New credit card law goes into effect ...

New credit card law goes into effect Monday

There are 14 comments on the Fox 31 KDVR story from Feb 21, 2010, titled New credit card law goes into effect Monday. In it, Fox 31 KDVR reports that:

Your next credit card statement is going to contain an ugly truth: how much that card really costs to use.

Join the discussion below, or Read more at Fox 31 KDVR.

Common Sense

Denver, CO

#1 Feb 21, 2010
The abusive, deceptive and what should otherwise be criminal business practices of the credit card industry from the date the law was signed until it goes into effect only highlight how much the law was need of in the first place. I supposed at one point in time or another bankers could be thought of as legitimate businessmen. However, they are now nothing more than loansharks. I have more respect for criminals than I do for bankers. At least they don't lie about what they do for a living. Bankers however walk around in expensive suits pretending to be legitimate businessmen while they are nothing more than criminals in suits who have only gotten as far as they have by bribing Congressmen, Senators and regulators to keep their practices legal for as long as they were. It makes me wonder about the wisdom of the law in general when people who commit armed bank robbery go to prison for years for stealing a few thousand dollars yet executives who have brought down entire banks, have de-stabilized the entire economic system, caused millions of people to be out of work, stripped pension funds and jeopardized any hope of a recover by misappropriating TARP funds by not loaning them to small busines as was the legislative intent of the act and all with the stroke of a pen they have done this damage and serve no time in prison at all. Why weren't financial regulatory reforms put in place before TARP was authorized. That would have been the time to do when we had the banks by the balls. Now they are using millions of dollars in our money to hire lobbyists to subvert the regulatory reforms that if put in place could prevent a disaster like this from happening again. Don't forget these are your elected representatives and senators who have sold you out America. The Credit Card Reform Act is a good start, but that's all it is, is a start. The reason Congress doesn't get anything done is they're to busy taking bribes from people like these banks (what they call being lobbied).
department of hard labor

Denver, CO

#2 Feb 21, 2010
Another O'Bamafuckup.

So what else is new?

All of these abuses are why I have never owned (or should I say been owned by) a credit card and never will.

And I will never vote democrat again.

lessons learned the hard way.
Elbert

Kiowa, CO

#3 Feb 22, 2010
Ok- once again, our government has done it again.

I use my credit card like cash, and on-line purchases and both of them are paid off each month, carry zero balance. I pay my other bills on time, and I don't purchase unnecessary things, or stuff that I know I can't afford.

So now with more government control, with this new law, I am forced to pay for irresponsibility and out of control spending, and believe they have cash as long as the card still works. Not talking about those in need and only have a credit card as a last opportunity to feed a family.

We now have a inactivity fee, and yes the annual fee is back. Thanks Government for rewarding irresponsibility... Reminds us of exactly how they handled the beginning of the housing crises.

Health care disaster is coming our way next... What's wrong with creating a economic environment that's suitable for job growth? Rather than taxing and spending us to death.

These new credit card fees are nothing more than hidden new taxes put in place our government. If you don't like paying 27 percent interest, do apply for the card.... that simple.

Since: Sep 07

Golden

#4 Feb 22, 2010
Great post, Elbert! The responsible pay for the irresponsible once again.

And while I put a lot of blame on Wall Street and Congress and big timers like George Soros, I rarely hear anything about how Main Street thought all this was just fine when they were being encouraged to run amock with their personal finances. The fact that "jaws will drop" when people see in writing what their debt will actually cost them is a lot of the problem. I KNOW what my debt will cost me, and I budget for it. Now I get to add in the cost of paying for people who just wanted to have their cake and eat it, too, and I resent the hell out of it.
stevensd

Denver, CO

#5 Feb 22, 2010
I sorry how does this help the consumer? What a mess Obama and his so called staff has made of it all!!!!
stevensd

Denver, CO

#6 Feb 22, 2010
I am sorry how does this help the AMERICAN CONSUMER? Oh what a mess you have made OBAMA!!!
MilesAndPoints

United States

#7 Feb 22, 2010
Another Chaneyfuckup we have to waste time fixing that should have a been fixed back then.

I pay my credit card bills online before the bills gets to my mail box and I pay them in full so I carry a zero balance, then I get a fee for not carring a balance? or I lose double points?
Points and miles are the only reason I use them but why should someone like myself who pays the bill off every month get penalized.

Since: Feb 10

Location hidden

#8 Feb 22, 2010
stevensd wrote:
I am sorry how does this help the AMERICAN CONSUMER? Oh what a mess you have made OBAMA!!!
I think the awareness will dissuade some people from using credit cards when they see the truth, what the card is really costing them.

I'm not a credit card user but my husband is. In our 20 year marriage, the worst argument we ever had was over credit cards. Specifically my reaction to his monthy interest payments and his response to my destroying the cards.

We kissed and made up but that aregument will forever be etched in my mind as the worst day of our marriage.

Friggin credit cards.......... Oh, and I fired his assistant for being the person who applied for the cards in his name when the offers came in the mail AFTER I TOLD HER NOT TO.
a concerned citizen

United States

#9 Feb 22, 2010
to all: why pay someone to get the things you need? interest fees will always get you no matter how close tabs you keep ahead on these cc. I don't buy unless I have cash. On paydays, my budget is kept down to the tee. At the end of the month, all my bills are paid, and I don't own interest to nobody, plus, that extra cash that I am saving goes to doctor bills, or whatever I might need the money for. People, stop giving your money away. Get rid of these cc's. It's not that hard.
blatherblather

Littleton, CO

#11 Feb 22, 2010
I hate banks and all the millions they got bailed out. I paid off my charge cards, closed my accounts, and vowed never ever to use a credit card again. I refuse to be gouged by banks and credit card interests. I won't give them a ...dime!
department of hard labor

Denver, CO

#12 Feb 22, 2010
MilesAndPoints wrote:
Another Chaneyfuckup we have to waste time fixing that should have a been fixed back then.
I pay my credit card bills online before the bills gets to my mail box and I pay them in full so I carry a zero balance, then I get a fee for not carring a balance? or I lose double points?
Points and miles are the only reason I use them but why should someone like myself who pays the bill off every month get penalized.
fuckinidiot.

cheney was never president.

dam sure wish i could say the same about O'Bama.

Since: Aug 10

Noida, India

#15 Aug 31, 2010
The new credit card law is finally here. Starting Monday, banks will need to abide by new regulations on terms and disclosures.Banks could raise the interest rate on an account at any time, including the rate on an existing balances, even if you weren't late on payments.

Since: Feb 11

Jackson, NJ

#16 Feb 8, 2011
I was not happy about this practice either but even with the new law in effect, banks are resorting to new tactics to making a profit (such as eliminating free checking accounts and bumping up fees elsewhere).

Still credit cards are a necessity to building credit. As so long as you pay off the balance every month and choose a card with no annual fee, you'll be fine.

Discover more credit card advantages and disadvantages at http://www.allthingscreditcards.com - the 24 hours breaking news journal on the credit industry.
Hannis

London, UK

#18 Mar 26, 2014
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