Legislation reining in credit card pr...

Legislation reining in credit card practices may pass, helped b...

There are 70 comments on the Chicago Tribune story from Apr 30, 2009, titled Legislation reining in credit card practices may pass, helped b.... In it, Chicago Tribune reports that:

In this April 22, 2005 file photo, signs for MasterCard and Visa credit cards are shown at the entrance to a New York coffee shop.

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Marion Ellis

Hawthorne, NV

#1 Apr 30, 2009
If this doesn't take place for another year, what is going to stop the banks from going all out with interest hikes between now and then?
Niles2

Oak Park, IL

#2 Apr 30, 2009
But none of this is retroactive to help those of us already stung by increased rates from one company based on accounts with another—right?
GOP Operative

Teaneck, NJ

#3 May 1, 2009
What about personal responsibility for Credit Cards?
If you can't pay off your balance at the end of each month, then don't buy.
Long Island Taxpayer

New York, NY

#4 May 19, 2009
GOP Operative wrote:
What about personal responsibility for Credit Cards?
If you can't pay off your balance at the end of each month, then don't buy.
"GOP Operative", you've hit the nail on the head don't but it if you can't pay the bill. The credit card companies made a huge profit of zero cents on interest payment from me in the last 15 years and we charge everything, but first we aks ourselves can we afford the bill when it comes in next month.

Newsrag tated members of Congress don't want to face voters in the 2010 election without proof that they are listening to constituents crushed by debt. I say don't worry about debt Congress should be listening to constituents that are sick of the bleeding heart liberal free for all spending and the increased tax that re being planned.
AmberM

Skokie, IL

#5 May 19, 2009
How come its "good" for banks to have less revenue, but "good" for the Gov't to have more?
Chicago Libertarian

Chicago, IL

#6 May 19, 2009
Okay, so I am an odd breed, a fiscal conservative living in the tax you death city of Chicago. But I must say, I do agree with the overriding purpose of this bill. Unfortunately, many people are still foolish and live beyond their means. But to allow these credit card companies to be deceitful, and changes the terms of the financing arrangement without notice an adequate notice is not good business. I pay my credit cards on time, so I can walk away from a card at any time, if a company was to try and charge me an unwarranted fee. Not everyone has that luxury, so they take a beating.
Linda

United States

#7 May 19, 2009
For making timely payments (sometimes WITH interest), you get an interest rate increase...WHAT?!? It is said (in the fine print), "so the company may remain profitable"...what is the definition of profitable? Didn't we just bail those banks/credit cards companies out?
moreofthesame

Lansing, IL

#8 May 19, 2009
Hopefully the credit card companies will raise their standards and not give cards to anyone with a credit rating less than 650.
That should do wonders for the economy.
It's great to have a community organizer directing things,
with his wealth of experience in running anything, he'll have this country bancrupt in no time at all.
Can't wait to see what they plan on doing with all that battery acid.

Linda

United States

#9 May 19, 2009
Oh, yes, just yesterday, not one but TWO notices of interest rate hikes from Chase, one for my card, another for my husband's...both accounts in very good standing...how to fight that?
Billy Joe

Tavernier, FL

#10 May 19, 2009
GOP Operative wrote:
What about personal responsibility for Credit Cards?
If you can't pay off your balance at the end of each month, then don't buy.
You mean like Reagan/Bush/Bush?
Tom Araya

Aurora, IL

#11 May 19, 2009
This is an outrage! This is socialism! What right does the federal government have to regulate anything? What has happened to greed fueled capitalism?
Yeah well

Fort Lee, NJ

#12 May 19, 2009
Time to charge ahead with this legislation...
Kris

Washington, DC

#13 May 19, 2009
why did Obama have to come into office for this to happen, overwhelming majority agrees with this bill, who has been protecting these credit card lonesharks?
LMAO

Barrington, IL

#14 May 19, 2009
In regardto the over-the-limit fee, this needs to be done away with altogether. Used to be that credit card compnaies would not honor charges that put a consumer over their limit.

Now, the credit "limit" is a useless thing because you can charge up as much as you want, but you're going to pay a hefty fine (yeah, I call it a fine instead of a fee) to do it.

But don't worry -- the credit card companies and banks will always find a way to retaliate against consumers. They always have and always will.

Until they start dealing honestly and above board, I'll do everything I legally can to screw the credit card companies.
29.99% APR, indeed. What a bunch of money-grubbing a-wholes.
Springfield

Springfield, IL

#15 May 19, 2009
Billy Joe wrote:
<quoted text>
You mean like Reagan/Bush/Bush?
No, like; Pelosi/Reid/Durbin/Dodd/Franke and Obama I would say.

Always a partisan hack out trolling.
OnlyMe

Brunswick, OH

#16 May 19, 2009
Billy Joe wrote:
<quoted text>
You mean like Reagan/Bush/Bush?
What the hell does that even mean???

You're an idiot.
Springfield

Springfield, IL

#18 May 19, 2009
Kris wrote:
why did Obama have to come into office for this to happen, overwhelming majority agrees with this bill, who has been protecting these credit card lonesharks?
So, you haven't figured this out yet? the rhetoric of politics my friend. In the fine print of this legislation (which decries fine print mind you) is the sucker punch. There is no decernable change in your credit card company and the way they gouge you under this proposed legislation.

They have to give you more notice of a rate increase - it does not limit the amount of interest they can charge! They have to use larger font in that notice - how nice for the elderly who will be able to read the notice about their interest rates being tripled. They have to wait 60 days to triple your interest rate but you better believe they will do it.

This is somewhat of a start but like most every other piece of legislation created (by either party mind you) it is a bit shallow, all the while the elected bafoon's tell us it is great and they are saving us from our own selves because we are not smart enough to spend wisely!

And many of us are not smart enough to spend wisely.
Matt

Chicago, IL

#19 May 19, 2009
I don't know nor do I care what the rate and fees are on my credit cards because I don't pay them. I pay my balance in full each month. What a concept. While the credit card companies may be shady in their dealings I don't have sympathy for those in massive debt due to needing to "have it now"
Springfield

Springfield, IL

#20 May 19, 2009
Amen - it's better than a poke in the eye with a sharp stick but trying to sell this to the public as reigning in credit card companies is nothing but political rhetoric.

They get points from dumb voter's and a private slap on the back from the credit card companies who will stil legally rape the public on interest rates and other fees.
LMAO wrote:
In regardto the over-the-limit fee, this needs to be done away with altogether. Used to be that credit card compnaies would not honor charges that put a consumer over their limit.
Now, the credit "limit" is a useless thing because you can charge up as much as you want, but you're going to pay a hefty fine (yeah, I call it a fine instead of a fee) to do it.
But don't worry -- the credit card companies and banks will always find a way to retaliate against consumers. They always have and always will.
Until they start dealing honestly and above board, I'll do everything I legally can to screw the credit card companies.
29.99% APR, indeed. What a bunch of money-grubbing a-wholes.
Tom Araya

Aurora, IL

#21 May 19, 2009
Springfield wrote:
<quoted text>
No, like; Pelosi/Reid/Durbin/Dodd/Franke and Obama I would say.
Always a partisan hack out trolling.
...and you make two!

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