Comments on: New Credit CARD Act Provisions; Will Your Credit Cards Be Affected? http://www.quizzle.com/blog/2009/08/new-credit-card-act-provisions-will-your-credit-cards-be-affected/ Personal Finance Blog Wed, 09 May 2012 20:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Brian http://www.quizzle.com/blog/2009/08/new-credit-card-act-provisions-will-your-credit-cards-be-affected/#comment-703 Brian Wed, 23 Dec 2009 21:33:11 +0000 http://blog.quizzle.com/?p=459#comment-703 Well this is a hard one to figure out... Ultimately don't spend what you don't have right? Yet people can't seem to live with this notion. So they go and borrow and rates they know they have to repay at, yet they somehow figure tomorrow will bring windfalls of cash and everything will be ok. Who's fault is it? The Creditors or the Borrowers? Well this is a hard one to figure out… Ultimately don’t spend what you don’t have right? Yet people can’t seem to live with this notion. So they go and borrow and rates they know they have to repay at, yet they somehow figure tomorrow will bring windfalls of cash and everything will be ok. Who’s fault is it? The Creditors or the Borrowers?

]]> By: Paula: CreditLaw.com http://www.quizzle.com/blog/2009/08/new-credit-card-act-provisions-will-your-credit-cards-be-affected/#comment-370 Paula: CreditLaw.com Mon, 26 Oct 2009 02:57:57 +0000 http://blog.quizzle.com/?p=459#comment-370 Thankfully, this will buy consumers more time. No, it's not perfect and frankly consumers should try to ween themselves off of debt. At the end of the day... consumers borrow money from credit card companies, but those companies take advantage. Consumers must protect themselves. Thankfully, this will buy consumers more time. No, it’s not perfect and frankly consumers should try to ween themselves off of debt. At the end of the day… consumers borrow money from credit card companies, but those companies take advantage. Consumers must protect themselves.

]]> By: Jerry Nordstrom http://www.quizzle.com/blog/2009/08/new-credit-card-act-provisions-will-your-credit-cards-be-affected/#comment-369 Jerry Nordstrom Tue, 18 Aug 2009 14:08:08 +0000 http://blog.quizzle.com/?p=459#comment-369 The politicians did not enact this law immediately non purpose, giving banks the opportunity to increase fees, interest rates dramatically before Feb 22. Since many of these banks are now either bailed out by, run by and owned by the U.S Government, it makes sense they allowed them the time to ramp up fees and juice up their profits. Last quarter our Government touted the recovery has started and all the major banks showed stronger than expected earnings. Yes, on the backs of many borrowers and tax payers, not from honest earnings and positive growth. Here is what's not changed. Usury laws will still allow businesses to apply the interest rate limits from the state they do business in, to all consumers regardless of the state they live in. Citibank will still operate out of North Dakota and charge ungodly interest rates and fees. Credit card companies are moving to a new ARM credit card. You got it, no more fixed rate. It will change according to an index they decide on. Not likely to be the fed exchange rate. Ha. Credit Card Companies are now charging consumers with cards who do NOT carry a balance. Yes, so even if you pay in full each month you could incur a $20 fee for no activity. Credit card companies are going back to the membership fee model. Remember the days you had to pay a $50 yearly fee? They are back. Credit card companies are eliminating or reducing "perks" in short take any perk and cut it in half. If you used to earn an airline mile per dollar charged, now it's a mile for $2. Many have increased the # of miles needed for a free ticket as well. Discover has reduced its "cash back" percentages as well. Its time for Americans to reject the concept of using high interest rate instruments like credit cards, pay day loans, cash advances, car loans and more. Now is the time to get out of debt, eliminate your credit cards, and instead of paying a credit card bill, start investing in yourself. America should be an investor nation, not a debtor nation. Just my opinion. The politicians did not enact this law immediately non purpose, giving banks the opportunity to increase fees, interest rates dramatically before Feb 22. Since many of these banks are now either bailed out by, run by and owned by the U.S Government, it makes sense they allowed them the time to ramp up fees and juice up their profits. Last quarter our Government touted the recovery has started and all the major banks showed stronger than expected earnings. Yes, on the backs of many borrowers and tax payers, not from honest earnings and positive growth.

Here is what’s not changed.
Usury laws will still allow businesses to apply the interest rate limits from the state they do business in, to all consumers regardless of the state they live in. Citibank will still operate out of North Dakota and charge ungodly interest rates and fees.

Credit card companies are moving to a new ARM credit card. You got it, no more fixed rate. It will change according to an index they decide on. Not likely to be the fed exchange rate. Ha.

Credit Card Companies are now charging consumers with cards who do NOT carry a balance. Yes, so even if you pay in full each month you could incur a $20 fee for no activity.

Credit card companies are going back to the membership fee model. Remember the days you had to pay a $50 yearly fee? They are back.

Credit card companies are eliminating or reducing “perks” in short take any perk and cut it in half. If you used to earn an airline mile per dollar charged, now it’s a mile for $2. Many have increased the # of miles needed for a free ticket as well. Discover has reduced its “cash back” percentages as well.

Its time for Americans to reject the concept of using high interest rate instruments like credit cards, pay day loans, cash advances, car loans and more. Now is the time to get out of debt, eliminate your credit cards, and instead of paying a credit card bill, start investing in yourself. America should be an investor nation, not a debtor nation. Just my opinion.

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