EVIL THINGS CREDIT CARD COMPANIES CAN STILL DO.

[Anonymous]

Guess we aren't are protected as we think we are under the new Credit Card Act. With all these loop holes it does make one wonder why we even got the Gov't involved, BUT thats not a topic for here.

This is an interesting read. Hope you all like it.

http://finance.yahoo.com/banking-budgeting/article/108013/5-evil-things-credit-card-companies-can-st...

[Anonymous]

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@Anonymous wrote:

Guess we aren't are protected as we think we are under the new Credit Card Act. With all these loop holes it does make one wonder why we even got the Gov't involved, BUT thats not a topic for here.

This is an interesting read. Hope you all like it.

http://finance.yahoo.com/banking-budgeting/article/108013/5-evil-things-credit-card-companies-can-still-do?mod=bb-creditcards

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Thank you for the link, and the advice within the link.  I don't fault the Obama administration at all for trying to do something about the abusive practices of credit card companies (Biden's role, in getting us here to the first place, I feel bad about).   In a crappy way, it's a blessing.  The banks are shooting themselves in the foot and can blame no one but themselves.   And more diverse consumers are seeing how for-profit banks operate, something poorer consumers have always known but had no representative with the power to protect them from the abuses.  When the affluent get grafted, then change occurs.

[Anonymous]

I don't find anything in that article particularly "evil."

The goverment has stepped in and regulated the industry, the industry has reacted to those regulations the best way it can to both ensure continuing operations and ensure a profit while complying.

They are simply businesses not a charity.

It has happened before, it will happen with this, it will happen again.

If the government suddenly said that landlords cannnot non renew a lease and renters were now leased in perpetuity unless they do have a month where they are late- do you not think landlords would suddenly get real particular on who they rent to? People would suddenly find themselves with places not willing to rent to them? People getting evicted before the law went into effect?

In my state, I come back from the USMC to find places actually open and serving alcohol until the legal cut off time fewer and far between from when I left. the places still exist, but they now close earlier. I asked why? Simple rise in Drinking/Dram related prosecution lowered the amount of people going out and the amount they consumed which lowered the amount of money places made staying open and they just decided to cut loses and close earlier.

[voidman]

with citi's some billions dollar loss in credit card industry, it is worth figuring out who is the evil party in the system.

[Watchmann]

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@Anonymous wrote:

I don't find anything in that article particularly "evil."

If the government suddenly said that landlords cannnot non renew a lease and renters were now leased in perpetuity unless they do have a month where they are late- do you not think landlords would suddenly get real particular on who they rent to? People would suddenly find themselves with places not willing to rent to them? People getting evicted before the law went into effect?

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I agree that there isn't anything evil in what they are doing.  They are a business protecting their cash flow. 

That is a good analogy about landlords and renters.  But look at this, seems even renters are being handled with kid gloves.  Where will it end??  --->  http://www.bankrate.com/finance/mortgages/renters-get-relief-from-foreclosure-1.aspx

Over the last twenty years or so the credit industry has provided lots of very reasonable credit to many millions of people who previously were shut out of the credit markets.  Unfortunately many of these people were/are incapable of handling this credit, understanding it, or being able to service the debt.  Plenty of blame to go around there.  But we should have let the industry sort out these issues.  Private industry will allocate capital far more efficiently than Government.  And frankly, when you look at the people in Government making these decisions it is scary! 

Message Edited by Watchmann on 11-02-2009 02:45 PM

[Anonymous]

I would say the larger risk you appear to creditors, the more costly credit will be for you.  Sounds fair to me.

[MidnightVoice]

The unpleasant one is the "closed due to inactivity" one.  I now make sure that every one of my cards automatically pays some bill or charitable contribution every month of every year, with the exception of my gas card, which I use for gas.

Apart from keeping the cards active, this forces me to check and pay every card every month - I know there will be something on everyone, even if I pay cash for expenses!