Credit Card Abuses

[jreeves]

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?

 

[driveby]

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


What happened to Obama's era of responsibility?

It ended when the election was won .........

 

[jreeves]

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


What happened to Obama's era of responsibility?

It ended when the election was won .........

Exactly my point....thanks

 

[KittenKoder]

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?

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.

 

[YellowSubmarie]

bravo obama

 

[RodISHI]

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.

 

[Dis]

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 absolutely 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.

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.

 

[strollingbones]

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

 

[Zoom-boing]

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?

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.

 

[jillian]

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.

 

[jreeves]

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.

That's what that little paper brochure states, that's enclosed with your plastic money.....lmao

 

[strollingbones]

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?

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.

o back up there stinky....fine print? o i have read it...i always do...credit cards are usery...loansharks cant loan you money at outragous rates but credit cards sure can
and you show my ass where it says...if you dont pay your car insurance on time they can raise your rates....go on...i will wait here....but they do and will...

no its not rocket science but they the devil is still in the details

 

[Zoom-boing]

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?

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.

o back up there stinky....fine print? o i have read it...i always do...credit cards are usery...loansharks cant loan you money at outragous rates but credit cards sure can
and you show my ass where it says...if you dont pay your car insurance on time they can raise your rates....go on...i will wait here....but they do and will...

no its not rocket science but they the devil is still in the details

If you agree to xx service (car insurance, purchase on a credit card, etc.) you agree to this service for xx dollars and that the bill will be paid on time. If you provide a service and you bill your customer and the due date is xx and the customer pays late, you would say 'fine, no problem?'. A store or company does not have to take credit cards, it costs them money to do so . . . and what the hell is so hard about paying your bill on time? Running into a problem with cash? Call them and talk to them, many will help you out. Car insurance raising your rates because you fail to pay on time? If you're aware of this then pay your bill on time or go with a company that does not do this. It's your responsibility to pay your bills on time.

Oh the details of service/use are there . . . you have to read them. If they are difficult to understand, pick up the phone and call the company and ask them what them mean.

Are the rates/fees outrageous? Absolutely. Keeps me on my toes and makes me even more scrupulous about paying bills on time. Why would I want to give these companies any more money . . . especially when I don't have to?

 

[strollingbones]

o hell no i am not talking about when you use your credit card to pay...i am talking about simply letting your car insurance lapse..then they say your credit score has dropped and you are more of a rish blah blah blah

 

[strollingbones]

wanna talk about how they do credit ratings...there is a fucking house of horrors

 

[RodISHI]

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 absolutely 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.

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.

Good point I had not thought about the six different addresses they have. Without the correct address your payment does not get credited on time.

It's like playing catch me to pay me if you can for new account holders that bought something with an in store credit card.

When it came down to it I paid what I knew we owed and documented the bs over charges with a letter to them. Nothing more.

 

[Vel]

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 absolutely 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.

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.

Excellent. This shows that you were well able to handle the situation on your own and didn't require an act of Congress to save you.
If the general public refuses to abide by changing the rules in mid stream then we'll find that they change their tactics. It's only because so many people are willing to play their game that they continue. The public has the ability to make current credit ratings obsolete.

 

[Dis]

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 absolutely 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.

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.

Good point I had not thought about the six different addresses they have. Without the correct address your payment does not get credited on time.

It's like playing catch me to pay me if you can for new account holders that bought something with an in store credit card.

When it came down to it I paid what I knew we owed and documented the bs over charges with a letter to them. Nothing more.

That's what pissed me off so bad.. Nothing changed on my end. Not my address, not my vehicle, not my insurance, NOTHING. Everything changed on THEIR end. *I* even took an old copy of a bill, and mailed the current months payment to that address with a letter explaining I haven't received a bill in 2 month, so am enclosing an older one with account info. THAT'S when the jackasses mailed my payment back to me (15 days later) with a note stating my account had been closed. That's about when I started looking at the payoff balance vs. another year of that shit..

Heh. Bastards.

I now have my third new car... Through another finance company, rather than staying with one I'd been with for 12-ish years.

 

[jillian]

Excellent. This shows that you were well able to handle the situation on your own and didn't require an act of Congress to save you.
If the general public refuses to abide by changing the rules in mid stream then we'll find that they change their tactics. It's only because so many people are willing to play their game that they continue. The public has the ability to make current credit ratings obsolete.

That's nice... so you think less capable people should be victimized by banks?

And good luck living or operating a business without credit.

You won't get a phone company to hook you up; won't get gas or electric for your home; won't get a car except for cash... can't get improvement loans to expand your home or business...

I guess it's ok if you want to spend your life in the woods with a shotgun and hunt for your own food, chop wood for trees, etc.

But it sure isn't reality.

 

[Dis]

Excellent. This shows that you were well able to handle the situation on your own and didn't require an act of Congress to save you.
If the general public refuses to abide by changing the rules in mid stream then we'll find that they change their tactics. It's only because so many people are willing to play their game that they continue. The public has the ability to make current credit ratings obsolete.

That's nice... so you think less capable people should be victimized by banks?

Everyone is that capable, Jillian. If you're responsible enough to have a license, drive, and own a car, you were also capable of reading everything you signed, you're capable of handling whatever arises with said responsibilities.. It's more getting off your tail and *doing* it, rather than screaming 'victim', and doing nothing waiiting to see what happens...

Too many people are content to just wait and see...

Edit: Ok, you added a lot to that while I was typing.. I don't think he/she said anyone should be victimized. Simply that if everyone waits to see what happens, then what's going to happen is just going to happen, and after it does, is too late to complain about it.