Senate Rejects Limit on Credit-Card Interest Rates »
Posted By azies 9 months ago in NewsDespite complaints that banks and credit card companies are gouging customers by charging outrageous interest rates, the Senate on Wednesday easily turned back an effort to cap interest rates at 15 percent.
Read Full Story at thecaucus.blogs.nytimes.com »
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nostalgia9 months ago
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Bloomberg.com:
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Senators yesterday voted 60-33 to invoke budget rules that killed the rate cap proposed by Senator Bernie Sanders, a Vermont independent. Sanders said the action was needed to stop banks from routinely charging 25 percent to 30 percent on credit cards.
Looks like the cap was turned down on a bipartisan basis
Just shows you how many Senators on both sides of the aisle are in the pockets of the credit card companies-
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proffordisabilities9 months ago
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Dear Bloomberg.com,
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I just last week got a credit card bill on a zero balance for a $1.00 processing fee, that you just know they are hoping will be paid late. This credit card (Chase) had at the same time informed me that my new credit card interest rate was 39.9% and that my new credit limit was $17,000. Just imagine that I actually used that card and carried a moderate balance; every 2 1/2 years I would be paying off the entire interest with hardly touching the balance.
Oh my God, if not the Democrats to stop these usury practices which are only legal in Delaware, let's all take a moment now and stare at Delaware for the illegal economic demons that they are!!!
It is so utterly immoral and unethical for these bank credit card companies to continue to stay in business, and not be replaced by a moral, ethical interest rates, that they continue to make economic slaves of our popular economy, I am utyterly ashamed that I am a democrat where they did not take up this critical issue, when a late payment due to unemployment may happen for balances that were accrued when they did have a job. The job's the thing, and I've been laid off twice,once as a exceptional ed. teacher, and then a few years later, as an exceptional ed. Adult Education Professor, at the same time our state had money to throw at private and charter schools, and most of them don't take children with a "History" of abusive behavior who would only be exceptional should they attack their their teacher, which was a libreal performance.
Look, if the government that is so very Important to this unfairly practice of waterboarding, why have hey been so stingy with temperance.
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slate9 months ago
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Dang Democrats! Now that they (Democrats) own the Banks and auto companies, sure they want them to make as much money as possible so THEY will see the profits. Even though the 'country' owns a share in them, remember the 'country' means 'them', not us, so don't expect a gain share check anytime soon.
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Additionally, I think they want us to get used to the interest rates that are coming in the future, once this thing pans out. Poor Bush, he'll be blamed for the Senate's doing this and the future interest rates, as well as the high tax rates for the middle class once we have to start paying for all the money wasted on failing companies and all the new programs that are coming.-
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DarkWizard9 months ago
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slate,
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"Poor Bush, he'll be blamed for the Senate's doing this and the future interest rates, as well as the high tax rates for the middle class once we have to start paying for all the money wasted on failing companies and all the new programs that are coming."
I disagree with your sentiment. You are assuming that democrats will act like republicans and support their party even when the party no longer represents the publics demands. I, for one, find the actions of this "Democratic Congress" to be very disturbing so far. The problem is that neither party is giving the public what it wants or needs.
Bush should only be blamed for those things he is responsible for. That list is quite long however. The Congress is a separate branch of the government and I do not hold the president responsible for actions that go against the president's desired outcome. On the other hand, I do hold the president responsible for vetoing good laws and policies or signing off on bad laws and policies. -
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wtagg9 months ago
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"Poor Bush, he'll be blamed for the Senate's doing this and the future interest rates, as well as the high tax rates for the middle class once we have to start paying for all the money wasted on failing companies and all the new programs that are coming."
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You do realize that Bush was the president who started the wasting of money on failing companies. Should he be blamed for that? You seem concerned about him getting unjustly accused of something that can be demonstratively proven. -
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djn3nunez39 months ago
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Looks like` only one Repubilican voted for the measure. So it looks to me that the Republicrats are to blame.
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Grouped By Vote Position
YEAs —33
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Gillibrand (D-NY)
Grassley (R-IA)
Harkin (D-IA)
Inouye (D-HI)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Levin (D-MI)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Reed (D-RI)
Reid (D-NV)
Sanders (I-VT)
Schumer (D-NY)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Wyden (D-OR)
NAYs —60
Akaka (D-HI)
Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bayh (D-IN)
Bennett (R-UT)
Bingaman (D-NM)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Byrd (D-WV)
Cantwell (D-WA)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Gregg (R-NH)
Hagan (D-NC)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Johnson (D-SD)
Kaufman (D-DE)
Kyl (R-AZ)
Landrieu (D-LA)
Lieberman (ID-CT)
Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shaheen (D-NH)
Shelby (R-AL)
Snowe (R-ME)
Specter (D-PA)
Stabenow (D-MI)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Warner (D-VA)
Wicker (R-MS)
Not Voting - 6
Kennedy (D-MA)
Leahy (D-VT)
Mikulski (D-MD)
Rockefeller (D-WV)
Voinovich (R-OH)
Whitehouse (D-RI)
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djn3nunez39 months ago
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1 Republican voted for the measure, along with 32 Democrats who do believe in change. All other Republicrats either didn't vote or voted in favor of the credit card companies not the voter.
