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. #31
    ThunderCougarFalconBird
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by American View Post
    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%.
    You know it's sad when you don't even try to defend the guy, you just call the person a bush blamer, lol. I guess I'd say the same thing if I was completely out of touch with reality...
    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.

  2. #32
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by American View Post
    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%.
    The severe recession that began under the Bush administration resulted in more defaults causing credit card companies to raise their rates to make up for their losses. That is the cause of credit card companies tightening up their standards and raising rates. Just facing reality. You folks blame Obama and that is just not true. It's nice being an independant. I can just deal with facts.

  3. #33
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by American View Post
    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%.
    it isn't Bush, or Obama.....Pogo said it best, "we have met the enemy, and he is us".....


    just among my extended family, by marriage (relatives of my SIL and DIL), I can count 5 bankruptcies among 4 of them. My older brother did once, a bad year for him when the govt was refusing to honor its medical care obligations to military retirees and their spouses. I can't hold him to blame for not having medical insurance when he thought he did thru his 20 years of service in the air force.
    But the others, some of them PLANNED their bankruptcies in advance.
    My neighbor is losing his house, the only thing he did wrong is not take advantage of VA health care when he clearly qualified. The 20% he had to pay on his wife's insurance was enough to put them under when they took a home equity loan to pay medical bills. A mistake, yes, but not malicious of deceitful...he will likely file bankruptcy, and there isn't much B of A can do to him, he has nothing left....
    Oracle of Utah
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  4. #34
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Not only does this hurt new credit card holders, as they have to make up for the freeze of APR from previous owners, it also make it more difficult for new card holders, not only to obtain a credit card, but to even get one. I read that it has led to over 100,000 people wanting to purchase their first credit card, get denied. When these people can't get a credit card or a bank loan, it showed that a majority of them would end up having to go to these "money mutual" like companies, which have astounding interest rates of anywhere from 200-500% interest rates.

    Last edited by DontDoIt; 02-01-11 at 02:46 PM.

  5. #35
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    Quote Originally Posted by roughdraft274 View Post
    You can't seriously compare credit card debt to a mortgage.
    Of course not.....how could we compare Interest and Interest........
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  6. #36
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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 severe recession that began under the Bush administration resulted in more defaults causing credit card companies to raise their rates to make up for their losses. That is the cause of credit card companies tightening up their standards and raising rates. Just facing reality. You folks blame Obama and that is just not true. It's nice being an independant. I can just deal with facts.
    Except your selective with your "facts"........

    Rates are going up because card issuers know that once you get a card they can't raise the rates, so they're raising rates on the front end to ensure they get the revenue from that interest," said Beverly Harzog, credit card expert at Credit.com.
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  7. #37
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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
    Except your selective with your "facts"........

    Rates are going up because card issuers know that once you get a card they can't raise the rates, so they're raising rates on the front end to ensure they get the revenue from that interest," said Beverly Harzog, credit card expert at Credit.com.
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    Your basic premise is that your mad that credit card companies will tell you the honest interest rate rather than giving you a low interest rate and jacking it up on you after you charge money? You think it's a bad idea to make credit card companies stick to the interest rate that you agreed to rather than jacking up the rate after you charge something?

    Is that really what is upsetting you or are you just out of actual grievances and need something to complain about?
    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.

  8. #38
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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
    Except your selective with your "facts"........

    Rates are going up because card issuers know that once you get a card they can't raise the rates, so they're raising rates on the front end to ensure they get the revenue from that interest," said Beverly Harzog, credit card expert at Credit.com.
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    Here is proof:
    This was before Obama was even elected president:

    http://blogs.creditcards.com/lending-standards.gif
    Loan officers' survey: Credit card lending standards tighten sharply
    Dan Ray | August 11, 2008 | Research, regulation, industry reports

    Credit card issuers tightened lending standards sharply in July, hiking rates, slashing credit limits and getting generally stingier about how they issue cards, according to a Federal Reserve survey released Monday afternoon.

