• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

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

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

  • Total voters
    20
Dirty Harry said:
When they have to use credit cards to buy things they need they may be in trouble..
Click to expand...

Most of the stuff we NEED today, didn't exist 20 years ago. How did we manage in those dark days?:shock:
 
Badmutha said:
Just curious......do you have or have you ever had a mortgage?

.......were you a sucker?
.
.
.
Click to expand...

You can't seriously compare credit card debt to a mortgage.
 
Dirty Harry said:
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.
Click to expand...

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%.
 
American said:
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%.
Click to expand...

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...
 
American said:
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%.
Click to expand...

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.
 
American said:
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%.
Click to expand...

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....
 
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.

:sinking:
 
Last edited:
Dirty Harry said:
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.
Click to expand...

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.
.
.
.
.
 
Badmutha said:
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.
.
.
.
.
Click to expand...

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?
 
Badmutha said:
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.
.
.
.
.
Click to expand...

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.
Click to expand...

You are wrong, but of course evidence and facts mean nothing partisan hacks like you.
 
Last edited:
Badmutha said:
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".
.
.
.
.
Click to expand...

You're right let's not regulate anything, can I interest you in a sub-prime mortgage.
 
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!!!!
 
Badmutha said:
Of course not.....how could we compare Interest and Interest........
.
.
.
.
Click to expand...

trolling, simply trolling....if you don't have anything of substance to offer, cast your bait elsewhere.
 
tlmorg02 said:
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!!!!
Click to expand...

I just got an offer for 0% for 12 months. Can't get much lower than that.
 
DontDoIt said:
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.

:sinking:
Click to expand...
are you sure you are a conservative? do you think you have a right to an open ended loan agreement?
Credit cards are the number one issue with people having to file bankruptcy. If you can't afford to make the payments, don't incur the debt. Anybody should be able to understand that....
The really dumb ones go to payday loan companies, or those that have you sign over the title to your vehicle.

Don't they teach this stuff in high school any more? Or are we discussing this with 8th grade drop outs?
 
Dirty Harry said:
I just got an offer for 0% for 12 months. Can't get much lower than that.
Click to expand...

sure you can, if you never pay interest no matter the rate, and the card pays you 1% of your purchases annually, you MAKE money....
 
Badmutha said:
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.....
.
.
.
Click to expand...

so NOW you want government to stifle capitalism? WOW.
 
UtahBill said:
sure you can, if you never pay interest no matter the rate, and the card pays you 1% of your purchases annually, you MAKE money....
Click to expand...

That is true. I never use credit cards, just my debit/check card. I grew up in the era where you saved up your money if you wanted to buy something. I have never paid a dime of credit card interest in my life.
 
Dirty Harry said:
That is true. I never use credit cards, just my debit/check card. I grew up in the era where you saved up your money if you wanted to buy something. I have never paid a dime of credit card interest in my life.
Click to expand...

credit card companies have disparaging words for people like you and me.....all they can make off of us is what they charge the stores, and that isn't enough for those greedy terds....
 
UtahBill said:
credit card companies have disparaging words for people like you and me.....all they can make off of us is what they charge the stores, and that isn't enough for those greedy terds....
Click to expand...

They lose money sending me all those "incredible" credit card offers. I get at least 2 a day.
 
UtahBill said:
are you sure you are a conservative? do you think you have a right to an open ended loan agreement?
Credit cards are the number one issue with people having to file bankruptcy. If you can't afford to make the payments, don't incur the debt. Anybody should be able to understand that....
The really dumb ones go to payday loan companies, or those that have you sign over the title to your vehicle.

Don't they teach this stuff in high school any more? Or are we discussing this with 8th grade drop outs?
Click to expand...
This relates to my post minimally..
 
Dirty Harry said:
I just got an offer for 0% for 12 months. Can't get much lower than that.
Click to expand...

Hope you pay it off by then, cause it'll probably go up to 30%.
 
You must log in or register to reply here.
Back
Top Bottom