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Obama does another good thing
Topic Started: Apr 24 2009, 02:40 AM (535 Views)
Frank_W
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Resident Misanthrope
Eh... Yes: IF it actually HAPPENS, then yes, definitely a gold star.
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
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Copper
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Shortstop

I understand that the CC companies are a bunch of meanies.

I'm not sure I understand that they are doing something wrong that should cause federal intervention.

The stuff that Mr. Obama called "misleading" sounds like something that might be worth investigating.

Is that the whole problem? (Besides of course the meanie thing).

Is there some kind of price fixing going on?
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Frank_W
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Resident Misanthrope
It seems like an institutionalized form of "bait and switch."

Everything's in the fine print that's so small and so lengthy that no one ever reads it. So people get their card with "zero interest, zero annual fees," run it up and can't pay it off each month, then after the first six months or a year of this, the credit card company slams the customer with a 23% interest rate.

To me, that's almost like loan-sharking or flat-out extortion. Does it require federal intervention? Hrmmmm.... Probably not, if consumers were smart enough to handle things themselves, knowing that if they use credit, to pay it off each month and not to run the card up until they wear the damn numbers off of it.

Also, a person can be fiscally responsible and have excellent credit, but have some sudden medical problem that puts them out of work for a few months, get laid off, or whatever... They get behind in their house payment or other bills, use the credit card to tide them over, and then get behind in the credit card payment, and pretty soon, it all turns into an avalanche.
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
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Steve Miller
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Bull-Carp
Copper
Apr 24 2009, 06:13 PM
Is that the whole problem? (Besides of course the meanie thing).

The new problem is that CC companies are cutting people's credit limits to levels below that which is owed on the card.

This puts the balance over limit and triggers a credit increase - up to 30% in some instances.
Wag more
Bark less
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Pianolicious
Senior Carp


Part of the problem with reigning in credit card companies is that it gives people permission to continue to be stupid and/or gullible, and there's way too much of that in this country already.
Sit tibi vita longa et omnia bona!!! -- Dr. Spock
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QuirtEvans
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I Owe It All To John D'Oh
Steve Miller
Apr 24 2009, 08:25 PM
Copper
Apr 24 2009, 06:13 PM
Is that the whole problem? (Besides of course the meanie thing).

The new problem is that CC companies are cutting people's credit limits to levels below that which is owed on the card.

This puts the balance over limit and triggers a credit increase - up to 30% in some instances.
Do you mean an interest rate increase, Steve? Or penalties?
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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