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I think there are 68 seats in the Senate the need changing.......Remember who your Senator is loyal too the next time you vote.
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cheif9 months ago
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As I predicted, this bill wouldn't go anywhere or have any teeth - after all, Joe Biden was the one who pushed through the bill ensuring they could charge what they wanted - "don't leave home without your Biden" still applies and looks as if they won and America lost.
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That's why we need to clear all these losers out with term limits and get someone in who will work for us instead of their cronies who keep them in money to spend on commercials at election time that we for some reason believe and vote these same people in who got us in the mess in the first place.
I can't believe us sometimes.
GET RID OF ALL INCUMBENTS IN 2010 OR STOP COMPLAINING!!! WE GET WHAT WE VOTE FOR...HELL, THEY CAN'T EVEN BELIEVE WE'RE SO STUPID...KEEP IT UP...WON'T BE LONG NOW....-
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DarkWizard9 months ago
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cheif,
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"GET RID OF ALL INCUMBENTS IN 2010 OR STOP COMPLAINING!!! WE GET WHAT WE VOTE FOR...HELL, THEY CAN'T EVEN BELIEVE WE'RE SO STUPID...KEEP IT UP...WON'T BE LONG NOW...."
Over the past two house and senate elections, We The People, have been ousting the incumbents! The problem is that the new boss is the same as the old boss. Until a legitimate third party candidate steps forward in the upcoming elections, we will be saddled with politicians who cater to special interests and sometimes make a show of fighting for the people.
Term limits are a two-sided coin and could just as easily backfire as anything else.
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glerchen9 months ago
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Credit card rates are destroying the economy more than any tax plan or subprime mortgage scheme. As such the card issuers, mostly banks have clearly demonstrated what they truly are: ENEMIES OF THE PEOPLE. It's past due time that We The People stopped caring about how the banks and the market will react. The voting record shows in no uncertain terms who in the Senate is owned by the banking lobby,regardless of party. To be apologists for the credit card industry is tantamount to negotiating with domestic terrorists, and voting to let them contiue their practices is an act of treason. yeah I know that I sound like a raving nutcase that hates free enterprise, but raping honest working Americans is a criminal act and if saying so makes me a wing nut so be it.
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dedharvey9 months ago
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Here is an idea, Why dont all of us angry millions of
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used and abused americans get off our collective rears
and enmass stop paying our credit cards in protest?? we
can only win if we are together and they can only loose if
it is a collective which will bring them to their knees.-
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cushi8 months, 4 weeks ago
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I am willing to pay what I owe, but I am NOT willing to pay exorbitant interest rates (nothing short of legal loansharking) and late fees that are sometimes triple what the minimum payment amount is!
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It is astounding that people can actually sleep at night when they know they are ripping people off and ruining so many lives.
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flamingrose409 months ago
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I just wrote a scathing letter to Kit Bond of Missouri for voting against it. In that letter I said what ALL of us taxpayers need to be saying over and over to these Senate asses. "If all of you in the Senate and Congress had to decide between paying a credit card bill and food on the table, you might rethink the decisions you make!" I for one and fed up with BOTH sides of the aisle!! Every one of us wakes up each morning with the fear of that pink slip when we get to work...I think the idiots on the hill need to start feeling that same fear!!!
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svlbudd9 months ago
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I applaud the 1 Republican and 32 Democrat Members of the Senate who have heard the cry of the American Public. You get it! The other 68 incumbents should be voted out of office in 2010. It is evident... they could care less about the hardships Americans across the country face everyday. They just don't get it. Get Out of Office You don't deserve to serve America!
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crabgran9 months ago
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Isn't anybody going to mention the millions of people who don't make their credit card payments at all or make them late, incurring outrageous late fees? For those of us who do make our payments, and make them on time, these interest rates go toward making up the losses set by the bankruptcy courts and paying for the merchandise the non-payers refuse to pay for. The world revolves on credit now, folks, and if all of us don't repay our debts, we all go down together.
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cushi8 months, 4 weeks ago
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Does it occur to you that the reason some people pay their cards late is that the rates they're being charged make it impossible for them to continually pay on time? Do you realize that many people are struggling to feed and clothe themselves and their families? Did you know that many people are living on fixed incomes and choosing between food, medicine, rent, you know, essential things, and paying a damn exorbitant credit card payment? Do you understand that not everyone has mis-usedt credit funds, but are just as strapped when it comes to dealing with the larcenous payments and interest rates? Does it occur to you that unexpected expenses can pop up like the need for a new furnace, a major home repair, serious illness or accident , etc. can throw someone with a small budget into instant crisis? You need to get your head out of your shell and take a good look around because you're missing a WHOLE LOT of the picture. If you don't fall into any of those categories, be thankful but don't think for one minute that you'll never be because but for the grace of God...
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pstoreyl9 months ago
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Two things. l. we once had a federal usury level to counter the levels of interest to protect the taxpayers from what appears to be "legal robbery". Why not now? 2. If it is acceptable to do this to the taxpayer then "turn about" is fair play. The money lent to these same people from the government (the taxpaper) should hava a 30% interest rate it's either a fair rate or it isn't. And of course we should be able to change the rate and make it higher even without cause.
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