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help may be on the way

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



513 Magic Points

Subject: help may be on the way
 
Posted on Sun Dec 21, 2008 4:22 am  

I heard on the news the other day and did find it by googling credit card reform that new federal regulations will be put in place to protect the consumer. Some things that are highlighted are that the credit card company can not raise your rate until you are at least 30 days late. Good for the consumer, but the credit card companies are complaining saying that they will lose a ton of money. They will not be able to offer the 0% introductory rates and that they will need some time a year or so to put it in place. The feds are looking at giving them 180 days.

They are also looking at the banking industry, particularly the overdraft fees and other fees that they force on the consumers, like ATM machines and etc.

You really need to look up these new regulations, if you just google credit card reform the articles are out there.

The lady on TV said the 66,000 people wrote them and that is what made them take a look at the problem. So writing those letter and filing those complaints does work.

Please take the time to read on this, finally something for us, the consumer. Would like to see them get on the pay day lenders with federal laws too, but this is a really good start.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Sun Dec 21, 2008 5:07 am  

OH YEA!! I agree with ya'll!! ESPECIALLY PDL's......with all the illegal stuff they CLAIM they can do..goodness!! I thought, too, if CC companies DO raise your rates, they have to 'warn' you ( at least). The 'Fine Print' stuff should be carefully read.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



513 Magic Points

 
Posted on Sun Dec 21, 2008 9:44 am  

I am so happy to see them dealing with these issues and finally doing something about the way the consumers are being treated. It is about time.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Sun Dec 21, 2008 1:39 pm  

I agree, GN. If the Government can give all the 'Big Guys' some kind of Bailout, we deserve a 'break', as well. Don't you agree?
fireyone



Joined: 26 Feb 2008
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Posts: 4246



130 Magic Points

 
Posted on Mon Dec 22, 2008 12:50 am  

Wow this is really great news. I think it will really help people out. You know when you bounce a check or even accidently forget to pay a bill it can really start a downhill spiral and cost so much money. I have always thought a lot of these fees were pretty outrageous. I would give up the 0% interest rate if it means they can regulate how much they raise your interest on your card. They may feel they are losing quite a bit of money but how about the credit card holders. It is great to finally see some work being done to this industry..it is long overdo.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



513 Magic Points

 
Posted on Wed Dec 24, 2008 5:07 pm  

Well, it is about time that they regulate all these financial hogs, they have not had the eye on them, they have been sitting back ripping people off for a long time and no one has been doing anything about it.

I think that the mortgage mess has opened the government eyes on alot of what is going on, sad circumstances but at least something good is coming out of it.
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Doc

Doc

Joined: 02 Dec 2008
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Posts: 178
Location: McKinney, TX


1283 Magic Points

 
Posted on Wed Dec 24, 2008 7:29 pm  

Yep-- This stuff will be great for us as consumers, but will likely cripple the revolving credit market somewhat... The positive flip side of that, though, is that they will have to lower credit restrictions to allow for a greater client base, which means that revolving cards will once again be a little bit easier to get... It's all very cyclical...
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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



130 Magic Points

 
Posted on Sat Dec 27, 2008 4:05 pm  

I see ups and downs the way you put it. Making revolving credit easier to get may not be all positive. It may make it easier for out younger generation to get and if they are not ready to handle the responsibilty it could be very damaging. For those who sre credit ready It will help them establish credit easier. Why do you believe it will cripple the revolving credit market?
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1283 Magic Points

 
Posted on Sat Dec 27, 2008 5:33 pm  

Any limitations on their ability to charge interest, causes them to lose money... That's how you hurt the credit card companies...

An inability to raise interest rates on balances that have been carried for quite some time is "unfair" at best, and these new rules are long overdue...
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
WalterCriva
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