Comments on: Credit CARD Act of 2009: Consumers Getting the Shaft as Banks Rush to Raise Interest Rates http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates Live Rich, Live Well, Be Informed Mon, 15 Mar 2010 10:45:59 -0400 http://wordpress.org/?v=2.8 hourly 1 By: Credit Card Chaser http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-2262 Credit Card Chaser Mon, 21 Dec 2009 06:18:07 +0000 http://personaldividends.com/?p=1210#comment-2262 @CreditCardsGone When you say "everyone on the street" you are forgetting about the category of people that pay off the balance of their credit cards every month, buy a house that they can afford, live within their means, etc. AKA living an overall financially responsible life. Those kind of people will be just fine and they will come out even more ahead if they use a rewards credit card because they will end up paying 95% to 99% of the retail price while cash paying customers will pay the full price. .-= Credit Card Chaser´s last blog ..<a href="http://www.creditcardchaser.com/usury-interest-guide/" rel="nofollow">Usury & Interest Guide: Usury Definition, Usury Rates, and is Your Credit Card Usurious?</a> =-. @CreditCardsGone

When you say “everyone on the street” you are forgetting about the category of people that pay off the balance of their credit cards every month, buy a house that they can afford, live within their means, etc. AKA living an overall financially responsible life. Those kind of people will be just fine and they will come out even more ahead if they use a rewards credit card because they will end up paying 95% to 99% of the retail price while cash paying customers will pay the full price.
Credit Card Chaser´s last blog ..Usury & Interest Guide: Usury Definition, Usury Rates, and is Your Credit Card Usurious?

]]> By: CreditCardsGone http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-2165 CreditCardsGone Tue, 15 Dec 2009 07:20:19 +0000 http://personaldividends.com/?p=1210#comment-2165 ...maybe it's best just to get rid of credit cards ASAP... just carry a debit card for emergencies and times when you need to rent a car... and a Paypal account linked to your checking account for phone/online purchases and such... and if the issuers would be sensible they would retain more paying customers... but as it is right now they rather drive people into bankruptcy which in the end will do us all in... that little bit of ill-timed credit card reform is doing nothing for anyone... by the time it takes effect the game is already over... this economy is never going to fully recover from all of this greed... so in the end the banks are going to loose too... no jobs, no income, nobody buying nothing... just everyone on the street... good luck to us all... …maybe it’s best just to get rid of credit cards ASAP… just carry a debit card for emergencies and times when you need to rent a car… and a Paypal account linked to your checking account for phone/online purchases and such… and if the issuers would be sensible they would retain more paying customers… but as it is right now they rather drive people into bankruptcy which in the end will do us all in… that little bit of ill-timed credit card reform is doing nothing for anyone… by the time it takes effect the game is already over… this economy is never going to fully recover from all of this greed… so in the end the banks are going to loose too… no jobs, no income, nobody buying nothing… just everyone on the street… good luck to us all…

]]> By: Credit Card Chaser http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1999 Credit Card Chaser Sat, 21 Nov 2009 07:46:56 +0000 http://personaldividends.com/?p=1210#comment-1999 @Len You are exactly right - if we were the ones lending money to people who constantly didn't pay us on time or defaulted and never paid us back (somewhere around 10% lately I believe) then many who constantly complain about credit card companies would see things quite differently! :) .-= Credit Card Chaser´s last blog ..<a href="http://www.creditcardchaser.com/credit-cards-bankruptcy-a-visual-tragedy/" rel="nofollow">Credit Cards & Bankruptcy: A Visual Tragedy</a> =-. @Len

You are exactly right – if we were the ones lending money to people who constantly didn’t pay us on time or defaulted and never paid us back (somewhere around 10% lately I believe) then many who constantly complain about credit card companies would see things quite differently! :)
Credit Card Chaser´s last blog ..Credit Cards & Bankruptcy: A Visual Tragedy

]]> By: Daphne3620 http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1889 Daphne3620 Wed, 04 Nov 2009 23:52:58 +0000 http://personaldividends.com/?p=1210#comment-1889 Miranda, Wonderful post! Thank you! I am finding that a new wrinkle in the joy that is credit card companies - in my case it is Chase! [Or as I like to call then now .. The New Juniper.] The new across the board interest rate increases have now triggered a credit score decrease. Ironically, I was responsible, paid more than my minimums on my card bills and sent "off time" payments that were made in addition to my regular monthly payments to whittle down my balances when I was able. I have received a letter just this day informing me that they have dropped all my credit card limits to - in most cases - the point I have less than $300 left on my accounts. In total, they axed more than $35,000 in credit from my accounts. Unfortunately - and it is a fool me once situation in the making! - I dropped most of my other cards two years ago when I was able to pick up 7.99% cards from Chase that were better than the 9.99% that I had with other companies. So now I only have Chase cards. Needless to say, I am flabergasted. Your post was informative and has at least given em insight into who to approach Chase about this nightmare! Thank you again! Miranda,

Wonderful post! Thank you!

I am finding that a new wrinkle in the joy that is credit card companies – in my case it is Chase! [Or as I like to call then now .. The New Juniper.] The new across the board interest rate increases have now triggered a credit score decrease. Ironically, I was responsible, paid more than my minimums on my card bills and sent “off time” payments that were made in addition to my regular monthly payments to whittle down my balances when I was able.

I have received a letter just this day informing me that they have dropped all my credit card limits to – in most cases – the point I have less than $300 left on my accounts. In total, they axed more than $35,000 in credit from my accounts.

