Regulation itself aint bad.

OVERregulation is the problem.

So when are they going to regulate late payment?

Or you could, you know, not use credit cards.

Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

yeah...just don't forget to put stamps on your bills (if you still do everything with paper). yikes. it'll take 2 weeks for the post office to figure out there aren't stamps on your letters, another week to do something about it...

unless of course you mail them from your own box and your mail carrier isn't braindead.

Call me a pessimist but where is the loop hole where we get f-ed in the A?

Swampthing in Korea: Regulation itself aint bad.

OVERregulation is the problem.

If you really think the problem in America since Bush came to town is OVERregulation...I don't know. I don't really have a snappy saying. You are just an idiot.

EPA, pollution, Superfund, Bank deregulation (Glass-Steagall act, yeah I know Clinton signed off on that one), bankruptcy "reform", CC corruption, etc. etc...

Yead, it's all that REGULATION that is killing us. Damn CEOs and companies can't turn any profit anymore.

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

Wouldn't everyone benefit if we could buy our plasmas and not be charged a usurious rate? I'm sure you have zero credit card bills, and don't even own a tv though.

/have no credit cards
//medical bills prevented me from opening an account
///Lucky not to have the shiat

um...yeah. like that'll ever get voted on. assuming that someone doesn't lobby for a loophole, the credit card companies will buy enough votes to bury the legislation.

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

The problem with that is that all credit card companies can get away with it. and worse, if you do happen to get nailed by one company because you were a day or two late, all of your other cards can be jacked up as well. Some of them will even do it if you pay a utility late. Buttholes is what they are, sir.

GOOD. credit card companies get away with murder practically! they charge higher interest rates than loan sharks and/or the mafia. ridiculous. also, the who universal default (like the headline) is such bullshiat, I don't know how or why that is even legal.

About damn time.

Wasn't the whole idea originally was that credit cards would provide a service for a reasonable fee, instead of acting like a predatory loan shark?

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

Some of us want to buy houses someday and need to use credit cards. We just want a fair and regulated contract with the banks. We don't exactly have an army of lawyers at our disposal and a team of scientists to read a contract.

Why is fairness to consumers now seen as some sort of bad thing. Why shouldn't a contract be straightforward and easy to comprehend and not full of bullshiat, unfair, insane charges that are put in legalese at the end of a 30 page contract.

I realize that everyone on fark is a lawyer or a brain surgeon but most people are not, and there needs to be a certain amount of oversight and fairness so that my grandparents and your children just starting out don't get screwed by these companies with limitless resources.

Part of the problem is everyone using the big three to gauge your Total Life Score (tm).

I'm shopping for a 9 - 12 month zero interest account so I can sweep my other balances into it. Oh, I'll pay it off, but this money is costing me money. I need to have it not cost me money.

ihatedumbpeople: yeah...just don't forget to put stamps on your bills (if you still do everything with paper). yikes. it'll take 2 weeks for the post office to figure out there aren't stamps on your letters, another week to do something about it...

unless of course you mail them from your own box and your mail carrier isn't braindead.

A few months ago I accidentally wrote the wrong zip code on my envelope for the water bill. (They don't have online pay.) Nearly a year later, I still see little notes on my canceled checks saying "1 late payment."

nfw: So when are they going to regulate late payment?

Everyone pays late once in a while. I'm sure even credit card companies do.

Credit companies are a joke about the not giving you enough time.

Raymore and Flannigan, decent cheap furniture store, I have bought some pieces from them and they will not let you pay the bill up front. I've tried. You have to use their own in house CC.

They deliver the furniture, and within a month the bill arrives. It is always dated like 16 days earlier and there is usually less than 2 weeks to have payment in. That part kills me.

If you are late the interest charges are staggering. It is a game. I usually write the check the same minute I get the bill and stick it back in the mail.

They must get people on being just a little late.


I can not reiterate how they will not let just pay the bill up front. It's weird.

There was regulation during the mortgage market MELTDOWN. How much did it help? Oh yeah, they looked the other way, and took the bribes.

/regulation doesn't work when government is at this level of corruption
//duh

lunarworks: Everyone pays late once in a while. I'm sure even credit card companies do.

