Obama will establish a five-star rating system so that every consumer knows the risk involved in every credit card. He also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.
Create a Credit Card Rating System to Improve Disclosure: Obama will create a credit card rating system, modeled on five-star systems used for other consumer products, to provide consumers an easily identifiable ranking of credit cards, based on the card's features. Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents.
Establish a Credit Card Bill of Rights to Protect Consumers: Obama will create a Credit Card Bill of Rights to protect consumers. The Obama plan will:
Ban Unilateral Changes Apply Interest Rate Increases Only to Future Debt Prohibit Interest on Fees Prohibit "Universal Defaults" Require Prompt and Fair Crediting of Cardholder Payments Reform Bankruptcy Laws
So now we're too dumb to get the right credit cards. American's are also too dumb to understand what they can afford. And of course, the grand solution is not to educate people, but to regulate. I was unaware that the purpose of the government was to do the job of Consumer Reports. A fucking credit card rating system? Are you for fucking real? Does anybody realize the enormous door that this opens for curroption? Yeah, this is just what we need. Government influencing the decisions of sheep in order to funnel them into particular credit cards. Unbelievable.
People are so fucking stupid.
Yes, people are very fucking stupid. You've proven it. You have fallen for the trick.
I don't care for Lou Dobbs, but if there's anything he's gotten right, it's the issue of credit card companies.
Let me put the situation in real life terms.
A credit card company issues a card with excellent terms. You use it and make your payments ahead of schedule but carry debt and pay interest as well. The credit card company hits hard times due to its exposure to the subprime mess, so they look at their books and see a gold mine. They send a letter informing you there's now a default interest of 29%. You are subject to this default if you miss a payment, or are late with a payment to them or any other lender. What you understand from the literature is that the default rate won't apply to you. You never fall behind in any payments so you don't worry.
You get your bill 6 months later and suddenly see the 29% rate. It's shocking. You call the company and they tell you it's the default rate. You tell them it doesn't apply to you because you've never been late to them or any other lender. They say it's the new rate and ask you if you have a copy of the letter which had the exclusionary terms sent 6 months earlier. You are fucked because you don't have it. You are completely and utterly helpless and have no recourse but to get out of there as fast as possible. That interest applies to the ENTIRE debt, not just the debt incurred since the change,
30% interest is a rate we'd expect from a loan shark, not from an honest business, not with the fed rates as low as they are. It is an obscene rate. Usury rates were outlawed decades ago, but that law was recently changed in favor of "deregulation". How can it be lawful to change the terms of a contract after it was signed? How can you possibly support this? How can anyone support these interest rates? We permit these companies to operate like the mob, only minus the broken leg? It is wrong on so many levels, it's dumbfounding.
It is a misconception that people are better off without regulation. The branding of the word regulation as "bad", is the result of a successful linguistic campaign to misinform the public.
Regulation does not insert the government into our lives, it protects us from predatory practices that arise naturally from a capitalist system. Regulation is necessary. It provides a balance between predation and profit. Our system hasn't been this out of alignment since the early part of the LAST century.
I find it dismaying to read and hear ordinary hardworking people talking about regulation as if it were a bad thing. They are so misinformed it breaks my heart. Their successful miss-education is why this country is in this mess.
Who could rationally support people who remove reasonable, sensible limits on corporations? These bills put into law, have placed corporations beyond the reach of common laws that apply to ordinary people. If you entered a contract with your neighbor, you couldn't unilaterally change the terms. To do so would violate common sense and a core value of our culture (keeping your word). But these companies cannot be sued because they are acting within their rights as set forth in law by this administration.
It's outrageous and insupportable. Blue collar and white collar workers, hell.. any workers supporting the republicans are either profoundly misinformed or just plain fucking stupid. They think of regulation and believe it applies to THEM, that it means the government is in their living rooms making decisions for them. It doesn't!!!! What it does is limit how you can be FUCKED by those with more power.
But hey, you get what you vote for. If you vote republican, I pray you have a Visa. You deserve it. You are about to get thoroughly fucked if it hasn't happened already. Republican policy favors something like 2% of the electorate, but they have the money to wage the campaign of distortion which produced the stupidity revealed above. LW is either stupid or deliberately deceptive, spreading the lie because he finds it personally beneficial to do so.
