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No mare taking up the butt from credit card companies?

New credit card regulations most are already effective this past summer the rest will be effective next month.


1. Retroactive rate increases.
2. More advance notice of rate hikes.
3. Fee restrictions.
4. Restricts marketing and issuance to students.
5. Ends double-cycle billing.
6. Fairer payment allocation.
7. More time to pay.
8. Gift card protections.

http://www.fdic.gov/Consumers/consumer/news/cnsum09/newlaw.html

http://www.bankrate.com/finance/credit-cards/8-major-benefits-of-new-credit-card-law-1.aspx

http://www.creditcards.com/credit-card-news/obama-signs-credit-card-law-1282.php

Read, they have made some HUGE changes. I work at a bank and this is all for the better. You have no idea how much banks screw people over and how many people maxed out their cards and are barely making the minimum, which the minimum is usually just the previous mo

Answer Question
 
viridian

Asked by viridian at 8:08 AM on Jan. 7, 2010 in Politics & Current Events

Level 2 (10 Credits)
Answers (11)
  • *previous months interest plus 5% of the balance
    viridian

    Answer by viridian at 8:09 AM on Jan. 7, 2010

  • While I agree that these regulations are needed & long overdue I don't think it address the underlying greed that got us into this mess to begin w/. I've heard that in response to these new regulations banks are going to start adding new fees to their credit cards like an inactivity fee. I know that before these regulations go into effect that the credit card companies are SCREWING as many ppl as they can. Our interest rate went from 4.9% to 23.99% no late payments or over the limit problems. We were informed that they may consider working w/ us after the new regulations are in place but since that's 2 mo of paying $400 instead of $100 we are now behind & can't make our payment. Instead of giving everyone time to figure out how they're going to screw all of us the new regulations should be implemented IMMEDIATELY!!!!! Until banks start to care about their customers as ppl we will continue to have these problems.
    Nyx7

    Answer by Nyx7 at 8:33 AM on Jan. 7, 2010

  • Oh yeah without a doubt, I see it everyday. I work at a bank that has millions of credit card customers and I have no idea why even most of these people got approved for the cards are why they increased their limits. But, fight with you creditor to the fullest extent, if they had no reason to raise your rate then they shouldn't have. Call the number on the back of your card and ask for a manager right away. .

    I really like the regulation that if you are under 21 you have to prove your income or have a co-signer or you won't get approved. Because honestly, i have seen 19 and 20 year olds with two or there maxed out cards and almost $10k in debt, and are delinquent .
    viridian

    Answer by viridian at 8:39 AM on Jan. 7, 2010

  • We got a Sears card when we were first married and they had such awful interest rates and took SO long to pay off that I was cured of credit cards forever. We have none. Just a bank credit card :) You can live without em!

    momof030404

    Answer by momof030404 at 8:57 AM on Jan. 7, 2010

  • Wow, I had no idea the credit card companies were screwing the horses too! Those mares really need to take a stand!

    Sorry, I couldn't resist, I know it was just a typo, but it gave me a good chuckle this morning so thanks :)
    Anonymous

    Answer by Anonymous at 9:14 AM on Jan. 7, 2010

  • After they jacked up our interest rates by 2-5% of course..
    Anonymous

    Answer by Anonymous at 9:29 AM on Jan. 7, 2010

  • Too bad they have raised everyone's rates in the last few months before this could kick in. Both myself and my father got letters from different cards telling us our rates had beed raised to 27%, My father always pays off his total balance, on time, every month. Why in the hell would they double his rate?
    Anonymous

    Answer by Anonymous at 10:04 AM on Jan. 7, 2010

  • I think some of these measures are good. Unfortunately, they failed to address the rates...how much % rates could go up ect... I am afraid the new measure will only raise rates. I feel bad for people that carry a balance and get their rate hiked up big time. This being said, if you only charge what you can pay each month this won't be a problem. People should only charge what they can pay in a given month.
    yourspecialkid

    Answer by yourspecialkid at 10:09 AM on Jan. 7, 2010

  • My mares are not allowed to have credit cards. But the CC companies do need reigned in.
    Carpy

    Answer by Carpy at 10:10 AM on Jan. 7, 2010

  • LOL Carpy!
    tyme4me2day

    Answer by tyme4me2day at 10:48 AM on Jan. 7, 2010

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