I haven't. But now that I've said that, I'm sure it will come back to bite me in the ass.

But...but TEH P3RSONAL R3SPONS1BIL!TY!

ElRonHubbardsBalls: I realize that everyone on fark is a lawyer or a brain surgeon but most people are not...

Self-made millionare brain surgeon lawyers who bought their houses with cash so they have need for credit, thank you.

Now if you'll excuse me, I only have 26 minutes to bang my supermodel wife before I have to get to the gym.

ElRonHubbardsBalls: Swampthing in Korea: Regulation itself aint bad.

OVERregulation is the problem.

If you really think the problem in America since Bush came to town is OVERregulation...I don't know. I don't really have a snappy saying. You are just an idiot.

EPA, pollution, Superfund, Bank deregulation (Glass-Steagall act, yeah I know Clinton signed off on that one), bankruptcy "reform", CC corruption, etc. etc...

Yead, it's all that REGULATION that is killing us. Damn CEOs and companies can't turn any profit anymore.

I'm not a fan of this administration but I just wanted to point out that the Superfund was bankrupt before he took office. It's Congress' fault for not reauthorizing the tax that funds it. Admittedly, this President probably would have vetoed anything that has the word 'tax' in it but, I'm just saying.

/I blame Reagan...

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

Maybe lenders wouldn't extend credit to every idiot on the high street if they couldn't charge usurious rates.

The uncreditworthy being unable to get credit is a good thing - for everyone.

ElRonHubbardsBalls: Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33% but no no, you must get that new plasma TV

Some of us want to buy houses someday and need to use credit cards. We just want a fair and regulated contract with the banks. We don't exactly have an army of lawyers at our disposal and a team of scientists to read a contract.

Why is fairness to consumers now seen as some sort of bad thing. Why shouldn't a contract be straightforward and easy to comprehend and not full of bullshiat, unfair, insane charges that are put in legalese at the end of a 30 page contract.

I realize that everyone on fark is a lawyer or a brain surgeon but most people are not, and there needs to be a certain amount of oversight and fairness so that my grandparents and your children just starting out don't get screwed by these companies with limitless resources.

I don't get all the people around here who rush to the defense of massive corporations. Do they think a VP of some credit card company is going to be reading these threads and think "Hey, I like this guy. I'm going to give him a job with a seven-figure salary"?

The "universal default" policy is absolute usury, and should not be allowed under any circumstances. There's absolutely no excuse for it other than an absolute money grab. And it seems to me almost inevitable that the vast majority of cardholders will fall prey to it, even if you're careful. It's not a matter of being careless.

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33%


Name one?

Or are you saying that people shouldn't use credit cards at all, because anyone who can't pay in cash for everything without getting a loan obviously don't deserve whatever it is they wanted to do or buy?
=Smidge=

lunarworks: nfw: So when are they going to regulate late payment?

Everyone pays late once in a while. I'm sure even credit card companies do.

Thus, the lender should pay the penalty of being late "once in a while". Otherwise what's the point of a due date.

lajimi: I'm From the Government, and I'm Here to Help

Except in that case, the government got it right.

lunarworks: Everyone pays late once in a while. I'm sure even credit card companies do.

Not everyone. Once I learned how much of my credit score is based on my payment history I always made my payments on time.

CK1938: Late payment free since Uncle Bubba got his ass impeached.

Thank Jebus for online bill pay. I would be making late payments constantly. And good job FED.

Thank the gods I just paid off the $17.00 balance on my credit card, otherwise I'd really be screwed now.

Weaver95: um...yeah. like that'll ever get voted on. assuming that someone doesn't lobby for a loophole, the credit card companies will buy enough votes to bury the legislation.

It's the federal reserve, they don't need congressional approval in order to conduct monetary policy.

FTA
Yingling called the new rules "particularly perplexing," saying they'll reduce the availability of credit when the Fed is working to increase access to credit

Yingling fails to understand the federal reserve, the Fed wants people to be able to access credit, not loan sharks. If Yingling has been acting like a loan shark and it is going to cut into his profits, he's not going to get much sympathy from me.

tbernot: lajimi: I'm From the Government, and I'm Here to Help

Except in that case, the government got it the photo op right.

