New Credit Card Rules Start Today

Chase wanted to up my interest rate to 26.99%!!!!! That's like loan shark interest rates. So instead of getting a good percentage, they want to rob people? thank god there was an option to close the account, which I promptly did. I don't get these companies, instead of getting some money ,they jack up the rates to absurd levels on who are usually the poorer and maybe in more debt, so that they can't afford even the basic monthy payment, and they end up getting nothing. Just like the ARM, instead of keeping the rate the same, the jacked them up to the point people couldn't afford it and end up foreclosing.

26.99% is like drop your pants and grab your ankles. here she comes !!!!

yea damn! i screamed at a company that wanted to jump my rate to 14%
 
It is great to not use a credit card whenever possible. But, there are some things we cannot do without a credit card. I learned that the hard way when I took a weekend hop to Patrick AFB in Florida and couldn't rent a car without one, even tho I had cash. Had to WALK to Cape Kennedy. (what it was called then)
 
if you use creditcards.com you can find one with good rewards, no fees, etc. I would never keep one with a yearly fee or 'no-use' fee. it is *not* smart though to just cut up all your cards and stop using credit, your credit score will suffer and if you do hit an emergency and need a qucik loan, you won't be getting it or it will be with a huge interest rate.

BTY I still write checks. just for my utilites. and im well under 70

that is understandable. I meant at stores holding up the line for 30 minutes when debit cards take 30 seconds!!!
 
Pay it off and start using cash.

We all remember cash, right?

Clarke Howard (HNN money advisor) even recommends that people stop using their debit cards because there's some unknown mindset that kicks in with a "card." He suggests taking enough cash from your paycheck that you would normally put on a debit card, only take as much as you NEED to spend on any shopping trip and leave the rest at home. You'll find you hesitate to break those $50's and $20's unless it's positively absolutely something you really really really need.

I'm going to try it. We'll see.
 
if you use creditcards.com you can find one with good rewards, no fees, etc. I would never keep one with a yearly fee or 'no-use' fee. it is *not* smart though to just cut up all your cards and stop using credit, your credit score will suffer and if you do hit an emergency and need a qucik loan, you won't be getting it or it will be with a huge interest rate.

BTY I still write checks. just for my utilites. and im well under 70

How old were you when you served in Nam? Fourteen?
 
It is great to not use a credit card whenever possible. But, there are some things we cannot do without a credit card. I learned that the hard way when I took a weekend hop to Patrick AFB in Florida and couldn't rent a car without one, even tho I had cash. Had to WALK to Cape Kennedy. (what it was called then)

My debit/credit card works fine for that. Even though the credit charge just comes out of my checking account.
Yes you are correct a few things require a credit card.
 
I use a Credit Card any chance I get. Usually I max them out and then I claim bankruptcy.

Then I change my name and start over.

Currently, I am using the name Manny Fold.
 
Just a reminder . . . . keep tabs on what your CC company is doing. Read the fineprint.

Mixed blessing: credit card reform may shock some

Stop Using Credit Cards! Stop being irresponsible. Stop. Stop. Stop. Set an example...cut up your credit cards.

Why should I? I"m setting a good example because I use them responsibly. When they start punishing people for being fiscally responsible with fees and shit, then I'll get rid of them.
 
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Just a reminder . . . . keep tabs on what your CC company is doing. Read the fineprint.

Mixed blessing: credit card reform may shock some

When will the new Government spending rules start? You know, the one where they can't spend more money than they take in? :eusa_angel:

I thought the Republicans killed Paygo?

You mean in the early 2000s? Yeah, they had to let it expire to pay for wars, non-defense government spending increases and tax cuts. Of course, George H. W. Bush lost the election in '92 because he signed OBRA-90 after promising not to raise taxes. And now Obama wants it after spending a trillion dollars. Funny how you can't trust these weasels.
 
all we use now is the banks debit card

Did you get rid of you CC or just don't use them?

If they don't impose any type of inactivity fee you can keep them in case of emergency; if they start charging for non-use you can use them a few times a year to avoid the fee. Some companies are charging a $60 fee unless you charge $2,400/year on the card. Bullllshit.


:disbelief:
 
I have two credit cards. One has a credit limit of $500.00 and I use that one exclusively online. The other has a $5,000.00 limit and it's in the drawer of my desk at home strictly for emergencies.
 
Just a reminder . . . . keep tabs on what your CC company is doing. Read the fineprint.

Mixed blessing: credit card reform may shock some

Stop Using Credit Cards! Stop being irresponsible. Stop. Stop. Stop. Set an example...cut up your credit cards.

Why should I? I"m setting a good example because I use them responsibly. When they start punishing people for being fiscally responsible with fees and shit, then I'll get rid of them.

I gatta spread some rep around, but good reply.
 

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