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GOP senators block effort to freeze credit card interest rates

Discussion in 'Political Discussion' started by weswelker#83, Nov 19, 2009.

  1. weswelker#83

    weswelker#83 In the Starting Line-Up

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    An attempt to freeze credit card rates and fees until more strict regulations take effect in February died in the Senate Wednesday when Republicans blocked an attempt to speed the bill through.
    Effort to freeze credit card rates dies in Senate | coloradoan.com | The Coloradoan,


    Earlier this year, Dodd wrote and passed through the Senate the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, which requires credit card issuers to give customers advance notice before hiking rates and fees.
    Credit card companies took advantage of the delay to hike interest rates before the bill became law.
    Credit Card Issuers Raising Rates, Fees Ahead of New Law - washingtonpost.com



    A Rasmussen poll released Tuesday shows that about half of Americans -- 50 percent -- saw their credit card interest rates go up in the past six months.
    http://www.rasmussenreports.com/pub...interest_rates_were_raised_in_last_six_months



    Corporate interests are No. 1
     
    Last edited: Nov 19, 2009
  2. Real World

    Real World Moderator Staff Member

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    Here's a tip, pay your bill, and carry a zero balance like I do. Only spend the money you have, and the rates won't matter. I had my cousin complaining about the bank charging her son everytime he overdrafted on his account. Maybe he should try knowing how much money he actually has, before he goes to spend it. Those companies suck, but they are in business to make money. They are losers of monumental porportion, but you don't have to do business with them if you don't want to. They are extending you credit. They are letting you borrow their money, therefore you are beholden to their rules. I hate them with all my heart, but it is what it is.
     
  3. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Some of the rate increases are due to this upcoming bill because credit card companies won't be allowed to raise rates so easily on delinquent customers so they have to go after others.
     
  4. weswelker#83

    weswelker#83 In the Starting Line-Up

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    To keep interest rates lower, Citi credit card holders must spend
    For Citibank credit card holders, there is one way to escape the bank's rate hikes currently under way: Meet a monthly spending requirement.
    To lower interest rates, Citi customers must spend - Yahoo! Finance


    Spend or else !:p
     
  5. Real World

    Real World Moderator Staff Member

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    Wes, do you even have a credit card? I do, and I use my Capital One Visa all the time. I never pay finance charges, and I couldn't even tell you what my rate is. Why? Cuz I pay my bill each month, and carry a zero balance! So ap One could raise my rate to 100%, and it wouldn't matter. I don't go buying a flat screen TV with their money. I buy it with my own.
     
  6. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    An interesting story, have had a citi bank card for years now with a small balance... last year took advantage of the $1500 tax credit for new windows, instead of taking money out of the bank took advantage of a 0% offer... were going to pay it off by March to avoid any interest charges...

    Two weeks ago got a notice from Citi Bank indicating that my rate was going up to 19.9% (our fica numbers are about 790) we called and they said the economy was tough.. tried to negotiate it down, and they refused.. we closed the card and paid off the bill.

    Yesterday got another offer from CITI Bank who sent me checks for 0% transfer rate again, needless to say it got shredded.
     
  7. weswelker#83

    weswelker#83 In the Starting Line-Up

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    The government will be enacting new laws to prevent credit card rates from being raised to unreasonable levels.

    The banks asked for time to implement this.

    The government agreed.

    During this time, the banks raised rates (abusing the good faith of the govt).

    The government is attempting to pass emergency measures to stop this.

    The Governement spent billions in stimulus to support banks and ease up lending, without them a lot of these companies would go bust.

    I don't see why so many people here are defending an industry that is abusing the government's goodwill and raising interest rates to harm the people that need it most.

    Yes, a lot of the American people need to realize they shouldn't go so much into debt, but that doesn't mean banks should be exploiting these people either.
     
  8. alvinnf

    alvinnf In the Starting Line-Up

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    You shouldn't have to watch these companies like a hawk, but you do. It's good to see that they are cracking down on these companies. Unfortunately, these little bait and switch gimmicks have seeped into all sorts of bills. You have to scrutinize everything these days. It's a sad state of affairs. Hopefully this will be a step in the right direction. We have probably all quibbled on the phone with companies, what a pain in the @ss. My skin crawls as soon as the voice prompt starts, press 1 for English.
     
  9. ljuneau

    ljuneau Rotational Player and Threatening Starter's Job

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    About 12 years ago, I was a good $20,000 in credit card debt. Thanks to Dave Ramsey and financial peace my wife and I are completely debt free now (except for the house). I look back at those years - all the money wasted on cc fees and interest!

    We've only have had one credit card over the past four years. A Bank of America card with a nice big Patriots logo. We ONLY use it when we are on vacation, for car rental - so very infrequently. But we do pay the full balance once the bill arrives. Even though we've maintained a zero balance, our rate too skyrocketed recently. Fortunately, the rate hikes mean nothing to us.

    I'd recommend to anyone that carries a credit card balance each month, pay it off ASAP. Get out of debt and learn to live within your means. It's tough at first, but it will change your life. Find a copy of Dave Ramsey's book or visit his website for a common sense approach to achieving this goal.
     
  10. Real World

    Real World Moderator Staff Member

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    When I graduated from college in 1996, I had over $7k in CC debt. My parents threw a party for me, and told me to keep the gifts I got. Well, I took the cash, and wrote a check to the CC company paying off my balance. It so bothered me to give away that money, that I vowed never to run a debt again. I've been debt free ever since. I will only spend what I can afford, and will never spend a penny more.
     

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