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?

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    Did the Democrat's Credit Card Act of 2009 help or hurt you?

    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.

    Credit card interest rates hover near record highs of 15% - Jan. 28, 2011

    Credit card rates at record highs near 15%

    NEW YORK (CNNMoney) -- Interest rates are now hovering near record highs, at an average rate of 14.72%. And if your credit is bad enough, you could even end up with a rate as high as 59.9% APR.

    That's because while the CARD Act helped crack down on certain fees and requires more disclosures, it didn't cap every credit card holder's worst enemy: interest rates.

    Sure, the new rules prevent banks from raising most interest rates retroactively, but there's no limit on the rates they can charge new customers.

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

    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.
    Last edited by Dirty Harry; 01-29-11 at 05:09 PM.

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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 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.
    Well dont let the facts get in the way.........

    Credit card interest rates hover near record highs of 15% - Jan. 28, 2011

    "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.

    Never let a crisis go to waste you know.....
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    Re: Did the Democrat's Credit Card Act of 2009 help or hurt you?

    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.
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

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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.
    .....well was that the only thing? How those rising APRs treating you Chappy?

    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.
    Protection for the Irresponsible........Punishment for the Responsible........tis the liberal way.....
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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 dont let the facts get in the way.........


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    You sure did. One would have to be a complete fool to believe the credit card law led to the increase in rates. The higher risk of credit cards and more defaults during hard times caused it.
    Rates for people with excellent credit have dropped significantly.
    Last edited by Dirty Harry; 01-29-11 at 05:28 PM.

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

    I don't own a credit card, so it did not affect me.
    When the debate is lost, slander becomes the tool of the loser. -Socrates
    Tired of elections being between the lesser of two evils.

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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
    You sure did. One would have to be a complete fool to believe the credit card law led to the increase in rates. The higher risk of credit cards and more defaults during hard times caused it.
    Rates for people with excellent credit have dropped significantly.
    I have perfect credit....almost 100 lines of credit....and my APRs didnt change much after the recession hit. But my how they began to rise once Democrats passed their Credit Card Act.......

    ........lets blame it all on the recession.......and not let this crisis go to waste.......especially for the willfully ignorant.
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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
    I have perfect credit....almost 100 lines of credit....and my APRs didnt change much after the recession hit. But my how they began to rise once Democrats passed their Credit Card Act.......

    ........lets blame it all on the recession.......and not let this crisis go to waste.......especially for the willfully ignorant.

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    The credit card companies took a beating after the recession began. That is why rates were raised. They have to make a profit too. The law had nothing to do with it. It just dishonest political spin.
    Your rates went up to pay for the deadbeats.

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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 took a beating after the recession began. That is why rates were raised.
    .....and your basing this contention on what?

    They have to make a profit too. The law had nothing to do with it. It just dishonest political spin.
    Your rates went up to pay for the deadbeats.
    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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