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. #21
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by UtahBill View Post
    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...
    Just curious......do you have or have you ever had a mortgage?

    .......were you a sucker?
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  2. #22
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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
    Just curious......do you have or have you ever had a mortgage?

    .......were you a sucker?
    ..
    There is a huge difference between card debt and a mortgage. You know that, right?
    Mortgage, low rate compared to the card, helps you buy an asset that grows in value, until recently.
    The interest on your mortgage is tax deductible, not so on the card.
    Stop paying the mortgage and you lose your house. Stop paying your credit card bill and you just lose access to more money.
    We paid off our AZ house in 8 years, start to finish. Later on we did a home equity loan at a low rate to help build the much larger house in Utah.
    We have about $600K in home equity, and $39K in the home equity debt and it will be paid off in a few years.
    Plus the biggy, if you pay off your house and lose the tax deduction, you are actually spending less out of pocket to "own" your home.
    I would rather pay the addtional taxes that a lot more in interest.
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    I paid card interest once since we got our first card in 1969, the bill got lost in the shuffle of an interstate move.....and I was overdue by a month.

    So, how big a sucker are you?
    Last edited by UtahBill; 01-31-11 at 10:52 PM.
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by UtahBill View Post
    There is a huge difference between card debt and a mortgage. You know that, right?
    Mortgage, low rate compared to the card, helps you buy an asset that grows in value, until recently.
    Prior to the Democrat's wonderful credit card reform........

    .........I had cards with APRs as low as 1.99%......and I used that credit to expand and grow a business.....after a nice ROI....I have yet to feel like a "sucker".

    The interest on your mortgage is tax deductible, not so on the card.
    Stop paying the mortgage and you lose your house. Stop paying your credit card bill and you just lose access to more money.
    We paid off our AZ house in 8 years, start to finish. Later on we did a home equity loan at a low rate to help build the much larger house in Utah.
    We have about $600K in home equity, and $39K in the home equity debt and it will be paid off in a few years.
    Plus the biggy, if you pay off your house and lose the tax deduction, you are actually spending less out of pocket to "own" your home.
    I would rather pay the addtional taxes that a lot more in interest.
    .
    I paid card interest once since we got our first card in 1969, the bill got lost in the shuffle of an interstate move.....and I was overdue by a month.

    So, how big a sucker are you?
    Well if 8 years of paying interest is the cut-off.........
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  4. #24
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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
    Prior to the Democrat's wonderful credit card reform........

    .........I had cards with APRs as low as 1.99%......and I used that credit to expand and grow a business.....after a nice ROI....I have yet to feel like a "sucker".



    Well if 8 years of paying interest is the cut-off.........
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    The thread is about credit cards, right? Most Americans use their cards to accumulate debt, not grow a business, and they are suckers to let the card companies control them.
    I know people with bad credit paying high rates on cards, and cars. They go thru bankruptcy, and start over with the same stupidity. You can't deny that....it is why bankruptcy laws were changed. Some of these people are family.
    I also know someone who used his cards to extend the running of his business into the ground, racking up a lot of debt, then defaulting and filing bankruptcy. The card companies got screwed by him. He kept his house and Tahoe, only has to pay the govt debt, taxes, fica, etc.
    That was malicious....
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Credit cards enable people to live beyond their means and buy things they can't afford.

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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 cards enable people to live beyond their means and buy things they can't afford.
    and don't need....usually..
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by UtahBill View Post
    and don't need....usually..
    When they have to use credit cards to buy things they need they may be in trouble..

  8. #28
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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
    When they have to use credit cards to buy things they need they may be in trouble..
    Most of the stuff we NEED today, didn't exist 20 years ago. How did we manage in those dark days?
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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
    Just curious......do you have or have you ever had a mortgage?

    .......were you a sucker?
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    You can't seriously compare credit card debt to a mortgage.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

  10. #30
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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.
    A Bush Blamer, why I'm not surprised. And right out of the chute too. Yup Bush pulled the lever and everyone's credit card rates rose 50%.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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