You'd think that the dimwits in congress could figure this kinda shiat out. But then again maybe they just did read the bill before they voted on it.

What does this mean for the average consumer who can't restrain themselves from buying stupid crap?

Anyone got a good "No Duh" graphic for this?

Congress should repeal the Federal Arbitration Act.

It's almost like the term "collateral damage" is foreign to congress, especially this congress.

Whatever. It's just usury anyway. Racking up exorbitant credit care debt is self flagellation. You're paying them to fark you.

Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

5% balance transfer fee? That's a good one. I'll have to remember that the next time they try to get me to transfer something in (not that I have any balances)

/If you have to finance it (other than a house), you can't afford it.

Welfare Xmas: You'd think that the dimwits in congress could figure this kinda shiat out. But then again maybe they just did read the bill before they voted on it.

what would you have them do differently?

I think the law is inadvertently good. No, I don't think the government should regulate credit cards, BUT by doing so it'll have the auxiliary effect of limiting how much credit is issued(by limiting how attractive giving credit is). That unintended effect will actually be a positive.

Americans have taken on too much debt, a large portion of which is to buy depreciating consumer goods, and now we will be protected from ourselves.

Got a problem with this? STOP CARRYING A BALANCE ON YOUR CREDIT CARD!!

My 780 credit score and I are concerned.

Gosh, am I glad I paid off both my credit cards. Carrying zero balance FTW!

you know, i sometimes wonder if the credit card companies were friendlier when they were called mobsters.

/would take an ass-whooping over a bad credit score any day.

This is probably minor short-term FAIL, but long-term WIN.

What, you think if the law hadn't passed, that the credit card company wasn't going to hike rates sooner or later? More likely sooner?

I would put the blame on the people doing these insane hikes not on congress.

Does anyone really believe that Congress did not know that this would happen? Why do you think the delay was written into the law in the first place?

GoldSpider: Got a problem with this? STOP CARRYING A BALANCE ON YOUR CREDIT CARD!!

I'm clearing all my debt this month. It'll be nice not having to worry about it anymore.

poot_rootbeer: This is probably minor short-term FAIL, but long-term WIN.

What, you think if the law hadn't passed, that the credit card company wasn't going to hike rates sooner or later? More likely sooner?

No, no, you don't understand. The credit card companies want to keep their interest rates as low as possible out of the goodness of their hearts. It's only because that evil, evil congress told them that they couldn't raise them in the future that they just had to raise them now because...uh, because...can somebody more practiced in whaaargaarble help me here?

some have had to use cards for emergencies its not always to flaunt. When gas prices were at their highest i needed to charge most of the gas (for freakin months). when the shiat state of Florida wouldn't let me pay my raised property taxes in payments i had to charge it. and thats not including shiat that went up that i didn't charge to the card.

poot_rootbeer: This is probably minor short-term FAIL, but long-term WIN.

I'm thinking the same thing.

Besides, just get another card with a better interest rate if your bank jacks it up.

archevilangel: No, I don't think the government should regulate credit cards

Ok, I'll bite, why?

You know, there's an old saying that you can't legislate morality. Well, you can't legislate not being a stupid dumbass either.

Yeah, no point in trying to regulate anything, they'll just get around it. And why are we still arresting people for murder? Didn't OJ show they just get away with it? It's a waste of taxpayer money, I say.

KiwDaWabbit: What does this mean for the average consumer who can't restrain themselves from buying stupid crap?

Try not to lose your job after extended reduced hours drained what little savings you had? Also, drop your kid off before the daycare opens so you can get to work on time. I forgot to do that last part and got fired.

rohar: archevilangel: No, I don't think the government should regulate credit cards

Ok, I'll bite, why?

That kind of information is private. If the bank thinks you should have a loan (based on your credit history) then fine, but this is another way of the government interfering.

Cat Food Sandwiches: You know, there's an old saying that you can't legislate morality. Well, you can't legislate not being a stupid dumbass either.

True but you can legislate not giving a stupid dumbass a gun or a driver's license because it affects more than them alone. Credit does not happen in a vacuum. These dumbass people are still affecting the angels among you with Dave Ramsey tattoos on your foreheads whether you like it or not.

It also helps to be a spinelss mexican.

If you didn't see this coming you too can hold public office!

godofusa.com: rohar: archevilangel: No, I don't think the government should regulate credit cards

Ok, I'll bite, why?

That kind of information is private. If the bank thinks you should have a loan (based on your credit history) then fine, but this is another way of the government interfering.

You simply restated what the previous farker said, government shouldn't... I'll ask again, why shouldn't the government regulate the credit card industry.

/did I miss one of this week's talking points?

archevilangel I think the law is inadvertently good. No, I don't think the government should regulate credit cards, BUT by doing so it'll have the auxiliary effect of limiting how much credit is issued(by limiting how attractive giving credit is). That unintended effect will actually be a positive.

My husband came from Britain with a ridiculously high credit rating. He moved here, and since he's not a citizen yet, no credit card company will give him a card- NO ONE. We've gone to at least 5 banks. He has a steady work history both here and back in the UK, and still, nothing. So... dammit, and all.

FTA:Charles Chichester Jr., a 65-year-old retired U.S. Postal Service employee who lives in Fairfax County, was trying to pay off his credit card soon but now fears he will be unable to do so at all. He received a letter from Chase, he said, notifying him that his $373 minimum monthly payment would increase to more than $900.

WHOAH!

The $373 was already shocking for a monthly payment imo!

I sense non payment in Chase bank's future... then they'll sell it off to some bill collector who will also never be payed...

Everyone wins...

imo.

rat_brain_flies_plane I sense non payment in Chase bank's future... then they'll sell it off to some bill collector who will also never be payed...

Everyone wins...

I used to work in the legal department for a large debt collection agency, and my father's a constable.

Trust me. They get paid.

fifthhorseman: Anyone got a good "No Duh" graphic for this?

So...it is Congress's fault that credit card companies are unscrupulous chislers and should have done nothing because obviously these companies wouldn't raise rates if Congress didn't tell them they couldn't.

FTFA: "Banks have been hit with a record number of charge-offs, or debts they give up on because the borrowers have no way of paying them back. In June, credit card losses hit a record 10.44 percent, according to Fitch Ratings"

Something tells me that interest rates and transfer fees are not the root cause of this.

GoldSpider: Got a problem with this? STOP CARRYING A BALANCE ON YOUR CREDIT CARD!!

