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Subject: credit card reform Posted by: Perm Dude - [5044818] Fri, May 01, 2009, 13:56 I wanted to post a bit about some of the credit card reform that Obama and the Dems are proposing, but also came across some debt collector horror stories that probably goes hand-in-hand with the whole problem. Will post more in a bit. | |||||||
| 44 | Perm Dude ID: 484431415 Thu, May 14, 2009, 16:43 |
If the rules are confusing enact legislation to clarify. Yay! You've come around, through the dark, dark woods, to the Obama position. Welcome to the light. Now sit in the corner for awhile while you get your bearings. | ||||||
| 45 | nerveclinic Leader ID: 05047110 Thu, May 14, 2009, 16:50 |
For the records my posts have nothing to do with Obama. | ||||||
| 46 | nerveclinic Leader ID: 05047110 Thu, May 14, 2009, 17:02 |
Box Bvllshit. What do the terms of use say? Um... Box is our punk? | ||||||
| 47 | Mith ID: 2894309 Thu, May 14, 2009, 17:03 | That has been suggested before. | ||||||
| 48 | boikin ID: 532592112 Thu, May 14, 2009, 17:15 |
They are insolvent, bankrupt and walking around with their cupped hands begging for help and we are bitching when they bend us over with your fine print? you seemed almost as upset as boxman on this issue. Boxman is right about how many people have used credit cards to live above there means and for the most part those people have no right to complain. | ||||||
| 49 | nerveclinic Leader ID: 05047110 Thu, May 14, 2009, 17:26 |
This is too much fun, sorry can't help it. you agreed to those stupid terms so live up to them" So if Lays Potato chips put a 10 page pamphlet in their bags and somewhere in the fine print it said "by the way, some ingredients might be less then healthy" and what they really meant was some ingredients will surely cause cancer and you will die, we "agreed to those stupid terms so live up to them"? Smirk Yes Box: 1) We knew if we screwed up and missed a payment, they would raise rates dramatically. Accepted as terms of use. 2) We knew Box if the national interest rates went up, our credit card rates would go up proportionately. Accepted as terms of use. We just didn't know that if we played by the rules, paid our bills on time, and interest rates were at 50 year lows, a desperate bankrupt, insolvent bank, that borrowed money from us, against our will, would extort an unprovoked 10% rise in rates Box. NO we didn't know that was what the fine print meant. And no I'm not lazy, I just have too much personal integrity to understand just how corrupt our banking system is. | ||||||
| 50 | C1-NRB ID: 2911103011 Thu, May 14, 2009, 17:35 |
as for not having a credit card, but as an adult, i'm sorry, it's just not possible to not have one, and to "pay cash for things..." try renting a card without a credit card. or maybe buying a plane ticket. or really, any purchasing anything online. it ain't that easy without a credit card. Back in the early '80s my Dad bought plane tickets for a trip. He went to the airport to the ticket agent and said, "I need four tickets to (destination) on (date) returning on (date)." The agent said, "That'll be +/- $2500 (I forget the exact amount). How would you like to pay?" My Dad pulled out a wad of cash and said, "Here you go." She said, "I can't take this." And he said, "Read this part right here on each bill where it says, 'This note is legal tender for all debts, public and private.'" She called over a supervisor, they took the money and gave him the tickets. Then the agent said to thte supervisor, "Okay. What do I do with this?" They had no cash drawer or way to secure it, so I guess the supervisor put in his/her pocket and took it to the bank right then. You can't do that now, though. Dirty terrorists. | ||||||
| 51 | nerveclinic Leader ID: 05047110 Thu, May 14, 2009, 17:35 |
you seemed almost as upset as boxman on this issue. Boxman is right about how many people have used credit cards to live above there means and for the most part those people have no right to complain. I can only speak for myself. I am more amused with the "emperor has no clothes" then upset. I have 10 times the savings that I have in credit card debt, it was a convenient business arrangement that they have now changed the terms dramatically of because they are desperate. Why are you defending a company that is bankrupt, begging for handouts who is now screwing the people that loaned the money to them that kept them from insolvency? I am not talking about people who are not paying their bills on time. Why don't you "get" the complete lack of business integrity? I am obviously not as upset as Box because I don't think I resort to words like "Fvck" on this forum as much as I would like to at times. | ||||||
