Proposed credit card holders' bill of...

Proposed credit card holders' bill of rights sparks war of words

There are 15 comments on the South Florida Sun-Sentinel story from Apr 20, 2008, titled Proposed credit card holders' bill of rights sparks war of words. In it, South Florida Sun-Sentinel reports that:

A financial prizefight has broken out on Capitol Hill, pitting credit-card issuers against consumer rights advocates.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

Joe Sixpack

Miami Beach, FL

#1 Apr 20, 2008
It's about time some stood up to the credit card issuers. They rape the American public and laugh all the way to the bank. Credit card companies assume the public is a never ending well of money. Take a look at their profits. I wish I could raise my rate of pay for no reason and tell my money source they have to live with it. When was the last time you read the terms and conditions for your credit card and then understood what you read. I think next time I apply for a job I will tell the prospective employer how I will and when I will work. Then to top it off I will decide when and how much I will be paid. Good luck on getting any meaningful legislation cause of the financial lobbyists that will be fighting against it.
SAVE YOUR MONEY

Hialeah, FL

#2 Apr 21, 2008
You cancel a card and your credit rating will go down. Or when they receive a payment it was not put in fast enough for them and you get a late fee taxed on because the data entry person took there time to post it to your account and now you have a negative mark against you again. So cancel all your cards and just pay them down little by little or work out a different payment option. Eventually your credit will come back up. Let’s say you bought a washing machine for$350.00 on a card buy the time you pay off that amount you most likely have paid for 3 of them. A store will take a check card from your bank. At least this way the item purchased is paid for and you won’t get any harassing phone calls because you can’t make ends meet. The card companies can send anything they wish to the reporting agencies even though it may not be true. Who are they (the reporting agencies) going to believe the CARD company or YOU?
JCE

Pompano Beach, FL

#4 Apr 21, 2008
Beyond belief, this Congress could actually do something that will benefit the electorate!!

What is in it for the "Crooks R Us" gang??
Bababooey

United States

#5 Apr 21, 2008
People are always so quick to throw the blame solely at the issuing banks. However last I checked, the pre-approved envelopes didn't come with a gun that points at your head until you accept the terms. Most people don't bother to read the terms and conditions and then call screaming at the banks "what you be meanin annual fee?" Top it off with having security training that is non existant as well as STILL not getting with the program and finding alternatives to CVV, it is really no wonder how fraud, skimming, cloning is so rampant in an area where you can pass credit cards that still have the 800# to activate sticker on them and nobody bats an eye.
Moved Away

United States

#6 Apr 21, 2008
SAVE YOUR MONEY wrote:
You cancel a card and your credit rating will go down. Or when they receive a payment it was not put in fast enough for them and you get a late fee taxed on because the data entry person took there time to post it to your account and now you have a negative mark against you again. So cancel all your cards and just pay them down little by little or work out a different payment option. Eventually your credit will come back up. Let’s say you bought a washing machine for$350.00 on a card buy the time you pay off that amount you most likely have paid for 3 of them. A store will take a check card from your bank. At least this way the item purchased is paid for and you won’t get any harassing phone calls because you can’t make ends meet. The card companies can send anything they wish to the reporting agencies even though it may not be true. Who are they (the reporting agencies) going to believe the CARD company or YOU?
It sounds to me like you should pay your bills online or earlier and you wouldn't have bad credit. You sound like a typical debtor. Don't blame the banks. If you want to borrow money from them, pay the whole balance by the end of the month and you don't have to worry about finance charges.
JVF

Boca Raton, FL

#7 Apr 21, 2008
Bababooey wrote:
People are always so quick to throw the blame solely at the issuing banks. However last I checked, the pre-approved envelopes didn't come with a gun that points at your head until you accept the terms. Most people don't bother to read the terms and conditions and then call screaming at the banks "what you be meanin annual fee?" Top it off with having security training that is non existant as well as STILL not getting with the program and finding alternatives to CVV, it is really no wonder how fraud, skimming, cloning is so rampant in an area where you can pass credit cards that still have the 800# to activate sticker on them and nobody bats an eye.
Although I do not believe in carrying a balance, you have failed to address the issue. The problem is the terms that can be modified any time. Imagine you get a fixed mortgage and you didn't pay your electric bill on time. The mortgage company now jacks up your rate from 5.5% to 15%. How do you feel about that? The credit card companies have gotten away with unbelievable terms or lets not call them terms. Consumers should understand what they are getting themselves into. But I don't think that credit card companies should have the right to change the terms when they feel so. Sure, don't have a credit card and pay everything in cash. But make sure you hide your cash from thieves and hide it in your underpants when you are on vacation :). You need a credit card.
bababooey

United States

#8 Apr 21, 2008
Most do not read that little book that comes with the card. They simply activate it and run out like they struck gold. The fraud, skimming, cloning all are a part of why the rates flux the way they do. How long can they honestly expect to keep eating losses either due to lazy people who don't think they have to pay or the thieves who skim and clone? If we had better safeguards on the cards along with some employees who actually give a damn about their job I believe the rates would stabilize at some point.