I would say 'This', but many small businesses carry a balance.

I have at least 3 friends with small businesses who would be out of business right now if they couldn't carry a balance for a few months.

well i would assume that credit card holders are more than aware and ready to pay all premiums, annuals and whatever interest rates the banks come up with because after all, you applied for the card.
or are you living above your means?
maybe it's time to re-evaluate what you make and what you spend then act accordingly.

Sabyen91: So...it is Congress's fault that credit card companies are unscrupulous chislers and should have done nothing because obviously these companies wouldn't raise rates if Congress didn't tell them they couldn't.

Right, which is why none of them have raised their rates in 30 years until this dastardly congress told them they couldn't.

RemyDuron: Yeah, no point in trying to regulate anything, they'll just get around it. And why are we still arresting people for murder? Didn't OJ show they just get away with it? It's a waste of taxpayer money, I say.

You're burning the industrial sized straw man today.

vernonFL: I have at least 3 friends with small businesses who would be out of business right now if they couldn't carry a balance for a few months.

There's better options than credit cards. A small business with a good business model need to hook up with a bank, not a credit card.

Doesn't this just prove that every criticism and accusation of unscrupulousness in business practices that Congress directed towards credit card companies was CORRECT?

The difference between this law passing and it not passing is that now, the increase in interest rates will eventually have to STOP.

Pechorin: RemyDuron: Yeah, no point in trying to regulate anything, they'll just get around it. And why are we still arresting people for murder? Didn't OJ show they just get away with it? It's a waste of taxpayer money, I say.

You're burning the industrial sized straw man today.

That's not a straw man. If you want to accuse something, choose false equivalence, or bad analogy, or something else that makes more sense. But, then, I tend to agree with his sarcastic parallel -- it seems rather apt.

godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

No, but as I found out, NOT having a credit card means you can't buy a car or a house. As I later found out, not USING a credit card once you have it also means no car or house. Being responsible with your money does not necessarily mean you are rewarded by your bank. The whole consumer economy revolves around credit and people being deep in it.

rohar: godofusa.com: rohar: archevilangel: No, I don't think the government should regulate credit cards

Ok, I'll bite, why?

That kind of information is private. If the bank thinks you should have a loan (based on your credit history) then fine, but this is another way of the government interfering.

You simply restated what the previous farker said, government shouldn't... I'll ask again, why shouldn't the government regulate the credit card industry.

/did I miss one of this week's talking points?

Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

RemyDuron: why are we still arresting people for murder? Didn't OJ show they just get away with it? It's a waste of taxpayer money, I say.



Marcia Clarke and Chris Darden wasted that money.

Look this is the free market. The fact is that before this bill was passed they had the right to do this. You signed the contract that said so. If you don't like it pay of the card and tell them to fark off.

coco ebert: No, but as I found out, NOT having a credit card means you can't buy a car or a house. As I later found out, not USING a credit card once you have it also means no car or house. Being responsible with your money does not necessarily mean you are rewarded by your bank. The whole consumer economy revolves around credit and people being deep in it.

There are plenty of banks that will lend you money with out a credit card history.

Recommended watching, especially for morons with attention spans unable to handle more than a bumper sticker's worth of info.



/Hot like a... something.

Pechorin: RemyDuron: Yeah, no point in trying to regulate anything, they'll just get around it. And why are we still arresting people for murder? Didn't OJ show they just get away with it? It's a waste of taxpayer money, I say.

You're burning the industrial sized straw man today.

True, probably not the right thread for that argument, but it's a sentiment that pops up a lot in discussions of government regulation.

This thread is still asinine, people blaming congress because the credit card companies are acting like assholes.

Thongress.

coco ebert: godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

No, but as I found out, NOT having a credit card means you can't buy a car or a house. As I later found out, not USING a credit card once you have it also means no car or house. Being responsible with your money does not necessarily mean you are rewarded by your bank. The whole consumer economy revolves around credit and people being deep in it.

but thats not the whole problem. they sell you a credit card with a life rate of say 8%. you run up 2000 bucks worth of stuff. then they send you a "we're changing the agreement" notice after you've had the card "now if you are late on any other card, or carry a balance, we are going to change it to 19.99 and if you are late on anything, not even this card, we are going to jack you to 35%.

thats dirty, and dont give me the just dont use credit crap, changing the game after it started is not ethical.

Yea, I pay off my credit cards (3 of them) every month. The I read that doing so is bad for my credit. One of the cards I keep empty unless it's an emergency of some kind. Then I read keeping a 0 balance is bad for my credit. Then I got news that my Master Card interest rate was going up to over 20%. I went to cancel the card, but read that doing so would be bad for my credit. It seems that being responsible with credit cards can be bad for your credit. Huh?

The Credit "score" system is asinine.

Who is John Galt?

I'm sorry but 29% is insane. Most people get these 3-9% offers, then get credit on it, for them to suddenly get jacked up to 29% is INSANE. Seriously.and OMG they are losing 10% so they need 29% to survive? Uhmmmm....no.

There is making a profit, and there is screwing the public over by having the right to change the deal in unexpected ways. Who really expects their payment to triple when they are paying on time as agreed?

Heck-who honestly expects it to triple if you are a day late?

Even loan sharks are more honest. if you fail to pay the consequences are X. and X doesn't change suddenly if you are making your payments on time as agreed.

If the loan shark loans you 1,000, and you agree to make 8 weekly payments of $200, 6 weeks later when you are making your payment on time he doesn't tack on an extra payment, and break your left leg. You just make 2 more payments and he thanks you for your business.

coco ebert: No, but as I found out, NOT having a credit card means you can't buy a car or a house. As I later found out, not USING a credit card once you have it also means no car or house. Being responsible with your money does not necessarily mean you are rewarded by your bank. The whole consumer economy revolves around credit and people being deep in it.

ITS A

Bought my first house without ever having a credit card. Didn't know what my credit score was then and I still don't. Didn't affect me then and it doesn't affect me now.

coco ebert: godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

No, but as I found out, NOT having a credit card means you can't buy a car or a house. As I later found out, not USING a credit card once you have it also means no car or house. Being responsible with your money does not necessarily mean you are rewarded by your bank. The whole consumer economy revolves around credit and people being deep in it.

Bullshiat. That's why you rent and SAVE. SAVE SAVE SAVE!

Then you can put down $100,000 on a $125,000 house (or hell, the house will be 100k with the way the real estate will continue to plummit) and you are rewarded for your savings.

