Credit Cards

[Creditaddict]

Do you think the government should step in and help consumers out with credit card fees and interest rate or leave it alone so banks don't tighten credit standards even more?

Just read my Businessweek article with this and made me wonder what others think.

Some points in article:

1. would force banks to alicate equal payments to regular interest rates and lower interest rates vs. paying lower interest rate first

2. would allow atleast a 21 day grace period before late fees.

3.  If  bank changes your interest rate it would only effect future purchases not current balance.

4. no 2 cycle interest billing.

[unknown_entity]

LOL, it'll never pass.  To much credit card company money greasing the politicians' pockets to let it happen.  We are already owned.  All your vote does anymore is decide who gets rich on the lobbiest money.

[credit08]

It would be great if the goverment would appoint some governing body or committee to set caps and regulate some of the practices of the credit card banks. IMHO.

[felixfly2000]

This will take a motivated and concentrated effort by us, the consumer. To the point where we hold our elected official accountable, by voting them out of office, or if need be impreachment! After all, if they want their share of the lobbyist gold, they still need our vote to get it. LET'S MAKE THEM EARN IT. There are more of us than there are of them. Just an opinion.

[ilovepizza]

Not sure if Govt is doing anything but each state has their own laws to prevent over charging, well over over charging. Lots of the high fee bad credit type cards get around this by breaking up the fees in to separate fees and calling them finance fees. But there are laws to control it. The banks make lots of money from people who pay to make up lots of loss on people that don't.

[FretlessMayhem]

I think this one should default to state governments. I am a fan of small federal government. Also, from what I've noticed, state government officials are way, way more likely to listen to what their constituents say.

I also think that if consumers don't want to deal with the CCCs, then to not open a CC with them. It's that simple. Credit isn't the "right" that people seem to treat it as. If everyone were to go that route, capitalism would take over, and the CCCs would change a lot of that stuff to try and lure consumers.

[felixfly2000]

ftetless wrote:

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   I also think that if consumers don't want to deal with the CCCs, then to not open a CC with them. It's that simple. Credit isn't the "right" that people seem to treat it as. If everyone were to go that route, capitalism would take over, and the CCCs would change a lot of that stuff to try and lure consumers.
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That is why, I've gone from 6 CC's to 5 CC's and will be dropping to 4 next month. For every 1 inform consumer there are at least a dozen clueless ones. Maybe serial killers can learn to regulate themselves  without any help also. I'm just not willing to take the risk.

[MsMS]

I'm generally in favor of a small federal government (after all, I was raised in the Capital of the Confederacy, where we were taught that the Late Great Unpleasantness was fought in defense of State's Rights...) 

But this one I think should be handled by the Fed.  I don't like the idea that just because Delaware (for example) has nothing/very little in the way of usury laws, the CC can use that to get around other states' stronger laws.  I have no say in Delaware's legislature!  Most of us don't, actually...

-MsMS

[MidnightVoice]

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FretlessMayhem wrote:
I think this one should default to state governments. I am a fan of small federal government. Also, from what I've noticed, state government officials are way, way more likely to listen to what their constituents say.

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It was a state government (South Dakota) that got us into this mess because they were greedy!  so don't expect much help there!

[gettintherequick]

I think it should be the federal governments job to inniate guidelines that will serve as a platform for all state governments to follow and improve on. Like a minimum standard, so to speak.

I agree with the above comment that if you dont want to deal with CCC then dont...BUT IMHO...we basically have to. How else will someone ever be able to show enough creditworthiness without showing that they are creditworthy? They definately will not take our word for it, and that is not a bad thing in a lot of cases . We have to have credit to get credit. It's that ole catch 22 that we are forced to deal with.

I, personally, dont need a single one of the CC that I have, from a monitary sense. I need them though, to establish and build my credit. Without them I would never be able to get a mortgage and without a mortgage, I would never be able to own my own home. So, I think the only way to beat the CCC is to be informed and play the game knowing the rules and on my terms when possible.