Fed chairman pledges to "act as needed" over credit crisis
 

This is mostly related to the sub prime mortgage crisis, but here are a few ideas for the fed, re: credit crisis

1. Ban, or limit, the practice of banks and credit card companies sending unsolicited credit card offers. I started keeping track a few months ago, I get, on average, 25 unsolicited credit card offers PER WEEK. And they are from the same companies over and over and over. In the month of July alone, I received 47 unsolicited credit card offers from Capital One. Here is an idea, limit it to 1 per year, per company, per address.

2. Ban the practice of "soft" credit checks by credit card companies. For those of you who don't know, your credit card company constantly checks your credit and adjusts your rate based on factors OTHER than your history with THAT company. For example, lets say you have a Chase Visa. You pay it on time every single month. No exceptions. But two months ago, you made your car payment a day late. Chase sees this when they do a soft check, and all of the sudden you are a credit risk and they increase your interest rate to 30%.

Ok fed, those are just two, now come up with some on your own.

These are typical reactions to a federal reserve trying to ensure the entire country doesn't go into recession from this subprime issue. Just don't spend $1.40 for every dollar you earn and you'll be alright.

How about....

3) Raising your credit limit in an effort to get you to a point where you can't pay it off. You use your card consistantly and consistantly pay it off so that you never get nailed with added interest. The credit card company isn't happy with that so they raise your limit without your knowledge in an attempt to get you to keep using it enough that eventually you pass your breaking point and start feeding them interest payments.
Put a STOP to this practice. Give people credit when THEY ASK FOR IT.

I'm constantly annoyed with the same thing:-(. Because their offers have my data on them, I have to shred the incoming physical-spam lest some dumster-diver sells it to some Identity-theft scumbag.

The market seems to like the Fed's comment--the Dow is up over 100 points as I type this:-))

dave

act as needed .what does that mean