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Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: CC Disclosures - did you read em? (rates)

It's very much hilarious because many that are venting carry large balances.  I received rate increases on two cards, and haven't complained about it.  It's all about PIF. 
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

Re: CC Disclosures - did you read em? (rates)

[ Edited ]

creditwherecreditisdue wrote:

The vents are not hillarious. They are actually rather sad.

 

While a lot of us here are pretty clued in, there are also a lot of members/lurkers who are striving every day to recover their damaged credit. Those who are on top on things and PIF their accounts are very fortunate. They have mitigated the damage of any forthcoming AA. Those who can't PIF (perhaps they are reducing their balances on their way to PIF) are between a rock and a hard place when these massive AA pogroms strike. I can completely understand the frustration engendered as a result of having your APR jacked from x to 29.99%. It hurts. It hurts financially, and anything that hurts financially these days hurts emotionally. Things are really tough for a lot of people. The heavy handedness of the major banks is only making matters worse.

 

As for MBA's: I knew they were the bane of society when I got mine over 30 years ago. That's why I took my MBA in finance somewhere other than a bank and did something else with it. At least I can sleep at night.

 

As for the OP, speculating post facto in regard to whether folks have bothered to read their Cardholder Agreement isn't very helpful. It also isn't terriblly FSR.


 

Agreed.  didn't mean to imply that the mba's are the problem at all.

just listed one of the ways banks stack the odds against transparency for the consumer is to hire experts to set traps in the fine print which the OP has urged us to read.

 

Elizabeth Warren, the contracts professor has said publicly that she is generally unable to understand the provisions in most ccc t&c and she was dead serious, imo this speaks volumes for the odds against the average consumer in this regard.  yes it is important information for each of us to peruse. however, it is intentionally confounding -apparently even to some renowned legal experts.

Message Edited by score_building on 10-20-2009 09:12 AM
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: CC Disclosures - did you read em? (rates)


score_building wrote:

creditwherecreditisdue wrote:

The vents are not hillarious. They are actually rather sad.

 

While a lot of us here are pretty clued in, there are also a lot of members/lurkers who are striving every day to recover their damaged credit. Those who are on top on things and PIF their accounts are very fortunate. They have mitigated the damage of any forthcoming AA. Those who can't PIF (perhaps they are reducing their balances on their way to PIF) are between a rock and a hard place when these massive AA pogroms strike. I can completely understand the frustration engendered as a result of having your APR jacked from x to 29.99%. It hurts. It hurts financially, and anything that hurts financially these days hurts emotionally. Things are really tough for a lot of people. The heavy handedness of the major banks is only making matters worse.

 

As for MBA's: I knew they were the bane of society when I got mine over 30 years ago. That's why I took my MBA in finance somewhere other than a bank and did something else with it. At least I can sleep at night.

 

As for the OP, speculating post facto in regard to whether folks have bothered to read their Cardholder Agreement isn't very helpful. It also isn't terriblly FSR.


 

Agreed.  didn't mean to imply that the mba's are the problem at all.

just listed one of the ways banks stack the odds against transparency for the consumer is to hire experts to set traps in the fine print which the OP has urged us to read.

 

Elizabeth Warren, the contracts professor has said publicly that she is generally unable to understand the provisions in most ccc t&c and she was dead serious, imo this speaks volumes for the odds of the avg. consumer in this regard.


I will plainly state it: MBA's are a major problem. Look at what's happened to our banking system since the MBA's teamed up with the attorneys and investment bankers 30 to 40 years ago. What an unmitigated disaster. Our great country is now financed by the PRC. That's just great. Nice job fellas.

Established Member
M4c
Posts: 35
Registered: ‎09-24-2009
0

Re: CC Disclosures - did you read em? (rates)

It is quite unfortunate that the government has to step in and play Mom and Dad.

 

I will say most of these problems listed above are self created - no one asked you to spend beyond your means or ignore your finances.  You made that choice yourself.  I feel sorry for those who are victims of predatory loans and cards - they are the ones that are the victims. 

 

All others made choices on their own.  And the banks are to blame?  Yes, this is America, if you make a mistake you better find someone else to blame fast.

 

The saddest part?  In 10 years, Americans will live as if none of this ever ocurred.  Let the good times roll! (and pay for it later)

----------------------

"...muffins are just bald cupcakes." -- Jim Gaffigan

I can has good credit score?
Regular Contributor
Cyrion
Posts: 192
Registered: ‎12-06-2008
0

Re: CC Disclosures - did you read em? (rates)


M4c wrote:

It is quite unfortunate that the government has to step in and play Mom and Dad.

 

I will say most of these problems listed above are self created - no one asked you to spend beyond your means or ignore your finances.  You made that choice yourself.  I feel sorry for those who are victims of predatory loans and cards - they are the ones that are the victims. 

 

All others made choices on their own.  And the banks are to blame?  Yes, this is America, if you make a mistake you better find someone else to blame fast.

 

The saddest part?  In 10 years, Americans will live as if none of this ever ocurred.  Let the good times roll! (and pay for it later)


If I make a mistake I don't drag the whole economy down with me :smileywink:

Moderator Emeritus
Lel
Posts: 5,267
Registered: ‎03-18-2008
0

Re: CC Disclosures - did you read em? (rates)

By and large, this has been a civil discussion of the recent developments in the consumer credit industry.  The original question is legitimate, though it was not necessary to call out the mods in the way that the OP did.

 

Yes, people are getting ratejacked.  Yes, some people's behavior made them more prone to adverse action by the credit card companies, whereas others are compartively innocent bystanders caught in the wake.  And yes, these actions are permitted by the credit card terms to which we all have agreed.  So, yes, we cardholders cannot be entirely justified in saying that we have been treated unjustly.  To say (again) that there is no one to blame but ourselves, or to imply that cardholder are children in need of parental supervision, however, does not contribute to a fruitful discussion.  Likewise, responding in kind to snarky comments will only serve to heighten a conflict that will ultimately yield no victor and will leave everyone here in a lousy mood.


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