Credit card bill looks like it has GOP support and Obama to tighten it more

[lunatica]

I hope President Obama really does get tough on credit card companies

http://money.cnn.com/2009/04/22/news/economy/creditcard_whitehouse/?postversion=2009042215

Credit card crackdown advances

WASHINGTON (CNNMoney.com) -- A key House panel on Wednesday advanced a bill to crack down on credit card interest rates and fees amid signs the Obama administration will try to toughen the bill further before it goes to a full vote.

The House Financial Services Committee passed the bill 48-19; nine Republicans joined the panel's Democrats in voting for it. The bill could go to the full House for a vote as soon as next week.

The committee vote came as President Obama gets set to meet Thursday with 14 executives from the largest credit card companies.

Until last Sunday, when Obama economic adviser Larry Summers spoke publicly about the administration getting tough on credit card companies, the White House had been largely silent about the bill.

Obama advocated for a credit card holder bill of rights during last year's presidential campaign.

The White House intends to reveal its proposed changes Thursday after the meeting with executives.

more at the link...
http://money.cnn.com/2009/04/22/news/economy/creditcard_whitehouse/?postversion=2009042215

[Touchdown]

1. K&R.

I'm paid off, but my Visa has a 24% interest rate. Ain't going to use it until they drop it to something that isn't usory.

:kick:

[lunatica]

2. I'm down to one cc and it's at almost 24%

Working very hard to pay that one off.

[virgogal]

7. God almighty,. I have one at 3.99% but they are slime. They

changed my pay-by date (after 6 years),probably hoping I would incur a late charge.

I went nuts,and they changed it back,but I'm careful to check it every month.

[davidwparker]

3. glad to hear the GOP got this one right. imagine them coming out

against CC bill and then going into an election.

Pay them off (when you can) and then close all but one for an emergency.

[lunatica]

4. Lots of people have advised not to close them because it screws up your credit score

So they're saying to just keep them and use them just enough to keep the cards active or they'll drop your account

[davidwparker]

5. pay your mortgage, rent, other bills on time. keeping them open is just

a CC company ploy so that you get tempted to use them. this is what they want.

I have a job that is in the financial industry.

[ejpoeta]

14. well, they use credit history as part of your score. so that's why closing older

cards can hurt your credit score. i don't know what percentage this is, but if you really think about it.... what if someone stole your identity and you still had these cards and they could use them!!! it's actually scary to me, because my dad passed away a couple of weeks ago, and we've been going through papers and disposing of garbage... and my dad had all these american express checks... those blank ones they send for a person to use if they want. he also had credit cards he had never activated. and that house sat empty for over a month!! imagine if someone had broken in or something and got a hold of some of that crap!! my dad had a really good credit score i do believe. and that was after he ended up going bankrupt in the late eighties after medical bills (from my mom) and he lost his house and stuff like that.

Credit cards are not that great of an idea. If you think about it, when you have to pay a cc bill every month, that's less you have for things you need. it becomes this cycle that can really end up hurting you. We do not have any credit cards that aren't linked to a bank account. though bob just got a home depot card. i told him to be very careful with that, but he wanted it to help his credit score. he needed a revolving account. this whole credit score thing is a sham and pisses me off. grr.

[Romulox]

6. We need a Federal usury law. nt

[LostinVA]

11. +1

[lunatica]

8. kick

[lunatica]

9. kick

[RebelOne]

10. No more credit cards for me ever again.

I just had a Chapter 13 bankruptcy discharged. Credit cards are what got me in trouble. I have lived without credit for the past 3 years and found it was quite easy. Now, if I don't have the cash for something, I just don't buy it.

[annabanana]

12. My only cc is issued by a credit union... they have been pretty responsible.

Consequently, it will not be a hardship for them to adhere to whatever new rules turn up in legislation..

[ejpoeta]

13. there was a gop rep, not sure whether senate or house... was it yesterday i saw him??

he was all blaming the credit card users for having so much credit as the problem. I don't think so!! the people that are being screwed over are the ones that have never been late!! but they are the bad guys here?? If a credit card company raises the rate of someone who has missed payments or been late or something... that's one thing. but the credit card companies are raising rates arbitrarily on people who are paying their bills on time. and then the credit card companies are playing games with due dates and such to screw with cardholders so that they will be late and they can charge them and raise their rates. it's bullshit to try to blame the consumers for slimey practices. and i am glad if something actually gets done, yet i am skeptical as the consumers usually end up getting screwed no matter what.

[lunatica]

15. My credit card companies changed my due date to the end of the month

Instead of the beginning. That made me late once, by a day, because I wasn't paying attention and they immediately raised the interest from 9% to 23%. What they're doing is very obvious once you get it.

[ejpoeta]

19. i believe it. and they are counting on the fact that most people don't

look at those notices and the fine print of the stuff they get. i just thought this clown had a lot of nerve trying to blame the customers. to be sure, there are credit card holders who are having problems paying their bills, but then again... the credit card companies also gave credit cards to folks who were a big credit risk as well. the people that seem to be getting screwed in all of this are the credit card holders who are responsible and have been paying their bills on time every month.

[KharmaTrain]

16. Fast Track This Puppy

This is the first step in repealing the '05 bankruptcy bill...and the most obscene part of it. The predatory rates of the credit card companies are putting millions deeper into holes that are destroying any chance of a real economic revival. There's no reason other than greed and preys on those who are in the weakest position...stuck in revolving hell and getting sucked in deeper.

[xchrom]

17. recommend

[NorthernSpy]

18. Long overdue.

That's one "industry" that should have been reined in long ago.