I cannot be polite on this issue so I won't even try. And I hope I can find the video of Lou Dobbs interviewing a congressman who espoused LW's views. It should be required viewing for all potential voters.
Joined: Sat Oct 16, 2004 10:51 pm Posts: 14534 Location: Mesa,AZ
Alessiana wrote:
LittleWing wrote:
This is a "LittleWing is not very happy day."
This was introduced to me today. Something new:
Quote:
Address Predatory Credit Card Practices
Obama will establish a five-star rating system so that every consumer knows the risk involved in every credit card. He also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.
Create a Credit Card Rating System to Improve Disclosure: Obama will create a credit card rating system, modeled on five-star systems used for other consumer products, to provide consumers an easily identifiable ranking of credit cards, based on the card's features. Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents.
Establish a Credit Card Bill of Rights to Protect Consumers: Obama will create a Credit Card Bill of Rights to protect consumers. The Obama plan will:
Ban Unilateral Changes Apply Interest Rate Increases Only to Future Debt Prohibit Interest on Fees Prohibit "Universal Defaults" Require Prompt and Fair Crediting of Cardholder Payments Reform Bankruptcy Laws
So now we're too dumb to get the right credit cards. American's are also too dumb to understand what they can afford. And of course, the grand solution is not to educate people, but to regulate. I was unaware that the purpose of the government was to do the job of Consumer Reports. A fucking credit card rating system? Are you for fucking real? Does anybody realize the enormous door that this opens for curroption? Yeah, this is just what we need. Government influencing the decisions of sheep in order to funnel them into particular credit cards. Unbelievable.
People are so fucking stupid.
Yes, people are very fucking stupid. You've proven it. You have fallen for the trick.
I don't care for Lou Dobbs, but if there's anything he's gotten right, it's the issue of credit card companies.
Let me put the situation in real life terms.
A credit card company issues a card with excellent terms. You use it and make your payments ahead of schedule but carry debt and pay interest as well. The credit card company hits hard times due to its exposure to the subprime mess, so they look at their books and see a gold mine. They send a letter informing you there's now a default interest of 29%. You are subject to this default if you miss a payment, or are late with a payment to them or any other lender. What you understand from the literature is that the default rate won't apply to you. You never fall behind in any payments so you don't worry.
You get your bill 6 months later and suddenly see the 29% rate. It's shocking. You call the company and they tell you it's the default rate. You tell them it doesn't apply to you because you've never been late to them or any other lender. They say it's the new rate and ask you if you have a copy of the letter which had the exclusionary terms sent 6 months earlier. You are fucked because you don't have it. You are completely and utterly helpless and have no recourse but to get out of there as fast as possible. That interest applies to the ENTIRE debt, not just the debt incurred since the change,
30% interest is a rate we'd expect from a loan shark, not from an honest business, not with the fed rates as low as they are. It is an obscene rate. Usury rates were outlawed decades ago, but that law was recently changed in favor of "deregulation". How can it be lawful to change the terms of a contract after it was signed? How can you possibly support this? How can anyone support these interest rates? We permit these companies to operate like the mob, only minus the broken leg? It is wrong on so many levels, it's dumbfounding.
It is a misconception that people are better off without regulation. The branding of the word regulation as "bad", is the result of a successful linguistic campaign to misinform the public.
Regulation does not insert the government into our lives, it protects us from predatory practices that arise naturally from a capitalist system. Regulation is necessary. It provides a balance between predation and profit. Our system hasn't been this out of alignment since the early part of the LAST century.
I find it dismaying to read and hear ordinary hardworking people talking about regulation as if it were a bad thing. They are so misinformed it breaks my heart. Their successful miss-education is why this country is in this mess.
Who could rationally support people who remove reasonable, sensible limits on corporations? These bills put into law, have placed corporations beyond the reach of common laws that apply to ordinary people. If you entered a contract with your neighbor, you couldn't unilaterally change the terms. To do so would violate common sense and a core value of our culture (keeping your word). But these companies cannot be sued because they are acting within their rights as set forth in law by this administration.
