Credit Card Act - Just Got My Cabelas Notice

Notice that Congress fumbled this one, yet again.

Pray tell, what have they done RIGHT in the last 12 years?

Because congress is trying to take some of the cheating out of the old system of doing business, card companies need to look at ways to be profitable the 'honest' way. thus, they are gonna charge more for the use of their money as they are not allowed to steal so easily anymore with hidden fee's and charges. if you use credit cards as designed, the rate of interest shouldnt be a factor. The honest man who manages their money properly will benefit from these new laws.

Nobody better ever feel sorry for the Credit Card issuers.  They have made a killing off of their system for years.  It will not change.  Even when they write off debts that people cannot pay, they have made money through overlimit fees, late payment fees, charges to the merchant on the front end, and 30% interest that is actually much higher as it is compounded when they have a borrower in default.

The Banks will not suffer from these new regulations.  We will but something had to be done to save people from themselves.

I have a solution....NO MORE CREDIT CARDS OF ANY KIND....if you don't have the money to go to the mall and blow cash or buy new toys you DON'T have a credit card to put them on........i love how people today have no idea about the world around them...they have tons of debt on credit cards for wants and not needs and they don't even think about putting money away to retire....its a joke....social security will not be here when I retire and that is fine with me...joke of a program anyway...people should be responsible for their own finances and live or die with it...

there's no way that can be right.  Obumbles said he was going to look out for the middle class. 

eyexer Said:
there's no way that can be right.  Obumbles said he was going to look out for the middle class. 

If BS was snow Obama would be a blizzard!!!

or michael jackson

mauserG33-40 Said:

eyexer Said:
there's no way that can be right.  Obumbles said he was going to look out for the middle class. 

If BS was snow Obama would be a blizzard!!!

Okay guys, I won't use a credit card.  Like Carter and Clinton decided it was okay to promote banks into giving loans to people who couldn't afford house payments?  Suuuurrrreeeeee................

I like the justification here folks.  Punish those that don't have a problem because of the people that do.  It is ridiculous.  The way credit cards were was just FINE and DANDY for those using them and using them responsible.  Now those of us get punished.

Yeah, I put a purchase on there that I COULD have had paid in cash but with summer fun on the way I played the "darn, I'm going to have to pay interest this time."  I have my reasons, I am not going to be a Michael Jackson and be in the hole.  There are many other normal Americans just like me too but now we are the victim of something that was suppose to help us.  Yeah, I really appreciate it.

If you think I'm a horrible person because I used a credit card, well, that's your opinion.  Accepted but don't sit there and tell me you think this is something good folks.  It is actually laughable since the democrats are well known to cater to the poor people and use them for votes.  Those types usually are the one begging for money, begging for government to help them, and were the same ones defaulting on their home mortgages.  And this credit card act somehow is helping them?  Kinda like how no taxes were going to be inflicted upon them?  Do you realize what will happen if a cap and trade is put in place?  Come one folks, think!

I would have much rather enjoyed a lower interest rate (I had a good one actually) instead of be safe from a late payment charge or some stupid little fee.  The increased interest rate will hurt many people MUCH more than the little fees and other b.s. the credit card companies did.  Heck, I only used my card to collect Cabela's points.  Most of time she was paid off each month.  It isn't this month.  I'm such a bad person...

But whatever, government knows best.  Interfere with the free market and the free market has to interfere back.  That's change we can believe in.

I can tell you this, now with the increased interest rate I definitely won't be using my card near as much.  I bet a lot of people will follow suit.  Guess what, there goes the "stimulus" idea.  Genius.

And I agree, credit cards are a very bad thing for people that allow them to get out of control.  I'm not one of them and I know there are million of responsible citizens out there.  Why must we get punished?

Later...

Tim,
Don't just blame the people who used credit unwisely.  The Banks that issued the tremendous amounts of credit that threatens to destabilize our economy further share in the blame.  This is clearly not a black and white issue.  Plenty of blame to go around.

I'm a strict conservative but I can see both sides of the issue.  Go back to the housing debacle.  There are some that only blame the people that took out mortgages that they couldn't afford.  Sorry.  It doesn't work that way.  Equally to blame were the big mortgage lenders who kept that pump primed.

Back to the Credit Card Industry, that is a gigantic economic engine that has gone relatively unregulated and is almost totally out of control.  Everybody on here has probably thrown away literally thousands of offers for new cards.  You also get asked constantly if you want to apply for cards at places like Cabelas.  That tells us something about just how much money was, and is, at stake.

Here's the real kicker for the whole credit card mess which, by the way, is the next financial meltdown facing our economy and it will affect you even if you don't carry cards, use them, or even if you pay them off every month.  The best thing for the economy in the long run is to shed a bunch of credit card debt so people don't have to pay it all back.  It has to be done without breaking the banks or causing them to shut off credit.  Figure out how to do that and we'll dodge a bullet.

