Credit Card Reform Reactions

Fuck those credit card companies, Credit is a nessasary evil

[quote]FightinIrish26 wrote:
swivel wrote:
Ha Ha this is hilarious…First you folks who buy everything with plastic kill the cash economy for all of us -FOREVER- and now you’re bitching about losing your free lunch too ? WTF ?

Right.

Because people were completely irresponsible with lines of credit and caused a fucking total economic collapse, everyone will be punished for it.

And by banning the practices that were absolutely out of hand in the first place, such as Retroactive interest rate increases, they are protecting people from getting completely fucked by credit companies (which they loved doing).

I’m not seeing the problem here.[/quote]

x2

[quote]Iron Dwarf wrote:
FightinIrish26 wrote:
swivel wrote:
Ha Ha this is hilarious…First you folks who buy everything with plastic kill the cash economy for all of us -FOREVER- and now you’re bitching about losing your free lunch too ? WTF ?

Right.

Because people were completely irresponsible with lines of credit and caused a fucking total economic collapse, everyone will be punished for it.

And by banning the practices that were absolutely out of hand in the first place, such as Retroactive interest rate increases, they are protecting people from getting completely fucked by credit companies (which they loved doing).

I’m not seeing the problem here.

x2

[/quote]

Are you guys saying you can’t see the problem with everyone else being punished for the mistakes of the irresponsible?

We’re already being punished for everyone else’s irresponsibility in many other areas of life. This one is such small potatoes compared to some of the others. Yeah, I use 2 credit cards. But I wouldn’t mind a nudge that would get me to give them up. Some of the things that we’ve long taken for granted under the “progress” banner have done more harm than good.

[quote]LankyMofo wrote:

Are you guys saying you can’t see the problem with everyone else being punished for the mistakes of the irresponsible?[/quote]

That’s generally how the world works.

You’re punished with higher prices on items in the store because there’s people that shoplift. I don’t hear you crying about that.

[quote]Xab wrote:
My parents own two companies that use their CCs heavily, and not a month has passed when they haven’t paid them off in full. Other than the $40/year annual fee, the cards have never cost them a thing.

Now, they’ll be canceling all of their CC accounts. It’s total bullshit that the people who are good with their money get fucked because other people are bad with their money. [/quote]

Welcome to socialism. We had it in Poland, and it sucked.

[quote]Iron Dwarf wrote:
We’re already being punished for everyone else’s irresponsibility in many other areas of life. This one is such small potatoes compared to some of the others. Yeah, I use 2 credit cards. But I wouldn’t mind a nudge that would get me to give them up. Some of the things that we’ve long taken for granted under the “progress” banner have done more harm than good.[/quote]

That’s why we need to bring back accountability. Social programs all over need to be phased out and bailouts shouldn’t even be in the governments vocabulary.

[quote]FightinIrish26 wrote:
LankyMofo wrote:

Are you guys saying you can’t see the problem with everyone else being punished for the mistakes of the irresponsible?

That’s generally how the world works.[/quote]

Whose fault is that?

coughliberalscough

[quote]

You’re punished with higher prices on items in the store because there’s people that shoplift. I don’t hear you crying about that.[/quote]

Alright, cheap shots aside, if someone started a thread about that I would be crying about that, too. I mean, uh, I don’t like that, either.

Accountability is what we need. It’ll never happen but a man can dream, can’t he?

Accountability got thrown out in the last administration. We’re still paying for it.

[quote]bozbot wrote:
the changes you are talking about are the credit card companies response to the Credit CARD Act. they are trying to make up the profit they are going to lose once the act goes in to law. while i agree those “responses” to the act suck, the CC companies are the ones doing them not the act itself. The act itself was a good idea, it just didnt cover all the bases. the CC companies will find ways to make their money. [/quote]

Absolutely, my apologies if I came across wrong in my initial post, the things I spoke of were a response to the Act 100%.

[quote]JLu wrote:
Will this affect me in Canada as well? Because I just got a credit card so that I could start building my credit, but if I’m going to be charged interest the second I make a purchase it will be bye-bye Visa.[/quote]

Yes it will still effect you. The interest being charged as soon as you swipe hasn’t taken effect yet, but is a very real possibility and at the least the current grace period on cards will be cut down.

