New Credit Card Rules Now In Effect

Full story: WFMZ 14
If what you owe on your credit card makes you cringe, you're not alone. Millions are owed. Full Story
Mike

Stroudsburg, PA

#1 Feb 22, 2010
79% interest??? I recall at one time the FBI going after organized crime syndicates for loan sharking. I think the mob's rates were lower. The REAL organized crime syndicates are the banks, and like the mob of old, there are more than a few politicians on their payrolls as well.
That Stinks

Bethlehem, PA

#2 Feb 22, 2010
What is our government trying to do to us, bankrupt us. Some people don't have jobs, and now you want to increase our credit card to 79%, that's highway robbery. Is there anything we can do to prevent this from happening.
Annoyed

Nazareth, PA

#3 Feb 22, 2010
I think the government tried to fix the wrong thing. You'd rather push for debt in writing, than fight 79% interest for personal gain. If someone is in debt, telling them won't help. Regulating the rates will help get people out of debt. There is no reason AT ALL for 79%.
stephanie

AOL

#5 Feb 23, 2010
We are all going to have bad credit by 2012,I for 1 can only pay minimums.I had a fight with my C/C company because they wouldn't lower my rate since I pay on time every month.SO I told them I'll stop paying it all together.WTH?Punish me for being on time every month?None of it makes sense,none of it at all.
downthetubes

Macungie, PA

#6 Feb 23, 2010
I find it interesting that the banks received bailout money rather quickly, but it took 9 months to put controls on credit card limits. All those companies jacked up the interest rates in that time to make sure they stole even more money. If the Fed is keeping interest rates at around 5%, why were credit cards allowed to go to 24% and beyond. If you think people can't pay their mortgages now, you haven't seen anything yet. The worst is yet to come. Would you like to buy some apples?
Drew

Allentown, PA

#7 Feb 23, 2010
stephanie wrote:
We are all going to have bad credit by 2012,I for 1 can only pay minimums.I had a fight with my C/C company because they wouldn't lower my rate since I pay on time every month.SO I told them I'll stop paying it all together.WTH?Punish me for being on time every month?None of it makes sense,none of it at all.
The reason they are raising your rates is because you are only paying the minimum each month. If you really want to stick it credit card companies, pay off your credit cards!
Nikki

United States

#8 Feb 23, 2010
How stupid are you people???? Do't you read the fine print??? OOOOPPPPSSS thats where common sense lacks AGAIN!!!!!
Nikki

United States

#9 Feb 23, 2010
DUH HOMER SIMPSON
what a world

Bethlehem, PA

#10 Feb 23, 2010
Credit card companies for years were throwing cards everywhere to everyone, jacking up their limits ( at 22 they gave me a 20K limit ) and basicly said have fun. Thank GOD I never jacked it up but they wanted us all to spend more then we have to suck up the interest. Now they are killing everyone, especially in a time of depression like this where sales are down, commission sales are making no money, people getting laid off and out of work for long periods of time, companies failing and closing up. Its a sad state and I'm just thankful that I never jacked up the cards or refinanced my house to spend like a mad man. I feel for the people who made the mistake honestly but not for the people who just pushed the envelope further and now have no out.
Drew

Allentown, PA

#11 Feb 23, 2010
what a world wrote:
Credit card companies for years were throwing cards everywhere to everyone, jacking up their limits ( at 22 they gave me a 20K limit ) and basicly said have fun. Thank GOD I never jacked it up but they wanted us all to spend more then we have to suck up the interest. Now they are killing everyone, especially in a time of depression like this where sales are down, commission sales are making no money, people getting laid off and out of work for long periods of time, companies failing and closing up. Its a sad state and I'm just thankful that I never jacked up the cards or refinanced my house to spend like a mad man. I feel for the people who made the mistake honestly but not for the people who just pushed the envelope further and now have no out.
How do you think CC companies make money? Its not a charitable lending service. They make money on the notion that you are willing to pay more for a product or service over time in interest as long as you can have that product or service now. I don't feel bad at all for people that were fiscally irresponsible and lived beyond their means.
Cat

Easton, PA

#12 Feb 23, 2010
How about cutting all of our credit cards into little pieces, except for one, which is kept frozen in a block of ice in the freezer. (just in case of an emergency) Pay them off in full. Then lets get back to the good old days of saving each week and paying cash or maybe layaway. We didn't waste as much money back then because we lived with less. It's called delayed gratification.
suzanne_marie

Bethlehem, PA

#13 Feb 23, 2010
Cat wrote:
How about cutting all of our credit cards into little pieces, except for one, which is kept frozen in a block of ice in the freezer.(just in case of an emergency) Pay them off in full. Then lets get back to the good old days of saving each week and paying cash or maybe layaway. We didn't waste as much money back then because we lived with less. It's called delayed gratification.
Well put !!

Since: Aug 11

Location hidden

#14 Aug 15, 2011
Whenever the government releases and implements new rules, the purpose should be for the common good. When it concerns interest, it is totally different story because credit cardholders are more vigilant in watching if it is going up. What really hurts is if the credit card payments are made at the minimum balance.
Gerti

London, UK

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