new credit card rules? heard it on the news!

[coop68]

just heard this,

Any of you guys watch the news today? some talks about new credit card rules? that are in effect today! thought i would start this since i know there was some talk in an earlyer post!

[kidicarus13]

We invite you to come out of your cave.
http://www.creditcards.com/credit-ca...ences-1282.php ...updated 08/20/09

[coop68]

wow how did i miss this, oh i know cause im in college and to busy to notice!!!
Great i should just go back into my cave! anyone care to join me!!!!!!

[al_g]

Some of these rule changes were long overdue. My biggest complaint was the huge time lag in implementing them. This just gave the credit card companies time to abuse a whole group of people who were targeted because they don't understand how credit works and why you should pay it off every month. In the short run I'd love to talk to some of those people and find out just what the credit card companies did.

These changes should have been implemented in weeks if not days after the bill was signed into law.

[funkfool]

These changes should have been implemented in weeks if not days after the bill was signed into law.

You know the .gov only works fast when it is on something that us regular folk DON'T want....

[Zundfolge]

Some of these rule changes were long overdue. My biggest complaint was the huge time lag in implementing them. This just gave the credit card companies time to abuse a whole group of people who were targeted because they don't understand how credit works and why you should pay it off every month. In the short run I'd love to talk to some of those people and find out just what the credit card companies did.

These changes should have been implemented in weeks if not days after the bill was signed into law.

Yes because when government interferes in private business transactions, there's no chance they'll make things worse

[Hoosier]

In this case it wasn't that the government acted slowly, it's that they gave industry a long window to begin compliance.

I can understand why the industry would have a shit fit if it was a few days -- there are a bunch of programs that need to be changed, and some changes to customer service and legalese.

But the many months that they were given allowed them to come up with new and more inventive ways to raep anyone who doesn't pay on time every time.
Someone said of the 10 major rules that were passed in the CARD act, the industry has found ways to get around 8 of them already.

[Hoosier]

Yes because when government interferes in private business transactions, there's no chance they'll make things worse

Ehn, it's not like the credit card industry was operating in a legal vaccuum silently obeying the invisible hand of the markets. They basically had free reign to write the usury laws in states like South Dakota and Delaware. Handing credit cards to college students to lock them into a debt-slave mentality was certainly good for their profitability. I would have preferred to see more consumer education about credit cards -- but let's face it, some of these aspects of credit cards were just slimy. Like universal default... if you miss a payment on another credit card, all the others would jump your APR? That's some BS. Or how about, reordering all of your transactions that happened during the weekend, so that all of your charges go out, largest first, before any deposits are processed. This way they can get the most number of overdraft charges on your account.

[Cameron]

I don't buy that. This idea that the great Obama will protect your from the evil credit card company is crap. Government regulation of the CC companies is another example of big government screwing with the market.

Handing credit cards to college students to lock them into a debt-slave mentality was certainly good for their profitability. I would have preferred to see more consumer education about credit cards -- but...

How can we be advocates of self determination in regard to taxation and firearms ownership but decide that the government regulating consumer credit because we are too stupid to educate ourselves or have fiscal discipline.

Obama and congress did nothing to protect the consumer if anything they have worked to perpetuate the "government protected" use of, and addiction to consumer credit.

The only parties that should have input into the terms and conditions of a credit card should be the creditor and the debtor.

Cameron

[Irving]

Well, there are probably a bunch of things in the contracts saying that you need to be notified a certain number of days before certain changes take place. That could be part of the reason for the long window.

I'm in agreement with Cameron. I have a credit card that was giving me trouble acting shady (might have just been my view of the situation) so I picked up the phone and called them...all the time. They were pulling shady shit like every single time I was charged the interest fee, it would put me over by one cent. Just enough for them to charge me their fees. I called and called. Usually, after knocking off a fee or two, most companies will stiff arm you and tell you no after that. My card company tried that, and I still got them to take off almost another $130 in additional fees. For them to drop that much in fees tells me that it wasn't soley my fault. After that whole mess, I got my act together and cleaned that card up tremendously.

The point I'm making is that this credit card rule change has only made things worse for me on ALL of my cards. I was handling the situation nicely on my own, now I have to continue, but at an unjustified rate hike all across the board.