The key to everything here is that our economy is driven by consumers and the ones that are most important are the huge group in the middle who have some debt to service but aren't close to bankruptcy.  Their ability to drive the economy needs to be enhanced.  The people up to their eyeballs can't be helped easily and the bankruptcy system will have to work for them.  The key to the economy though is guys like Tim who occasionally carry a balance and others who carry balances that are not debilitating.

Whatever happened to capitalism --- 

Two things with credit cards- laws that should be on the books:

1st - if you write a nsf check - you should have your hands cut off period.  No ifs ands or buts - you will be missing a hand.   That would allow the merchants to be "free" and accept other types of payments including acceptance of the fact that they dont have to pay high merchant charges.   

2nd - no bailout money period. 

Farnorth,

Understood.

marksimon30 Said:
I have a solution....NO MORE CREDIT CARDS OF ANY KIND....if you don't have the money to go to the mall and blow cash or buy new toys you DON'T have a credit card to put them on........i love how people today have no idea about the world around them...they have tons of debt on credit cards for wants and not needs and they don't even think about putting money away to retire....its a joke....social security will not be here when I retire and that is fine with me...joke of a program anyway...people should be responsible for their own finances and live or die with it...

Thats a great idea.  Next time you're traveling out of state and your vehicle breaks down, you can just leave it there instead of getting it fixed.  I don't know who carries large sums of cash with them, or traveler's checks at all times.  Credit cards are safer ways of buying....I don't write checks anymore.  Pay off you balance every month, and you earn points to get hunting/fishing supplies for free.  Hell, if I was running a farming operation, I would run every purchase through a credit card.  You'd earn enough points to buy all your Christmas presents.

My cabela's rate has not changed so far,BUT I did get a letter from chase,even tho I have a zero balance each month lately but in the past I took advantage of their 0% while remodeling,chase said my rate of 9% will increase to "15.99" effective imediately on new purchases and current balances,talk about a kick in the "Nads",Oh and if I did'nt comply they would drop my account,glad I don't have a balance with them like alot of folks do.

Many of these changes that the Banks are making to Credit Card accounts have serious and far reaching affects on everybody.  We have evolved into a system where your credit score is very important.  The advertisements about how it affects whether you get a loan, the rate you pay, and even whether you get a job are not exaggerating.  In some states, it even affects your insurance premiums.  Think about that one for a minute.

Now consider the things that can negatively affect your credit score.  Everybody knows that late payments, collections, and judgements are bad.  That's the easy stuff.

There are other things that also count and you need to keep it in mind.  If you don't like the terms of a card, you can close it.  Just remember that it will lower your available credit, increase your percentage of credit used and, if it is your oldest account, will change the length of your credit history.  All of which will lower your score.  Then, if you apply for a different card, another inquiry might give your score another kick in the crotch if you have financed anything else lately.

Furthermore, if the bank lowers your credit limit or closes an account because you don't use it, that also hurts the almighty credit score.  Especially if they closed the account because of lack of use and the fine print of your agreement says you agreed to used the card X times per year.  That goes down as "closed by credit grantor" and takes an especially big bite out of your score because it is treated as you not abiding by the terms of the agreement.  Sucks eh?

GG,

Use your check card seems like an easy solution to me....

and as far as a farm operation...chemical plants and local part stores or Farmers Unions do not take credit cards....but that is a good plan

and using credit cards for needs is a little different than most of our society that just piles money on them for toys and doesn't have the money to ever pay them off that is more the problem I am speaking on....


Tim i don't think that the way you use your card is wrong....educated people usually have good reasons for using credit...but most of todays america is not educated as we well know

marksimon,

While still less than spectacular, the recent data suggest that Americans are now saving more than they have for several years.  As a percentage of their income anyway.

http://economix.blogs.nytimes.com/2009/06/26/savings-rates-rising-toward-mediocrity/

p.s.  If the local parts store doesn't accept credit cards, they likely won't accept my Visa or Mastercard backed checkcard either.

Also. many bait stores don't accept cards.  Good idea to always have some cash on hand.  Not enough for a new motor in the pickup if you break down across state lines, but enough to eat on and buy necessities.

Scenic 23 doesn't take cards.  About the only reason I have a checkbook anymore!

By the way, my interest on purchases on Cabelas products will remain the same.  Just purchases outside Cabelas will go up...whew! 

I honestly do not know what was broken with the credit cards.  As an innocent person using their service I understood that if I abide by the terms I agreed to I'd be left alone within reason.  Yep, I understand tricks can happen with credit scores, etc.  But this credit act, as felt by me, has only hurt me.  I get a higher interest rate for abiding by the rules.  Can we put in an amendment?????  Ha!

I was just informed that there are articles on the MSN website right now.  Will go read when I get a moment.  As I said to the person who informed me of the credit act text, I don't know why I should go read.  It will no doubt take a full blown staff to understand everything and if our elected representative and senators don't read bills that will steer this country in a very different direction, what does it matter?