Credit Card Bill coming back to bite us!
By missybal
@missybal (4490)
United States
August 29, 2009 9:24pm CST
Anyone else having their interest rates hiked up on their credit cards? This Credit Card Accountability, Responsibility, and Disclosure Act signed by Obama was suppose to be so great. Only thing is it helped the irresponsible and forced the credit card companies to look to the responsible to make up their lost in profits.
No I do not blame the Credit Card companies for this! They pay their taxes, pay their employees and stock owners, and provide benefits for them employees, and provide a service that they take all the risk on.
Why is it that our congress men and woman didn't see what is so obvious? If you prevent a company from punishing irresponsible behavior and from making their profit from them they of course have to get the money from the guys they can. My credit score is very good and yet here I have all my credit card's interest rates increased. Then that guy who keeps going over his credit limit who is late on payments and all that well they saw to it to protect him...
No I don't think the answer is an new bill and more regulations, now I see what happened to our health care cost... the government requirements tied the hands of these companies so costs go up. This Bill needs to go bye bye and fast... I'm glad I recently got all my cards paid off. I feel sorry for those who right now are being responsible and maybe they have to get by paying only the minimum but they are doing it. Now they will pay for being responsible.
7 responses
@veromar (1453)
• Argentina
30 Aug 09
I haven't had an interest rate hike. What I've had are all these little incidental fees popping up. I do ATM withdrawals every once in a while, fully aware of the fees involved. Did it today and was informed during transaction that there was going to be an additional fee applied. I never extract more than I can cover and pay it immediately when the bill comes. If you really dig into the whole credit card thing, it ties in with all the bailouts. Solid customers that pay their bills on time, don't go over their limit, etc. are now being used to pay the debt of those credit card users who weren't so responsible. It's a fact. Credit card companies have never truly valued the customer who pays on time, doesn't go over their limit, etc. because they don't make any money off of us. Now, they're taking advantage of us by assessing us new fees, interest rates and the like to cover the losses from the other memberships. The only true solution is to stop using credit cards. MHO.
@veromar (1453)
• Argentina
30 Aug 09
I'm only speaking from my own experience. I have a couple of credit cards. Same company and I've had them for 10 yrs or more. Never missed a payment. Never late. Paid my full balance,etc., etc., etc. The model borrower. About a year and a half ago, I disputed a charge with full documentation. They reversed it over the phone. The one and only time it happened and it was legit. Got my bill and found they had credited my account twice for the transaction. I immediately called them to make them aware of their error in my favor. The representative I spoke with said, "We would have caught it any way and then you'd have been in real trouble." I said something along the lines of making them aware of THEIR error. He cut me off and asked if there was anything else HE could help ME with. lol. That's the kind of thing I'm talking about. With the added fees.....well.......
You're absolutely right. The only way to prevent these things from happening it to stop using credit cards altogether. Ready? Break out the scissors! Lol
1 person likes this
@singing1227 (315)
• United States
30 Aug 09
One thing that our legislators seem to forget is that credit card companies are going to make money. It's there primary purpose. If the government passes laws that increase collection costs or require other "borrower" protections, we all are going to pay for it. They will raise your rates to make the same amount of money as they previously made.
1 person likes this
@xfahctor (14118)
• Lancaster, New Hampshire
31 Aug 09
I avoid this issue altogether by simply not having one. I have never had a credit card and I never plan on it. I buy things on the reach-back plan. If I want to buy something, I reach back to my wallet and pull out some cash. If I don't have the cash, I don't buy something. This by passess all interest, fees, purchase records and other complications.
@missybal (4490)
• United States
31 Aug 09
lol... I'll have to remember that one... the Reach-back plan!
That was me for a long time then one day when I went for a car loan I had no credit, well my husband would die without a credit card... he doesn't like to count out money and keep track of what his change should be. Now we like to use our credit cards for cash back but yeah you got the right idea... they get dangerous to have.
@piasabird (1737)
• United States
30 Aug 09
I pay mine off every month. I have an outstanding balance on one and it's at 3.9% until paid off.
@psychotaz206 (2086)
• United States
30 Aug 09
no my hubby's credit card intrest is still the same as it always was , the credit cars are doing it now because as of jan i was told they are not alound to increase them there is going to be a cap put on them as far as the people that are having trouble the bill says there intrest rate can change they just have to put a limit on how high they can go and try to come up with a way to help the people that need it. i forget what the whole thing said i got a letter in the mail about that bill when i find it i will let you know.