| 52 | boikin ID: 532592112 Thu, May 14, 2009, 17:40 | nerve change companies...there is nothing that says you have to stay with them when they change there rates, do what tree did. | ||||||
| 53 | Mith ID: 2894309 Thu, May 14, 2009, 17:41 | Or "Hummer" fantasies, for that matter. | ||||||
| 54 | nerveclinic Leader ID: 05047110 Thu, May 14, 2009, 17:45 |
nerve change companies...there is nothing that says you have to stay with them when they change there rates, do what tree did. Yeah Boiken I know and that's a fair point. If I lived in the States I would, but doing any kind of credit card business living overseas is difficult at best, if not impossible. I'd rather just pay down the debt. | ||||||
| 55 | Tree ID: 41371322 Thu, May 14, 2009, 17:46 |
Or "Hummer" fantasies, for that matter. LOL..did YOU not just suggest we get off that topic!?!? and that was a legit LOL. | ||||||
| 56 | Mith ID: 2894309 Thu, May 14, 2009, 17:51 | I knew I'd get called on it even as I typed it. | ||||||
| 57 | Tree ID: 41371322 Thu, May 14, 2009, 17:54 | for all the times you've called me on stuff, like i was gonna miss this golden opportunity...no matter how different it might be. :o) | ||||||
| 58 | biliruben ID: 461142511 Thu, May 14, 2009, 17:57 |
Mith just happens to have a thing for Scarlet Johansson. Now that that image is in his brain, he can't get it out. Box knew how to throw him into a stupor. When is wife goes out of town he rents Lost in Translation. | ||||||
| 59 | Perm Dude ID: 484431415 Thu, May 14, 2009, 17:58 | In widescreen. | ||||||
| 60 | Mith ID: 2894309 Thu, May 14, 2009, 17:59 | I keep the opening scene cued up on my DVD player for whenever my wife leaves the room. | ||||||
| 61 | biliruben ID: 461142511 Thu, May 14, 2009, 18:03 |
And Box rents Sponge Bob Square Pants. So he can get that whiff of sodomy with his scarlet. | ||||||
| 62 | biliruben ID: 461142511 Thu, May 14, 2009, 18:04 |
This is the strangest thread I've read in a while. Did some repo dude steal Box's dog or something? | ||||||
| 63 | rockafellerskank ID: 2511552911 Thu, May 14, 2009, 18:13 |
RE: #4. Frankly, if I was that bank and you called and said you had no job, I would have said, go ahead and get a new bank (CC) and pay me off. Nothing personal Tree, it just happended to be your post, but, the banks can't charge enough to consumers who are unemployed. I bet it's a better business model for them to lose you (the generic you) as a customer. For everyone who pays off over time, they lose 1000's on those who go to collections. Re: #35 (sorry Tree, nothing person, it's just that these examples are under your handle. ;) Hertz debit card policy: cost of rental plus $200 that they will place a "hold" on. hardly "half the cost of the vehicle" Budget is cost of rental plus 25% or $300 whichever is greater with debit National: debit cards OK with the purchase of round trip ticket. Seems odd, i guess thay are looking for travelers. The point is, you can rent a car from several different companies with a debit card. I didn't research all rental companies, but I was 3 for 3 and Hertz is almost everywhere. Finally, I do think the CC/banks went unchecked too long. Sure, we all "agreed to terms", but they (regulators) need to reign in the terms to some degree. They need to make the banks do a better job of explaining to consumers what the ramifications are of late pays or slow pys or over-limit charges. No matter what though, there will always be be sub-prime markets. Eventaully bad customers who stiff CC comapies will lose credit and the "fees" won't matter acuse they are in collections,. And gues what, they'll STILL get credit at buy-here pay-here car lots, Rent-A-Center and Payday loan stores. Talk about HIGH FEES. The banks can only dream. | ||||||
| 64 | Tree ID: 41371322 Thu, May 14, 2009, 18:35 |
Frankly, if I was that bank and you called and said you had no job, I would have said, go ahead and get a new bank (CC) and pay me off. Nothing personal Tree, it just happended to be your post, but, the banks can't charge enough to consumers who are unemployed. no doubt. they should have called my bluff, because it's tough to get a new card when you're out of work. that being said, they didn't want to lose the perpetual cash from me. as for the car rental thing, then it's changed in the last year. i don't rent cars as much as i used to, but they definitely did not used to take debit cards. i stand corrected on that matter. | ||||||
| 65 | Boxman ID: 571114225 Fri, May 15, 2009, 06:53 |
I have 10 times the savings that I have in credit card debt, Yeah real convenient. Then why are you b!tching about it like a little pussy baby? 