“Yes, it's Steve”

Since: Jun 07

Wellington

#9 Apr 21, 2008
Aren't these the same idiots that helped the credit card companies as far as being more or less immune from bankruptcy court?

Interest rates are now as high as 30% for those dumb enough to charge and not pay off their bills in full monthly.
Abby

Miami, FL

#10 Apr 21, 2008
JVF makes an excellent point, one with which I have had direct experience.

I have never had a late payment of any sort, on any account, ever. I had a credit card company (Chase) raise the rate on a closed account that still carried a small balance (less than $1,000). The reason? I had just closed on a new property and taken out a $28K mortgage to cover the gap between my cash on hand and the purchase price. This qualified me as "no longer meeting their standards for that particular interest rate." I paid the full balance the next day, and absolutely refuse to do any sort of business with Chase or any of their holdings.

Legislation of these sorts of practices is long overdue.
Mr Wizard

Brooklyn, NY

#11 Apr 21, 2008
There is a problem with the economy and it is the consumer's lack of cash (not borrowed money). For the sake of the economy, access to credit should be severely restricted.

Not that long ago, borrowing was confined to buying a house and investing in a business. Starting a business is capital intensive, as is when a farmer needs supplies before the planting season.

You can take money from your savings with a debit card. To stabilize the economy we need to go back to spending as you earn and put the huge credit interest/fee payments back into savings to build a cushion or a down payment on your first house.

This is very serious business.

I was rather stunned at the S-S poll of credit card debt. That is very troubling. The credit card industry needs to be shut down completely. No more lipstick on a pig, it is affecting the whole economy. Eliminate credit cards.(Now I sound like Concerned One).
DOG

Alpharetta, GA

#12 Apr 21, 2008
wow....
first, credit card companies do not target the wealthy. Credit card companies target marginal incomes...the rich pay the bill every month, there is no success if your business depends on late fees.

If a credit card company says I must pay the same rate as someone with poor credit...I simply cut the card in half and pay cash....

this is all smoke and mirrors. The wealthy do vote, so the card companies need the wealthy to feel "in danger" but for those of you who are truly concerned, the credit card companies are taking advantage of you and your hardworking brothers, becasue you let them. get rid of the cards and live within your means....you might find you have more money for that vacation or family trip if you are not paying inflated credit bills.....good luck
Bababooey wrote:
People are always so quick to throw the blame solely at the issuing banks. However last I checked, the pre-approved envelopes didn't come with a gun that points at your head until you accept the terms. Most people don't bother to read the terms and conditions and then call screaming at the banks "what you be meanin annual fee?" Top it off with having security training that is non existant as well as STILL not getting with the program and finding alternatives to CVV, it is really no wonder how fraud, skimming, cloning is so rampant in an area where you can pass credit cards that still have the 800# to activate sticker on them and nobody bats an eye.
bababooey

United States

#13 Apr 21, 2008
It's not the banks (issuers)with the "GOTTA HAVE IT NOW", it is the consumers who are far too materialistic and have to keep up with the Jonese's. I see countless SIGNLE dummies driving 30-40k SUV's not because they have several children to cater to on a daily basis, but because some bling toothed loser had one. It is the mentality of the masses that drive the marketplace. Instead of 15-20 credit cards, try having 2 and only using 1. I'd love to see some people try to live like that.
teachermrmikeftl

Boca Raton, FL

#16 Apr 21, 2008
Its about time. Let the lenders squawk! Thats all they've been doing for years while the rest of us have been so buried in credit card debt it has driven many, including myself into bankruptcy.Look if this doesn't work they can come back in a few years and we'll revisit the problem.Its a start but it could go a little farther if you ask me.
Speeders are Murderers

United States

#18 Apr 21, 2008
Just don't use credit. I never have. Buy everything with cash, check or a debit card.
Mxp2001

Gibsonville, NC

#20 Apr 22, 2008
I think this is a very important debate that is long overdue. I work for one of the major credit card companies, and they do give themselves nice profits and a nice cushion through default rates of 28% or more at one day late or $29 or more late fees and overlimit fees. I own one of the credit cards and believe me they do it to everyone including employees. Listening to the comments my Executive Vice President made on C-SPAN, made my stomach turn because of the lies that were being stated. They do not take consideration of your credit or consequences of the fees. At these times they should not rely on fees to make profits when really losses will continue to increase, consumer loyalty will go out the door, and overall market share will decrease. Just because I work on the phone at the credit card company doesn't mean that I do not understand the effects of the decisions people at the top make on the consumers and business as a whole. Talking first hand to customers scream for the credit card bill of rights and will help the industry overall by giving them the opportunity to show that they can be socially responsible for the welfare of their consumers.

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