It's outrageous and insupportable. Blue collar and white collar workers, hell.. any workers supporting the republicans are either profoundly misinformed or just plain fucking stupid. They think of regulation and believe it applies to THEM, that it means the government is in their living rooms making decisions for them. It doesn't!!!! What it does is limit how you can be FUCKED by those with more power.
But hey, you get what you vote for. If you vote republican, I pray you have a Visa. You deserve it. You are about to get thoroughly fucked if it hasn't happened already. Republican policy favors something like 2% of the electorate, but they have the money to wage the campaign of distortion which produced the stupidity revealed above. LW is either stupid or deliberately deceptive, spreading the lie because he finds it personally beneficial to do so.
I cannot be polite on this issue so I won't even try. And I hope I can find the video of Lou Dobbs interviewing a congressman who espoused LW's views. It should be required viewing for all potential voters.
.
If you actually signed a contract with fixed interest terms in it, that's one thing, but if you didn't, don't complain. Seriously. If you think it's too big a risk to get a credit card, don't get a credit card. If people get fed up with it and stop getting credit cards from companies who change rates on them, then maybe someone will start offering cards with fixed terms. But obviously it's not a big enough risk to discourage anyone from getting a card, is it?
Or do people just feel they need to have that 48" HDTV without having to save up for it?
_________________
John Adams wrote:
In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress.
Joined: Sun Oct 17, 2004 7:19 pm Posts: 39068 Location: Chapel Hill, NC, USA Gender: Male
$úñ_DëV|L wrote:
do people just feel they need to have that 48" HDTV without having to save up for it?
Don't criticize the American way, you communist.
_________________ "Though some may think there should be a separation between art/music and politics, it should be reinforced that art can be a form of nonviolent protest." - e.v.
30% interest is a rate we'd expect from a loan shark, not from an honest business, not with the fed rates as low as they are. It is an obscene rate. Usury rates were outlawed decades ago, but that law was recently changed in favor of "deregulation". How can it be lawful to change the terms of a contract after it was signed? How can you possibly support this? How can anyone support these interest rates? We permit these companies to operate like the mob, only minus the broken leg? It is wrong on so many levels, it's dumbfounding.
While 30% interest rate is high what do you expect for a completely unsecured loan.
If I had a credit card with an unpaid balance and the rate went up to 30% I'd just go to my bank and get a short term loan, pay off the credit card, cancel it and either find a card with a more fixed type of rate at a more reasonable amount or change my spending habits. Save for things before making the purchase, buy less, get a line of credit with my bank, etc....
Now if you are saying that these people are so strapped for cash that they cannot find a bank to lend them money to pay off a credit card. Well in that case the credit card rate of 30% for an unsecured loan seems pretty reasonable.
How old are you folks? How many of you have credit cards or have ever had them? How many of you have read the terms? Is everyone clueless about credit or what? Do you like to argue just because it's the internet?
30% is very high but it's the rate being applied to many people. You ask what one should expect... I'm stunned. I would imagine a person would expect prime plus whatever they'd agreed to in the terms when they'd signed up for the loan, not what the credit card company determines it can gouge for, after the contract is signed.
48" tvs? How about medical bills? How about living expenses when people lose their jobs, or struggle with mortgages or school books (scary what's happening to college kids... the #1 reason for dropping out of college is credit card debt). It's a myth that people use cards to pay for TVs. That's what people did with their home equity! LOL.
Getting an unsecured private loan to pay off a credit card is difficult. Hell, I'm not certain they can't fuck with the terms (% above prime) after you sign that either.
Credit card for medical expenses and/or living expenses???? If that's what your're using your credit card for then you have huge financial manegement problems and should stop blaming the only group of companies who will loan you money.
Credit cards are for convenience and not a financial planning tool nor a replacement for emergency savings or medical insurance.
You say it yourself, these people can't get unsecure loans anywhere else. Rather than build some savings, even small ones, so they can get a secured loan in the future you seem to applaud their financial irresponsibility and blame the only people who will loan them money. One of the first steps to proper financial management is when you are done school start to save up a six month emergency fund. You should have enough money saved to weather six months of lack of income. Even if this takes you 5 years to achieve it gives you the financial stability required to know you can weather pretty much any storm.
