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patriot45
04-27-2009, 12:20 PM
Yeah this will go over like a lead fart! At least credit card companies send nasty letters and collection agencies after the non-payer. The federal government will use force to get repaid!

Stupid idea - the 0-card. (http://www.slate.com/id/2216865/)




On the list of villains of the economic crisis, credit card companies are rising faster than their own rates. So after President Obama met Thursday with CEOs from Visa, Mastercard, and American Express, he stated his disapproval loud and clear. "The days of any-time, any-reason rate hikes and late-fee traps have to end," he said. Meanwhile, the House passed a "Credit Cardholders' Bill of Rights" that would limit unfair lending practices. The Senate version is even harsher—it would prohibit interest rate hikes for no reason and would put restrictions on marketing cards to people under 21. There may even be a provision for hanging CEOs by their thumbs.
..
instead of cracking down on companies that treat their customers poorly, why doesn't the government just offer a credit card of its own? After all, government regulation may help, but it's unlikely to solve the problems of the credit industry—namely, spiraling interest rates coupled with rising defaults. Obama likes to talk about constructive alternatives. Why not offer an O-card? With his face on it?

The idea isn't crazy. In Germany and France and Iceland and India, state-owned banks issue credit cards. One difference between those lenders and private banks is that interest rates are lower, since profit isn't the state's chief goal. (Europeans also have a different relationship with credit cards, using them to make routine payments rather than rack up debt.) Government-issued credit cards could also help consumers avoid those small but numerous charges that add up over time, from ATM fees to annual fees to interchange fees.

linda22003
04-27-2009, 12:28 PM
People should repay their debts. However, there's nothing to force people to use credit cards, state-backed or not. We haven't had consumer debt in many years, and our bank and investment accounts show the benefit.

FlaGator
04-27-2009, 12:33 PM
I just don't get all the complaints. When you accept a credit card you accept the rules the issuer wishes to attach for usage. After all you are using their money. I understand being upset by unannounced rate hikes and perhaps these should be regulated but other than that you should get what you agree too. I have a friend who has a credit card that stated when she took it that if she was late 2 times in a year they would raise the interest to 33 percent. She was late twice (missing the grace period of 10 days both times) and they jacked her rates up. She thought it wasn't fair, but it was what she agreed to. It wasn't because was having cash problems, she just forgot.

This is what our society is quickly becoming. People will agree to anything just to get what they want and then when some negative that they agreed to happens they act like its a surprise or something. The victim mentality is everywhere and many of the same people who say they hate it are the first ones claim victim hood when stuff happens and wants either a lawyer or the government to do something about it.

linda22003
04-27-2009, 12:39 PM
I have a friend who has a credit card that stated when she took it that if she was late 2 times in a year they would raise the interest to 33 percent. She was late twice (missing the grace period of 10 days both times) and they jacked her rates up. She thought it wasn't fair, but it was what she agreed to. It wasn't because was having cash problems, she just forgot.



That's a pretty hefty "stupid tax". 33% of zero, though, is zero. She might want to consider "zero" as a balance to carry.

FlaGator
04-27-2009, 12:57 PM
That's a pretty hefty "stupid tax". 33% of zero, though, is zero. She might want to consider "zero" as a balance to carry.

Capital One - What's in your wallet?

She was pretty much, "That will never happen to me. I'm careful with my bills." I don't think that she had a lot on it but she was pretty irrate over something that she agreed to.

linda22003
04-27-2009, 01:06 PM
Capital One - What's in your wallet?
Dave Ramsey: "Money!"


She was pretty much, "That will never happen to me. I'm careful with my bills." I don't think that she had a lot on it but she was pretty irrate over something that she agreed to.

I would be too - irate at myself for letting a minor slip-up impact me that heavily. It's easy to misplace, or forget about, a bill. I try to minimize the number of them that come into the house. :)

marinejcksn
04-27-2009, 01:51 PM
Capital One - What's in your wallet?

Amen to Cap One, it's by far the best credit card company I've given my business to. The interest rate is low, they don't automatically raise your credit limit when your score increases like some companies do, and they send you a full credit report every quarter so you can monitor for identity theft.

Can someone please explain how allowing more people to live outside of their means on credit is going to ease the current economic downturn that was CAUSED BY LOOSE LENDING CREDIT PRACTICES? :mad:

If spending more then we could afford got us in the mess we're in now, why the hell would you advocate allowing more people to have credit cards?

Molon Labe
04-27-2009, 02:21 PM
Amen to Cap One, it's by far the best credit card company I've given my business to. The interest rate is low, they don't automatically raise your credit limit when your score increases like some companies do, and they send you a full credit report every quarter so you can monitor for identity theft.

Can someone please explain how allowing more people to live outside of their means on credit is going to ease the current economic downturn that was CAUSED BY LOOSE LENDING CREDIT PRACTICES? :mad:

If spending more then we could afford got us in the mess we're in now, why the hell would you advocate allowing more people to have credit cards?

That type of logic escapes the average mind numbed consumer. We want our Verizon Versa phones and our new Blue ray player ....and we want it NOW!

to hell with saving for it. :D

marinejcksn
04-27-2009, 02:46 PM
That type of logic escapes the average mind numbed consumer. We want our Verizon Versa phones and our new Blue ray player ....and we want it NOW!

to hell with saving for it. :D

Didn't the Constitution say somewhere we have the Right to a Blu-Ray player? :p

VWkid06
04-27-2009, 03:31 PM
this is rpecisely why i am focusing solely on paying off all my debt before i spend any more big money on any of my cars...i refuse to let my companies put the screws to me.

BadCat
04-27-2009, 03:41 PM
Amen to Cap One, it's by far the best credit card company I've given my business to.

Consider yourself very lucky then. They are among the most incompetent companies I have ever had the displeasure of dealing with.

Sent a full payment ($110) two weeks before it was due.

They cashed the check 9 days before it was due.

They tried to tell me they had received a "late payment" and charge me $25.

It was HELL getting it straightened out. I talked to more STUPID Bangalore based employees and IDIOTIC black women than a person should ever have to converse with.

Their card went in the shredder, and I closed the account.

VWkid06
04-27-2009, 03:43 PM
i've had a cap one for almsot 3 years now. they're ok. they won;'t raise my limit from $750 though, even though i've had one late payment in the last three years which was in within the 10 day grace period or what have you. another company gave me a $4600 card last year. they are sky jacking their interest rates though, im not sure i mgiht have them much longer.