Easy access to credit is what caused this problem, especially for people who had no way of paying loans back. Thanks, Fwank!

thats dirty, and dont give me the just dont use credit crap, changing the game after it started is not ethical.

Ethics ain't got nothing to do with it.
Legality is all that matters now.

hinten: Who is John Galt?

A farking made up character that lives in a farking fantasy world created by a crazy biatch who did not understand the difference between a market system and a power structure.

hinten: Who is John Galt?
A character in a novel that's about as poorly crafted as the half assed philosophy it excretes. Pseudo-intellectuals love to quote it.

Tell your friends, tell your dad, tell your mom.

sven_kirk: Ethics ain't got nothing to do with it.
Legality is all that matters now.

At least according to the Christian Conservatives

DaSwankOne: hinten: Who is John Galt?

A farking made up character that lives in a farking fantasy world created by a crazy biatch who did not understand the difference between a market system and a power structure.

This is also correct.

miltonbabbitt: Yea, I pay off my credit cards (3 of them) every month. The I read that doing so is bad for my credit. One of the cards I keep empty unless it's an emergency of some kind. Then I read keeping a 0 balance is bad for my credit. Then I got news that my Master Card interest rate was going up to over 20%. I went to cancel the card, but read that doing so would be bad for my credit. It seems that being responsible with credit cards can be bad for your credit. Huh?

The Credit "score" system is asinine.

Sorry - but that is incorrect. It is true that there are many credit card companies that would label you as a "deadbeat" (one who pays off their card and does not have to pay any interest) but it does not cause your credit score to drop. I have a score of 822 and I pay off my cards on a monthly basis - balances of $5-$10K each month. I use the cards as part of my business, but, they are all under my name.

Your statement about closing a card is partially true, but only in the short term. The credit score is calculated by the total amount of credit you have, less the amount that you owe, add in over due balances, bankruptcies, plus some stuff they pull out of their a$$ and that is the credit score.

Greywar: I'm sorry but 29% is insane. Most people get these 3-9% offers, then get credit on it, for them to suddenly get jacked up to 29% is INSANE. Seriously.and OMG they are losing 10% so they need 29% to survive? Uhmmmm....no.

There is making a profit, and there is screwing the public over by having the right to change the deal in unexpected ways. Who really expects their payment to triple when they are paying on time as agreed?

Heck-who honestly expects it to triple if you are a day late?

Even loan sharks are more honest. if you fail to pay the consequences are X. and X doesn't change suddenly if you are making your payments on time as agreed.

If the loan shark loans you 1,000, and you agree to make 8 weekly payments of $200, 6 weeks later when you are making your payment on time he doesn't tack on an extra payment, and break your left leg. You just make 2 more payments and he thanks you for your business.

I sure hope so; they are after all the ones who will likely benefit most from this legislation.

Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

I would suggest Americans boycott these banks, but most Americans would rather kill their own mothers than drop a line of credit.

jdetweiler:

thats dirty, and dont give me the just dont use credit crap, changing the game after it started is not ethical.

One might argue that it was all written into the agreement before you signed it.

That doesn't mean it isn't entirely retarded or irresponsible.

People should be responsible and lenders ethical.

Right now all these crazy fees and rate hikes are driving people further into debt and it truly punishes those ethical customers who want to be honorable and try to keep paying their bills despite rate hikes and late fees.

It's funny because logically wouldn't most of the ridiculous fees lenders collect come from people who DO want to pay off their debts...? So in the end the consumer is punished for pretty much just trying to do the right thing when no leeway is expected on the lenders end...

Not to mention some agreements allow them to jack up a person's rates even when they've always made payments on time...

I dunno... I just feel like... Don't dangle the carrot on the stick and then blame the donkey for chasing it... Everyone knows that people want new shiny things... people who like to make money are EXCEPTIONALLY well aware of this.

The lenders pretend to be charitable but they know EXACTLY what they are doing and who they are lending money to.

and

SHOULDN'T a FINANCIAL INSTITUTION know MORE about handling MONEY than nearly everyone else? You'd think they'd be more sensible regarding who they lend their money to.

I don't feel sorry for the lenders at all and I think its idiotic that people simply place all the blame upon the people who accept the loans.

They know exactly what they are doing by "making credit so widely available" and then they cry about how they've been victimized when really all they want to do is rape every paying customer with rate hikes and fees.

NO SYMPATHY FOR THE LENDERS imo.

godofusa.com: rohar: godofusa.com: rohar: archevilangel: No, I don't think the government should regulate credit cards

Ok, I'll bite, why?

That kind of information is private. If the bank thinks you should have a loan (based on your credit history) then fine, but this is another way of the government interfering.

You simply restated what the previous farker said, government shouldn't... I'll ask again, why shouldn't the government regulate the credit card industry.

/did I miss one of this week's talking points?

Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").


Um, we're not talking about your money, it's the cc companies' money. People are just borrowing it. Nice try though.

Hmm, it's almost as if the credit card companies are engaging in commerce. Some might say that commerce is interstate. I'm pretty sure I read something about that somewhere. I wonder where that could be...

You do know that if the bank raises your rate, they are required to notify you in writing and you can cancel your card and keep the rate?

Of course you don't have a credit card anymore but if your credit score is good, you can find a lower interest rate.

I canceled my Capital One card when they jacked me up to 29%, DESPITE having a 700+ credit score, NEVER missing a payment, and NOT carrying a balance for most of the card's life....until just before I cancelled it.

Still, I did the math and if I paid the minimum at 29% I'd be paying for another 2 years and an extra $3000 on the $1200 balance that I had. That's enough to make your butt hurt

portscanner:
Sorry - but that is incorrect. It is true that there are many credit card companies that would label you as a "deadbeat" (one who pays off their card and does not have to pay any interest) but it does not cause your credit score to drop. I have a score of 822 and I pay off my cards on a monthly basis - balances of $5-$10K each month. I use the cards as part of my business, but, they are all under my name.

Your statement about closing a card is partially true, but only in the short term. The credit score is calculated by the total amount of credit you have, less the amount that you owe, add in over due balances, bankruptcies, plus some stuff they pull out of their a$$ and that is the credit score.

Thanks for the tip. I didn't mean to imply I believed everything I read about credit scores, just that it was all so complex and confusing it seemed like a useless system. Regardless, I still sleep better knowing I'm balance-free from month to month so I continue to pay as I go.

