Credit card companies

[Pops Fun]

I can't believe this 52 million a day in late charges??



President Barack Obama took on the country's credit card companies last week when he met with 14 industry executives on Thursday at the White House. Obama has promised to push for legislation to reform the practices of this business. Americans paid an astounding $52 million a day in late fees to credit card companies in calendar year 2008 (source: USA Today).

[Rick93coupe]

Yay!! I think he should wipe out everyone's credit card bills next. I mean who says a person should have to pay off their debts anyway?

[mustangboy]

I was thinking the same thing Rick. In this day and age why hold people responsible for their actions, that kind of thinking is just crazy.

[cstreu1026]

http://www.maxedoutmovie.com/

I watched that on Showtime last week. It was very good. In general I think people are ignorant about what they can and can't afford. All they know is when they see something they want it right now. The banks and credit card companies in exploit their needs for instant gratification. Its a pretty viscous cycle.

[DeckerEnt]

I pay taxes and still waiting for word where my house is. I mean the gov bailed out the banks, the houses are still being forclosed on so where is mine?

[Mista Bone]

I don't have a credit card nor will I ever again.

Before I was ever late on a payment both my cards rates on Sears cards were JACKED up by "universal default" because I'd lost my job. Exactly what the credit card companys have been doing more than ever lately.

Congress did pass new rules, but they don't take effect until June 2010. Until then everyone is gonna get raped, but Obama is trying to correct that loophole that was left.

Nothing like kicking a dog when he is down.

The two cards that the rates were jacked on, I'll never pay back, Universally I'm defaulting on them.

Capital One, who didn't jack the interest rate on me, I've payed back. Had the other two worked with me, I would have tried to pay them back. But acting like a loan shark with 29.99% and 34.99%, I said good luck.

[cstreu1026]

Thats why I don't carry a balance.

[Mista Bone]

I was in the process of paying those cards off, but they didn't care. I had paid down about $6,000 worth....

I've learn to get by without a credit card, just a debit card.

[JET50213]

I received a letter from Discover recently saying "Due to the economic difficulties, it has become more expensive to do business. We are raising interest rates across the board." I called to cancel immediately. The customer service lady was very nice and agreed that Discover is kicking their customers while they are down. It won't affect me, but a lot of people will probably default on their debt because of this rate increase. Shame on you Discover!! Let's see how expensive business gets when most of your customers default!!

[Black92LX]

This is exactly why you bank with small local banks or Credit Unions!!!

I had a US Bank Card that I have had for years never been late on a Payment always paid more than the minimum payment. It was at 9% and I got a letter stating it was going up to 18%.

Had a bit of a balance on it so I walked in and payed it off. Also told them they were to cancel my 2 checking accounts with them. They asked why and I said because of this ridiculous rate increase. They then advised that everyone was raising rates and dropping limits.

I stated that's where you are incorrect. I had just gotten off the phone with my credit union and they lowered my rate by 2% taking it to 6.5% and increased my limit by almost double. Plus offered my 0% on any balance transfers for 6 months.
So now I currently have no CC debt since I transferred the only balance I had to the new Credit Union Card and have since paid it off.

Now the Credit Cards just sit in a drawer. I pay all cash now.

[89notch]

I have also received a letter from a couple different credit cards that have said they were raising my rate. When I call them the reason was no a high enough balance and I pay it off to quickly. They told me since I don't carry a balance or pay min payments its hard for them to make much money off of me so they are raising my interest rate to compensate. I quickly told them to cancel them since its old cards that I never use anyways. I refuse to pay interest on a credit card. All you have to do is shop around and someone is always offering 12 or 18 months 0% interest. Capital One Platinum is offering 18 months @ 0% right now.

[cstreu1026]

I got a letter from chase saying they were limiting rebates on our BP Visa. As soon as I get through refinancing the house we will be canceling that card.

[beefcake]

i've cancelled almost every card

cap one was going to raise rates, i cancelled

barclays where i had an 8.99 fixed wanted to go 14.99 , i told them i was opting out as well

i learned my lesson from paying my wamu online when i didn't have "online statements" only online access

i got screwed, i never really looked at my bills as i always paid online, they took me from 9.99 fixed to 19.99 and then to 23.99 and i never even looked at the "opt out" notice, i will not never open a cc letter again