tylerdee
(166 posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 02:34 PM
Original message |
What the Federal Reserve's new credit card rules may mean for you |
|
Source: CreditCards.comThe Federal Reserve Board will vote Dec. 18 on a sweeping set of credit card regulation reforms. What will the proposed credit card industry rules mean for cardholders? Read more: http://www.creditcards.com/credit-card-news/what-the-new-credit-card-rules-mean-1282.php
This should have been done about....say....6 months ago.
|
FSogol
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 02:37 PM
Response to Original message |
sandnsea
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 02:38 PM
Response to Original message |
|
when people first started complaining about some of this stuff.
|
tylerdee
(166 posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 02:55 PM
Response to Reply #2 |
cosmik debris
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:00 PM
Response to Original message |
4. "Bankers have said the rules will lead to higher interest rates..." |
|
In other words, this is an excuse to jack up interest rates and blame someone else!
The real solution is a good usury law. Cap interest rates, don't juggle them.
|
hvn_nbr_2
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 04:52 PM
Response to Reply #4 |
14. In other news, bankers said sunrise in the east will lead to higher interest rates. nt |
RUMMYisFROSTED
(1000+ posts)
Send PM |
Profile |
Ignore
|
Sat Dec-13-08 10:25 AM
Response to Reply #4 |
|
Or something close to that.
|
napi21
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:04 PM
Response to Original message |
5. HOLY COW! What in the world made this happen? |
|
I listened to the hearings where every one of the CC reps defended their discusting actions, and I's shocked to actually see the feds seem to be whipping them around a bit.
|
kirby
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:06 PM
Response to Original message |
6. Gotta love this piece of the article... |
|
The Federal Reserve Board of Governors is scheduled to vote on the final rules at 2:30 p.m. Eastern Dec. 18 at the Fed headquarters in Washington, D.C. Afterward, credit card issuers will have time to implement the changes, perhaps as long as a year.
|
Number_Six
(165 posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:09 PM
Response to Original message |
7. And does this mean that.... |
|
...Citicorp will fucking stop CALLING ME DAY AND NIGHT???
I do NOT want a new card. I do NOT want a card PERIOD. What part of NO don't they comprende????????
|
Froward69
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:19 PM
Response to Original message |
|
even so if I charged 29.99% on any loan, I would be arrested in my state for loan sharking.
|
Stellabella
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:44 PM
Response to Original message |
|
There also needs to be a limit on the interest rate. 29% interest is usury. 10% would be more fair, and it still gives those thieves a very good rate of return in this economy.
|
WriteDown
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:56 PM
Response to Reply #9 |
11. Interest rates are one thing... |
|
but there has to be strict caps on credit limits.
|
420inTN
(803 posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 03:46 PM
Response to Original message |
10. Most of these look pretty good: |
|
* Limited interest rates hikes * Clearer due dates and times * No double-cycle billing * No more universal default * Highest interest charges paid first * Clearer credit terms * More time to pay bills * Limits on over-the-limit fees * Sub-prime card fee limits
|
pattmarty
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 04:31 PM
Response to Original message |
12. 6 months ago????? How's about 30 yrs ago? |
Zorra
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 04:48 PM
Response to Original message |
13. A whole lot of credit card debtors will be filing for bankruptcy in the near future, |
|
resulting in yet another financial industry crisis.
Are the new Fed regulations an attempt to help stave off a tidal wave of bankruptcies?
|
HopeHoops
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 07:27 PM
Response to Original message |
15. I want to see the fine print - I'm betting there's a "bend over, I'll drive" clause in there. |
Sex Pistol
(257 posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 08:01 PM
Response to Original message |
16. I urge everyone to join a credit union. Then you will not have to worry about what the Fed does. |
|
You will not have to worry about them risking your money on risky mortgages either.
|
FarCenter
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 10:07 PM
Response to Original message |
17. Up to a year to implement? |
|
The Federal Reserve Board of Governors is scheduled to vote on the final rules at 2:30 p.m. Eastern Dec. 18 at the Fed headquarters in Washington, D.C. Afterward, credit card issuers will have time to implement the changes, perhaps as long as a year.
|
high density
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Dec-12-08 10:36 PM
Response to Reply #17 |
18. Yes, the implementation of these changes will require engineering at the banks. |
|
A year seems like a fair amount of time. These changes are going to affect not only the backend operations side of the bank, but the marketing departments as well.
|
tylerdee
(166 posts)
Send PM |
Profile |
Ignore
|
Sat Dec-13-08 12:37 AM
Response to Reply #18 |
19. makes sense when you put it that way. |
AwakeAtLast
(1000+ posts)
Send PM |
Profile |
Ignore
|
Sat Dec-13-08 02:19 PM
Response to Original message |
21. So glad I don't have any credit cards |
|
I have some debt, but it's not with credit cards. They are like an ankle weight that gets progressively heavier. You don't realize you can't walk until it's too late.
|
yurbud
(1000+ posts)
Send PM |
Profile |
Ignore
|
Sat Dec-13-08 04:33 PM
Response to Original message |
22. this shows how much Congress has capitulated to Wall St. THEY should have made up rules |
|
not waited for the bankers' bank to self-regulate.
We need to make Wall St. our bitch.
|
DU
AdBot (1000+ posts) |
Thu May 02nd 2024, 04:19 AM
Response to Original message |