Credit cards companies have been particularly nefarious lately. They have risen interest rates, reduced credit limits, tightened credit and have tried other sneaky stuff to get in under the wire. New federal rules go into effect on August 20 and again in February. Hopefully, these new laws will help consumers.
What credit card horror stories do you all know about? How will these rules change how we do business?
Of course the credit card companies took advantage of this (the rules not taking effect until August 20), and a lot of them have indeed raised rates and cut credit limits in the last month or so before some of these new rules took affect.
It’s too bad the legislation didn’t have the rules take affect immediately, but it was obviously a concession to the credit card lobby.
“Credit cards companies have been particularly nefarious lately. They have risen interest rates, reduced credit limits, tightened credit and have tried other sneaky stuff to get in under the wire. New federal rules go into effect on August 20 and again in February. Hopefully, these new laws will help consumers.”
New rules to ensure more risky behavior by the banks and another free-for-all by risky borrowers. Then, another bailout.
Here we go again. The madness never stops.
Last time I checked, consumers have choice as to what bank they choose to do business with. Are you saying all these banks are colluding?
Mando, I have to disagree about the ‘more risky behavior’ statement. How do the new rules encourage risky behavior?
Credit is much tighter now. Frankly, people get screwed by credit card companies with little or no recourse. Last I looked, customers still have a choice which banks to do business with. How has this changed?
Are you one of these people who think if something happens under Obama is is automatically awful?
“How do the new rules encourage risky behavior?”
By usurping the banks ability to make business decisions based on market conditions.
“Frankly, people get screwed by credit card companies with little or no recourse.”
You have plenty of recourse. Take your business elsewhere. Like you said, “Last I looked, customers still have a choice which banks to do business with. How has this changed?”
“Credit is much tighter now.”
As it should be. Looseness with the purse strings is what got us into this mess.
Thinking we’re going to dig our way out by spending more money we don’t have is foolish and a surefire way to another meltdown.
Cash is king right now. Do some research on which business are coming through this recession fairly unscathed (those with cash). Lenders NEED cash and they need to dissuade risky borrowers.
“Are you one of these people who think if something happens under Obama is is automatically awful?”
No. But it’s easier to label me as such. Then you don’t have to think.
“Are you one of these people who think if something happens under Obama is is automatically awful?”
Just to add, Obama has a 4 year shelf-life. His motivation is short term, not long term. ALL politicians motivation is such. Trust none of them with your future.
I’m neither republican nor democrat. I’m more of a libertarian. I don’t like Obama because I can see where he’s taking us and it’s not a place where we should be going. It’s against the bedrock of this nation.
I am neither republican nor democrat either. I just don’t think we probably share the same bedrock. There is such a movement to undermine the Obama presidency that I question how much some people care about the country. We have survived many presidencies. We survived Bush. We will surive Obama. As for his shelf life, I guess that is yet to be determined.
“As for his shelf life, I guess that is yet to be determined.”
My point was not political. It was, he sees 4 years down the road and our sights are set much further. His motivation is votes to extend his shelf life. Short term gain at the expense of long term stability.
“We survived Bush. We will surive Obama.”
Surviving and thriving are two different things. I don’t want to just “survive”.
We could bring back Clinton. Peace and prosperity aren’t all that bad.
Under the previous administration, the credit card companies got everything they asked for in the bankruptcy law. It was Christmas. Now under a Democrat their gains will be whittled away. Then when the Republicans control the government again, they’ll change laws in their favor again.
What we need is a Democrat as President and a Republican controlled Congress or vice versa.
One party should never get too powerful.