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Sweet
Joined: 24 Jun 2004
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AnyaTika
Joined: 13 Dec 2005
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 Posted: Tue Feb 09, 2010 10:31 am Post subject: |
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I wasn't expecting it to be something to HELP consumers. Well, at least show the consumers what they've gotten into.
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kryptonite
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| Posted: Tue Feb 09, 2010 12:03 pm Post subject: |
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This doesn't help consumers. It helps people who borrow money and don't pay it back. What it does do is affect those of us who are responsible with credit. Credit card companies don't want to loan money now, which will ultimately affect everyone in the end.
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S.CRO
Joined: 12 Jun 2009
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| Posted: Tue Feb 09, 2010 12:25 pm Post subject: |
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| Prepare to prove your income anytime you apply for a credit card from now on. Going to suck if you are at Target wanting to get your 15% off and have to wait to get it approved. Also if you dont supply the proof they will calculate their own version of what you make based off your bills and w2's. I wish home loans and auto loans would do the same thing.
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thesis
Joined: 07 Jan 2003
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Location: on Corinthian Radio | Mondays | 9pm - 11pm | Eastern
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| Posted: Tue Feb 09, 2010 12:29 pm Post subject: |
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Does anyone have a link to an article and not a video? I want to read it and try to prove Kribby wrong only for him to prove that I am wrong and that he knows what he is talking about b/c of his experience in the financial sector.
:teeth:
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Sweet
Joined: 24 Jun 2004
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| Posted: Tue Feb 09, 2010 2:36 pm Post subject: |
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Leave it to you guys to look at the "downside" of consumer protection.
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kryptonite
Joined: 11 Jan 2003
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Location: Towne Lake
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| Posted: Tue Feb 09, 2010 2:40 pm Post subject: |
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| Sweet wrote: | | Leave it to you guys to look at the "downside" of consumer protection. |
People that don't pay their bills do not deserve protection. A credit card is a privledge, not a right. A privledge that is going to be harder to obtain thanks to this law. My credit lines were dropped from $60k to $30k right when this was announced. I have never been late and carry very small balances.
This is not a good thing for America.
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skape
Joined: 28 Nov 2007
Posts: 1748
Location: Atlanta
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| Posted: Tue Feb 09, 2010 3:17 pm Post subject: |
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HAHA... Man I was waiting for the usual haters to come in and start complaining.
"Going to suck if you are at Target wanting to get your 15% off and have to wait to get it approved."
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S.CRO
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| Posted: Tue Feb 09, 2010 3:25 pm Post subject: |
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Not sure the quality of this website just was the first thing i found...
http://www.prurgent.com/2010-02-09/pressrelease77401.htm
| Quote: | FOR IMMEDIATE RELEASE / PRURGENT
Over the last few months credit card companies have begun to send out notices to their customers on how new credit card rules will affect them.
They may look like junk mail clean, blank envelopes that may not catch your attention. But you should open them and read them carefully!
It is important to read these notices because they are probably a direct result of the federal Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act 2009) that will take effect February 22, 2010.
The law includes restrictions on over-the-limit fees, the marketing of credit cards to adults under 21 (college campuses) and dramatic changes in how issuers can impose interest rate increases.
When you get the notice from your card issuer, these sections are very important to you and your accounts:
Annual percentage rate Your APR on existing balances can be raised only if you don't make your minimum monthly payment within 60 days of the payment due date.
Card issuers can still raise your APR for future transactions even if you're not 60 days late, but they must give you at least 45 days prior notice of any rate increase. You can opt out and not accept the rate change and pay off the balance at the prior rate. However, opting out means you will have to close your account and they may ask for more of a minimum payment. Closing the account will have a negative effect on your credit score. How much effect it will have depends on the length of time you have had that account and what your credit limit is with that account. If you do not respond to the company regarding the notice of change to your APR, the company will assume you have accepted the rate change.
Currently millions of customers are seeing their rates rise. This could be for any number of reasons, but is mostly because card issuers want to make changes before the law goes into effect. This is happening to millions of people, even those with great credit scores.
Over-the-limit fees Issuers are saying they're eliminating over-the-limit fees, but that's not out of the kindness of their hearts (even though they would like you to believe that). This is cutting into their profits.
The law requires credit card companies to obtain a cardholder's permission to process transactions that would push your account over your credit limit.
