I've been reading a lot of articles about the credit card companies taking crazy measures to make more money, and then a few comments other readers have made. The ignorance of the majority of this country isn't really astounding, but it still drives me up a wall. If people can't be bothered to find out the facts for themselves and make opinions and decisions purely on hearsay, then they need to sit back silently and watch.
The Obama administration put new regulations on credit cards...to take effect NEXT YEAR. Until then, the credit card companies still have free reign to do whatever they want, and they are obviously doing just that.
This country is separated by the ignorance of BOTH PARTIES; members of both parties love to play the blame game. "Thanks for voting for him, DEMS" or "It's all the REPUBS fault for this decade". It is just that thinking which sidetracks our progress as a free country; it is time for everybody to UNITE, put aside the petty differences where they aren't appropriate, and ban together! We all have one common goal when it comes to the credit card companies: STOP THE LOAN SHARKING. In order for that to ever happen, everybody needs to stop playing the blame game and focus on the real issue at hand here.
Those of you blaming each other: do you even know what the new regulations (which, let me repeat, have not been put into effect yet) are? I am going to tell you.
1. Credit card companies will no longer be able to retroactively raise the interest rate on existing balances (unless your account falls into delinquency). That credit card you don't use anymore but still have a balance on? They won't be able to say, oh hey, we want to raise your interest, so we are.
2. Furthermore, that policy which every credit card company in the universe adheres, "The terms of your agreement are subject to change at any time and without notice", will be NULL & VOID. They will have to send out a notice 45 days prior to the change.
3. Point 1 + Point 2 = Point 3 : interest may only be tallied on balances in the current billing cycle.
4. Your bill will arrive earlier in the billing cycle, in order to minimize that element of surprise.
5. Payments will ALWAYS be put towards the portion of your bill with the higher interest rate, until that is paid off, and then you continue payments with your previous interest rate.
6. No more huge fees for over-limit transactions unless YOU, the cardholder, permits such a fee ahead of time.
Are these not sufficient changes for you? It just hasn't happened yet. Stop blaming Obama; he did his part, it just takes awhile for these things to come into effect. Blame the right people: those who are in charge of the credit card companies and see impending change, and are trying so hard to set themselves up, and ONLY themselves.
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It sucks that the credit card companies know that they won't be able to pull all this crap anymore because they are going overboard with it right now. It also sucks that they will undoubtedly find new ways to screw people once those laws are in place. It also sucks that no one is going to be using their credit cards anymore and everyone is going to get homemade fruitcakes for Christmas this year and the retail stores will forever be in the red because no one will be spending.. But wait- if people aren't spending what will the credit card companies do? Oh, I have an idea, they can eat shit. :)
p.s. I didn't realize you were actively using this blog- I havn't looked at mine in a while but Paige just started one too with her artwork and stuff so I was delighted when I found yours was updated!
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