John Galt

The point is that it is naive to think that Congress can really do something effective to shape a multi-billion dollar business in a way that will result in actually cost savings to the consumer.

I am not fatalistic about regulation of this industry but not for the purpose of 'saving money'. More regulation for disclosure of actual cost structure per annum for consumers, clear disclosure of fees, etc. Ultimately, an educated consumer will make the right decision with the right consequences to the comapanies that are abusive. This has and always will work better than trying to regulate pricing itself.

No other meaning was implied but thanks for proofing your own point about pseudo intellectuals.

fifthhorseman: Anyone got a good "No Duh" graphic for this?




nope

miltonbabbitt: portscanner:
Sorry - but that is incorrect. It is true that there are many credit card companies that would label you as a "deadbeat" (one who pays off their card and does not have to pay any interest) but it does not cause your credit score to drop. I have a score of 822 and I pay off my cards on a monthly basis - balances of $5-$10K each month. I use the cards as part of my business, but, they are all under my name.

Your statement about closing a card is partially true, but only in the short term. The credit score is calculated by the total amount of credit you have, less the amount that you owe, add in over due balances, bankruptcies, plus some stuff they pull out of their a$$ and that is the credit score.

Thanks for the tip. I didn't mean to imply I believed everything I read about credit scores, just that it was all so complex and confusing it seemed like a useless system. Regardless, I still sleep better knowing I'm balance-free from month to month so I continue to pay as I go.

"...complex and confusing..." the purpose is to make it that way as much as possible so the credit reporting companies can make as much money as possible having you chasing a goal that you have NO idea how to obtain.

But I agree with you about sleeping well. I sleep well also.

portscanner: Your statement about closing a card is partially true, but only in the short term. The credit score is calculated by the total amount of credit you have, less the amount that you owe, add in over due balances, bankruptcies, plus some stuff they pull out of their a$$ and that is the credit score.

A big part of that is also the length of your credit history. If Mr X has a only three credit cards, one for 10 years (w/$5K credit line @28%), another for 5 (with a $10K credit line @14%) and the other for 2 (w/$5,000 @17%, then cancels his 10 year credit card, suddenly he loses 25% of his ability to borrow plus his longest credit history item. This can drop Mr X's score by a very large percent. "For a short while" is, unfortinately, relative.

Unfortunately the entire system is designed to punish liabilities and non-producers. If you, as an investment, produce no return (meaning you're responsible and pay everything cash) then you are punished by the system. Problem is that even if you ARE a good investment, one faulty move (whether or not it's your fault is inconsequential to the equation) and now you're a liability and deserve to be punished by the system.

The system is VERY good for investors, VERY precarious for investments.

DaSwankOne: A farking made up character that lives in a farking fantasy world created by a crazy biatch who did not understand the difference between a market system and a power structure.

Sounds like TRW to me.

godofusa.com: Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

Are you actually under the impression that passing legislation to regulate the credit card industry means that the government suddenly has access to all your monthly statements?

brainiac-dumdum: ...but most Americans would rather kill their own mothers than drop a line of credit.



that is because their moms are all WHORES!!!!

Thrag: godofusa.com: Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

Are you actually under the impression that passing legislation to regulate the credit card industry means that the government suddenly has access to all your monthly statements?

No. I'm saying they are overstepping their boundaries. Again.

Thrag: godofusa.com: Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

Are you actually under the impression that passing legislation to regulate the credit card industry means that the government suddenly has access to all your monthly statements?

Given how badly our government understands fiscal systems of any sort (including our own) I doubt they'd know what the hell they were looking at.

archevilangel: I think the law is inadvertently good. No, I don't think the government should regulate credit cards, BUT by doing so it'll have the auxiliary effect of limiting how much credit is issued(by limiting how attractive giving credit is). That unintended effect will actually be a positive.

Americans have taken on too much debt, a large portion of which is to buy depreciating consumer goods, and now we will be protected from ourselves.

Kinda what I was thinking. In reality card companies are being extremely stupid. Anything that makes Americans think before charging is going to hurt them in the long run.

1derful: A character in a novel that's about as poorly crafted as the half assed philosophy it excretes. Pseudo-intellectuals love to quote it.

Too true. Considering Marx and Rand are economic philosophers, whose ideas have f*ck-all in common in the real world, they are both failure.

hinten:

More regulation for disclosure of actual cost structure per annum for consumers, clear disclosure of fees, etc. Ultimately, an educated consumer will make the right decision with the right consequences to the comapanies that are abusive. This has and always will work better than trying to regulate pricing itself.



QFT

This would be a good way to do it.

crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

godofusa.com: No. I'm saying they are overstepping their boundaries. Again.

But you keep saying things like "Because my money (or spending habits) are not the business of the government."

What does that have to do with the topic of regulation limiting rate increases? How is this kind of regulation overstepping the bounds of government? Does the government not have the constitutional role of regulating interstate commerce?

If you view this regulation of rate increases as unconstitutional, are you similarly against usury laws? Is any regulation of financial industries acceptable?

godofusa.com: Then you can put down $100,000 on a $125,000 house (or hell, the house will be 100k with the way the real estate will continue to plummit) and you are rewarded for your savings.

Once you have a house, you really don't need credit cards, car payments or student loans to get a good rating. And you can still get FHA financing with a 640 score. That's not terribly difficult to get, but I don't know if you can actually get a score that high if you have no credit. But that's really a non-issue if you have parents that can lend you their score. Of course, a lot of Greatest Generation farmers who retired 10 - 20 years ago were screwed when they left a home and business that never generated a credit trail and tried to buy a house in the city.

So really, the previous credit requirement to get a house only really impacts poor families, orphans, and farmers.

And who cares about those assholes?

Little known fact:

Congress is populated by Special Ed dropouts!!

///The more you know!!

hinten: John Galt

The point is that it is naive to think that Congress can really do something effective to shape a multi-billion dollar business in a way that will result in actually cost savings to the consumer.

I am not fatalistic about regulation of this industry but not for the purpose of 'saving money'. More regulation for disclosure of actual cost structure per annum for consumers, clear disclosure of fees, etc. Ultimately, an educated consumer will make the right decision with the right consequences to the comapanies that are abusive. This has and always will work better than trying to regulate pricing itself.

No other meaning was implied but thanks for proofing your own point about pseudo intellectuals.

