Comments on: Credit CARD Act of 2009: How it Affects You

By: Colin

Colin — Tue, 23 Feb 2010 02:18:47 +0000

The Card Act goes into effect today and here is a fun Plentii.com video that explains NEW protections for credit card holders. Give it a look and stay ahead of the game! http://plentii.com/videos/watch/always-money-the-credit-card-act/.

By: Virginia Moving Company

Virginia Moving Company — Thu, 11 Feb 2010 16:38:08 +0000

Our clients come to us in all states of credit disarray, and a lot of them tell us about the myriad problems they face in dealing with the credit card companies. We really want to put a new initiative into place where we keep them up to date about The Credit Act, and other types of credit related news items. How can we add a feed to our web site to keep them posted (of this blog, or some other source of info)? Anybody know the technical way to do this? Any help would be much appreciated.

By: news @ making money quick money » Survey: Card Rates Are Rising ("No Kidding!" Edition)

Sun, 31 Jan 2010 22:40:10 +0000

[...] months — shouldn’t be a surprise to anyone, since the card companies now have a legal deadline to beat. Gotta get those rates inflated now, and the flow of credit [...]

By: Maria Semonelle

Maria Semonelle — Thu, 28 Jan 2010 03:00:29 +0000

Hi, I am first and foremost a consumer, however,I work for a bank (in credit card disputes).I understand the frustrations and/or elations that the Card Act can and will bring about. But first, let me have everyone step back and remember that we have encouraged this law by complaining about the ‘hidden’ fees/raised interest rates. However, we didn’t complain when we received that ‘0%’ balance transfer for 1 year plan and/or 0% financing on furniture for 2 years, did we. Those rates are all in the past. Simply put, banks could raise A.P.R. in the past-whether right or wrong- becuase of people who did not pay their bill or had a poor payment history. This practice allowed the banks to solicit the ‘good consumer’ into a low-introductory teaser rates. (Do you see my point? ) No more drastically low-promo rates anymore. And no one can blame the banks because there is no law saying issuing banks must offer teaser rates. There are some other concerns that I have about the Card Act which will play out within the next year or so… Will we all be so happy then? I don’t know. Please understand, I am not against the Card Act, I agree with the overall philosophy, however, I must think about where is the responsibility going to be? By the way, I got my first credit card when I was 18 –on my own. My parents helped me understand the importance of good credit. To this day, I have good credit. Maybe parents should have thought about this instead of expecting the banks to educate the youth, is the country suffering now? I don’t know.

By: j9

j9 — Wed, 30 Dec 2009 16:49:11 +0000

Bank of America is the worst bank out there with regard to fees, not only with your credit card, but checking too! They go out of their way to make it so you keep getting hit with fees over and over again. Bank of America should be audited for all these sneaky practices the government is trying to crack down on.
They just lowered my credit limit after I made a very large payment to just over my balance. This leaves me with a $400 available credit. I didn’t know this had happened until I looked at my on-line account. Not only is this hurting my credit score when I’m trying so hard not to but it’s also creating a situation where I’ll go over my limit with a small purchase.

Please someone investigate Bank of America!

By: Top 135+ Personal Finance Posts for 2009 (That can be used 2010 and beyond)

Top 135+ Personal Finance Posts for 2009 (That can be used 2010 and beyond) — Mon, 28 Dec 2009 10:39:41 +0000

[...] of biggest impacts on personal finances this year was the Credit CARD Act. How it affects individual personal finances is Big News, and it might have long-last effect, [...]

By: Heather

Heather — Thu, 24 Dec 2009 00:37:24 +0000

too many people are sitting in judgement, supposing that the consumer plagued with a suddenly higher rate is a foolhardy spendthrift, charging giant TV sets and designer duds beyond their means. Not so.
for many folks, like me, we pay on time, we don’t abuse credit, and yet FOR NO REASON the banks make changes, raising rates, lowering limits, doing many tricky and sneaky practices.

to those defending the banks, you must be on the profit earning side of this. shame on you for cheating hard working citizens.

By: Stupid Business Moves in 2009 : EveryJoe - Sports News – Tech Reviews – Entertainment – Life Tips for EveryJoe

Wed, 23 Dec 2009 15:53:48 +0000

[...] Act doesn’t go into effect until next year. In an effort to “help” consumers, the Credit CARD Act was passed, requiring, among other things, that companies have a reason for jacking up interest [...]

By: Susan

Susan — Thu, 22 Oct 2009 20:40:39 +0000

Interesting….I just got a call from my credit card company regarding this bill! Their angle was if I broke down and I was near my credit limit, I would be automatically declined if any emergency charges I made pushed it up over my limit. Since I never go anywhere near my limit (we’re talking thousands of $$ under), I declined for their “opt in” selection. She was very aggressive and I had trouble getting her off the phone, so we’re in for a fight.

I agree, we should enact the Credit Card Act!

Susan

By: ron

ron — Wed, 21 Oct 2009 09:56:25 +0000

the banks are slime…, and Congress helped them by not making the Act effective immediately to protect the consumer who is fair game to the cigarsmoking , bonus laden CEOs….pay off your cards….close your accounts, keep your interest rate where it is by doing so….the idea that your credit score will drop has little bearing on “how badly you will hurt” when your interest rates, as a good, and honest payer, are “jacked up” to the sky…and your rate goes from 8% to 19.9% or higher fulfilling the banks lust for more profits off your back and the backs of other good, long-time reliable customers…these immoral acts, taking our TARP money from the taxpayers are payback for “your loyalty”…your credit score will recover…paying “usuary rates” just to keep “their card” and now their fees just to have their card even though you carry no balance is blackmail…close their cards and never do business with them ever again…slime…