The school scenario is a little tougher. But I tell people, and have done this myself, if you can't afford a full course load don't take a full course load. Take fewer courses giving you more time to work part time or even full time.
A credit card company issues a card with excellent terms. You use it and make your payments ahead of schedule but carry debt and pay interest as well. The credit card company hits hard times due to its exposure to the subprime mess, so they look at their books and see a gold mine. They send a letter informing you there's now a default interest of 29%. You are subject to this default if you miss a payment, or are late with a payment to them or any other lender. What you understand from the literature is that the default rate won't apply to you. You never fall behind in any payments so you don't worry. - Allessiana
That's why you get a fixed rate credit card. Like my credit card! Sure, the introductory rate may be higher than others, but it's fixed! Holy crap!
This is also why you pay everything off in full, the day the bill comes in the mail. That way you don't pay any interest...ever.
Quote:
You get your bill 6 months later and suddenly see the 29% rate. It's shocking. You call the company and they tell you it's the default rate. You tell them it doesn't apply to you because you've never been late to them or any other lender. They say it's the new rate and ask you if you have a copy of the letter which had the exclusionary terms sent 6 months earlier. You are fucked because you don't have it. You are completely and utterly helpless and have no recourse but to get out of there as fast as possible. That interest applies to the ENTIRE debt, not just the debt incurred since the change. - Allessiana
That's why you save everything important that comes in the mail. I save everything that comes for my one singular credit card. It gets put in a filing cabinet in the "Credit Card" section. All my important mail gets saved. Everything. Car insurance, VA, healthcare, my hospital bills, all my military records, every reciept from everything. Isn't this common sense? How fucking stupid are people? If you throw out something like that, then you deserve to have your interest rate jacked up.
Quote:
30% interest is a rate we'd expect from a loan shark, not from an honest business - Alless
NO WAY!
Quote:
How can it be lawful to change the terms of a contract after it was signed? - Allesiana
Probably because the contract stated that it was okay to change the terms after it was signed... How can adjustable rate mortgages be lawful? Oh the humanity.
Quote:
We permit these companies to operate like the mob, only minus the broken leg? It is wrong on so many levels, it's dumbfounding. - Allesiana
You're right. It is dumbfounding that people sign these contracts for a quick line of credit to buy a 48" screen plasma TV without reading the fine print and throwing associated credit card literature into the garbage when it comes in the mail.
Quote:
Regulation does not insert the government into our lives, it protects us from predatory practices that arise naturally from a capitalist system. - Allessiana
That was awesome. Thanks for brightening my day.
Quote:
I find it dismaying to read and hear ordinary hardworking people talking about regulation as if it were a bad thing. They are so misinformed it breaks my heart. Their successful miss-education is why this country is in this mess. - Allesiana
Okay, so let me get this straight. I have a solid credit card. My credit rating is outstanding. I was smart enough to get a fixed rate credit card that isn't going to change unless they offer me something BETTER. I have zero credit card debt. I pay all my bills before the due date, in full, so that I never pay any interest. I've had my credit card for quite some time now and I have not paid a single penny in interest on the credit card. As a result, my credit limit goes up, and up, and up, and up. And you are telling me, that I am misinformed? Honey, go fuck yourself.
You know who is misinformed? Some dumbass motherfucking schmuck, who doesn't read his contract before signing it, who doesn't know a thing about credit cards, who throws his shit in the garbage, and ends up getting HIMSELF SCREWED!
You know is misinformed? Some bleeding heart, who actually thinks that it is the governments constitutional job to keep that dumb ass motherfucking schmuck from getting screwed. Honey, it's not the governments job to protect that dumbass. It's the dumbass' job to protect himself. And it's not my fiscal responsibility to fund the beaucracy to protect him. Fuck that shit.
Which of course, is why I said it's totally awesome that black Jesus is focusing on MORE REGULATION, instead of education. He's not going to solve the problem. All he is going to do is create more beauracracy, centralize more power, suck out more tax dollars, and instill more dependence on the government. It's fucking stupid. It's dumber than shit.
