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did you watch nbc news tonight?

Thankyou BIG government! In response to the new credit card laws the Congress and Pres. Obama put in place, credit card companies are jacking the rates of customers to maintain profitability! Even those with great credit are being hit, and they are doing it quickly to beat the start of the new law.

Will you keep your cards if they jack the rates?

 
lovinangels

Asked by lovinangels at 7:38 PM on Jul. 21, 2009 in Politics & Current Events

Level 39 (112,638 Credits)
This question is closed.
Answers (23)
  • I have no credit cards...and now an SO glad! Of COURSE this is going to happen. That's like the idiots that screamed for min wage to be increased b/c no one cal raise a family off of it....well first of all you aren't meant to raise a family on min wage......but mainly what do you think happens to the price of goods when employers are forced to give raises to the lowest on the totem pole? They RAISE PRICES to make up the difference. Then those same people STILL can't afford what they couldn't afford before!! Cause and affect!

    momof030404

    Answer by momof030404 at 7:46 PM on Jul. 21, 2009

  • Please use google or the nbc website for the article. I can't post a link on this thing, it was on the pm news.

    This is why gov and business don't mix well. I doubt congress even read the bill or thought it through. And of course the credit card companies are just thinking about profitability.
    lovinangels

    Answer by lovinangels at 7:43 PM on Jul. 21, 2009

  • Um who did not see this coming?
    tnmomofive

    Answer by tnmomofive at 7:43 PM on Jul. 21, 2009

  • We have good credit and pay our bills on time. I have heard we are the people that will probably get hit. I will get rid of my cards and start shopping around for a new one. Otherwise I guess I will go back to just using a checkbook.
    micheledo

    Answer by micheledo at 7:45 PM on Jul. 21, 2009

  • other than american express and gas cards, we haven't used credit cards in over 19 years.
    i discovered charles j. givens long before dave ramsey ever discovered the light.
    jewjewbee

    Answer by jewjewbee at 7:51 PM on Jul. 21, 2009

  • The Discover card that we have had for about 14 years has a raised rate...29.99%. We have never had a late payment and pay the balance in full each month.

    I knew it would happen. They are in business to make a profit! If you can't afford to pay what they charge you shouldn't charge more than you can pay every month. Easy credit has contributed to our economic meltdown. People don't live within their means anymore. A lot of them are going to be forced to start and it will be painful.
    yourspecialkid

    Answer by yourspecialkid at 8:03 PM on Jul. 21, 2009

  • People don't live within their means anymore. A lot of them are going to be forced to start and it will be painful.


    And this is why, our economic problems started WAY before BUSH. I remember being in college '91 and there were credit card booths everywehre. kids were signing up for a credit card just to get a free t-shirt. wtf? It has only gotten worse.... People can't blame the government. THey need to look at themselves.

    grlygrlz2

    Answer by grlygrlz2 at 8:24 PM on Jul. 21, 2009

  • The Discover card that we have had for about 14 years has a raised rate...29.99%. We have never had a late payment and pay the balance in full each month.


    THIS HAS BEEN THERE POLICY! that is the reason for the new laws....

    sweet-a-kins

    Answer by sweet-a-kins at 8:34 PM on Jul. 21, 2009

  • Well know your laws, they aren't allowed to raise your rates when you signed and agreed to a different rate. Call and complain, tell them they are violating the law, cancel your account if necessary. Don't just eat the extra interest, they are counting on you doing that.

    SRiveroC

    Answer by SRiveroC at 8:36 PM on Jul. 21, 2009

  • LOL! Oh, yeah, the poor poor credit card companies. God forbid they are held responsible for full disclosure and for things like retroactive rate hikes. Honestly, I can't believe people are jumping to the defense of credit card companies, they are doing just fine, thank you! They have been using borderline fraudulent practices and getting away with it for years, now they are being required to operate more ethically, and they are gonna cry poor. AND YOU PEOPLE ARE SWALLOWING IT! sorry about the yelling, but honestly people, do your research and don't swallow the tripe that credit card companies are giving you! Talk about gullible! Unbelievable!
    stacymomof2

    Answer by stacymomof2 at 9:18 PM on Jul. 21, 2009