Comments on: What the Credit CARD Act Means for You and Your Wallet http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/ Personal Finance Blog Sat, 19 May 2012 23:23:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: tws49 http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-6960 tws49 Thu, 12 Aug 2010 05:44:40 +0000 http://blog.quizzle.com/?p=659#comment-6960 I disagree with Stellarbowler. 38 years ago when he/she got their CC there were great credit deals, I remember that time very well. Interest rates were low, caped, and monitored. The only time you would have seen any 20 - 30% interest was at a Loan Shark, and sooner or later he would have been put in jail. When the financial market was totally deregulated (during the Reagan admin. if memory serves) it left our financial system completely open to human failings. ie. greed, theft, false claims. There were no Bernie M.'s It would not have been allowed. The world has changed. Now, a CC company can charge you anything they want. A financial system this large cannot function correctly without regulation & a watchdog to oversee. Because of one simple human failing... GREED. I disagree with Stellarbowler. 38 years ago when he/she got their CC there were great credit deals, I remember that time very well. Interest rates were low, caped, and monitored. The only time you would have seen any 20 – 30% interest was at a Loan Shark, and sooner or later he would have been put in jail. When the financial market was totally deregulated (during the Reagan admin. if memory serves) it left our financial system completely open to human failings. ie. greed, theft, false claims.
There were no Bernie M.’s It would not have been allowed.
The world has changed. Now, a CC company can charge you anything they want.
A financial system this large cannot function correctly without regulation & a watchdog to oversee. Because of one simple human failing… GREED.

]]> By: Stellarbowler http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1028 Stellarbowler Tue, 16 Feb 2010 04:44:13 +0000 http://blog.quizzle.com/?p=659#comment-1028 This article and others like it make me sick. Credit cards have never been an issue and will not be for the intelligent among us, and apparently there aren't many. I never give these companies one cent beyond what I charge for something; 38 years of charging and NOT ONE CENT paid in interest. My one card (yes, one card, forever) FREE. No annual fees. No enslavement to debt. Pay the bill off every month, don't spend what you don't have, get a no-fee card. Be a debt master, not a slave. Folks, financial savvy is not rocket science. You don't like the terms? Don't buy in. You agree, then shut up and pay. Stop whining because you feel you're being taken advantage of. YOU do that to yourself. It is YOUR FAULT you can't pay your bills and live beyond your means, and don't make excuses that what do I do if I lose my job? Please! Cut up the cards. It is YOUR FAULT the companies charge you usurious interest. It is not Congress' fault. IT IS YOUR FAULT BECAUSE YOU CAN'T MANAGE MONEY. It's as simple as that. Most people who moan about CC companies are in over their heads and don't know better. Money management is a life skill; you either have it or you don't. This article and others like it make me sick. Credit cards have never been an issue and will not be for the intelligent among us, and apparently there aren’t many. I never give these companies one cent beyond what I charge for something; 38 years of charging and NOT ONE CENT paid in interest. My one card (yes, one card, forever) FREE. No annual fees. No enslavement to debt. Pay the bill off every month, don’t spend what you don’t have, get a no-fee card. Be a debt master, not a slave. Folks, financial savvy is not rocket science. You don’t like the terms? Don’t buy in. You agree, then shut up and pay. Stop whining because you feel you’re being taken advantage of. YOU do that to yourself. It is YOUR FAULT you can’t pay your bills and live beyond your means, and don’t make excuses that what do I do if I lose my job? Please! Cut up the cards. It is YOUR FAULT the companies charge you usurious interest. It is not Congress’ fault. IT IS YOUR FAULT BECAUSE YOU CAN’T MANAGE MONEY. It’s as simple as that. Most people who moan about CC companies are in over their heads and don’t know better. Money management is a life skill; you either have it or you don’t.

]]> By: Paul Hobson http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1027 Paul Hobson Mon, 15 Feb 2010 22:16:40 +0000 http://blog.quizzle.com/?p=659#comment-1027 This hasn't really worked in the cardholders favor - the cc companies have just put up everyone's rate to cover future costs. I have never been late or gone overlimit, but had my rates hiked anyway. Why did we need to give them 6 months notice of these changes - should have been made effective immediately to avoid giving the banks time to move the goalposts! This hasn’t really worked in the cardholders favor – the cc companies have just put up everyone’s rate to cover future costs. I have never been late or gone overlimit, but had my rates hiked anyway.

Why did we need to give them 6 months notice of these changes – should have been made effective immediately to avoid giving the banks time to move the goalposts!

]]> By: Gladys Rodriguez http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1026 Gladys Rodriguez Mon, 15 Feb 2010 21:16:25 +0000 http://blog.quizzle.com/?p=659#comment-1026 I have a question with regard to what Banks can or cannot do to their customers. Last week I decides to pay off the balance of my mortgage and when the bank sent me an itemized statement, it included $189.00 for late fees. My questions is "can they do that? Why wasn't I informed when it occurred? I am verifying their information because all stated I payed one day or two day's after the grace period. The late fees were scatered through out the years. The transactions were made from one bank to another, but not electronically. In checking the most recent Nov. 16, 2009, I have a question with regard to what Banks can or cannot do to their customers. Last week I decides to pay off the balance of my mortgage and when the bank sent me an itemized statement, it included $189.00 for late fees. My questions is “can they do that? Why wasn’t I informed when it occurred? I am verifying their information because all stated I payed one day or two day’s after the grace period.
The late fees were scatered through out the years.

The transactions were made from one bank to another, but not electronically. In checking the most recent Nov. 16, 2009,

]]> By: Heather http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1025 Heather Mon, 15 Feb 2010 19:33:12 +0000 http://blog.quizzle.com/?p=659#comment-1025 The changes are a good thing. They problem is that the credit card companies and the bank have long gone unchecked and now are going to "sock it" to the consumer, yet again....either through higher interest rates or through another loop hole they will find. It's a shame. The changes are a good thing. They problem is that the credit card companies and the bank have long gone unchecked and now are going to “sock it” to the consumer, yet again….either through higher interest rates or through another loop hole they will find. It’s a shame.

]]> By: Robert http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1023 Robert Mon, 15 Feb 2010 17:42:23 +0000 http://blog.quizzle.com/?p=659#comment-1023 All this legislation simply caused the CC companies to charge EVERYONE higher interest rates to make up for the loss of revenue...Having paid everything on time and not going over my limit didn't help...it's obvious the cause and effect of this legislation was not examined closely and saves the consumer nothing... All this legislation simply caused the CC companies to charge EVERYONE higher interest rates to make up for the loss of revenue…Having paid everything on time and not going over my limit didn’t help…it’s obvious the cause and effect of this legislation was not examined closely and saves the consumer nothing…

]]> By: Steve Copeland http://www.quizzle.com/blog/2010/02/what-the-credit-card-act-means-for-you-and-your-wallet/#comment-1022 Steve Copeland Mon, 15 Feb 2010 13:29:27 +0000 http://blog.quizzle.com/?p=659#comment-1022 As far as I'm concerned, financial institutions have become nothing less than scam artists. They have 1 scam after another all to make more money yet what makes the money produces nothing of value. It's just money shuffling. As far as I’m concerned, financial institutions have become nothing less than scam artists. They have 1 scam after another all to make more money yet what makes the money produces nothing of value. It’s just money shuffling.

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