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.