FTFY

Hang On Voltaire: Or maybe people shouldn't get credit cards that can jack the rate up to 33%

Good luck finding one that doesn't reserve the right to jack their rate up to at least 23%. I've always paid mine on time, so it hasn't been a problem for me, but god forbid it slip my mind or I have an emergency of some sort, or something get lost in the mail.

Credit card rates should be regulated the same way rates for other types of bank loans are. The loophole has been kept open for the sake of bank profits, but it's having a disastrous effect on our economy as a whole.

Given that it effectively costs money to switch creditors (since it is a strike on your credit rating to close and open a new account, which leads to higher interest rates) I see nothing wrong with government regulation here. In other industries, one can simply leave and do business with a competitor, but there has to be a significant opportunity cost for a consumer to eat the credit rating hit in the credit industry, so yeah, of course lenders are going to be opportunistic if they can get away with it.

I always pay my balance off every month, so the interest rate thing doesn't affect me much, but I am excited to see that they will be cracking down on the sketchy due dates. My bill is due on the 15th of every month. I used to get my statement in the mail on or around the 3rd, then it was the 5th, and it kept creeping forward until a couple of months ago it came on the 8th and was still due on the 15th. It's like these jackasses were frustrated by the fact that they weren't making a ton of money off of my account, and so attempted a little caper to swindle me into not being physically able to pay on time. If I hadn't called at biatched about it, by now my statement would be arriving on the 16th, due on the 15th.

Banks are the most disgusting, add-nothing industry in the country. They get paid to push money around in a circle. Nothing comes out the other end; not a car; not a vegetable. Nothing. It is a black hole of attention and intellectual capital.

Kuta: Except in that case, the government got it the photo op right.

So, the US government took that picture?

Smidge204:
Name one?

Or are you saying that people shouldn't use credit cards at all, because anyone who can't pay in cash for everything without getting a loan obviously don't deserve whatever it is they wanted to do or buy?
=Smidge=

Yes. That is exactly what I am saying. If you can't pay cash, don't buy it, excepting only a mortgage, and only because it would take most of your life to save up cash for a livable house. It's your life, but long term you will be able to live as if you were an entire income bracket higher if you stay out of debt.

I work for a credit card company, so i'm really getting a kick out of these replies...


No, but seriously, I do work for a credit card company, lets call them PURSUIT. We actually stopped doing this (its called an adverse action reprice) after the congressional trials where we were questioned about it (read: 2 months ago.)

The sad thing is that none of this matters. they can still jack your interest rate up to anything they want.

You see theres an interesting piece of commonlaw called "The Monroe Doctrine" which comes in handy for the banks.

First off, you ever notice how B of A, Cha...um, PURSUIT, Wachovia, and even WASHINGTON mutual are all based out of Wilmington, Delaware? The reason is that Delaware has no Usury laws.

For those of you who deal in cash only, Usury is the practice of charging exorbitant, unfair interest rates.

So in Wilmington, Delaware, you can be charged 200% interest and all you can say is " THANK YOU SIR, MAY I HAVE ANOTHER?"

Now, this is where the monroe doctrine comes in.

Some asshole (named Monroe, one would assume) said that credit card interest rates, loans, etc are all "products" and as such should be able to be exported, based on the laws in the state where the "product" is "manufactured" The courts agreed. This means that, yes, all you mouthy bastards from Kentucky, your state has set a Usury law prohibiting charging interest more than 25%, But since we're "importing", you be farked.

And Yes, North Carolina, I know your state said 20% is the limit, but you can thank Good ole delaware, and a certain (mister, i'd bet) monroe for your troubles, b/c 29.99% is coming for ya, and its all out of lube.


GOD i hate my job.

s/lender/lendee

son of a biatch, change every mention of the word "Monroe" in my post to "Marquette"

Crocodilly_Pontifex: I work for a credit card company, so i'm really getting a kick out of these replies...


No, but seriously, I do work for a credit card company, lets call them PURSUIT. We actually stopped doing this (its called an adverse action reprice) after the congressional trials where we were questioned about it (read: 2 months ago.)

The sad thing is that none of this matters. they can still jack your interest rate up to anything they want.

You see theres an interesting piece of commonlaw called "The Monroe Doctrine" which comes in handy for the banks.

