@Anonymous wrote:
Very interesting read and some things that we will all be seeing. I always find it amazing when people think that the Government getting involved in circumstances like this will help. Any small things they change or help with will easily be overshadowed by the harm this act will do.
Hope everyone has a smooth ride and that you all reach your credit goals this year.
http://finance.yahoo.com/news/Mixed-blessing-credit-card-apf-2338521177.html?x=0
The harm? I read that article earlier and found no downsides whatsoever.
So people that have zero to negative history have a harder time getting credit? GOOD. That's what secured cards are for. They're to help you build credit.
Your interest rate jumped three points? Pay stuff off on time, or get a card with 0% interest for certain purchases or lengths of time
Most of the new annual fees being introduced cost less than my "free" checking account does.
Rarely used cards get closed? Perish the thought! I've already had HSBC close an account of mine that was inactive for over a year. It still appears on my report and is included in my total credit limit amount.
I'm sorry, I don't see the problem. All this will do is keep people that have no business having credit (I would include myself on this list retroactive to three years ago) from having it, while people that know how to utilize it (my current self) can do so.