IT IS OUR JOB AND RESPONSIBILITY to ensure we do not get suckered by "loan sharks." It is our jobs and responsibilities to ensure our contracts our sound. It is our responsibility to wipe our own mother fucking asses.
It isn't the governments.
Quote:
any workers supporting the republicans are either profoundly misinformed or just plain fucking stupid. - Allesiana
You know who is misinformed or stupid? Any individual who actually would place their trust in the American federal government over their own selves, their own abilities, their own knowledge. That's you.
Quote:
They think of regulation and believe it applies to THEM, that it means the government is in their living rooms making decisions for them. It doesn't!!!! What it does is limit how you can be FUCKED by those with more power. - Alessiana
Guess what. That is making decisions for me. That is what "preventing people from getting fucked" is. It's making decisions for them. And in many cases, when it comes to the federal government, they are doing the fucking themselves. Nobody needs the government to tell them the quality of a credit card. Nobody. Well, I guess, according to you, only the ignorant do.
Quote:
LW is either stupid or deliberately deceptive, spreading the lie because he finds it personally beneficial to do so. - Alessiana
Actually, I find it incredibly insulting. I think it is sullying the people of America. It is basically saying, "You are too dumb to get the right credit card, so let us help you out with that." I believe that this is adding to the problem of lack of education, this dumbs down America. Instead of ENDING the problem, with education. All he is doing is creating another unneccessary layer of federal beuaracracy which the American people will eventually become entirely dependent on. He is usurping the independence of the American people, and probably stifle an immense amount investment capital into the economy. He is insinuating that the people are incompetent in running their own lives. It's like Social Security. Social Security couldn't be a bigger retardent to people gaining education and becoming financiall independent. This proposal does nothing but ceade individual responsibility to the federal government. It's ridiculous. And it's useless.
Lastly on the first post:
Quote:
You are subject to this default if you miss a payment, or are late with a payment to them or any other lender.
Solution? Don't miss a payment.
Anybody that pays interest on a credit card is a fucking moron in the first place.
Quote:
How old are you folks? How many of you have credit cards or have ever had them? How many of you have read the terms? Is everyone clueless about credit or what? Do you like to argue just because it's the internet? - Alesiana
I'm 26. I have a singular credit card. I have read the terms diligently. No, I am not clueless about my credit card, thank you very much. That's what being a responsible American individual entails. Just think, if everyone was like me, Barack Obama would have no need to create another bloated innefficient tax payer funded federal beauracracy, and you wouldn't be bitching about credit card companies acting like loan sharks. Oh the humanity right?
Quote:
How about medical bills? - Allesiana
Uhhh...that's what health insurance is for. You're an idiot if you pay for medical bills with a credit card.
Quote:
How about living expenses when people lose their jobs
This is what unemployment is for. And savings accounts. And you call me ignorant? Financial literacy anybody?
Quote:
or struggle with mortgages
This is why you don't get a mortgage you can't afford. And why you buy a fixed rate mortgage.
Quote:
school books (scary what's happening to college kids... the #1 reason for dropping out of college is credit card debt). - Allesiana
It's not because of credit card debt. Who the fuck pays for tuition on a mother fucking credit card? Who the fuck is that dumb? An Astrive loan would be better than a credit card. How retarded.
These people are fucking dumb. They are dumb because A.) They don't have scholarships. And B.) Because they didn't take out a fixed rate college loan from a bank. And instead, are paying 20-30% interest on a credit card. These people clearly do not belong in college in the first place.
Credit card for medical expenses and/or living expenses???? If that's what your're using your credit card for then you have huge financial manegement problems and should stop blaming the only group of companies who will loan you money.
Credit cards are for convenience and not a financial planning tool nor a replacement for emergency savings or medical insurance. don't take a full course load. Take fewer courses giving you more time to work part time or even full time.
I don't disagree with the proper use of credit. I am describing situations can people find themselves in, not justifying their behavior. As for medical expenses, how you can condemn a person for turning to their credit cards to cover such expenses is incomprehensible to me. Did you know you can be denied life saving care if you can't pay for it? Of course people use their credit cards! Wouldn't you?
Health care issues aside (another topic!) my issue is with any company being permitted to change the terms of an agreement at will. If they entered a contract to loan the money with certain terms, they should hold true to those terms. It's very simple.
