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gettintherequick wrote:I, personally, dont need a single one of the CC that I have, from a monitary sense.
@Anonymous wrote: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 wrote:
gettintherequick wrote:I, personally, dont need a single one of the CC that I have, from a monitary sense.If you PIF you can actually use cards to your benefit!!
@Anonymous wrote:Oh absolutely! I do enjoy the rewards, cashback offers and discounts that some cards offer. No question about it. I do PIF and it is handy to have some of the quirks that comes with the cards.
@MidnightVoice wrote:
@Anonymous wrote:I, personally, dont need a single one of the CC that I have, from a monitary sense.If you PIF you can actually use cards to your benefit!!At the same time though, these little gems are the things that lure the unexpecting or uninformed in and can cause longterm finacial dismay. I just wish that there could be guidelines set into play that would help protect the young, uninformed or just someone that has fallen onto hard times. I know it isnt the CCC's fault that some people get in over their heads, but should they have the right to take SUCH advantage of them? And if not, then who's job is it to protect those people? I guess that is the whole question of this thread.
I agree with the statement “failing to read the fine print is not an excuse”. I also agree that people who do not follow the rules, should be “punished”. We have to take responsibility for our actions, no doubt about it.
On the other hand, if you have a medical emergency and you have to make a large charge on one of your cards to cover it. You know that this has to be paid back and if not, then you will pay. Let’s just for the sake of argument, say that you were paying your debt back as good as you could, meeting all the requirements of your contractual obligation and your card is reviewed. Upon review the CCC decides to cut your credit limit. In doing so, which they have the right to do, your utilization shoots through the roof. This causes other companies to look at you as a risk. They then start to lower your CLs to protect their interest. What would this do to ones credit? What type of interest rate would they receive if it were time for them to refinance a mortgage or something along those lines? It would be devastating and could possibly send someone into a dire situation. Does the CCC have the right to do this? Yes, they do. Should they have that right? IMHO NO. Should this in some way be regulated? I think is should be.
I am in no way, saying that we should be irresponsible and dodge our obligations. What I am trying to say is that credit institutions have entirely too much power and that this should be changed.
@Anonymous wrote:I agree with the statement “failing to read the fine print is not an excuse”. I also agree that people who do not follow the rules, should be “punished”. We have to take responsibility for our actions, no doubt about it.
On the other hand, if you have a medical emergency and you have to make a large charge on one of your cards to cover it. You know that this has to be paid back and if not, then you will pay. Let’s just for the sake of argument, say that you were paying your debt back as good as you could, meeting all the requirements of your contractual obligation and your card is reviewed. Upon review the CCC decides to cut your credit limit. In doing so, which they have the right to do, your utilization shoots through the roof. This causes other companies to look at you as a risk. They then start to lower your CLs to protect their interest. What would this do to ones credit? What type of interest rate would they receive if it were time for them to refinance a mortgage or something along those lines? It would be devastating and could possibly send someone into a dire situation. Does the CCC have the right to do this? Yes, they do. Should they have that right? IMHO NO. Should this in some way be regulated? I think is should be.
I am in no way, saying that we should be irresponsible and dodge our obligations. What I am trying to say is that credit institutions have entirely too much power and that this should be changed.
They do away with universal default, but still reduce CLs due to lower credit score - seems somewhat similar to me!!
FretlessMayhem wrote:
For the first, it seems that having all CCCs do away with universal default would pretty much help alleviate that concern. I find it quite odd that Capital One is leading the way on this.