Can someone post a link that states that this Act will be used for said purpose? (The only change/effect I care to read about is the one where interest will be accrued immediately at the time of purchase.)

In the link below, the Act is supposed to protect consumers from malicious credit card company practices. Have credit card companies mentioned that they plan on changing the interest rate accrual structure to combat the effects?

[quote]bozbot wrote:
the changes you are talking about are the credit card companies response to the Credit CARD Act. they are trying to make up the profit they are going to lose once the act goes in to law. while i agree those “responses” to the act suck, the CC companies are the ones doing them not the act itself. The act itself was a good idea, it just didnt cover all the bases. the CC companies will find ways to make their money. [/quote]

ya…fucking assholes making money. Government passes a law that lowers they profit and then they have the nerve to make up for the lost profit in another way!!! Who would of thought? We should probably pass another law banning credit card companies making money.

[quote]dk44 wrote:
CaliforniaLaw wrote:
LOL at your ignorance.

Great fucking point, thanks for you input. I love when you do this BTW (you do it pretty regularly). Instead of being a dick, why don’t you help all of us fucking morons out old wise one. You continue to be the cocksucker I pegged you for from day one.[/quote]

lol

[quote]LankyMofo wrote:
Iron Dwarf wrote:
FightinIrish26 wrote:
swivel wrote:
Ha Ha this is hilarious…First you folks who buy everything with plastic kill the cash economy for all of us -FOREVER- and now you’re bitching about losing your free lunch too ? WTF ?

Right.

Because people were completely irresponsible with lines of credit and caused a fucking total economic collapse, everyone will be punished for it.

And by banning the practices that were absolutely out of hand in the first place, such as Retroactive interest rate increases, they are protecting people from getting completely fucked by credit companies (which they loved doing).

I’m not seeing the problem here.

x2

Are you guys saying you can’t see the problem with everyone else being punished for the mistakes of the irresponsible?[/quote]

Without the “irresponsible” you never would’ve enjoyed the free credit lunch you’ve been eating for the last 20+ years. Now it’s kinda like your turn to buy, or you can thank them for the delicious meal and be on your way.

As for being “punished” who’s really doing the punishing here? It’s you folks who are using plastic all the time who’ve taking 20%, at least, from every small business in the country.

At least you still have options…

[quote]JLu wrote:
Will this affect me in Canada as well? Because I just got a credit card so that I could start building my credit, but if I’m going to be charged interest the second I make a purchase it will be bye-bye Visa.[/quote]

I wouldn’t worry. We do have our own laws regulating the financial sector. We are not changing any credit card laws so our credit card companies’ practices have no reason to change. If they had the power to do all these jack-the-customer practices, they would already have put them in place a long time ago.

ElbowStrike

In the end, it’s a relatively small price to pay for the luxury of financial overextension.

[quote]Iron Dwarf wrote:
Accountability got thrown out in the last administration. We’re still paying for it.[/quote]

So the answer to the Bush administration’s lack of accountability is more of the same? What happened to hope and change?

All of those 0% APR and rewards incentives came from the profits made by those who didn’t pay in full and on-time, no?

[quote]Unaware wrote:
bozbot wrote:
the changes you are talking about are the credit card companies response to the Credit CARD Act. they are trying to make up the profit they are going to lose once the act goes in to law. while i agree those “responses” to the act suck, the CC companies are the ones doing them not the act itself. The act itself was a good idea, it just didnt cover all the bases. the CC companies will find ways to make their money.

ya…fucking assholes making money. Government passes a law that lowers they profit and then they have the nerve to make up for the lost profit in another way!!! Who would of thought? We should probably pass another law banning credit card companies making money. [/quote]

I have nothing wrong with CC companies making money when it is legit. My problem is with the companies that are jacking up the interest rates (to 30%) on current balances (purchases made with a 12% interest rate )now because in a few months they wont be allowed to legally. the act was nice enough to not make the new law retroactive so any “new” higher rates they apply will be allowed to be kept. and these rates are being increased without any negative reasons from the consumer (i.e. did not default, overdraft, etc.)

WTF? No more perks? Well now I’ve lost all reason to even use a CC. Good bye free starbucks dollars.