Yep you meant no other meaning; well other than the one about regulation of industry and educated consumers and consequences and nine other points you squeezed out of that turd of a book. I think his point about pseudo intellectuals was spot on.

jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

I have read some info on that. Need to find the source. I guess if you shop in a store where deadbeats shop, you must also be a deadbeat (birds of a feather, etc)

godofusa.com: Thrag: godofusa.com: Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

Are you actually under the impression that passing legislation to regulate the credit card industry means that the government suddenly has access to all your monthly statements?

No. I'm saying they are overstepping their boundaries. Again.


Which boundary? Their powers are explicit and enumerated.

portscanner: I have read some info on that. Need to find the source. I guess if you shop in a store where deadbeats shop, you must also be a deadbeat (birds of a feather, etc)

I'd guess it's not shopping exactly, but where you get financing from.

For instance, $2000 from a Honda Dealership would impact your credit score less than $2000 from a Rent-a-Center.

portscanner: jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

I have read some info on that. Need to find the source. I guess if you shop in a store where deadbeats shop, you must also be a deadbeat (birds of a feather, etc)

I am pretty sure you read a story where the credit card company raised rates based on where purchases were made. Big difference.

yeah, my rates went from 0 to 5.9 up to 30 percent to "both your testes and your shriveled dink".

fosborb: portscanner: I have read some info on that. Need to find the source. I guess if you shop in a store where deadbeats shop, you must also be a deadbeat (birds of a feather, etc)

I'd guess it's not shopping exactly, but where you get financing from.

For instance, $2000 from a Honda Dealership would impact your credit score less than $2000 from a Rent-a-Center.

That has to do with the type of line of credit: Instalment loan vs. "consumer finance".

DaSwankOne:
Yep you meant no other meaning; well other than the one about regulation of industry and educated consumers and consequences and nine other points you squeezed out of that turd of a book. I think his point about pseudo intellectuals was spot on.

How are you addressing anything I just wrote on topic besides repeating that you read a certain book?

People who don't pay their balances off every month have no one to blame but themselves for their poor state of financial affairs. Sorry, but financial advisors have been trying to tell you idiots to pay that shiat off for years and it's STILL always somebody else's fault you get screwed. Mmm hmmmmm.

hinten: How are you addressing anything I just wrote on topic besides repeating that you read a certain book?

Look I am used to objectivist being total idiots, but you are the one that brought up John Galt. The points you brought up are not based in reality. Deregulation has been a total failure. Any one that is not stupid enough to believe in objectivism understands this.

Thrag: godofusa.com: Because my money (or spending habits) are not the business of the government. There is also no Constitutional authority for this (especially going around appointing 18 "czars").

Are you actually under the impression that passing legislation to regulate the credit card industry means that the government suddenly has access to all your monthly statements?

Wasn't/isn't credit card monitoring a key part of the War on Terror?

portscanner: jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

I have read some info on that. Need to find the source. I guess if you shop in a store where deadbeats shop, you must also be a deadbeat (birds of a feather, etc)

I'm tired / so copy and paste


http://www.thesunsfinancialdiary.com/personal-finance/shop-hurt-credit-score-cr e dit-limits/

Hell here's the article/ it was also on Good Morning America a while back


Kevin Johnson, who, at 29 years old, is the CEO of a PR firm in Atlanta and has an excellent FICO credit score of 764, has recently got the credit limit on his AMEX Blue Credit Card slashed by $7,000 even though he paid his balance in full every month and never late. The reason, according to the letter sent to Kevin from AMEX,

Other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express.

After examining his past charges on the card, it seems that the only place where he shopped could raise the red flag is, well, Wal-Mart, even though American Express refused to tell Kevin exactly which establishments "have a poor repayment history with American Express."

What AMEX did was using the so-call behavioral analysis to examine card member's shopping patterns then determine the credit worthiness based on the result, in a way to try to keep default rate down.

Is there anything wrong with what AMEX did? Yes, I think there is, but not because AMEX profiled its card members (yes, people should get different treatment based on their credit history), rather they punished good people for the fault that is not theirs. And, according the the news report, the use of behavioral analysis by issuers are increasing.

Be careful where you shop now!

hinten: Who is John Galt?

10/10

Congress passes law limiting credit card interest rate hikes. So, not being as stupid as Congress thinks they are, credit card companies increase rates months before the law kicks in. Thanks, Congress

The fail tag is for subby thinking that CC companies only raised rates because of this law right?

Just checked....

Neither of my CC rates have changed in quite a while. One of them is about to be paid off. When it is, I'm closing it.

The other still has a rather nasty balance, but it has an 8.9% rate for purchases and cash advances and I was considerably stupid with it several years ago. I'll be keeping it open for emergencies once I do have it paid off next year.

Dear Despondent,

Instead of killing your wife and kids before shooting yourself in the head this time, please take some time and plan a proper rampage through some executive suites at a credit card company, an insurance company or some other criminal enterprise. Lobbying firms, corporate law offices and Wal-Mart HQ are also accepted.

Thanks,
Api

/capitalism signing its own death warrant

Apik0r0s: Dear Despondent,

Instead of killing your wife and kids before shooting yourself in the head this time, please take some time and plan a proper rampage through some executive suites at a credit card company, an insurance company or some other criminal enterprise. Lobbying firms, corporate law offices and Wal-Mart HQ are also accepted.

Thanks,
Api

/capitalism signing its own death warrant

And even though selecting to kill innocent people who are not members of your family and choosing to not kill innocent people who are members of your family will make absolutely no difference to your financial situation or mine, this will give me a thrill up my leg to see the other people's blood run in the street because it cant be my fault I was so stupid and spent lots of money and ran up my debt. They made me go out and buy the computer and the new car and the stupid bling hanging around my neck and the plasma tv and the cell phone and all the other crap that I didnt need.


In fact, lets just regress back into an agrarian society where we all grow our own food, live in thatched huts, and die of small pox, leprosy, and measles by the time we are 25.

As someone mentioned previously if your bank raises the rate on your card you have the option of cancelling and locking in the rate you've been paying for the balance.

Sure this will hurt some people who are trying to use credit to live beyond there means, but hasn't everyone been calling for them to do more to deter these people from taking on so much credit anyway?

DaSwankOne: hinten: How are you addressing anything I just wrote on topic besides repeating that you read a certain book?

Look I am used to objectivist being total idiots, but you are the one that brought up John Galt. The points you brought up are not based in reality. Deregulation has been a total failure. Any one that is not stupid enough to believe in objectivism understands this.