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| 66 | Perm Dude ID: 53428157 Fri, May 15, 2009, 09:05 | Well, here's the main difference between current Democratic and Republican philosophies. Democrats work to do the right thing, even if some lazy and/or stupid people benefit. Meanwhile Republicans attack their perceived political enemies as lazy and/or stupid. | ||||||
| 67 | Tree ID: 41371322 Fri, May 15, 2009, 09:33 |
Meanwhile Republicans attack their perceived political enemies as lazy and/or stupid. PD - imho, it's not all Republicans. heck, it's not even *most* Republicans. instead, it's just a VERY vocal few who would rather be the loudest and crudest in the room, instead of being the most intelligent, knowledgeable, or emotionally stable. i'll be frank, and this isn't meant to be insulting, but Box's behaviour in this thread is just plain weird, and even out of character for him. the majority of his posts are filled with significant cursing, insults, and at least three different mentions of $odomy. It's at the point where i'm actually wondering if there is something in his personal/home life that is setting him off (being serious here), and if so, well, i hope things improve for you and your family Box. nonetheless, MITH often talks about letting the lurkers judge for themselves. They can do it here, and if Boxman is the voice of reason for the Right in this thread, well, it's not a difficult judgment to make. | ||||||
| 68 | DWetzel ID: 33337117 Fri, May 15, 2009, 09:34 | Boxman, what the hell is your problem. Are you even TRYING any more or are you just completely off the deep end. | ||||||
| 69 | Perm Dude ID: 53428157 Fri, May 15, 2009, 09:39 | tree: Point taken. Most Republicans that I know are aghast that their party (and conservative politics in general) have been taken over by loudmouth louts. | ||||||
| 70 | Boxman ID: 104121111 Fri, May 15, 2009, 09:58 | You people abuse credit cards, whine that snakes bit you, so yeah it must be the guy pointing out your error and not your initial stupidity. | ||||||
| 71 | Perm Dude ID: 53428157 Fri, May 15, 2009, 10:02 | "You people"? | ||||||
| 72 | Pancho Villa ID: 544141322 Fri, May 15, 2009, 10:15 |
I haven't had a credit card since the early 90s, and I've rented cars for years from (mostly) Avis, Alamo and Enterprise. The only time I had a problem was with Budget, and the problem was with the insurance, which they wouldn't allow to be billed to my debit card. | ||||||
| 73 | Mith ID: 2894309 Fri, May 15, 2009, 10:20 | Zero credit card debt in my household. | ||||||
| 74 | Tree ID: 41371322 Fri, May 15, 2009, 11:19 |
Most Republicans that I know are aghast that their party (and conservative politics in general) have been taken over by loudmouth louts. ditto. even someone who had a big role in raising me during my teen years and who is a staunch (and pretty damned wealthy) Republican and a big donor to the party in Texas is shocked at what is going on in the GOP. You people abuse credit cards, whine that snakes bit you, so yeah it must be the guy pointing out your error and not your initial stupidity. actually, if you'd read the thread, it's not at all about abusing credit card debt, but rather credit card companies terms and conditions, which area a maze of confusion to the layman. i've got credit card debt. i accept that. i would like nothing more to pay it off. i made a lot of mistakes with my credit in my 20s and early 30s that i'm still paying off now. but when i'm doing the right thing, paying on time, doing everything i can to fulfill my responsibility, and then see my rates jacked to the moon because the bank screwed up, YEA, that needs to be investigated... | ||||||
