Cash for Clunkers Success

[Cannon Shell]

Originally Posted by Riot

Responsible people will pay less. Period.

http://www.dailyfinance.com/2009/08/...dit-card-laws/

Since you wont bother to read the link I will highlight some things for you.

When the new credit card laws officially start today, millions of Americans will see a host of improvements on their accounts; unfortunately, many have already begun to see higher interest rates.

People with cards from American Express (AXP), JP Morgan Chase (JPM), Citigroup (C), Discover (DFS), Capital One (COF) and others have been reporting increases even if they've never made a late payment and have excellent credit scores

For people who have lost their jobs, rapid interest rate increases and minimum payment changes put even more strain on their budget and will push them even faster toward bankruptcy


Many credit card issuers are getting rid of fixed rate cards completely and instead offering variable rate cards set to an index. That way they don't have to send notices at all. As the index rate goes up, so does the credit card rate. This method enables them to avoid the protections in the new law.


cardholders can expect to see more fees added on to their accounts. For example, some cards are starting to charge a fee to reinstate rewards points if customers are late on a bill, and it seems likely that they'll find other fee innovations before the new law takes effect in February 2010.

Ultimately, with higher fees and interest rates pushing more customers in default, everyone loses

[Danzig]

Originally Posted by Cannon Shell

http://www.dailyfinance.com/2009/08/...dit-card-laws/

Since you wont bother to read the link I will highlight some things for you.

When the new credit card laws officially start today, millions of Americans will see a host of improvements on their accounts; unfortunately, many have already begun to see higher interest rates.

People with cards from American Express (AXP), JP Morgan Chase (JPM), Citigroup (C), Discover (DFS), Capital One (COF) and others have been reporting increases even if they've never made a late payment and have excellent credit scores

For people who have lost their jobs, rapid interest rate increases and minimum payment changes put even more strain on their budget and will push them even faster toward bankruptcy


Many credit card issuers are getting rid of fixed rate cards completely and instead offering variable rate cards set to an index. That way they don't have to send notices at all. As the index rate goes up, so does the credit card rate. This method enables them to avoid the protections in the new law.


cardholders can expect to see more fees added on to their accounts. For example, some cards are starting to charge a fee to reinstate rewards points if customers are late on a bill, and it seems likely that they'll find other fee innovations before the new law takes effect in February 2010.

Ultimately, with higher fees and interest rates pushing more customers in default, everyone loses

from what i've read, a lot of folks with good credit are seeing their rates go up-everyone will see that happen. it's not as tho the companies will not attempt to keep their bottom line where it is...

[dellinger63]

[quote=Danzig]from what i've read, a lot of folks with good credit are seeing their rates go up-everyone will see that happen. it's not as tho the companies will not attempt to keep their bottom line where it is...[/QUOTE]

Including insurance companies who write health policies.

[Riot]

[quote=dellinger63
Including insurance companies who write health policies.[/QUOTE]

But as someone who believes that only people that can afford to pay for health insurance deserve good health care, you're good with that. In your life, you'll never be priced out of health insurance, or be rescinded, or be refused to be covered for any pre-existing condition

[dellinger63]

Originally Posted by Riot

But as someone who believes that only people that can afford to pay for health insurance deserve good health care, you're good with that. In your life, you'll never be priced out of health insurance, or be rescinded, or be refused to be covered for any pre-existing condition

If a fat tub of lard is going to be charged a premium on his policy becaue he's sitting on a grabber or he's a man whore/drug abuser oozing in disease and somehow I have to pitch in with everyone else (oops should say those who pay taxes) to make his payment equal to mine so he can continue his desert? No I'm not good with that. Not at all.

[Riot]

Ultimately, with higher fees and interest rates pushing more customers in default, everyone loses

Yes, Cannon, the first thing that should be done is that the loan-shark consumer revolving credit industry should be left completely alone as it is now, because all that matters in the economy and the lives of consumers is the next week - not the next 10-20 years.

[Cannon Shell]

Originally Posted by Riot

Yes, Cannon, the first thing that should be done is that the loan-shark consumer revolving credit industry should be left completely alone as it is now, because all that matters in the economy and the lives of consumers is the next week - not the next 10-20 years.

No one said that nothing should be done. What was done does have some unsightly side effects that will felt far longer than next week. It is a smoke and mirrors victory against credit card companies which negatively effects responsible consumers. Hardly a cause for celebration.

[dalakhani]

i dont know how anyone could not view cash for clunkers as a success regardless of how moderate you might view it. Making it into some kind of failure erodes credibility.

There are many holes that can be punched into the policies of the current administration (or any administration if you will). Even W. had successes. This is one of Obama's.

[Danzig]

Originally Posted by dalakhani

i dont know how anyone could not view cash for clunkers as a success regardless of how moderate you might view it. Making it into some kind of failure erodes credibility.

There are many holes that can be punched into the policies of the current administration (or any administration if you will). Even W. had successes. This is one of Obama's.

http://www.msnbc.msn.com/id/32497875...business-autos

[Smooth Operator]

Looks like at least 700,000 sales when this stunningly successful program ends Mon.



Well done, BO...

[JJP]

Just wait to see auto sales 6 months from now, or a year down the line. They will be down. People who were considering getting a car (those who qualified) just bumped up the purchase date to take advantage of the free money. Rob future sales to prop up current sales. Another bandaid solution.

[dalakhani]

Originally Posted by Danzig

http://www.msnbc.msn.com/id/32497875...business-autos

Im not saying that this is any kind of silver bullet for the car industry. As I said, depending on how you view it, the degree of success is certainly arguable. My point was that there is no debating that this program was indeed a success on some level.

[Riot]

Originally Posted by Danzig

http://www.msnbc.msn.com/id/32497875...business-autos

That article confirms that Cash for Clunkers was a resounding success. It retroactively comments on the execution, mostly based upon government underestimation of the popularity and success.

[Danzig]

Originally Posted by Riot

That article confirms that Cash for Clunkers was a resounding success. It retroactively comments on the execution, mostly based upon government underestimation of the popularity and success.

a resounding success? really, you sound like a high school cheerleader for obama and co. i hope you read the article i put up about whan is expected down the road from this temporary 'success'. we americans are so into now now now-and we continue to rack up debt for down the road.