Do not accept this option! Be disciplined and keep your credit score up by staying within your credit limit way under your credit limit. You should never carry a balance more than 30 percent of your credit limit.
The card issuer can still decline to approve transactions that exceed your credit limit, so it's more important than ever to know how close you are to your limit.
Universal Default and default pricing Issuers are eliminating Universal Default and default pricing meaning that your rate on existing balances will no longer be raised for being a few days late with your payment on the account in question and other accounts you may have.
But you will still be charged a late payment fee!
The credit card law bans rate increases on existing balances because of a history of late payments on other accounts and severely restricts retroactive rate increases because of late payments.
All these changes are good for consumers, but you should aim to pay off your credit cards as quickly as possible and make all your payments before the due dates.
Minimum payments When the law takes effect, card issuers will have to apply any amounts you pay over the minimum payment to pay down balances with the highest APRs instead of the lowest APRs, as many of the card companies do now.
Here's an example: Lets say you have a credit card with two balances (more than two is not unheard of). The first balance has a promotional APR of 2.99 percent and the second balance has an APR of 17.99 percent.
Under the law, if your minimum payment is $200 and you pay $250, the extra $50 will be applied to the higher rate balance.
Bottom line, pay as much as you can afford over the minimum payment. This is nothing new, but can even help pay off the account more quickly than in the past.
Finally - These laws are not here for them to be taken advantage of. We, as consumers, are still responsible for our debts. All the old rules still apply, make sure you pay your bills on time and make sure you are using your credit wisely. The government cant always protect us from ourselves. We have to take responsibility for our own actions and that includes doing everything we can to pay off our debts. |
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kryptonite
Joined: 11 Jan 2003
Posts: 8621
Location: Towne Lake
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| Posted: Tue Feb 09, 2010 3:46 pm Post subject: |
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| skape wrote: | HAHA... Man I was waiting for the usual haters to come in and start complaining.
"Going to suck if you are at Target wanting to get your 15% off and have to wait to get it approved."
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Tell this "hater" how it's good. I'm all ears.
Waiting patiently.
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inferno
Joined: 01 Jun 2005
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Location: Glenwood
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inferno
Joined: 01 Jun 2005
Posts: 6580
Location: Glenwood
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| Posted: Tue Feb 09, 2010 3:56 pm Post subject: |
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| kryptonite wrote: | | People that don't pay their bills do not deserve protection. |
I am pretty responsible in life, and now I'm dealing with bad credit thanks to having a checkbook stolen from me. Bank of America refunded my money but did absolutely nothing to rectify the situation with all of the stores that my checks were used. I have tried to resolve the issues with the stores myself, explaining that I had 7 checks stolen. The stores have been somewhat compliant, but there are certain codes that BoA has to use in order to confirm that these were, in fact, stolen purchases. After having wasted close to two days (not two different days, i'm talking close to 50 hours) on the phone talking with under-qualified bank employees, I'm still not cleared up with the situation.
FUCK BANKS. FUCK BANK OF AMERICA
people with bad credit and outstanding bills are NOT THE PROBLEM.
if you don't think that banks and money rule the world, then please...wake up.
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boh canada
Joined: 03 Apr 2003
Posts: 13960
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| Posted: Tue Feb 09, 2010 4:12 pm Post subject: |
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i think it's great because it shows people what they're REALLY spending - Kryptonite, I cant get a 60k credit line and i dont think the average person could either. I think it brings awareness to people that maybe instead of the "want it NOW NOW NOW" mentality that maybe saving a penny here and there to get what you want is better in the long run than using credit (because most people dont save their credit for "in case of emergency" situations!)
most people dont see what theyre really spending.
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boh canada
Joined: 03 Apr 2003
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kryptonite
Joined: 11 Jan 2003
Posts: 8621
Location: Towne Lake
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| Posted: Tue Feb 09, 2010 4:17 pm Post subject: |
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Sorry that happened to you Matt, that's horrible. I can only imagine what you had to go through!
But that situation doesn't apply to this law.
The only thing this law does is help people that can't/don't pay their bills on time. Why not reward those that DO pay their bills on time? Oh that's right, we are rewarded with higher interest rates and lack of capital due to laws being passed.
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Household Mgmt - Bass Wars - Trillitary - 12InchSkinz
Contact info: myspace I facebook I twitter I booking
Mixes:
[This Is The Trillitary: Volume 1]
[electro mix : march 09]
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