Credit Card regulations begin next Monday

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Roxas_XIII
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17 Feb 2010, 12:13 am

Credit Card Accountability Responsibility and Disclosure Act of 2009 comes into effect Monday, Feb. 22 - 9 News

Now I know a lot of people here have been giving Obama hell for not keeping up with his campaign promises that he made during the 2008 election. However, I remember that one of his promises was to regulate lenders and credit companies from screwing over comsumers, and I think it's safe to say that on this note, he delivered.

Now I know this isn't going to sway the right, but at the very least I hope the people who were expecting Obama to magically fix everything within the first year of his term will be more accepting of him now that the man's making progress. Hopefully if this is successful this will give him some much needed support in Congress which can then go toward fixing more problems.

At any rate, as a college student I'm happy about this. I've already gotten numerous offers from credit card companies already, so much so that I have a dedicated shredder that they go to. :P


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17 Feb 2010, 2:02 am

If you ask me, credit cards should have never been invented in the first place. But then again I've heard of some companies that offer a card with a certain balance on it, but at the same time you are still paying for it out of your check. In other words, a little gets taken out every check, instead of you racking up fees to try and pay the damn card off.

Let me rephrase - my husband works for HEB here in Texas, and he gets a sort of medical "credit" card to use for medicines. And he pays for it out of his check.



sinsboldly
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17 Feb 2010, 2:43 am

Roxas_XIII wrote:
Now I know a lot of people here have been giving Obama hell for not keeping up with his campaign promises that he made during the 2008 election. However, I remember that one of his promises was to regulate lenders and credit companies from screwing over comsumers, and I think it's safe to say that on this note, he delivered.

Now I know this isn't going to sway the right, but at the very least I hope the people who were expecting Obama to magically fix everything within the first year of his term will be more accepting of him now that the man's making progress. Hopefully if this is successful this will give him some much needed support in Congress which can then go toward fixing more problems.


Geeze, the dude has been there for what, a year? He has really come though with repealing 'Dont Ask, Don't Tell' too. http://tpmlivewire.talkingpointsmemo.co ... litary.php even the worst of the detractors have realized this is a very significant watershed event for DADT.

Personally I am glad he has three more years to work it out. I am willing to give him a try as no one else seems to be able to rise to the occassion, either.

Merle


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17 Feb 2010, 9:53 pm

I, too, have been impressed. I voted for him because I liked the things he was saying, but I didn't really believe at the time that he meant much of it. So far, he's been at least trying to keep his campaign promises.

The only major flaw I see in his functioning is that he's attempting to apply common sense to government. It's admirable and I hope he might get it to work.. but I'm not sure that it's reasonable to expect common sense and politics to intersect.



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20 Feb 2010, 8:11 pm

sinsboldly wrote:
Roxas_XIII wrote:

Personally I am glad he has three more years to work it out. I am willing to give him a try as no one else seems to be able to rise to the occasion, either.

Merle


Three more years to wreck the economy. I think he is on his way to becoming One Term Obama. Three long years, but eventually we will be rid of him.

ruveyn



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21 Feb 2010, 5:47 am

The notice that everyone's rates are going to 32% was mailed Friday.



t0
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21 Feb 2010, 10:23 am

Inventor wrote:
The notice that everyone's rates are going to 32% was mailed Friday.


Sarcasm? I've already received the notices about the changes from my credit card companies and none of them changed my interest rate. They did say that they were changing the 0% for X months deals to require a minimum payment but that's about it.

ruveyn wrote:
Three more years to wreck the economy.


Fox News talking point? The economic trends that the current regime has to deal with started long before Obama took office. The government has been borrowing money and artificially propping up the economy for decades. Basic mathematics tells you that can't continue that forever. Blaming an individual (or even individual party) in US politics for the current economic downturn/outlook is ridiculous. Ask your local congressman how they manage to scrape by on their six-figure salary.



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21 Feb 2010, 2:31 pm

t0 wrote:
Ask your local congressman how they manage to scrape by on their six-figure salary.


and government sponsored health insurance.


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23 Feb 2010, 10:10 pm

Ive never had any problems with credit cards, and had one practically my whole life since I was in Highschool. Seems like a good way to save money when buying stuff, or when something bad happens (like a sick pet) a way to pay for something priceless.



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26 Feb 2010, 10:21 pm

The government is playing "whack-a-mole" with the banks. They fix one set of problems, and these companies quickly find other ways to take consumer's money. The CC companies have already figured out new ways of making money (new fees, higher interest rates, etc.) with the new rules in effect. I would imagine if the government regulates the industry even more, the CC companies will cry that they aren't making any money, and they will greatly reduce the amount of credit available, if not close their businesses completely...which my not be a bad thing in the long run. :wink:



Roxas_XIII
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27 Feb 2010, 1:28 am

SilverStar wrote:
The government is playing "whack-a-mole" with the banks. They fix one set of problems, and these companies quickly find other ways to take consumer's money. The CC companies have already figured out new ways of making money (new fees, higher interest rates, etc.) with the new rules in effect. I would imagine if the government regulates the industry even more, the CC companies will cry that they aren't making any money, and they will greatly reduce the amount of credit available, if not close their businesses completely...which my not be a bad thing in the long run. :wink:


It's true that credit companies are gonna try and screw you over no matter how many regulations are in place; however, I think that the government has taken a step in the right direction on this issue. They're basically asserting that credit card holders have a right to know exactly what their status is as far as credit, and to make their operation more transparent to customers. To put it metaphorically, they're trying to stop credit card companies from pulling sudden, unexpected maneuvers designed to dump credit card holders into the lake of debt.

The credit card companies are still going to find every way possible to worm through the loopholes, but at least the government is making an honest effort to keep credit holders informed. I know its rare for the government to make an honest effort with anything (indeed, stating it sounds out of character for a malcontent like me), but this is a good move.


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