    "About 65 percent of domestic banks -- up notably from about 30 percent in the April survey -- indicated that they had tightened their lending standards on credit card loans over the past three months, and about the same fraction of respondents -- up from roughly 45 percent in the April survey -- reported having tightened standards on consumer loans other than credit card loans," according to the Fed's quarterly survey of senior loan officers.

    Substantial numbers of loan officers report their banks have become squeamish about issuing cards and have tightened credit card standards by:

    * Increasing interest rates.
    * Cutting credit limits.
    * Requiring higher minimum credit scores.
    * Tightening terms and conditions on new or existing customers.

    In addition, "...Large net fractions of banks noted that they had lowered credit limits on credit card accounts over the past three months and increased interest rate spreads on consumer loans other than credit card loans. On balance, about 35 percent of domestic banks -- up from roughly 25 percent in the April survey -- expressed a diminished willingness to make consumer installment loans relative to three months earlier."
    Percentage of banks that say they have in the past 3 months ... %
    Tightened standards for approving credit card applications. 67
    Tightened terms and conditions on new or existing cardholders 47
    Increased credit card rates 37
    Increased minimum credit card payments 10
    Increased minimum required credit score to get a card 57
    -- Source: Federal Reserve quarterly Survey of Senior Loan Officers, July 2008

    Card issuers began tightening standards in January, when 10 percent reported some form of credit tightening. The pace picked up in April, tripling to 30 percent, before doubling once more in July. The Fed report confirms multiple studies that previously had suggested a sharp cutback in credit card offer by mail.

    It isn't over, either: "Regarding credit card loans, about 60 percent of domestic respondents indicated that they expected their banks to tighten standards on these loans in the second half of 2008, and about 35 percent, on balance, thought that their banks would tighten such standards on these loans in the first half of 2009," according to the new July report.

    The changes mean that it's more important than ever for an existing credit cardholder to keep his or her nose clean by paying bills on time, paying more than the minimum and keeping credit balances -- on individual cards and in aggregate -- below 30 percent of available credit. Realize that any credit missteps are more likely to be punished, swiftly.

    Those who have bad credit or are looking to establish credit have to face the fact that terms will be worse than they were at the start of the year.
    You are wrong, but of course evidence and facts mean nothing partisan hacks like you.
    Last edited by Dirty Harry; 02-01-11 at 03:44 PM.

  9. #39
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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
    Financially and economically speaking, did the Democrat's Credit Card Act of 2009 help or hurt you?

    If we remember........The Democrat's Credit Card Act of 2009 was going to help We The People, it was going to provide the consumer with a Credit Card Bill of Rights, and levy all sorts of regulations against the evil banks and greedy credit card companies.

    Obama signed the law in May 2009.....and almost two years later we can all give testament to the statist law of Punishing Success while Rewarding Failure.......and the universal law of Government Action w/ unitneded consequences.

    Yes thanks to Democrats we all now have a Credit Card Bill of Rights........and the 59% APR that came with it.



    Personally speaking, prior to Obama's Credit Card Reform, I had credit cards with APRs as low as 1.99%. My business had lines of credit with APRs as low as 5-8%. And everday it seemed my mailbox was flooded with new offers of low priced affordable credit.

    Needless to say, those days, those reasonable offers, and low APRs are almost all gone.

    Thanks Obama.....thank you Democrats.....for all the "help".
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    You're right let's not regulate anything, can I interest you in a sub-prime mortgage.
    "Myths and legends die hard in America. We love them for the extra dimension they provide, the illusion of near-infinite possibility to erase the narrow confines of most men's reality. Weird heroes and mould-breaking champions exist as living proof to those who need it that the tyranny of 'the rat race' is not yet final." - Hunter S. Thompson

  10. #40
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    It helped me. I cancelled all my old credit cards when the rates were set to go up. Since, I have picked-up a few new ones at lower rates than before, and guess what, no fine print!!!!

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