View Poll Results: Did the Democrat's Credit Card Act of 2009 help or hurt you?

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  • It Helped me

    2 9.09%
  • It Hurt me

    7 31.82%
  • No Change

    13 59.09%
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Thread: Did the Democrat's Credit Card Act of 2009 help or hurt you?

  1. #11
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Badmutha View Post
    .....and your basing this contention on what?



    So lets say government passed a law.....that limited their profits (via limiting fees, penalties, ect ect).......they would still have to make said profit wouldnt they? Oh wait......

    Thanks for playing.....
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    The credit card companies have been screwing people forever. A law to protect consumers from getting raped by them is a good thing. They raised their rates to make up for defaults and to maximize profits. Blaming higher rates on the new law is just stupid and political spin. Ny rates have dropped in the last year.

  2. #12
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Dirty Harry View Post
    Credit Card Bill of Rights
    Creditors cannot increase the annual percentage rate (APR) during the first 12 months of opening up an account.
    Creditors are required to provide consumers with a 45-day advance notice of changes in rates and significant contract changes. Rates that change due to a change in the index that the rate is based on are excluded from this 45-day notice requirement.
    Promotional rates need to be in effect for at least six months from the beginning date of that promotion.
    Creditors need to provide a 30-day advance notice of an account closure.
    With certain exceptions, credit card issuers are prohibited from charging a finance charge based on the double billing cycle method.
    Creditors are prohibited from charging a fee on an outstanding credit card balance at the end of the billing period if the fee is attributed to the interest accrued on an outstanding balance that was fully repaid during that preceding billing period.
    Consumers have the right to reject a new credit card after the creditor notifies a consumer reporting agency of its corresponding account.
    Creditors are required to remove information provided to a consumer reporting agency about newly established credit card accounts if the consumer has not used or activated the account and and if the consumer contacts the creditor within 45 days of its establishment to close it.
    If two or more different APRs apply to different portions of an outstanding balance, the amount of any payment above the required minimum payment needs to be applied to the balance with the highest APR first and then to lower APR balances.
    Creditors are required to provide a grace period for payments even if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance.
    Creditors are required to send credit card statements at least 21 days before the due date of the outstanding balance.
    Creditors are prohibited from providing credit to consumers under age 18 (unless they are emancipated under state law, or the consumer's parent or legal guardian is designated as the primary account holder).
    For college students who do not have a co-signer, the maximum amount of credit extended will be limited to the greater of 20 percent of the student's annual gross income or $500 dollars. The aggregate amount of credit extended from all of their credit cards will be limited to 30 percent of the student's annual gross income (for the recently completed calendar year).
    Creditors are prohibited from opening a credit card account for any college student who does not have any verifiable annual gross income or already maintains a credit card account with that creditor, or any of its affiliates.
    Creditors are prohibited from charging a fee to make telephone and web-based payments. However, a fee may be charged for expedited telephone payments made on the due date or the day before the due date.
    Creditors are required to post their written credit card agreements on the inter



    Credit card rates are higher to make up for all the defaults and bankruptcies caused by Bush's recession. Anyone that is stupid enough to charge on a credit card that charges over 15% deserves what he gets.
    Agree,agree,agree
    I have not used a true credit card in years,many years.. Those who do and then cry.....grow up !

  3. #13
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Chappy View Post
    If the only thing the Credit Card Accountability, Responsibility and Disclosure Act did was to cause me to receive fewer “reasonable offers” in the mail from credit card companies, I would be greatly pleased. As it is, this important and valuable legislation introduced critical consumer protections that will help ordinary people who have been victimized by these “reasonable offers” for decades.

    Actually, this junk mail is useful, I have a paper burning heater in the bathroom, its the only heat, so bring it on, foolish business...

  4. #14
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Dirty Harry View Post
    The credit card companies have been screwing people forever.
    So we went from "They have to make a profit" to "credit card companies have been screwing people forever"..........

    Funny I didnt feel penetration when I had my 1.99 APRs.......

    A law to protect consumers from getting raped by them is a good thing. They raised their rates to make up for defaults and to maximize profits. Blaming higher rates on the new law is just stupid and political spin.
    Well if you feel a law that rewards the Irresponsible at the expense of the Responsible is a good thing....so be it.

    Ny rates have dropped in the last year.
    Well at least we know where you come down on this my Irresponsible friend........

    ....and what Bank or Financial Institution was it that dropped your rates?
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  5. #15
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Badmutha View Post
    .....well was that the only thing? How those rising APRs treating you Chappy?



    Protection for the Irresponsible........Punishment for the Responsible........tis the liberal way.....
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    Is that a fact ?
    You think its OK to defraud the elderly and those with less education.....
    Is this what all conservatives "think" ???
    And to think that I used to be a conservative(Barry Goldwater 1964)

  6. #16
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by earthworm View Post
    Is that a fact ?
    You think its OK to defraud the elderly and those with less education.....
    Is this what all conservatives "think" ???
    And to think that I used to be a conservative(Barry Goldwater 1964)
    .....No I dont vote Democrat......
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  7. #17
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    It hasn't affected me at all. I pay my credit card off every month, so I don't pay interest. To be honest, I'm not even sure what my interest rate is.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

  8. #18
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by molten_dragon View Post
    It hasn't affected me at all. I pay my credit card off every month, so I don't pay interest. To be honest, I'm not even sure what my interest rate is.
    That is quite smart. Using a credit card the way the company wants you to is quite dumb. The only reason I see having a credit card is to avoid carrying around tons of cash.
    Eat me, drink me, love me;
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  9. #19
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by Your Star View Post
    The only reason I see having a credit card is to avoid carrying around tons of cash.
    Well, this and the fact that I earn cash back on my credit card.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

  10. #20
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    It is stupid to use a credit card the way the companies want you to.....carrying debt month to month on credit cards is for suckers...
    Oracle of Utah
    Truth rings hollow in empty heads.

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