Today, Credit Card Reform Begins

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When did financial institutions tell government what can and can not be done? Isn't the government supposed to function as an extension of the masses and not the highest bidder? What a shame.
The financial companies have replaced the mobsters of yesterday. The Feds and IRS brought down the mobs that terrorized the masses, now they need to hunt down the ringleaders of the financial companies. The ringleaders need to be audited as individuals and monitored for illegal activity and then brought down hard to set an example for anyone else who wants to behave in a similar manner.
What is the weapon of choice? Credit reports. Let's make the masses think that credit reports are more important than customer loyalty, employment history and stable payments. What?!!! The worst part is that we bought into it out of fear!!! Sound like a weapon, huh?
Who created credit reporting companies anyway? They are not my friends. I consider them the weapons of the fin companies that I must handle with diplomatic coldness and cutting demands.
Has anyone tried to correct the CRAs when they have wrong information? It's a full time job! I know cause I was unemployed and ended up spending at least 5hrs a day dealing with it for over 5 months!
When did I give them permission to collect my personal identity and my private financial history? When did say it was ok for them to profit off my personal and private data? I haven't received a check from them for all the money they made off of me. They sell it to companies that will take more data from me and give it to them and take my money too.
Does anyone see what's up?

Consumer/American/angry of NV 9:32AM November 11, 2009

I do not run a giant corporation as do the credit card corporations, however if I ran my business by scalping my customers by raising my prices whenever I deemed it necessary like the credit card companies do to their customers when they jack up their interest's rates then I would soon work myself out of business and would loose all my customers to other companies that are more forgiving and loayal to their customers.
It seems to me that when economic times get tougher it is then that larger corporations need to get tougher within the boundaries of their own business and not keep trying to carry on business as usual by demanding that their customers come up with the extra capital needed to cover their losses. We as businesses that sale our services or supplies (whether large or small businesses) need to show the same respect and consideration that is expected when purchasing services and/or supplies. Each and every business should look hard at the image they are portraying to their customers and the public. If we demand our customers to pay interest rates that are greater than the national interest rates on homes and mortgages then we should be ashamed of ourselves and be honest for we are no better than a LOAN SHARK! Shame on the Credit Card Companies who demand their customers to stay in-debted to them and do not work with their customers. Customers who have struggled through hard times and were forced to increase their credit card limits but have continued to pay their monthly bills and are now trying to pay down their debts. When a parent abuses and neglects their children and takes advantage of their children by working them into a poor state of health, do we not as a public demand that justice be served on that abusive parent? Then why shouldn't we as a public demand that the credit card companyies be held accountable for their dispicable business practices and unfair acts of against their customers?
Wake up America! We are the abused children and we are letting the credit card companies be the abusive parent! How much more credit card abuse can we take before we become sickened to the point of financial death? Pay off your cards and do not use them. Let's boycott credit cards and force them to respect us!

M. Scheppler of TX 9:32AM September 10, 2009

I recently got my free annual credit report and reviewed all of my open accounts. There were cards that I had not used in years. When I had received new cards from those same companies, I had never activated them yet there they were, still open.
As a result of the legislation, I've been getting a lot of small print disclaimers and change of terms from credit card companies. I get out my magnifying glass and any credit card company that tries to change my low-interest fixed rate account to a variable, I call and cancel that account. At this rate, perhaps the only credit card I will have is with my credit union who, at least, uses larger font and clearer terms.
Wise up credit card companies!

Kathryn of CA 9:29AM September 04, 2009

To Credit Card Rate: no one forced you to use the check. If you read the fine print it probably charge a 3% fee to use the check and most likely it counted as a CASH ADVANCE (the highest rate)....if you wanted to put something on the credit card, why not just charge whatever you were paying for? If the check bounced that is because you did not have the available credit. The credit card companies cannot be help responsible if you didn't understand what the offer was. Learn to read.
As someone who carries a high balance, I am VERY careful to read all terms and I make sure I read all "disclosures" they send. But since I have excellent credit, I do get annoyed when they want to triple my interest rate. My open accounts (three total), all went from fixed to variable. One changed its calculation from prime to highest 3 month LIBOR. If they make a change I do not like, then I cancel the card and keep the original terms. They have the right to change the terms, but clearly they are upping EVERYONE'S rates because of their loses....in other words they are charging the people who are following the rules to pay for the ones who aren't.
I deal with it, because if I had a better option to borrow money, then I would use it. And no, I am not borrowing money to be a "consumer".....my money is spent on real-world education and investments.

Sarah of CT 6:41PM September 02, 2009

i belived that the banks alrady have a lot of power doing what they like with the consumer this that happen to me a bank sent a check to me and told me to used when i did the check baunce they charge me 40 dollars becaus no fount.

julia of IL 2:45PM September 02, 2009

The above mentioned company have already created new dislcosure statement which were sent out to the consurmer right after the President had mentioned his intent to put an end to the way they do business .
One of the changes which were made included increasing rate hikes , cash advance notices , balance and failure to accept the changes would result in the closure of the account .
Is GE money Bank one of the bank which 85 billion dollars in bail out funds see lowes - visa GE Money Bank

Althea Barnes of FL 11:25PM August 27, 2009

were to keep card companies from first seducing, and then trapping, people into lives of paying high-rate tolls to corporations. But since the corporate lobbyists undoubtedly wrote parts of the bills, there will be plenty of delays, loopholes and go-around-the-end consequences.
I remember a time when we simply had usury
laws instead. We would probably have been better served by a one-paragraph law that says "Incorporated entities cannot charge rates higher than 10% per annum on any loan to any unincorporated entity (person). This maximum rate can be adjusted upward only during periods when all banks are paying depositors 6% or more on one-year certificates of deposit, and the adjustment in the credit card rate shall not exceed the percentage by which the CD rates exceed 6%".
Sure, there would have been less consumer credit. Yeah, that would be one of the points of having the law.

Muser of NM 11:52AM August 20, 2009

Neil, Well, if you pay your bills on time, then it doesn't matter if your rate goes up, right? Or do you like carrying a small balance? In that case, you do want to keep your rate as low as possible. Thanks for sharing your thoughts.

Kimberly Palmer of DC 11:08AM August 20, 2009

As someone who pays his bills on time and does not carry a huge balance this stuff is getting old. Regulation typically means more money out of my pocket and it is due to the people who made a mess of their own finances. I hope my rate does not go up due to this mess.

Neil B of MD 10:45AM August 20, 2009