All us PIFers might be changing how we use cc soon!

[Anonymous]

The article is a scare tactic.  The issuers already get fees from every merchant transaction (whether you PIF or not).  Last year they made billions just in late fees.  They are the biggest bunch of whiners and complainers!

[cobaltnv]

A new article--about the senate bill:

http://www.nytimes.com/2009/05/20/your-money/20money.html?_r=1&hp

I agree that some government intervention was probably needed for a few things. Of course they went a bit crazy (IMO) and are trying to micromanage credit cards. One particularly interesting tidbit about about student cards is below:

"If you’re a student, it will become harder to get a credit card. No one under 21 can have a card unless a parent, legal guardian or spouse is the primary cardholder. Students with their own income can submit proof and ask for an exception to the co-signer requirement." 

[haulingthescoreup]

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cobaltnv wrote:

A new article--about the senate bill:

http://www.nytimes.com/2009/05/20/your-money/20money.html?_r=1&hp

I agree that some government intervention was probably needed for a few things. Of course they went a bit crazy (IMO) and are trying to micromanage credit cards. One particularly interesting tidbit about about student cards is below:

"If you’re a student, it will become harder to get a credit card. No one under 21 can have a card unless a parent, legal guardian or spouse is the primary cardholder. Students with their own income can submit proof and ask for an exception to the co-signer requirement." 

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I can't imagine that that one will fly. What, they can get an auto loan, and not a card? All three of my kids got CC's when they started college, and no one co-signed for them. They were very responsible with them, and even my youngest now has three years of established credit history, all in her own name.

What happens to the new college graduate who needs a credit report for a job interview, a credit history for an apartment application? Ridiculous.

[FretlessMayhem]

I'm with you Hauling. I got my first card at 19, and it's my oldest account now.

I could have sworn that you're supposed to be an adult when you turn 18. So they're saying that 18 year olds are capable enough to fight for their country, but can't have a credit card? 

Rediculous. 

[cobaltnv]

I agree that not allowing those under 21 credit cards is silly. I am, in general, opposed to government intervention in these types of things. At most i could see if the government limited the amount of credit available. Presumably the government is trying to stop 19 year olds without steady employment from racking up massive debt. That is protecting both the individual and the company from themselves. As a country we have a long history of doing this (seat-belt laws, helmet laws, drinking laws etc); often poorly. 

[ralbusta]

I've browsed the new law and concerning credit cards for students under 21, they also will not be able to receive a CLI unless the co-signing parent agrees to the increase in writing.

[haulingthescoreup]

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ralbusta wrote:

I've browsed the new law and concerning credit cards for students under 21, they also will not be able to receive a CLI unless the co-signing parent agrees to the increase in writing.

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lol, DD#2 and I just discovered this weekend that she had gotten a CLI on her BofA, and she (and I) never even knew it.

This is what drives me crazy about the legislative process. You can have a pretty basic bill, and then all this wacko stuff gets attached to it. Off to e-mail my Senators, who take oblivion regarding normal people's daily lives to a whole new level, unfortunately.

[Anonymous]

This is not going to happen. No Grace period means no additional profit for banks. Would the bank willing to lose that? The purpose of the bank is to generate profits from interest of ALL loans. If no grace is available that means no interest earn will be available for banks so therefore no profit is going to generate. Back to square one, no profit means no business, no business is out of business. So I dont think bank is willing to lose money!

[Anonymous]

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@Anonymous wrote:

This is not going to happen. No Grace period means no additional profit for banks.

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???

[Imhotrodcrazy]

I don't care if they do, I hate the darn things anyway.  I only have one cc so getting rid of it, and going back to using my "debit" card, as I have for the past 10 yrs, is ok with me. If they decide to charge for the debit card, I will toss that in the trash too and go back to good ol' cash.  AAAAhhhhhhhh for the good ol days again. 

Message Edited by Imhotrodcrazy on 05-20-2009 12:37 PM