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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Credit Line increase

One thing we have to keep in mind regarding CC's is that it is a US Supreme Court decision that allows banks to export interest rates from one state to another. This ruling is a cornerstone of the modern credit card industry and allows the issuers to impose APR's which exceed the usury rate in many states, which would otherwise be a crime. (The CC industry also lobbied full force in favor of the revised bankruptcy law.) Given such latitude and having so egregiously abused it additional regulation of the industry was inevitable and has happened.

 

Furthermore, since the CCC's seem to be bent on abusing the window of opportunity left open to them by the eighteen month gap between the imposition of the new FRB CC regulations and their enforcement in a time of near financial collapse congress is rapidly progressing on a bill to move up the timetable for this imposition.

 

Every industry relies on the good sense and self discipline of its member organizations. When abusive practices prevail, particularly following extraordinary favorable loophole exploitation, this invites intervention. The CCC's have always been frontier pushers. It will be interesting to see how the attempts to push back a bit work out. The economy cannot endure much of a credit contraction, nor can the banks close off a very large source of their profits. There will be a bit of a shake out between now and the end of 2010. As usually is this case those on the bottom end probably will be squeezed out altogether, while those at the top are barely scathed. C'est la vie.

 

FWIW, I am not a communist! Just a very educated fact monger.

Established Member
Posts: 122
Registered: ‎04-27-2007

Re: Credit Line increase

Glad to have you posting this info.  To me it sounds like a smart decision to not have all the cards like I use to.  We will never get out of debt!!
Senior Contributor
BungalowMo
Posts: 4,235
Registered: ‎05-01-2008

Re: Credit Line increase

You can have 150 cards...and never be in debt.   Or 2 and file for bankruptcy.

 

It all goes back to the previous post...we make our choices. 

 

When you point the finger of blame...3 more point back at you.



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Established Member
Posts: 122
Registered: ‎04-27-2007

Re: Credit Line increase

I have even read that if you don't use your cards now, they can canel you.  They have you no matter what! 
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Credit Line increase

[ Edited ]

BungalowMo wrote:

You can have 150 cards...and never be in debt.   Or 2 and file for bankruptcy.

 

It all goes back to the previous post...we make our choices. 

 

When you point the finger of blame...3 more point back at you.


 

Mo -

 

Have you ever, once, been influenced by someone other than yourself to do something that was not in your best interest? Now imagine the millions out there who are much weaker willed than you lined up against the CC industry with their massive war chests, pervasive lobbying and ultra-sophisticated marketing programs. When those who have so many of the chips on their side of the table seek to misbehave they invite the slap on the wrist (or worse) to come.

Message Edited by creditwherecreditisdue on 07-19-2009 09:20 PM
Established Contributor
JoeBJay20
Posts: 795
Registered: ‎04-13-2009

Re: Credit Line increase


dee wrote:
I have even read that if you don't use your cards now, they can canel you.  They have you no matter what! 

They only have over you what you allow.  For many of us, credit cards actually are cheaper options than paying cash.  

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Credit Line increase


JoeBJay20 wrote:

dee wrote:
I have even read that if you don't use your cards now, they can canel you.  They have you no matter what! 

They only have over you what you allow.  For many of us, credit cards actually are cheaper options than paying cash.  


Yah mon!

Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009

Re: Credit Line increase


creditwherecreditisdue wrote:

DickC -

 

I so overwhelming agree with your post that I am going to squelch my desire to pick at it a little. We said.

 

+1


 

Nothing to pick on? I am deeply flattered. Of course, maybe there is truth to the axiom "you can't teach an old dog new tricks".:smileyhappy:
Senior Contributor
BungalowMo
Posts: 4,235
Registered: ‎05-01-2008

Re: Credit Line increase


creditwherecreditisdue wrote:

BungalowMo wrote:

You can have 150 cards...and never be in debt.   Or 2 and file for bankruptcy.

 

It all goes back to the previous post...we make our choices. 

 

When you point the finger of blame...3 more point back at you.


 

Mo -

 

Have you ever, once, been influenced by someone other than yourself to do something that was not in your best interest? Now imagine the millions out there who are much weaker willed than you lined up against the CC industry with their massive war chests, pervasive lobbying and ultra-sophisticated marketing programs. When those who have so many of the chips on their side of the table seek to misbehave they invite the slap on the wrist (or worse) to come.

Message Edited by creditwherecreditisdue on 07-19-2009 09:20 PM

Oh...most definately!  That comment up there was about ME. At the time, several years ago I didn't pay attention to money...what I owed, what it was costing me.  Me...on paper...wasn't worthy of the bottom of a birdcage.  Once I actually needed a loan for a car...that was the first time I saw my credit report & couldn't believe my eyes. It was embarassing, my brother had to get my loan for me.  :smileysad:

 

I didn't have one good TL.  That was when the reality of what I'd done actually started sinking in.  That had to be in about 96.  The next year when was offered the chance to go back to school beacuse of the NAFTA agreement, I was so afraid I couldn't get a loan for the $2k balance on the tuition.

 

When I got it...I swore to start cleaning up my mess.  



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Credit Line increase

And it looks like you've done a pretty good job, Mo!

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