I did not say anything about deregulation as a matter of fact I said I favor regulation only of a different kind than what congress has done here.
The reason why I brought up John Galt is that this is a great example of unintended consequences of regulation and not about objectivism as I clearly pointed out in my second post.

You ran out of steam there before you even started.

godofusa.com

Bullshiat. That's why you rent and SAVE. SAVE SAVE SAVE!

Then you can put down $100,000 on a $125,000 house (or hell, the house will be 100k with the way the real estate will continue to plummit) and you are rewarded for your savings.

What a $100k house may look like:



Where do you live that $100k (or $125k) will buy you any kind of a house?

Credit card companies are the scum of the earth and you are encouraging horrible business practices by doing business with them.

Stop being an asshole.

It's funny watching poor people argue over who has the 'better' credit game running. It's like watching addicts argue over who has the 'better' problem. Are this many people so irresponsible they don't actually have money?

coco ebert: No, but as I found out, NOT having a credit card means you can't buy a car or a house.

Where do you live that you can't buy a car or house with real money?

portscanner: because it cant be my fault I was so stupid and spent lots of money and ran up my debt. They made me go out and buy the computer and the new car and the stupid bling hanging around my neck and the plasma tv and the cell phone and all the other crap that I didnt need.


Funny, the one person I know of with a credit card debt that will probably lead to him filing bankruptcy is a self-employed floor installer who paid for health insurance for over a decade, only to be cancelled when he got sick. So he was forced to pay for his care with credit cards and made good faith efforts to repay, still is in fact, even though he knows it probably won't mean anything. He doesn't have a computer, so he can't tell you about it himself. He has nothing.

He would probably be able to barely make it work, if it were not for the housing market collapsing.

And just WHO forced the mortgage lenders and credit card companies to give all of that bad credit? Oh, let me guess, people lied about their income on their loan application. If only every person had a unique number assigned to them that would allow a bank to see what they really made the year before.

Sure, there were people taking advantage of something they knew was too good to be true, and maybe getting a large screen TV out of it. But the bastards that enabled them got yachts and homes in The Hamptons out of it.

It's the difference between being stupid and being a pirate.

I wonder how much the credit card companies paid the congress for that window?

rat_brain_flies_plane: FTA:Charles Chichester Jr., a 65-year-old retired U.S. Postal Service employee who lives in Fairfax County, was trying to pay off his credit card soon but now fears he will be unable to do so at all. He received a letter from Chase, he said, notifying him that his $373 minimum monthly payment would increase to more than $900.

Got the same letter. It was a bulk-mail change to cardholders' terms and conditions. What really pisses me off is that the month prior, Chase bank gave their customers a one-month "pass"--even though I had a balance, they said "because we're compassionate about the circumstances of the current economy, you don't have a payment due this month."

And then came the buggering.

/yeah, I have a balance
//"transfer a balance to this card for really low interest for the life of the balance"
///no, i'm not trying to weasel my way out of it. my debt, my problem, but when the company changes the rules midstream it makes it damn near impossible to comply.

twistofsin: As someone mentioned previously if your bank raises the rate on your card you have the option of cancelling and locking in the rate you've been paying for the balance.

Sure this will hurt some people who are trying to use credit to live beyond there means, but hasn't everyone been calling for them to do more to deter these people from taking on so much credit anyway?

Yeah, tried that, too. Chase denied my request. This is, I dunno, Kafkaesqe?

So why do people keep paying on these? To preserve their credit rating so they can get farked again?

AmazingRuss: So why do people keep paying on these? To preserve their credit rating so they can get farked again?

I can only answer for myself but it's two reasons: personal responsbility, and my belief in the high probability that if I walked away from my debt like other asshats, somehow my credit rating would be screwed and they'd still collect on the debt. No-win.

Americans are saving money and paying down debt at a rate that hasn't been seen for decades.
(stop it you're killing the economy!)

Those advising people to stop carrying balances at usurious rates should be pleased that so many people are finally listening.
(stop it you're killing the economy!)

I, of course, have been saving 10% of my take home for many years, paying my mortgage off at an accelerated rate and avoiding any non mortgage debt all along.
(screw the economy, let the chumps bury themselves supporting consumer demand!)

jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

No, that is true.

Furious_Chicken: Where do you live that you can't buy a car or house with real money?

I got a nice, lovely little sturdy home for less than 80k.

But then again I live in the armpit of America and get to hear the military testing various munitions at all hours of the day.

Before the econoby blew up this seemed like a great deal.

WayToBlue:Where do you live that $100k (or $125k) will buy you any kind of a house?

$150K in suburban Ohio can get you a 3 bedroom, 2 bath, 2 car attached garage in a safe neighborhood with a good school district. $100K can get you a lovely bungalow in the same town.

/prices still have a long way to fall
//thinks we'll see similar prices in California when it's all done
///hold onto your butts, America

captain_heroic44: jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

No, that is true.

I'm sure the people it happens to would argue that point

hinten: I did not say anything about deregulation as a matter of fact I said I favor regulation only of a different kind than what congress has done here.
The reason why I brought up John Galt is that this is a great example of unintended consequences of regulation and not about objectivism as I clearly pointed out in my second post.

Wow, just wow.

They've been doing this extensively for the past year, long before this legislation passed. These events are the by-product of a free market.

Instant Karma - These dumbass people are still affecting the angels among you with Dave Ramsey tattoos on your foreheads whether you like it or not.


I don't even care what your point was, I just wanted to chime in and say...

Seriously, I'm so farking SICK of Dave Ramsey and his obnoxious disciples. Wow, you guys figured out you could save some money and not carry credit card balances? Well shiat, no wonder you're so farking smug. That's quite a dazzling formula you've stumbled upon... How on Earth did anyone ever figure that out?

Is there anything the AM Radio set WON'T get self-righteous about? I swear to God, if Click and Clack would just get a little more judgey-preachy and sanctimonious, you'd see a farking cult of Republicans wandering around shrieking "I change MY goddamn oil..."

portscanner - Apik0r0s: Dear Despondent,

Instead of killing your wife and kids before shooting yourself in the head this time, please take some time and plan a proper rampage through some executive suites at a credit card company, an insurance company or some other criminal enterprise. Lobbying firms, corporate law offices and Wal-Mart HQ are also accepted.

Thanks,
Api

/capitalism signing its own death warrant

And even though selecting to kill innocent people who are not members of your family and choosing to not kill innocent people who are members of your family will make absolutely no difference to your financial situation or mine, this will give me a thrill up my leg to see the other people's blood run in the street because it cant be my fault I was so stupid and spent lots of money and ran up my debt. They made me go out and buy the computer and the new car and the stupid bling hanging around my neck and the plasma tv and the cell phone and all the other crap that I didnt need.


