Credit Card Act - Feb. 22

[TZ250]

The new rules for credit cards start on Feb. 22. This is a nice summary of the changes.

http://tinyurl.com/yjmfpbo

[Black92LX]

The CARD Act is supposed to ensure that borrowers with a poor credit score and a history of late payments get treated the same way as borrowers who have kept their credit record clean.

It's ideologies like this that are making this country fall apart.
We are completely loosing the idea of self responsibility.
Sure lets have no repercussions for you not sticking up to your end of a signed CONTRACT while I abide by them and I am stuck with higher rates and fees to make up for you!!!!!!!!!!!!!!

I am getting sick and tired of footing the bill for all the deadbeats.

I pay their welfare, I pay their healthcare, now I get to help pay their freaking credit card bills!!!!!

My signature says it all. If things don't change and people start being responsible for themselves and quit expecting the government stops giving so many freaking handouts we are screwed.

[85_SS_302_Coupe]

While i do get what you're saying, lets not forget people like me who's credit got obliterated by a 30k brain surgery. Not everybody just decides one day that they're gonna let their credit go to shit. Sometimes you really have NO control over how it happens and then it's a lifetime of suffering over some shit you couldn't avoid.

[5.0calypso93lx]

I agree with both of you guys. I think that the credit card holder should be able to file a claim with the credit card company when something like that that is beyond their control happens. That's assuming the claims people or bank actually have a heart or a brain, in which I'm sure would not be the case.

There has got to be line between true need and people that are just idiots and "buy" stupid crap. Unfortunately that's easier said than done.

[85_SS_302_Coupe]

Exactly. There should be a clause in the cardholder agreement that says when a serious illness like that happens you should get some kind of get out of jail free pass. Before the surgery my credit score was just a tad over 700 and i NEVER miss a payment. A month after, i was on disability ($500 a month, my rent alone was $690 so you do the math) so i basically lived off my credit cards to support my family and trips to the hospital for my 6 MRI's and countless spinal taps and exams. By the time i got back on my feet it was too late and there was nothing i could do. I hate that it sounds so much like a sob story, but i really did get screwed hardcore by something i had absolutely no control over.

[5.0calypso93lx]

Exactly. There should be a clause in the cardholder agreement that says when a serious illness like that happens you should get some kind of get out of jail free pass. Before the surgery my credit score was just a tad over 700 and i NEVER miss a payment. A month after, i was on disability ($500 a month, my rent alone was $690 so you do the math) so i basically lived off my credit cards to support my family and trips to the hospital for my 6 MRI's and countless spinal taps and exams. By the time i got back on my feet it was too late and there was nothing i could do. I hate that it sounds so much like a sob story, but i really did get screwed hardcore by something i had absolutely no control over.

Yea, I mean what's to say something isn't going to happen to my health in the future? I am all for helping people with TRUE need. I just HATE when people take advantage of that crap and unfortunately it happens all the time.

[85_SS_302_Coupe]

Oh i'm sure i'm one in a million. There's tons of people out there who get their cards and max them out on stupid shit, then can't pay it off and they don't deserve special treatment when the next guy works his ass off to keep his credit looking good. It is a bit of a slap in the face. I think they could've handled the "act" better.

My whole thing went down when i was 24...never smoked, only drank for a 6 month period in my life. Never done any hard drugs or anything like that. I was otherwise in pretty much perfect health. It hit me like a shotgun blast to the face. You really have no idea when stuff like this is going to go down until it happens. There should be some kind of credit insurance for shit like this.

[Black92LX]

Exactly. There should be a clause in the cardholder agreement that says when a serious illness like that happens you should get some kind of get out of jail free pass. Before the surgery my credit score was just a tad over 700 and i NEVER miss a payment. A month after, i was on disability ($500 a month, my rent alone was $690 so you do the math) so i basically lived off my credit cards to support my family and trips to the hospital for my 6 MRI's and countless spinal taps and exams. By the time i got back on my feet it was too late and there was nothing i could do. I hate that it sounds so much like a sob story, but i really did get screwed hardcore by something i had absolutely no control over.

While I agree there should be some sort of check and balance, but there should not be "a get out of jail free pass" it's a debt that one owes no matter the circumstances. Just the repayment stipulations could change based upon individuals (proven needs). And the changes should not effect me and make me pick up the tab.

I just have a problem that I am constantly picking up the tabs for those that don't have a strong grasp of priorities or an understanding of what people think they are entitled to.

Everyone knows that health risks are a possibility and need to prepare for that.
I happen to work in a high risk job for injury and illness. That's why I am insured pretty much to the max.
Health Insurance
Disability Insurance
Life Insurance
and so on and so forth and yes it's expensive but I know in the end if something were to happen I will be much better off.

It's about priorities. I would love to live on a Farm with about 30 acres and sure I could afford it if I didn't have priorities. But I realize that taking care of mine and my family is no one but my responsibility there I spend damn near $1,000 a month for all of our different insurances.

I guess I keep things to simple and understand I am only entitled to a few things just by being an american.

Health Insurance is not one and low credit card rates aren't either.