| 75 | Boldwin ID: 133532810 Fri, May 15, 2009, 14:31 |
Box, I'd agree with you on principle, however the credit card companies are really hip-deep in unethical practices. Raising rates astronomically for the unavoidable and insignificant for example. They are teasing the marks in and setting them up to fail. They are in no sense hoping the deals will work out normally. This is not about irresponsible people abusing credit anymore. I am less sympathetic towards people who bought adjustable rate mortgages with balloons they knew they couldn't handle. That's just gambling. They weren't fooled into that situation, unlike the way it is portrayed. | ||||||
| 76 | Building 7 ID: 471052128 Fri, May 15, 2009, 15:14 | There's a bill in Congress to limit credit card interest rates at 15%. It's not looking like it will pass though. Probably has something to do with the financial industry being the number one donators to Congress. That is also the reason behind the fiancial bailouts of bankrupt banks IMO. | ||||||
| 77 | nerveclinic ID: 105222 Fri, May 15, 2009, 15:42 |
Raising rates astronomically for the unavoidable and insignificant for example. Baldwin they are raising them at this point simply because they are desperate. Even to people who have been responsible. They are insolvent and pulling out all the stops to raise capital. Yeah real convenient. Then why are you b!tching about it like a little pussy baby? What is a pussy baby? Just curious. Never heard the expression. You people abuse credit cards Yeah Box. Most people who abuse Credit cards have 840 FICO scores. Of course as someone who in the past has had credit card control issues, I guess you can't comprehend there are some people who use them responsibly. Without boring everyone with all the details, my cash is in the USA, I live in Dubai, it's not easy to just move it around. Sometimes when I've had a project I need substantial cash for I used my credit card that I have had for 15 years instead of shuffling thousands of dollars across the border. The credit card that I NEVER make late payments on. Then Rather then paying it back, which would involve shuffling it back across the border, I Save it for the next project. The convenience is worth it when interest rates are reasonable. Is that abuse? Did you just decide to be a prick this week or is this how you always are? Where's your A game? And who are you calling a Retard Dumbass? 8-] | ||||||
| 78 | Boxman ID: 104121111 Fri, May 15, 2009, 15:43 |
They are teasing the marks in and setting them up to fail. So do rattlesnakes. Would you let one in your house then to play with your family? Do you feel sorry for people who play with rattlesnakes, get bit, and die? Do you think those people are stupid? This is not about irresponsible people abusing credit anymore. Yeah it is because until that problem is solved we'll just keep doing the old credit crisis circle jerk again and again and again. Great times while people pile up the debt, horrible times while they de-lever. Don't let the rattlesnake in your house in the first place. See how Tree assumed that you couldn't use a debit card for things? In an hour he was proven wrong. People just assume things and that assumption drives them off a cliff. | ||||||
| 79 | sarge33rd ID: 594531514 Fri, May 15, 2009, 16:02 | so, who pissed in Boxmans Cheerio box? | ||||||
| 80 | Perm Dude ID: 444471510 Fri, May 15, 2009, 16:18 |
It's the righteous anger of the reformed, who have no patience for the pre-reformed. Stupid retards they all are! | ||||||
| 81 | sarge33rd ID: 54141515 Fri, May 15, 2009, 16:24 |