In fact, lets just regress back into an agrarian society where we all grow our own food, live in thatched huts, and die of small pox, leprosy, and measles by the time we are 25.


You know... just because the junkie seeks out heroin, it doesn't absolve the drug dealer of the responsibility for what he is.

Just because the molested teen chooses to turn tricks, the sins of the pimps and johns who exploit her aren't magically washed away.

You don't get to claim innocence simply because someone chooses to allow you to victimize them. A junkie can beg you, a 15 year old can reach in your pants and grab your junk, but at the end of the day... if you engage in sleazy practices, you're a sleazebag.

Just because someone asks you to do it or agrees to allow you to do it doesn't magically make it okay. Whatever they are, whatever they do... you're still carry the weight for your own choices.

Are people who lose control of credit dumbasses? A lot of times, yes. (but many times they're simply desperate...) Does that mean that the people who exploit that stupidity (or desperation) aren't slimy crooked farks? No.

And before you say something stupid, no... I'm not justifying or supporting a hypothetical massacre within a credit card company. Just pointing out the childishness of your "because it cant be my fault I was so stupid" mentality.

Credit card companies aren't poor blameless business folk just trying to stay afloat. They're goddamn parasites bleeding the middle and working classes dry and employing every sleazy shifty tactic they can dream up to TRY to trip their customers up and push them just over the financial cliff. The fact that their customers sign up willingly doesn't make their actions or tactics any less sleazy.

godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

TTTTTTTTTTTTTHHHHHHHHHHHHIIIIIIIIIIIIIIIISSSSSSSSSSSSSSSSSSSSSS.

WayToBlue: Where do you live that $100k (or $125k) will buy you any kind of a house?

Where do you live that you can't?

$125k 3 years ago got me 1700 sq. ft. 3 bedrooms, 1.5 baths and a large yard (or so it feels when I have to mow). 2 car garage and a kitchen with all the appliances.

I also live 4 miles from a fortune 50 company where I earn my living.
-
I saw in classifieds a 1056 sq ft house with 3 bedrooms, 2 baths for $96k.

WayToBlue: godofusa.com

Bullshiat. That's why you rent and SAVE. SAVE SAVE SAVE!

Then you can put down $100,000 on a $125,000 house (or hell, the house will be 100k with the way the real estate will continue to plummit) and you are rewarded for your savings.

What a $100k house may look like:



Where do you live that $100k (or $125k) will buy you any kind of a house?

I'm in NJ, so not here, but NC (where I plan on moving), you can get a 1800sq off a foreclosure from 80-125 EASILY or around 125-150 new.

/DAMN YOU CORSLIME

darkscout: WayToBlue: Where do you live that $100k (or $125k) will buy you any kind of a house?

Where do you live that you can't?

Heh. There are quite a few places where $125K will not get you a house, unless you already own the land and order from the Tumbleweed Tiny House company. See zip code 94041 (Trulia gives avg $499/sq ft), for instance. SF itself and parts of NYC are probably more expensive.

I carry no credit card debt

I believe in personal responsibility

I still think the CC companies are predatory scumbags.

godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

Yeah...Some of you need to realize that some people with credit card debt have it because they have really lousy jobs and shiat happens -- medical bills, broken down car, elderly parent, etc. I'm not crying any tears for the guy who bought that plasma tv and Ferrari, but there's actual victims here, too.

If you have trouble paying the minimum requirement, which is 3%, and if you're completely outraged that the minimum percentage requirement is now 5%, you really should not be using a credit card.

5% of a 1,000 is 50 bucks. If you can't afford that, you need to stop using credit cards.

If you have an outstanding balance of over 10k on your card, wtf are you doing with a credit card in the first place? And if its health related, might I suggest flying down to Costa rica where healthcare is 1/3rd of American price, and a round trip down there is ~300.

darkscout
WayToBlue: Where do you live that $100k (or $125k) will buy you any kind of a house?

Where do you live that you can't?

$125k 3 years ago got me 1700 sq. ft. 3 bedrooms, 1.5 baths and a large yard (or so it feels when I have to mow). 2 car garage and a kitchen with all the appliances.

I also live 4 miles from a fortune 50 company where I earn my living.
-
I saw in classifieds a 1056 sq ft house with 3 bedrooms, 2 baths for $96k.

Even in this crappy economy, where I'm from 160k will buy you a mediocre condo. A decent house goes for 200k plus but an avg house around my way is still 400k at minimum. But then again I live by Washington DC, where you can find Apts selling for 850k. Always amazed at how much 200k can buy you in other states though.

pvd021: If you have an outstanding balance of over 10k on your card, wtf are you doing with a credit card in the first place?

She told me there was sex in the champaign room.

AmazingRuss: pvd021: If you have an outstanding balance of over 10k on your card, wtf are you doing with a credit card in the first place?

She told me there was sex in the champaign room.

How urbane. U I U C what did there.

WayToBlue: Where do you live that $100k (or $125k) will buy you any kind of a house?

in the town i live in 125K will get you a very nice house. 85K will get you 3 bed rooms in the best school district. 50K will get a home in a good area with a low crime rate. its cheap to live in flyover country

Hey finance, DIAF.

godofusa.com: Great job, Congress!

I was forced into applying for my credit line!

I was forced to buy that car!

I was forced to buy that plasma tv!

I was forced to buy that iphone and data plan!

I was forced to eat at restaurants 3 nights a week instead of cooking for my family!

Yeah, no one forced all those broken-legged crybabies to go to a loan shark.

DaSwankOne:
Wow, just wow.

deregulation:
dismantling of legal and governmental restrictions on the operation of certain businesses.

You're boring, go back in your hole troll.

Sev79: Yeah...Some of you need to realize that some people with credit card debt have it because they have really lousy jobs and shiat happens -- medical bills, broken down car, elderly parent, etc. I'm not crying any tears for the guy who bought that plasma tv and Ferrari, but there's actual victims here, too.

And while I have no doubt these people exist I think you'll find them in the minority when compared to folks who are just making really shiatty financial decisions. Folks with nothing in savings who blow their tax refunds on a satellite TV receiver instead of hanging onto it for when they need a brake job on their car or...

Hey, Godofusa.com, from the Constitution: Article I, Section 8, Clause 3.