[Walter]

It's ideologies like this that are making this country fall apart.
We are completely loosing the idea of self responsibility.
Sure lets have no repercussions for you not sticking up to your end of a signed CONTRACT while I abide by them and I am stuck with higher rates and fees to make up for you!!!!!!!!!!!!!!

I am getting sick and tired of footing the bill for all the deadbeats.

I pay their welfare, I pay their healthcare, now I get to help pay their freaking credit card bills!!!!!

My signature says it all. If things don't change and people start being responsible for themselves and quit expecting the government stops giving so many freaking handouts we are screwed.


Thats the bottom line! Black92lx for president!

[85_SS_302_Coupe]

By that i didn't mean all my bills get paid for me. I mean my credit shouldn't be destroyed over things i can't control. Or, even if i didn't get ass raped by late fees, which have skyrocketted my balance owed, then maybe i could get my head above water. Also remember that because you can afford all those insurances doesn't mean the next guy is well off enough to. Of course, if that person isn't that well off then they shouldn't have a bunch of credit cards either...but my case in particular i only had 3....two of them were a $300 credit LIMIT and the 3rd was $400. Yeah, you read that right. I had a total of $1000 maximum credit....you don't even wanna know what i owe them right now. It should be a flipping crime that they get to stick it up my ass so hardcore and i actually owe more than FIVE FLIPPING TIMES what i even had access to to begin with.


Sorry...this topic is a bit sore :)

[Pitbull1052]

Oh i'm sure i'm one in a million. There's tons of people out there who get their cards and max them out on stupid shit, then can't pay it off and they don't deserve special treatment when the next guy works his ass off to keep his credit looking good. It is a bit of a slap in the face. I think they could've handled the "act" better.

My whole thing went down when i was 24...never smoked, only drank for a 6 month period in my life. Never done any hard drugs or anything like that. I was otherwise in pretty much perfect health. It hit me like a shotgun blast to the face. You really have no idea when stuff like this is going to go down until it happens. There should be some kind of credit insurance for shit like this.




you're not one in a million David....... I had the same thing happen to me right when I moved into where we live........ and really it was all a doctors fault.... I don't have health insurance but I make too much to get any hand outs, I got an abcess and Anderson Mercy put me on one antiboitic and sent me to a specialist.... that specialist put me on another antiboitic and it gave me colitis (basically ridding my body of all the good bacteria) couldnt keep a sip of water down lost 40 lbs in a week if that tells you anything, I was off work then the dr bills started to come in.. I was on meds that cost over 1000.00 a week and had to be on them for two months, and then a week in an isolated room at the hospital, I think I'm pushing like 60k total....... I'm so F'd it's not even funny........

[85_SS_302_Coupe]

Yeah i just wanna reiterate that i'm not saying i agree with the ACT....everying Black92LX said is pretty much dead on, i'm just saying not everyone is a leech. At the time it happened, yeah i took every damned government handout i could get because i've paid into that shit my entire life and will continue to and that's what it's there for. All i got was basically free prescriptions except for my antisiezure med which was too much (and was the one that really mattered). In the end i couldn't afford it and i stopped taking it on my own account and my doctor nearly punched me in the face for it and said it could've cost me my life.

[Black92LX]

By that i didn't mean all my bills get paid for me. I mean my credit shouldn't be destroyed over things i can't control. Or, even if i didn't get ass raped by late fees, which have skyrocketted my balance owed, then maybe i could get my head above water. Also remember that because you can afford all those insurances doesn't mean the next guy is well off enough to. Of course, if that person isn't that well off then they shouldn't have a bunch of credit cards either...but my case in particular i only had 3....two of them were a $300 credit LIMIT and the 3rd was $400. Yeah, you read that right. I had a total of $1000 maximum credit....you don't even wanna know what i owe them right now. It should be a flipping crime that they get to stick it up my ass so hardcore and i actually owe more than FIVE FLIPPING TIMES what i even had access to to begin with.


Sorry...this topic is a bit sore :)

We agree for the most part. But I believe they can charge whatever they want as long as the guidelines are made available to you.
It's their money and they should be free to allocate it however they deem it.
If you don't like it go to a company that has lower interest rates and fees.

That is the way capitalism works (and yes the credit market is part of capitalism).
The market will deem what can be done.

I recently got letter saying my rates were going up yet I have never been late and always paid it off or made much more than the minimum balance.

I told them to pound sand, closed the accounts. Went to other banks (well credit unions in this case) and they lowered my interest rate and raised my limit since I was planning on doing a balance transfer.

And don't get me wrong I don't believe everyone out there are leeches. I know there are many people that get stuck in a rut. And genuinely need the help. But those cases are far less than those that get stuck in a rut and choose to stay there while suckling the government tit.

[Pitbull1052]

Oh I agree totally David I don't think they should be able to use Medical bills to ruin your credit............ it's not like having property or a bill you chose to take on, or even something that's under your control I mean It's not like I said hey I want to shit my guts out and puke for hours over a sip of water cause some under educated ass hat couldnt read a medical chart........