A credit card company issues a card with excellent terms. You use it and make your payments ahead of schedule but carry debt and pay interest as well. The credit card company hits hard times due to its exposure to the subprime mess, so they look at their books and see a gold mine. They send a letter informing you there's now a default interest of 29%. You are subject to this default if you miss a payment, or are late with a payment to them or any other lender. What you understand from the literature is that the default rate won't apply to you. You never fall behind in any payments so you don't worry. - Allessiana
That's why you get a fixed rate credit card. Like my credit card! Sure, the introductory rate may be higher than others, but it's fixed! Holy crap!
This is also why you pay everything off in full, the day the bill comes in the mail. That way you don't pay any interest...ever.
Quote:
You get your bill 6 months later and suddenly see the 29% rate. It's shocking. You call the company and they tell you it's the default rate. You tell them it doesn't apply to you because you've never been late to them or any other lender. They say it's the new rate and ask you if you have a copy of the letter which had the exclusionary terms sent 6 months earlier. You are fucked because you don't have it. You are completely and utterly helpless and have no recourse but to get out of there as fast as possible. That interest applies to the ENTIRE debt, not just the debt incurred since the change. - Allessiana
That's why you save everything important that comes in the mail. I save everything that comes for my one singular credit card. It gets put in a filing cabinet in the "Credit Card" section. All my important mail gets saved. Everything. Car insurance, VA, healthcare, my hospital bills, all my military records, every reciept from everything. Isn't this common sense? How fucking stupid are people? If you throw out something like that, then you deserve to have your interest rate jacked up.
Quote:
30% interest is a rate we'd expect from a loan shark, not from an honest business - Alless
NO WAY!
Quote:
How can it be lawful to change the terms of a contract after it was signed? - Allesiana
Probably because the contract stated that it was okay to change the terms after it was signed... How can adjustable rate mortgages be lawful? Oh the humanity.
Quote:
We permit these companies to operate like the mob, only minus the broken leg? It is wrong on so many levels, it's dumbfounding. - Allesiana
You're right. It is dumbfounding that people sign these contracts for a quick line of credit to buy a 48" screen plasma TV without reading the fine print and throwing associated credit card literature into the garbage when it comes in the mail.
Quote:
Regulation does not insert the government into our lives, it protects us from predatory practices that arise naturally from a capitalist system. - Allessiana
That was awesome. Thanks for brightening my day.
Quote:
I find it dismaying to read and hear ordinary hardworking people talking about regulation as if it were a bad thing. They are so misinformed it breaks my heart. Their successful miss-education is why this country is in this mess. - Allesiana
Okay, so let me get this straight. I have a solid credit card. My credit rating is outstanding. I was smart enough to get a fixed rate credit card that isn't going to change unless they offer me something BETTER. I have zero credit card debt. I pay all my bills before the due date, in full, so that I never pay any interest. I've had my credit card for quite some time now and I have not paid a single penny in interest on the credit card. As a result, my credit limit goes up, and up, and up, and up. And you are telling me, that I am misinformed? Honey, go fuck yourself.
You know who is misinformed? Some dumbass motherfucking schmuck, who doesn't read his contract before signing it, who doesn't know a thing about credit cards, who throws his shit in the garbage, and ends up getting HIMSELF SCREWED!
You know is misinformed? Some bleeding heart, who actually thinks that it is the governments constitutional job to keep that dumb ass motherfucking schmuck from getting screwed. Honey, it's not the governments job to protect that dumbass. It's the dumbass' job to protect himself. And it's not my fiscal responsibility to fund the beaucracy to protect him. Fuck that shit.
Which of course, is why I said it's totally awesome that black Jesus is focusing on MORE REGULATION, instead of education. He's not going to solve the problem. All he is going to do is create more beauracracy, centralize more power, suck out more tax dollars, and instill more dependence on the government. It's fucking stupid. It's dumber than shit.
IT IS OUR JOB AND RESPONSIBILITY to ensure we do not get suckered by "loan sharks." It is our jobs and responsibilities to ensure our contracts our sound. It is our responsibility to wipe our own mother fucking asses.
It isn't the governments.
