Obama excepts his Nobel prize

[timmgirvan]

Originally Posted by hi_im_god

i wonder why someone faced with this thinks an adam smith unseen hand free market is the solution.

what's your point? other than the regulation was flaccid and didn't go far enough.

the point is that these companies had a bad year so they're getting their losses back raising the rates on ALL customers.

[miraja2]

Originally Posted by timmgirvan

they're getting their losses back raising the rates on ALL customers.

But presumably their customers who are fiscally conservative don't ever carry a balance and would therefore be unaffected by interest rate increases. If people pay their bill in full every month, the interest rate on their credit card is pretty meaningless. Only the foolish liberals who spend money they don't have should be affected by credit card rates.

[timmgirvan]

Originally Posted by miraja2

But presumably their customers who are fiscally conservative don't ever carry a balance and would therefore be unaffected by interest rate increases. If people pay their bill in full every month, the interest rate on their credit card is pretty meaningless. Only the foolish liberals who spend money they don't have should be affected by credit card rates.

Everybody has/or uses credit cards to some extent, conservative or liberal.
the blatent point is that THEY arbitrarily raise their rates even to the best of customers....plain simple abuse to their cardholders.

[Cannon Shell]

Originally Posted by timmgirvan

Everybody has/or uses credit cards to some extent, conservative or liberal.
the blatent point is that THEY arbitrarily raise their rates even to the best of customers....plain simple abuse to their cardholders.

in response to the bills trumpeted by Riot several months ago.

[Danzig]

Originally Posted by Cannon Shell

in response to the bills trumpeted by Riot several months ago.

exactly. the credit card companies are aiming for a certain profit, and they will get it regardless of what rules the oh so knowledgable congress puts in place. people seem to forget that people who don't pay their bills, are late, or declare bankruptcy are essentially buying things and then not paying for them. credit card companies have to charge high fees, etc, to pay for their customers' mistakes. how do i solve that problem? haven't had a CC in years, and won't have one. that's why you don't see me complaining about high fees or interest rates. you can decide for yourself if you want to deal with the bs involved with having ready plastic in your pocket.

[Riot]

Originally Posted by Cannon Shell

in response to the bills trumpeted by Riot several months ago.

That's right. Some are trying to screw their customers one last time before the law prohibits them from doing it. It's a good law, not protective enough, but about darn time.

I had a rate increase notification on two of the three cards I have. I called to negotiate. They wouldn't. I fired one of them. You can, too. Read the fine print, for some, if you carry a balance you can decline the rate increase (freeze, end) the card, freezing the outstanding balance at the current rate.

[Riot]

Originally Posted by timmgirvan

Everybody has/or uses credit cards to some extent, conservative or liberal.
the blatent point is that THEY arbitrarily raise their rates even to the best of customers....plain simple abuse to their cardholders.

And they won't be able to in another month. So call them, be aggressive, demand the rate you want, and if it doesn't work fire them, keep one card.

And after the new legislation takes effect shop around, you should get some great deals - and no "entry rate then we screw you later in the fine print when you don't notice" , because it will no longer be permitted by law

No giving you a notice that "suddenly starting two months back your interest rate rose". No moving the billing due date around on you so you'll miss it and incur overdue charges. No applying high interest rates to the oldest balances obtained under a lower rate.

It's good legislation. Just hang on through the final temper tantrum of the credit card issuers, because YOU'LL have the power, not them, in another month or so when the legislation takes effect.

[timmgirvan]

Originally Posted by Riot

And they won't be able to in another month. So call them, be aggressive, demand the rate you want, and if it doesn't work fire them, keep one card.

And after the new legislation takes effect shop around, you should get some great deals - and no "entry rate then we screw you later in the fine print when you don't notice" , because it will no longer be permitted by law

No giving you a notice that "suddenly starting two months back your interest rate rose". No moving the billing due date around on you so you'll miss it and incur overdue charges. No applying high interest rates to the oldest balances obtained under a lower rate.

It's good legislation. Just hang on through the final temper tantrum of the credit card issuers, because YOU'LL have the power, not them, in another month or so when the legislation takes effect.

Here's me: fire one! fire two!

[miraja2]

Originally Posted by timmgirvan

Everybody has/or uses credit cards to some extent, conservative or liberal.
the blatent point is that THEY arbitrarily raise their rates even to the best of customers....plain simple abuse to their cardholders.

They could raise my rate as high as they want, it doesn't affect me at all.
I use a credit card for everything, and never pay a dime in interest because I never carry a balance.
I just don't like being in debt. Maybe it is simply my inner fiscal-conservative rearing his ugly head.

[timmgirvan]

Originally Posted by miraja2

They could raise my rate as high as they want, it doesn't affect me at all.
I use a credit card for everything, and never pay a dime in interest because I never carry a balance.
I just don't like being in debt. Maybe it is simply my inner fiscal-conservative rearing his ugly head.

hopefully, he'll do a hostile takeover on the rest of YOU