"The Congress shall have power . . . To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;"

Would you say that regulating credit cards is a form of regulating commerce among several states? If not, what is it?

hinten: DaSwankOne:
Wow, just wow.

deregulation:
dismantling of legal and governmental restrictions on the operation of certain businesses.

You're boring, go back in your hole troll.

You know what I love? When a village idiot shows up to Fark and gets his ass handed to him by saying something like, I said nothing about deregulation, I was just warning about the pitfalls of regulation and then finally comes to the point where they look like such an idiot that they have to pull the your a troll card. Thank you for making my night. It is nice to know that you have been beaten down some idiot so badly that they call you a troll. God you are a farking moran.

captain_heroic44: jst3p: crappie: Lord_Baull: My 780 credit score and I are concerned.

Did you know your credit score will go down if you simply purchase things at the same store as the deadbeats, even if you pay everthing on time.

You credit score? I am pretty sure that is incorrect.

No, that is true.

I will split hairs but the score went down because the limit was lowered which put his utilization higher. The places he shoped did not directly lower his credit score.

Well, crap, just put ~300 on the credit card for a doctors appointment and the prescriptions... hooray for no health insurance...

I canceled my last credit card 8 years ago.

If I can't pay for it in cash (or, I suppose, a wire transfer), I don't need it.

The whole credit industry is a scam. Legalized loan-sharking. Fark em.

dont farking use credit. i have a debit/atm card. cost me next to nothing. i think its 20 bucks a year. i use it for everything.

apacheco: some have had to use cards for emergencies its not always to flaunt. When gas prices were at their highest i needed to charge most of the gas (for freakin months). w

Bullshiat.
Cancel your Cable, your netflix, your cell phone, your sirius radio, don't have a soda every day (saves $30/month), don't eat out even once that month.

Someone who can not buy GAS, is not living within their means in other areas.

BHShaman: Bullshiat.
Cancel your Cable, your netflix, your cell phone, your sirius radio, don't have a soda every day (saves $30/month), don't eat out even once that month.

The sad thing is that these days it can cost $100 to $300 just to farking cancel a service... so that isn't always a viable option.

WayToBlue: godofusa.com
What a $100k house may look like:


$108k when I bought it at the height of the bubble.
Houses were selling in 1 day. We stopped on a Friday 2 hours after the sign was put out and signed a promisary.

3Br, 2 F-Bath, Full basement, 4 car garage (2 in-line each bay), and 2acres of land. I live 10 minutes from my State Capital.

BHShaman: 3Br, 2 F-Bath, Full basement, 4 car garage (2 in-line each bay), and 2acres of land. I live 10 minutes from my State Capital.

You paid 108k for what appears to be a prettied up TuffShed.

BHShaman: WayToBlue: godofusa.com
What a $100k house may look like:


$108k when I bought it at the height of the bubble.
Houses were selling in 1 day. We stopped on a Friday 2 hours after the sign was put out and signed a promisary.

3Br, 2 F-Bath, Full basement, 4 car garage (2 in-line each bay), and 2acres of land. I live 10 minutes from my State Capital.

Very nice!

Yeah that's nice for $108k

TheGreatGazoo:

/If you have to finance it (other than a house), you can't afford it.

Don't know too many people that can buy a car or go to college without financing.

Reading most of these comments, the implicit argument is "I deserve a line of credit with a low interest rate."

No, you don't. No one owes you a line of credit. This isn't oil. Or electric. Or water. Or sewage. You don't need a credit card to function. It is neither a basic necessity (like water) or a necessity of modern life (like sewage, electric, or oil). It is a luxury that people have become so dependent on to that they can't imagine life without it, but it is still a *luxury*. Living within your means isn't a punishment. It's what you should be doing in the first place. With the exception of medical bills (and a few other cases I can't think of at the present moment), it is YOUR fault you are in debt. It is YOUR fault you eat out too much. It is YOUR fault you have a 42" TV. It is not the credit card companies' fault.

Sorry, but it's the truth. As others have said, if the CC companies jack up your rates, and you don't like it, cancel the card. The rate will remain the same. And then you can *gasp* pay off your card. The credit card companies can't "force" you to pay 30% interest when you agreed to 5% interest.

As for regulation, I do agree with regulation that forces credit card companies to be more obvious in their conditions and statements. But this is not going to magically make the credit market better.

I find it ironic that the government, of all things, is trying to clamp down on credit card companies - they are running the biggest debt to GDP ratio in the history of the US. If the government was treated like any other citizen or company and tried to apply for a loan from a bank, they would get denied EVERYWHERE.

Congress is trying to put a cap on interest rate hikes - who's going to put a cap on government spending?

Deftoons: I find it ironic that the government, of all things, is trying to clamp down on credit card companies - they are running the biggest debt to GDP ratio in the history of the US. If the government was treated like any other citizen or company and tried to apply for a loan from a bank, they would get denied EVERYWHERE.

Congress is trying to put a cap on interest rate hikes - who's going to put a cap on government spending?

But we must repair the infrastructure!!!!11

godofusa.com: But we must repair the infrastructure!!!!11

How is blowing money on AIG and GM spending money on infastructure?

darkscout: WayToBlue: Where do you live that $100k (or $125k) will buy you any kind of a house?

Where do you live that you can't?

$125k 3 years ago got me 1700 sq. ft. 3 bedrooms, 1.5 baths and a large yard (or so it feels when I have to mow). 2 car garage and a kitchen with all the appliances.

I also live 4 miles from a fortune 50 company where I earn my living.
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I saw in classifieds a 1056 sq ft house with 3 bedrooms, 2 baths for $96k.

I live in Los Angeles, where $500,000 will get you a semi-habitable shack.

Of course, that's the price I pay for not living in Peoria.

Silly_Sot: Does anyone really believe that Congress did not know that this would happen? Why do you think the delay was written into the law in the first place?

Could they get any more obvious about not having your best interests at heart? Why the fark would they put a delay into it, other than to let their rich CC chums hike the rates before the bill came into effect?

kenposan: Don't know too many people that can buy a car or go to college without financing.

True. I also don't know many people who don't regret taking those loans out, including myself. I would have been better off moving to a larger metro area and going to work for a company with a tuition reimbursement plan after high school instead of borrowing to pay for the last year and a half of college. And if I hadn't built up credit card and student loan debt at a young age I could likely have saved enough to pay cash for a usable clunker after a few months and a new or not too used car after a few years.