Laws on their way

[GWBcasualty]

http://www.upi.com/news/issueoftheday/2009/04/23/Obama-cracks-down-on-credit-card-companies/UPI-71911240502023/

[Minnymouth]

It's time something was done with rising interest rates on these cards.

Some companies have been caught posting payments AFTER THE DUE DATE and the payments were mailed in with post marks stamps of10-18 days before the due date. How ironic that "they got lost in the mail", every payment you made to a creditor??? Others raise the rates because you made a late payment to another creditor. EXCUSE ME, what's "that" got do do with ANYTHING!!!

Yes, I'll make my house payment before I pay a CC. My family comes FIRST.

This bothers me, 45 years of A+ credit, no late pays, and one late payment and ALL my cc interest rates jumped from 2% and 5% to almost 30%???????
WHY?? Because I owed some medical bills that I paid on every month???? Just not as much as they "wanted" me to pay.

When I called and asked "why" my interest rate went up, it was "well, you have been late on a payment with another creditor". After discussing that I had been a customer off and on for over 30 years with them, no late payments, I got told ("it's our policy now").

After my conversations with each cc company and I heard "it's policy now"....... I told each of them this:

It's my "policy" NOW, to no longer pay you a dime, you can eat this bill, for I will file BK before I will "bow" to your "new policy"!!!!! And in the meantime wipe out a bunch of medical bills at the same time. So kiss my A****.

Filing BK was one of the "smartest" things I've done in my lifetime. I should have done it 3-4 years sooner, instead of working myself to death trying to pay medical bills left over from caring for my mother at home for 4 years.

Filing BK give me a fresh start for the future and a brighter retirement possibility. The "stress" involved in struggling all those years was like peeling off a heavy winter coat!!!

I filed in 2004, and since discharge, getting my home back, and all I went through, life has been a lot better, kinder, and enjoyable.

No more "fighting it all", creditors, medical bills, stress, etc.

Yes its time they did something with creditors and their unfair practices.

Creditors open you an account under one set of rules and regulations - THEN - a year later they send you a NEW SET of law and regulation changes. This should not be allowed to change. Once the account is open, what you signed your name too...... should be the rules and regulations that both parties are supposed to agree too. Is it not a contract??

CC companies change their "contracts" as they SEE FIT........... this practice needs to dealt with "head-on" by Congress and stopped.

I really to hope they do something to stop the "gouging"......

One thing is for sure...... they got my last $ in 2004....... hope they survive without me.

Minny

[floridian]

it says they are rushing to pass legislation... google news, said that if its passed, it wont go into effect until 2010.. thats rushing?

[queenfluff]

I started a thread on this under the Bankruptcy News Section a few days ago. I was looking forward to today (thrusday) to see what happened.

What I read today is that a "freeze" will go into effect immediate on jacking interest rates and other fee but other rules will not go into effect until July 2010. But I read that Obama wants "more" rules and restrictions than the cc' companies have already agreed too. The cc companies say "that is probably enough" (ruleswise) and Obama says " Uh, no it isn't". The cc's are so trying to get away with nothing!

I read my news off of Yahoo and here is the article I read about 15 minutes ago. Read this one, it explains it pretty well:

http://news.yahoo.com/s/ap/20090423/ap_on_go_pr_wh/us_obama_credit_cards

Hey some action is better than nothing and it about time some sticks up for us in this situation.

Apparently, Obama is pretty damn serious about this! Go Obama!

I want to email him a letter of thanks for taking this on!

Oh, this was a really interesting video I watched a few days ago about the sneaky practices of cc companies. I was in shock at some of them.

http://cosmos.bcst.yahoo.com/up/player/popup/;_ylt=Am5Z5XN4zBVCHtyTdqg_EkDWn414?rn=3906861&cl=13063840&ch=4226720&src=news

PS. MInny, your post was so great. I feel the same anger you do. I giggled at the "Kiss my a**!" line. I am so totally adopting your "policy" now too!

[cag]

Chris Dodd, US Senator from my home state CT sent a letter today to Congress to act on these changes immediately and not wait until 2010. He states Congress can put this into law in a few days if they want to.
These scumbags deserve all the poop that’s headed their way…

[BigJohn]

There should be a heavy pentalty assessment applied to original creditors when they deliberately claim you were late with a payment, but the check cleared the bank before the due date. How could the check clear the bank before it was posted?

To me, that should be an automatic fine of $1000.00 and extra charges if interest rate was increased, late fine assessed and a damaging report was sent to the credit bureaus.

[floridian]

http://www.huffingtonpost.com/2009/04/23/larry-summers-falls-aslee_n_190659.html

[queenfluff]

http://www.huffingtonpost.com/2009/0..._n_190659.html

A big unneccesary fee on his cc's bill will wake him up pretty fast!

[queenfluff]

a new article on the obama/credit card thingy:

http://news.yahoo.com/s/ap/20090424/ap_on_go_pr_wh/us_obama_credit_cards

Stick it to em!

(ok, I think I am enjoy this a bit too much ...NOT!....can you tell how much I hate the cc companies? )

[floridian]

they say july 2010 now...

http://washingtonindependent.com/40216/congress-delays-credit-card-reform

[Brighterdays]

Who is this really good for, its just political grandstanding. The only real plus for us is they are trying to limit raising rates on existing balances. They can still raise your rate but they have to give you more notice, big deal, most people are so burried on their cards that they can't do anything about it anyways(except bk). Who knows what the final bill will look like, I mean look at the last one, The dems let aig get their bonuses.

I am scared they are going to rush some law through making even harder to bk credit cards.