Obama to Crack Down on Credit Card Cos. (revolution, insurance, cost)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Obama, after meeting with executives from major credit card lenders at the White House Thursday, said he wants legislation that will protect consumers from sudden spikes in fees and confusing information provided by lenders. Both the House and Senate separately are considering a credit card "bill of rights" striking many of the same tones.
But isn't this a rather weak reply? The government owns major portions of big credit card lenders like Citigroup (C Quote) and Bank of America (BAC Quote). But while it considers allowing federal judges to alter the amount owed on mortgages to address the housing crisis, it seems powerless to set a cap on credit card interest rates.
Location: Moose Jaw, in between the Moose's butt and nose.
5,152 posts, read 8,542,981 times
Reputation: 2038
This is a thread I started where some of it, shows stories about how the credit card companies are out of reasonable control. The credit rating system is just one example.
And then there's the "Little Loaners" for the Little People
Dear CREW supporter,
The payday loan industry is running scared. And it should be.
Consumer outrage continues to grow over the industry's shady practices, which often lock borrowers in a spiraling cycle of high interest rates and increased debt.
Sen. Christopher Dodd (D-CT), chair of the Senate Banking, Housing and Urban Affairs Committee, and Rep. Barney Frank (D-MA), chair of the House Financial Services Committee, need to know that Americans deserve to be treated fairly by payday lenders.
Sign CREW's petition demanding real legislation to rein in the abuses of the payday loan industry and protect consumers from out-of-control interest rates.
Today, CREW has revealed in its new report -- Payday Lenders Pay Up -- that the payday loan industry is looking to buy its way out of federal regulation with massive increases in spending on lobbying, PR efforts, and campaign contributions.
The payday loan industry more than doubled its lobbying expenditures from $2,045,000 in the 109th Congress to $4,182,550 in the 110th Congress. It has also dramatically increased its campaign contributions. During the past three campaign cycles, the industry has more than doubled its donations to key members of Congress with jurisdiction over the industry.
Corporate heads shouldn't be able to buy favorable legislation that would allow them to line their pockets at the expense of people without other borrowing options.
Sign the CREW petition urging Sen. Dodd and Rep. Frank to enact legislation that truly reforms the payday loan industry.
CBNNews.com - President Obama is set to meet with credit card company executives to discuss what many say are deceptive practices in the credit card industry.
The meeting comes at a time when Congress is planning to impose greater regulation and oversight on credit card companies.
We are in debt to the Credit card companies PAST our eyeballs....
But no-one forced us to do this....we made the decision.
As to increasing your interest,you can simply choose to not agree to the change in terms,sure you can no longer use that card but your interest rate won't change as long as you stay current.
Dropping customers is their prerogative as well.
TO me it is your choice to use a card.
At the same time, companies are charging customers who aren't using the card......
You can have a credit card you never used and have a 2,000 limit. The credit card companies are charging you for not using your card.
Craziness!!!
There have also been reports of credit card companies charging customers who paid OVER the minimum payment.
I'm so glad I don't have a credit card and I will go to great lengths to never have to have one.
CBNNews.com - President Obama is set to meet with credit card company executives to discuss what many say are deceptive practices in the credit card industry.
The meeting comes at a time when Congress is planning to impose greater regulation and oversight on credit card companies.
I think that since we taxpayers already paid the bills, we shouldn't have to pay them again. in this I mean, we bailed them out so we shouldn't have to pay credit card bills, etc. also, since they bailed out the houses, the taxpayers own the homes and the banks shouldn't be bailed out again.
the mortgages should be paid to the government.
I agree. Several years ago I attempted to transfer a balance from a Bank of America credit card to a lesser known credit card company (I forget the name). I was prohibited from transferring the higher interest BoA card to the lower interest card because the lesser-known company was owned by BoA also. Basically, they said you can't transfer balances within one company.
As soon as I paid that card off, I left BoA in the dust and never went back.
BOA are absolute crooks. I have a CC through them that I'm seriously considering nixing. They bought out MNBA a few years ago (I never had problems with them).
I think those are called leases and you are sarcastically joking, right?
Yeah, but then again this guy has done a lot of things i never dreamed he would do. Didn't 0bama and the treasury Sec talk about forcing banks to alter mortgages to keep people in their homes, can rental agreements be that far off?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And then there's the "Little Loaners" for the Little People