Unfortunately – and it is a fool me once situation in the making! – I dropped most of my other cards two years ago when I was able to pick up 7.99% cards from Chase that were better than the 9.99% that I had with other companies. So now I only have Chase cards. Needless to say, I am flabergasted.

Your post was informative and has at least given em insight into who to approach Chase about this nightmare! Thank you again!

]]> By: Personal Bankruptcy Filings Increase to Record Levels - Mortgage Rate News http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1888 Personal Bankruptcy Filings Increase to Record Levels - Mortgage Rate News Wed, 04 Nov 2009 18:51:33 +0000 http://personaldividends.com/?p=1210#comment-1888 [...] folks. The cumulative effects of a weak labor market and tighter credit (not to mention the things credit issuers have been doing that mean hardship for consumers) will be hard to shake off, and the latest data about bankruptcy filings bears this [...] [...] folks. The cumulative effects of a weak labor market and tighter credit (not to mention the things credit issuers have been doing that mean hardship for consumers) will be hard to shake off, and the latest data about bankruptcy filings bears this [...]

]]> By: Interest Rate Freeze for Credit Cards? : Bizzia - Business News and Commentary – Finance and Business Tips http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1851 Interest Rate Freeze for Credit Cards? : Bizzia - Business News and Commentary – Finance and Business Tips Mon, 26 Oct 2009 18:32:56 +0000 http://personaldividends.com/?p=1210#comment-1851 [...] was that credit card issuers have been rushing to tinker with terms before the February deadline. Consumers are getting the shaft on this as credit card issuers take this chance to jack up interest rates and add fees just because [...] [...] was that credit card issuers have been rushing to tinker with terms before the February deadline. Consumers are getting the shaft on this as credit card issuers take this chance to jack up interest rates and add fees just because [...]

]]> By: Black Coffee: My Favorite Blogs, Money News & Opinions #18 http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1844 Black Coffee: My Favorite Blogs, Money News & Opinions #18 Fri, 23 Oct 2009 23:28:38 +0000 http://personaldividends.com/?p=1210#comment-1844 [...] Dividends – Meanwhile, Miranda notes that consumers are getting the shaft as banks rush to raise credit card interest rates.  What in God’s name is the reason for [...] [...] Dividends – Meanwhile, Miranda notes that consumers are getting the shaft as banks rush to raise credit card interest rates.  What in God’s name is the reason for [...]

]]> By: Miranda http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1839 Miranda Fri, 23 Oct 2009 16:13:21 +0000 http://personaldividends.com/?p=1210#comment-1839 The fact of the matter is that, no matter how unfair the practices may be, they do have all of the control. I don't like predatory lending, but at the same time, people need to be responsible for their finances. .-= Miranda´s last blog ..<a href="http://www.bizzia.com/yieldingwealth/contest-win-a-free-resume-consultation/" rel="nofollow">Contest: Free Access to a Resume Service</a> =-. The fact of the matter is that, no matter how unfair the practices may be, they do have all of the control. I don’t like predatory lending, but at the same time, people need to be responsible for their finances.
Miranda´s last blog ..Contest: Free Access to a Resume Service

]]> By: Len Penzo http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1838 Len Penzo Fri, 23 Oct 2009 00:24:27 +0000 http://personaldividends.com/?p=1210#comment-1838 I am one of those who see nothing wrong with the game being "rigged" in favor of the credit card issuers. After all, they are the ones taking ALL of the risk issuing unsecured loans! The real pearl of wisdom in your concluding remarks bears repeating: "...until consumers take better control of their credit use, it doesn’t matter how many laws are enacted." Exactly. We don't need any new laws with respect to credit cards. We simply need more personal responsibility demonstrated by those who choose to use the credit cards in the first place. My $0.02 (after taxes), Len Len Penzo dot Com .-= Len Penzo´s last blog ..<a href="http://feedproxy.google.com/~r/LenPenzo/~3/Nb8pyW4DScM/id791-drive-by-movie-review-vicky-cristina-barcelona.html" rel="nofollow">Drive-By Movie Review: Vicky Cristina Barcelona</a> =-. I am one of those who see nothing wrong with the game being “rigged” in favor of the credit card issuers. After all, they are the ones taking ALL of the risk issuing unsecured loans!

The real pearl of wisdom in your concluding remarks bears repeating: “…until consumers take better control of their credit use, it doesn’t matter how many laws are enacted.”

Exactly. We don’t need any new laws with respect to credit cards. We simply need more personal responsibility demonstrated by those who choose to use the credit cards in the first place.

My $0.02 (after taxes),

Len
Len Penzo dot Com
Len Penzo´s last blog ..Drive-By Movie Review: Vicky Cristina Barcelona

]]> By: Matt Jabs http://personaldividends.com/money/miranda/credit-card-act-of-2009-consumers-getting-the-shaft-as-banks-rush-to-raise-interest-rates/comment-page-1#comment-1828 Matt Jabs Thu, 22 Oct 2009 03:00:00 +0000 http://personaldividends.com/?p=1210#comment-1828 Getting credit card banks out of my life was like breaking up with the worst girlfriend ever. I love life without credit... Also, if people want to try & take some action they can visit CreditCardReform.org. Cheers! .-= Matt Jabs´s last blog ..<a href="http://www.debtfreeadventure.com/2009/10/discretionary-spending-the-spending-journal/" rel="nofollow">Discretionary Spending & The Spending Journal</a> =-. Getting credit card banks out of my life was like breaking up with the worst girlfriend ever.

I love life without credit…

Also, if people want to try & take some action they can visit CreditCardReform.org.

Cheers!
Matt Jabs´s last blog ..Discretionary Spending & The Spending Journal

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