Six new credit card booby traps on the way

Six new credit card booby traps on the way

redtape.msnbc.com

What Congress giveth, credit card companies are poised to take away.

In six weeks, the final major provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act will take effect. The law prohibits many egregious tactics used by card issuers, such as retroactively raising interest rates on consumers' balances. But issuers have reacted to the sweeping new consumer protection law by quickly inventing new egregious tactics, including raising rates

(visit the link for the full news article)

For those of you who do use credit cards, bank cards, or debit cards, you will know that it can cost you, at times dearly to do so. What the source article hear talks about is some of schemes have been closed, but others are now popping up. Reading the article will give you a heads up on what is approaching. It may also be a good idea to find out what changes will be made to your current cards.

redtape.msnbc.com
(visit the link for the full news article)

It seems to me that they're cutting off their nose to spite their face at this point. They've got loan loss rates that are ramping up, so what do they do? Squeeze the rest till they default as well. Great plan.

reply to post by RedGolem

Six new credit card booby traps on the way For those of you who do use credit cards, bank cards, or debit cards, you will know that it can cost you, at times dearly to do so.

Whenever the government "forces" corporations to make changes, those corporations will ALWAYS find a way to turn it around in their favor.
People should be cutting up their credit cards anyway. Spending more money than they can afford, is what started all of the financial problems in the first place.

reply to post by ProfEmeritus


Its a good idea to spend money instead of using credit, but you don't really think its the average joe taxpayer credit ho that spent the country into this mess do you??

Joe public isn't spending MILLIONS on parties while there company is on the verge of bankruptcy....

reply to post by svpwizard

Its a good idea to spend money instead of using credit, but you don't really think its the average joe taxpayer credit ho that spent the country into this mess do you??

Yes, but the "credit" that they were using is not what you think of, as credit, I presume. It is the credit of a mortgage for a house that they couldn't afford. It was all part of the huge housing bubble created by the sub-prime mortgages(translation- lucrative mortgages for people who should never have had mortgages.). When those mortgages defaulted, the entire housing bubble burst, which in turn started the collapse of the entire house of cards.
Mortgages are nothing more than HUGE credit cards. Yes, it was Congress and the banks which afforded these mortgages, but no one held a gun to the consumers' heads to apply. It was the false belief that somehow they would magically get enough money in the future to be able to pay off those unaffordable mortgages- much like the habitual gambler who believes that the mother lode is riding on the next spin of the roulette wheel.

Originally posted by HimWhoHathAnEar
They've got loan loss rates that are ramping up, so what do they do? Squeeze the rest till they default as well.

Thanks to everyone who is posting.
It is the squeezing of the little people where they get all there money from. They like it when some one defaults. That way they can charge but loads of fees for the foreclosure that they make. No I am not to fond of banks or money lenders right now. But what I said above is true.