First off, you ever notice how B of A, Cha...um, PURSUIT, Wachovia, and even WASHINGTON mutual are all based out of Wilmington, Delaware? The reason is that Delaware has no Usury laws.

For those of you who deal in cash only, Usury is the practice of charging exorbitant, unfair interest rates.

So in Wilmington, Delaware, you can be charged 200% interest and all you can say is " THANK YOU SIR, MAY I HAVE ANOTHER?"

Now, this is where the monroe doctrine comes in.

Some asshole (named Monroe, one would assume) said that credit card interest rates, loans, etc are all "products" and as such should be able to be exported, based on the laws in the state where the "product" is "manufactured" The courts agreed. This means that, yes, all you mouthy bastards from Kentucky, your state has set a Usury law prohibiting charging interest more than 25%, But since we're "importing", you be farked.

And Yes, North Carolina, I know your state said 20% is the limit, but you can thank Good ole delaware, and a certain (mister, i'd bet) monroe for your troubles, b/c 29.99% is coming for ya, and its all out of lube.


GOD i hate my job.

Anyone else get the feeling this guy works for Chase?

ElRonHubbardsBalls: Why is fairness to consumers now seen as some sort of bad thing. Why shouldn't a contract be straightforward and easy to comprehend and not full of bullshiat, unfair, insane charges that are put in legalese at the end of a 30 page contract.

When did it happen that consumers should expect to be ripped off and conned? Used to be, you did business with someone, they did what they were supposed to do, you paid for it, and everybody was happy. Nowadays, every business is looking to hit you with hidden costs, extra charges, crappy merchandise, and nickel and dime bullshiat added on everywhere that you can never, ever get rid of. And we just bend over and take it because everybody does it. Our only wish is to do business with the company that is going to rip us off the least.

If there's anything that makes me want to live in a cave, it's doing business with anyone today.

/Just got back my "repaired" computer.
//It's still broken.
///Apparently it's my fault this time.

I'm going to get this ball rolling by ignoring all the good points made on both sides here, and just go ahead and call submitter a troll.

Nanny states RULE!

Pay your bills on time and if you don't and you have to pay
1. Suck it up
2. Find another credit card if you don't like their rates and rules
3. STFU

Um, and how exactly is it bad for Elian to be in the custody of his father and away from his crazy cousins who were milking his fame for their own manic glory?

ihatedumbpeople: Anyone else get the feeling this guy works for Chase?

Chase What Matters.

Tommy Moo: Yes. That is exactly what I am saying. If you can't pay cash, don't buy it, excepting only a mortgage, and only because it would take most of your life to save up cash for a livable house.

Don't forget education, too. Unless you're also planning on saving your paychecks from McDonalds until you can afford to pay cash for college. Or have their mummy and daddy pay for it...


Of course, with your reliance on cash, good luck actually getting a mortgage. With no credit history, you're looked at no differently than a parasite to the banks.

Jacobin: Um, and how exactly is it bad for Elian to be in the custody of his father and away from his crazy cousins who were milking his fame for their own manic glory?

I always get a kick out of that photo--because the relatives planted photographers in the house for the express purpose of getting a shot like that, so they could carry on some more about the evil U.S. government.

I sure it was much more beneficial for Elian to be traumatized by a federal raid, than just allowing him to go live with his father.

Lamune_Baba: Tommy Moo: Yes. That is exactly what I am saying. If you can't pay cash, don't buy it, excepting only a mortgage, and only because it would take most of your life to save up cash for a livable house.

Don't forget education, too. Unless you're also planning on saving your paychecks from McDonalds until you can afford to pay cash for college. Or have their mummy and daddy pay for it...


Of course, with your reliance on cash, good luck actually getting a mortgage. With no credit history, you're looked at no differently than a parasite to the banks.

Fail. I haven't had a credit card since 1998 and I had no problem getting a mortgage.

Lamune_Baba:
Of course, with your reliance on cash, good luck actually getting a mortgage. With no credit history, you're looked at no differently than a parasite to the banks.

A friend of mine in California couldn't even rent an apartment because he didn't have a credit history. He lived cheaply, used cash for everything. His reward? He couldn't find a place to live.