IllTestYourGirls
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I LOVE SWEDEN
This message is hidden because IllTestYourGirls is on your ignore list.
I LOVE SWEDEN
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You know who else is great? Norway.
Norwegian chicks are fucking hawt.sig too bigComment
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i love the way people act as if they are somehow forced to use a credit card and just have no choice and need help and/protection. thats a pretty telling sign of just how fucked up we are when it comes to personal finance and money management.Comment
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Don't you mean DEBIT? "Debt" cards could almost be a way to describe credit cards.
Debit cards come with their own set of problems, it's still possible to get in over your head. One of the issues is that pre-auths and merchant stuffups affect your cash balance, which could have a much larger impact than just reducing your available credit. I once had a merchant charge my debit card $1000 twice, he put in a refund immediately but it didn't settle until about 4 business days later. I don't keep a high cash balance so that basically cleaned me out.Comment
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http://news.yahoo.com/s/ap/20090423/...a_credit_cards
What a damn socialist.Obama outlined the principles for any legislation: Protections so that consumers won't face sudden, surprising jumps in fees; requirements that companies publish their forms in plainspoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law.
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Well I agree that nobody is forced to use a credit card and they should be (and are) held responsible for paying back what they owe.
The point of what the President is trying to do though is eliminate alot of the shady tactics credit card companies use once someone already owes them some money.
Like lowering your limit and then charging you an over the limit fee, or raising your interest rate just because they feel like it.
No other business in the country is allowed to change the terms of a contract or loan once it's been issued, why should the credit card companies be allowed to?sig too bigComment
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one time, i spent below my limit, but the end of month finance charges tacked on extra money above my credit limit: $40 over limit fee.
another time, i paid my credit card bill 1 day too late: $40 late fee.
this on top of the 24.99% interest rate.
last, i paid off my credit card. 3 days later, they cut my credit line from $22K to $500. Then they declined a credit increase to $2000.
I'm not even one of the thousands of people that screw the bank. I pay all my bills & i'm the one getting screwed.
I would like to see Obama drop an anvil on these banks.Comment
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I don't know if i want obama messing with credit cards. he could fuck us too don't forget about thatComment
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I paid all of mine off except for 1 last year, and cancelled them. That 1 will be paid off this year and I'll be cancelling it. Fuck I dont need credit cards anyway, I keep a high bank balance and my debit card works just fine.
I used to think credit cards were cool, now I just think they are bullshit.Comment
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It's hard, but people should start saving and put that $ in a money market account. You should do research, but you could always do something like... save 15% of money, keep a 6 month reserve. This way you never spend your 6 months of savings unless shit hits the fan....Comment
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Alot of people they are raising rates on havent missed payments. I bet you dollars to donuts they have some program that looks at what a person owes and earns and based on that they know they can raise this person rates and chances are they dont have the reserves to pay it off. I paid a card off 5000 grand just sitting in a draw, Im late on nothing. I was paying my bills I looked at that one they raised the rate to 30 percent on a empty fucking card. My friend a chase card holder 20 yrs sterling credit, they upped his card from 8 percent to 22 percent. He paid it off and told them to gfy.Comment
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Precisely, but the CC do bear some responsibility. This illustrates where they need stopping.
My first wife has not really worked since we split in 1983, she did a few odd jobs like working in a local shop but mostly lived of the State and until our daughter was 18 (in 1995) the alimony I paid her.
So 3-4 years ago I get a phone call from my daughter asking me for a favor. Then her Mother get's on the phone and asks me to loan her $10,000 to pay off her credit card debts.
Yes they had given an unemployed person enough credit to run up a bill she could never pay. This as we all know is not an isolated incident and part of the reasons we are in the recession we are in is because of their lending policies.
Credit cards are a great tool, but they are to be used by people with the prospect of paying the bills.Comment
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Sadly we live in an age where buying things you don't have the money for is the norm.
Here's a scheme and it works.
Earn $1000 a week and spend $900
With the extra $100 leave it in the bank until you have enough to go out and buy the furniture you want.
It's cheaper and you earn a little interest on the money in the bank.
And you sleep at night.
We recently had to buy a new suite of furniture for our living room, Eva had lost the corset and needed a sofa with support. The guy in the shop was shocked when we said we would pay cash.Comment
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That's great but this thread isn't about financial advice or the virtues of saving.
This thread is about the Obama administration reigning in the abusive practices of credit card companies.
I don't see how anyone could possibly be against that.
Yet everyone wants to make the discussion about how stupid people are for overextending themselves, as if there's nothing wrong with the credit card companies taking advantage of people once they are overextended.
Ideology and principles are fine, but when you cling to them at the expense of common sense, it's ridiculous.sig too bigComment
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