course spend within their means, the practices of the card industry are bankruptcies waiting to happen.
Which hardly benefits them never mind those who cannot meet their debts. -
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Charlson8 months, 2 weeks ago
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Credit card company's interest hikes and hidden fees have been one way these companies pad their pockets even if they're not doing a good job of issuing cards to QUALIFIED rather than unqualified consumers. Instead of rewarding their good customers they've taken the tack of ripping them off with an aggressive attitude of "So what, we've got you by the balls!"
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fsev418 months, 2 weeks ago
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Had an account (started as Sears in-house) for 44 years without a late pay. Last Oct payment was two days late because of the Columbus day holiday (no mail service) and they tacked on a $39. late fee. I called and complained and the charge was to be removed. The next bill had the late charge credited at the top of the bill and recharged at the bottom even though the payment was credited ten days before the due date. That account has been closed.
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DarkWizard8 months, 2 weeks ago
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Excellent find jovial!
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Again, we see how "key" republicans are unwilling to let go of the lobbyists' money "teet" and would allow more Americans to be subject to usury practices.
Even here, on Propeller, we see the obstinate attitudes of our conservative brethren. They preach fiscal responsibility, but when measures are taken to ensure that market balances and regulations be put in to place, they become hypocrites.
Again, this exemplifies the statement in the video..."They [republicans] just don't get it." -
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cowboygrandpa8 months, 2 weeks ago
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I had a card from Bank of America with a 0% interest rate.
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I mailed my payment ten days before it had to be there. They received it after 11 days they said. Charged me 29.00 late fee and tried to up my interest rate to 22%.
I called them and told them to simply close the account, transfered the balance which was only 500.00 dollars to another 0% card and disputed the late charge.
Bottm line they reopened my account at 0 interst for 18 months deducted the late charge and apologized in writing and never reported the late payment.
But I am ready to tell the greedy bastar*s at Wells fargo where they can shove their card. I've never ben late nor have I gone over the limit but they raised the rate to 16%. I closed the account and are paying them off. Once paid off they will never get any business from me again.
The last time I checked my score it was 695.-
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Shixa_Reborn8 months, 2 weeks ago
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CBG, I've had that happen with 2 credit cards over the years. One was with Macy's, which was BoA and the other was with Wachovia.
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One situation was similar to yours, and the other was over a CC not being renewed.
When neither company would budge, I promptly paid them off and open up another account with a competing bank.
I then reported both incidents to the state AG.
Neither scenario affected my credit history.-
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cowboygrandpa8 months, 2 weeks ago
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S_R:
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Glad to hear neither affected your credit rating.
I've reported WF and asked that their "loan sharking" practices be examined. Yes they have the right to make a fair profit.
But we shouldn't have to pay for their poor decisions in lending to questionable at the best and not qualified at the worst. These clowns should take it in the shorts like they are trying to make us do.
These executives pay bonuses to get people signed up in hopes they will make a killing onn the interest payments.
Well they should lose money when the people fail to pay.
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CHAM8 months, 2 weeks ago
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This might be a start and then again it just might be more bluster. I wrote an article last year about the CEO of Capital One making a statement that the largest income stream for the past year was penalties. I reported that they were notifying me that my interest was going to be raised "because of the economy" to 15.3% from 6.99% instead of going to the 4.99% promised when I took the loan.
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I could opt out by either paying off the account or closing the card and paying off at 6.99%
I did opt out and paid off the account and I wrote my Senator that he needed to be doing something to rein in criminal Credit Card companies ( I had not been late during the 5 years I had an account with them and every last single payment was usually double or triple the minimum payment ) I have a Credit score of Excellent.
The CEO did during his interview, say that by raising rates a lot of people pay off their accounts. Think of the immediate cash they can raise that way from their 48 million accounts.
What did my Senator say? You bet he wanted to put those nasty Credit Card companies in their place, but he didn't mention one thing that would stop them from doing what they were doing.
He didn't answer my call for a National Usury law of 12%. That's what we need.
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