Had a CC. 10k limit, 11.9%, never late, never missed a payment, never made a minimum payment. Even after I lost my job when we bought the house, I ket that CC current. Then when the house was forclosed, they cut my limit beow my balance and wanted to charge me an "over limit" fee. Then they adjusted my interest to 24.97%. I called an complained. I pointed out that I had never been late, never made a minimal payment and that i had "borrowed" that money at 11.99% and would pay it back at 11.99%. So if they owuld be so kind as to restore my limit and rate, I would continue to pay every month but if they refused, at 24.97% plus excess balance fees, they became a luxury I could no longer afford. Nw since the debt is unsecured, the only thing compelling me to make a payment, was my own sense of integrity. What were they going to do?" That card is in default, and will be for about 4 more years before it simply "vanishes" from my credit bureau. Wasnt necessary, their choice. | ||||||
| 82 | Boldwin ID: 133532810 Sat, May 16, 2009, 06:44 |
Really, calm down, Boxman. Yes it's extremely dangerous owning a credit card. Lots of bright people take the chance. We are pointing out dangers far more uncalled for than the risk of getting overextended. Just admit to yourself that because you have been wise enuff to avoid them, you are likely unaware of just how criminally unethical credit card companies have become of late. | ||||||
| 83 | tree, on the treo ID: 55220277 Sat, May 16, 2009, 10:55 |
wow.. ::blinks:: ::rubs eyes:: ::blinks again:: I guess we can no longer accuse baldwin of not keeping some of his minion in line. kudos to you here baldwin, for seeing the bigger picture. | ||||||
| 84 | Perm Dude ID: 174121611 Sat, May 16, 2009, 12:14 | Can't pass up a chance to applaud a good post by Baldwin. Nice job. | ||||||
| 85 | Mattinglyinthehall ID: 37838313 Sat, May 16, 2009, 15:21 | Elizabeth Warren on Real Time | ||||||
| 86 | Boldwin ID: 26451820 Mon, May 18, 2009, 02:54 | Proviso, note that #82 and #83 do not constitute bipartisanship. | ||||||
| 87 | Perm Dude ID: 174121611 Wed, May 20, 2009, 18:38 | If there is one thing credit card debtors are asking for, it is the ability to carry concealed weaponry in national parks. | ||||||
| 88 | Perm Dude ID: 174121611 Fri, May 22, 2009, 20:06 | Obama signs credit card law. | ||||||
| 89 | Perm Dude ID: 5510572522 Fri, Jan 08, 2010, 22:21 | Mike Konczal with a thought exercise for the cognitively weak | ||||||
| 90 | Seattle Zen ID: 1410391215 Thu, Jan 14, 2010, 18:23 |
From the link in post 89 -One problem with hitting up sick people, single mothers, college kids who didn’t plan well and the cash-constrained poor with fees and traps is that they’re poor. Hitting up people with a lifetime of savings suffering from dementia is some real, serious money we can tap as a revenue source. Indeed someone who forgets what they were doing between reading “Bullshit Surcharge: $40″ on their statement and calling the customer support number to complain is our ideal customer – it’s the person who will be most profitable to us going forward. Hilarious. Anyone want to defend this line of thought? | ||||||
| 91 | sarge33rd ID: 110421417 Thu, Jan 14, 2010, 18:42 | Simple....unbridled, unregulated, free market at work. Take your money and make it their money....without benefit of conscience of thought. | ||||||
| 92 | biliruben ID: 461142511 Thu, Jan 14, 2010, 18:45 |
I'll attempt to speak for all the Social Darwinists, Libertarian-Reducto-Ad-Absurdumites and other assorted lizards of all stripes: "If they don't know they've been robbed, no harm done!" | ||||||
| 93 | Perm Dude ID: 5510572522 Sat, Feb 20, 2010, 15:07 | The Fed rolls out a web site to inform consumers about credit cards. And (surprise!) it isn't bad. | ||||||
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