Quote:
any workers supporting the republicans are either profoundly misinformed or just plain fucking stupid. - Allesiana
You know who is misinformed or stupid? Any individual who actually would place their trust in the American federal government over their own selves, their own abilities, their own knowledge. That's you.
Quote:
They think of regulation and believe it applies to THEM, that it means the government is in their living rooms making decisions for them. It doesn't!!!! What it does is limit how you can be FUCKED by those with more power. - Alessiana
Guess what. That is making decisions for me. That is what "preventing people from getting fucked" is. It's making decisions for them. And in many cases, when it comes to the federal government, they are doing the fucking themselves. Nobody needs the government to tell them the quality of a credit card. Nobody. Well, I guess, according to you, only the ignorant do.
Quote:
LW is either stupid or deliberately deceptive, spreading the lie because he finds it personally beneficial to do so. - Alessiana
Actually, I find it incredibly insulting. I think it is sullying the people of America. It is basically saying, "You are too dumb to get the right credit card, so let us help you out with that." I believe that this is adding to the problem of lack of education, this dumbs down America. Instead of ENDING the problem, with education. All he is doing is creating another unneccessary layer of federal beuaracracy which the American people will eventually become entirely dependent on. He is usurping the independence of the American people, and probably stifle an immense amount investment capital into the economy. He is insinuating that the people are incompetent in running their own lives. It's like Social Security. Social Security couldn't be a bigger retardent to people gaining education and becoming financiall independent. This proposal does nothing but ceade individual responsibility to the federal government. It's ridiculous. And it's useless.
Lastly on the first post:
Quote:
You are subject to this default if you miss a payment, or are late with a payment to them or any other lender.
Solution? Don't miss a payment.
Anybody that pays interest on a credit card is a fucking moron in the first place.
Quote:
How old are you folks? How many of you have credit cards or have ever had them? How many of you have read the terms? Is everyone clueless about credit or what? Do you like to argue just because it's the internet? - Alesiana
I'm 26. I have a singular credit card. I have read the terms diligently. No, I am not clueless about my credit card, thank you very much. That's what being a responsible American individual entails. Just think, if everyone was like me, Barack Obama would have no need to create another bloated innefficient tax payer funded federal beauracracy, and you wouldn't be bitching about credit card companies acting like loan sharks. Oh the humanity right?
Quote:
How about medical bills? - Allesiana
Uhhh...that's what health insurance is for. You're an idiot if you pay for medical bills with a credit card.
Quote:
How about living expenses when people lose their jobs
This is what unemployment is for. And savings accounts. And you call me ignorant? Financial literacy anybody?
Quote:
or struggle with mortgages
This is why you don't get a mortgage you can't afford. And why you buy a fixed rate mortgage.
Quote:
school books (scary what's happening to college kids... the #1 reason for dropping out of college is credit card debt). - Allesiana
It's not because of credit card debt. Who the fuck pays for tuition on a mother fucking credit card? Who the fuck is that dumb? An Astrive loan would be better than a credit card. How retarded.
These people are fucking dumb. They are dumb because A.) They don't have scholarships. And B.) Because they didn't take out a fixed rate college loan from a bank. And instead, are paying 20-30% interest on a credit card. These people clearly do not belong in college in the first place.
You sir, have no idea what you're talking about. Debating you would be debating the unarmed.
Joined: Sat Oct 16, 2004 10:51 pm Posts: 14534 Location: Mesa,AZ
Alessiana wrote:
tyler wrote:
Credit card for medical expenses and/or living expenses???? If that's what your're using your credit card for then you have huge financial manegement problems and should stop blaming the only group of companies who will loan you money.
Credit cards are for convenience and not a financial planning tool nor a replacement for emergency savings or medical insurance. don't take a full course load. Take fewer courses giving you more time to work part time or even full time.
I don't disagree with the proper use of credit. I am describing situations can people find themselves in, not justifying their behavior. As for medical expenses, how you can condemn a person for turning to their credit cards to cover such expenses is incomprehensible to me. Did you know you can be denied life saving care if you can't pay for it? Of course people use their credit cards! Wouldn't you?
