Credit Card Abuses

Discussion in 'Congress' started by jreeves, Apr 19, 2009.

  1. jreeves
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    jreeves Senior Member

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    The White House said Sunday that it will back congressional efforts to clamp down on credit card abuses in an effort to address the recession's effect on Main Street.

    The House and Senate are considering a credit card bill of rights to limit the ability of credit card companies to raise interest rates on existing balances and to require greater disclosure. White House economic adviser Larry Summers said people need to save more, but that the government also needs to curb credit card pitches that addict people to plastic.

    President Barack Obama is "going to be very focused, in a very near term, on a whole set of issues having to do with credit card abuses, having to do with the way people have been deceived into paying extraordinarily high rates that they wouldn't have paid if they knew what they were getting themselves into," Summers said.
    Obama to address credit card abuses - White House- msnbc.com


    How about the credit card abuses committed on the credit companies from individuals who charge up their credit cards? When they know there is no way in hell they will be able to repay it. What happened to Obama's era of responsibility?
     
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  2. driveby
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    driveby Gold Member

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    It ended when the election was won .........
     
  3. jreeves
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    jreeves Senior Member

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    Exactly my point....thanks
     
  4. KittenKoder
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    KittenKoder Senior Member

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    Damn it, why don't people wake up, or is it true we are too gullible as a society? No one forced the idiots who took the credit, they are to blame, not the banks. The banks made other mistakes which they are being held accountable for, but this, this is something we need to hold those who spent more than they make with no intention of paying it back accountable instead of excusing them with "they were tricked" or "deceived" ... we will never get out of this mess at this rate.
     
  5. YellowSubmarie
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    YellowSubmarie Rookie

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    bravo obama
     
  6. RodISHI
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    RodISHI Gold Member

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    I'd say when credit cards purposely send out statements late and charges $45.00 plus $45.00 each month on a $300.00 or less balance and they refuse to remedy the situation while racking the bill up to $900.00 plus in a few months is clearly abuse .

    I have absoulutely no sympathy for banks and for very good reason. I also have the statements and paid cancelled check reciepts to verify that it is absolute abuse of power these companies have been using to enslave people into extra debt.
     
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  7. Dis
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    They'll just tell you that sending you a bill is a courtesy, and not a requirement on their part, and that it's your obligation to make sure your account gets paid, and paid on time.

    (They did that to me when the finance company for my car merged with another company, AND change payment locations.) I'd had a total of 2 car loans with them over the course of maybe 10-12 years, and suddenly out of nowhere, I wasn't getting bills, one month my account was "closed" and my check returned to me, etc. I tried to set up online payment, and couldn't do that because my account with them was an old "T-18 account", whatever that is, and couldn't be converted (wtf?!), etc. They ended up charging me $50 a month for 4 months for different excuses that had nothing to do with me, and everything to do with them.

    They refused to drop those charges, even tho looking back on my account, my payments were always early, and my loans always paid off way ahead of schedule, so I called for a payoff balance, got one, subtracted $300 from it ($200 for "late" charges, plus $100 for my inconvenience), yanked the funds from my savings account, mailed them a cashiers check for the remaining balance, and wrote on the back "cashing of this check signifies payment in full for account XXXXXXXXX". I haven't heard from them since...that was in Nov.
     
  8. strollingbones
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    strollingbones Diamond Member

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    banks take full advantage....if you are late with your car insurance they can raise your interest rate...i called one time for a pay off on a simple interest loan....paid it off..well the lady who answered the phone was not qualified to give out that information...and i still owed money....i end up paying it to settle it..it was just going to continue to add up
     
  9. Zoom-boing
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    Zoom-boing Gold Member

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    Can they not read the fine print?

    If you charge something you are required to pay xx amount within xx time frame. Late payments, non-payments, insufficient payments - all get whacked with fees. Transfer balances? Read the fine print, there are conditions! Credit cards are a convenience, that's it. Rule of thumb to follow with credit cards: if you don't have the money to pay for the item, don't buy the item. Not exactly rocket science.
     
  10. jillian
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    jillian Princess Supporting Member

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    i have to admit i'm perplexed by the resistence of some to people actually understanding the terms of their credit cards.

    the credit card holder's "bill of rights" is already being distributed among professionals here in ny.

    i think the credit card companies SHOULD have to give a minimum 20 day cycle...

    I think they SHOULD make it clear how interest is calculated.

    I think they SHOULD make it clear that if you pay your VISA bill late, that Mastercard WILL impose a default interest rate, sometimes 30%, even if you've never been so much as five minutes late paying your mastercard.

    And I'll remind you that if WE ever lent money at the interest rates charged by banks, it would be considered USURY and we'd be prosecuted for it.

    It's good to be the king.
     
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