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Credit Card Industry Kicks Consumers Off Congressional Panel

Discussion in 'Political Discussion' started by weswelker#83, Mar 17, 2008.

  1. weswelker#83

    weswelker#83 In the Starting Line-Up

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  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    That should not surprise you the current Bankruptcy Law was authored by folks from MBNA... it is what it is, how the beltway works, kiss up to the big industry folks as they know what is best for all of us.
     
  3. otis p. driftwood

    otis p. driftwood Experienced Starter w/First Big Contract

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    I'm so glad I have no personal credit cards. The business one is almost a necessity, but God I hate credit card companies.
     
  4. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I love my credit card. It's the ultimate convenience and I get 1% of my purchases off my mortgage principle. I know that's a small percent of "cash back" but it goes to a good cause so I'm happy with it.

    As long as you remember to pay it off monthly and you have the self control to only spend enough that you can pay it off, it's a wonderful thing.
     
  5. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    I have a Visa that I haven't seen for a month. It's in my wallet somewhere.......
     
  6. Real World

    Real World Moderator Staff Member

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    I was $7k in debt when I graduated college. My parents threw a party for me, and I made like $6,600 bucks in gifts. I was floored. My parents told me to keep it. What did I do, I turned around and paid it all to the CC company. That broke my heart. Never have I ever had a balance since. I have two cards. One in a drawer somewhere, and one in my wallet. I get double miles on my capital one card, and so far it's given me $300 in cash back. Woohoo! I used that money to buy a laptop. Although some POS loser scumbag MF'er who I hope...nevermind, stole it. :mad:
     
  7. QuiGon

    QuiGon Banned

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    A fool and his money are soon parted... I have no sympathy for imbeciles. And I don't think the govenment should be in the business of protecting people from their own idiocy.
     
  8. QuiGon

    QuiGon Banned

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    I much prefer the new bankrupcy laws, don't you...? Or do you prefer a system where some moron can charge his brains out and then walk away free and clear from all accumulated debts..?
     
  9. QuiGon

    QuiGon Banned

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    I got season tickets with my credit card :D :D :D
     
  10. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Not arguing the product, but the method.. seems that amongst all of the staffers in Congress someone could have gotten creative..

    Also don't you think that people should be heard in Congress, instead of a sanitized version of what their view is from the top... always kinda like that by the people, for the people crap..
     
    Last edited: Mar 18, 2008
  11. weswelker#83

    weswelker#83 In the Starting Line-Up

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    Man had $12,000 in debts, repaid $15,000 over 8 years, still owes $12,200.


    That's makes it a total = 39,200 $ = 12k+15k+12,200

    From 12k , the final price is 39,200.

    Seriously , isn't it a crime ?
    I understand that you need to read contracts and all , but here i blame the Bank ,not the way around .

    That almost 350% of the original loan , this is INSANE!
     
  12. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    That is why they put in in really, really, really small print.

    I've said it over and over again, the fault here is once again with the government schools, would you have like to have taken a class in high school on how to balance your checkbook, make out and keep a budget, find out how a loan works, and how much things end up costing you in the end.

    Do credit card companies pry on the less informed? Of course they do!
     
  13. QuiGon

    QuiGon Banned

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    Seriously, no it isn't.
    Typical liberal... don't blame the f'ing moron that ran up $12,000 in chrages he had absolutely no way of paying... blame the bank..!!
     
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It's the same with the subprime borrowers, it's sad to realize how many people are too dumb for it not to be obvious that something isn't right when it smacks them in the head. Everyone knows credit cards charge interest - and if you make $30K you probably can't afford a $450K house. I don't feel sorry for any of them.
     
  15. QuiGon

    QuiGon Banned

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    By the way... didn't anyone ever tell this idiot about those credit counseling services...? I guess the answer to that is no. But those things are a great way to pretty much stop the interest from accumulating.
     
  16. QuiGon

    QuiGon Banned

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    Seriously... and you know there are truckloads of people who not only did that, but probably took on an ARM to boot.

    2006: Wow..!! My monthly payments are low enough that I can afford them..!!

    2008: Anyone know a good lawyer that specializes in foreclosures...?
     
  17. weswelker#83

    weswelker#83 In the Starting Line-Up

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    He is dumb , but the bank doesn't have to take advantage of it. Regulations need to protect and limits how much profit you make out of 12k $ loan.
    It is inconceivable for a bank to make such profit in one transaction , and the client can barely care for his family. Theft ,that s waht it is.

     
    Last edited: Mar 19, 2008
  18. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    While I do not disagree with how dumb people are, otoh the subprime lenders have to bear some responsibility as there is more to life than commissions and sales... there is a tremendous seduction for many if they find out and come to believe they can own a home.. only to find out later some unscrupolous lender did them bad.. I know some people who are in a bad way, they have no one to blame except themselves.. they are so upside down because every time they got equity, they cashed it in.. on the other hand the lenders should have said no.
     

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