Health care issues aside (another topic!) my issue is with any company being permitted to change the terms of an agreement at will. If they entered a contract to loan the money with certain terms, they should hold true to those terms. It's very simple.
The charging of usury rates is an injustice. 30%?
I can't believe you defend this.
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The problem is they can't change the terms of the agreement at will. That's illegal. What you're ignoring is that the terms of the agreement allow for the rates to change. The bottom line is if you don't want a credit card with arbitrarily set rates, don't get a credit card with arbitrarily set rates.
And as far as your examples regarding health care, living expenses, etc., those are the exceptions. I'd be shocked if I found someone with serious credit card debt without any frivolous purchases. Including students. It's really not that difficult to go through school without credit card debt. I know plenty of people who live with their parents, ride the city bus to school, and take as many courses at the community college as possible in order to cut expenses, and they can get through school just fine on their $8/hour jobs.
_________________
John Adams wrote:
In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress.
Hello! These companies are allowed to change the rates and the terms, any terms (billing cycles etc.), so long as they notify you in advance and you are given the opportunity to decline. You had a fixed visa? Be certain to read your enclosures. The law changed. They can do this to you. If you are talking about something else, such as a line of equity, you aren't talking about credit cards.
As for the rest, it's not material except that whatever the particulars might be, we're talking about people. Just be glad it isn't you.
ps. Show me a 17 year old who isn't frivolous, and I'll say they are the exception. What's ludicrous is marketing credit cards on campus. In keeping with the spirit of libertarianism espoused by others here, if someone wants a credit card, they can go get one. The burden should be on the individual "student". Credit cards shouldn't be marketed on campus. Fortunately, colleges are figuring this out. Oops, lost another student!
Yup, read it. One or two can change after a set period of time. But most of them are permenantly locked interest rates.
Quote:
Hello! These companies are allowed to change the rates and the terms, any terms (billing cycles etc.), so long as they notify you in advance and you are given the opportunity to decline. - Alessiana
Are you reading what you're writing?
so long as they notify you in advance and you are given the opportunity to decline.
so long as they notify you in advance and you are given the opportunity to decline.
so long as they notify you in advance and you are given the opportunity to decline.
so long as they notify you in advance and you are given the opportunity to decline.
What an awful situation.
Quote:
Show me a 17 year old who isn't frivolous - Alessiana
17 year olds shouldn't have credit cards.
Quote:
What's ludicrous is marketing credit cards on campus. - Alessiana
The government should be educating their students in high school. We spend more per capita on education than any other country, yet our college graduates are dumb enough to get duped into credit card scams. We really need Obama to save us all.
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So do I. But I'm very aware of what's going on out there. It's "fixed" today. - Alessiana
And it will be fixed tomorrow. And it will be fixed until you either agree to an interest rate hike, or you decline and cancel the credit card. Oh the humanity. Damn these loan sharks. We need new beauracracy. Obama will save us all.
Joined: Sat Oct 16, 2004 10:51 pm Posts: 14534 Location: Mesa,AZ
Alessiana wrote:
Hello! These companies are allowed to change the rates and the terms, any terms (billing cycles etc.), so long as they notify you in advance and you are given the opportunity to decline. You had a fixed visa? Be certain to read your enclosures. The law changed. They can do this to you. If you are talking about something else, such as a line of equity, you aren't talking about credit cards.
As for the rest, it's not material except that whatever the particulars might be, we're talking about people. Just be glad it isn't you.
ps. Show me a 17 year old who isn't frivolous, and I'll say they are the exception. What's ludicrous is marketing credit cards on campus. In keeping with the spirit of libertarianism espoused by others here, if someone wants a credit card, they can go get one. The burden should be on the individual "student". Credit cards shouldn't be marketed on campus. Fortunately, colleges are figuring this out. Oops, lost another student!
.
Well, I can't argue with the part about marketing credit cards to students. Really, though, they say students should get a credit card just to built good credit, but they need to be smart about it, and most of them simply aren't.
On the other hand, I didn't get a credit card until after I graduated, and I still got approved for a mortgage six months later, so maybe conventional wisdom about getting a credit card to build credit is wrong...
_________________
John Adams wrote:
In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress.
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NO WAY! 
