Comments on: What the Credit Cardholders Bill of Rights Means for You http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Mack jackson http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-32265 Mack jackson Wed, 17 Jun 2009 06:37:29 +0000 http://www.mint.com/blog/?p=3375#comment-32265 New legislation is all time better than old one. But still i prefer debit card instead of this credit cards. New legislation is all time better than old one. But still i prefer debit card instead of this credit cards. ]]> By: Jeanie http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31930 Jeanie Sun, 07 Jun 2009 02:54:45 +0000 http://www.mint.com/blog/?p=3375#comment-31930 I don't think every bill concerning credit cards will be perfect for everyone. We use one credit card for our business, a home-based one that is starting to pay for itself. A trick the credit card company used was this. We were a day late on our car payment, paid it online while out of town, and the car company didn't care, didn't charge us a late fee. But the credit card company got wind of it, lowered our limit to just over what we owed on the card and the interest they charged us put us over the limit. The next month they raised our interest rate. We are slowly paying them off by having garage sales, doing odd jobs and paying as much over the minimum as we can. I feel for the elderly who really got hammered, using their cards for medications and food after their benefits were slashed. We will get through this, and so will all of you who are writing. I pay more with cash now so I feel the money going out of my pocket--and I ask myself if this is something I have to have, or just want. Best of luck to you all. I don’t think every bill concerning credit cards will be perfect for everyone. We use one credit card for our business, a home-based one that is starting to pay for itself. A trick the credit card company used was this. We were a day late on our car payment, paid it online while out of town, and the car company didn’t care, didn’t charge us a late fee. But the credit card company got wind of it, lowered our limit to just over what we owed on the card and the interest they charged us put us over the limit. The next month they raised our interest rate. We are slowly paying them off by having garage sales, doing odd jobs and paying as much over the minimum as we can. I feel for the elderly who really got hammered, using their cards for medications and food after their benefits were slashed. We will get through this, and so will all of you who are writing. I pay more with cash now so I feel the money going out of my pocket–and I ask myself if this is something I have to have, or just want. Best of luck to you all. ]]> By: Peter http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31688 Peter Fri, 29 May 2009 08:19:58 +0000 http://www.mint.com/blog/?p=3375#comment-31688 "nothing here prevents credit card companies from raising rates to absurd levels" How about the fact that people won't borrow money at those absurd levels? Before, if you borrowed $5k at 10% and spent it on something, they could just say "You're rate is 25% now. Pay up," and there was nothing you could do about it, because you've already agreed to pay whatever interest they tell you to pay until you can pay off the loan. Now, the $5k you borrowed at 10% stays at 10%, and if you don't want to pay 25%, just don't borrow any more. By the way, Chadwick, if you were really planning on paying for college with credit cards than I question your self-assessment as "intelligent". Student loans are *not* hard to get, and if your family really doesn't have many assets then you definitely qualify for some government loans. If you have a full-time job a personal loan from your bank might be an option. Credit cards are the borrowers absolute *last* resort; they'd easily charge you three or four times as much interest as your next best option. I graduated last year with about $45,000 worth of student loan debt myself, and I'm paying 5% interest with NO co-signer. Wait a sec, I just re-read your post. You're 22? What the hell? Those limits don't even affect you. Go ahead and put 40k on your credit cards, see if I care. “nothing here prevents credit card companies from raising rates to absurd levels”

How about the fact that people won’t borrow money at those absurd levels? Before, if you borrowed $5k at 10% and spent it on something, they could just say “You’re rate is 25% now. Pay up,” and there was nothing you could do about it, because you’ve already agreed to pay whatever interest they tell you to pay until you can pay off the loan. Now, the $5k you borrowed at 10% stays at 10%, and if you don’t want to pay 25%, just don’t borrow any more.

By the way, Chadwick, if you were really planning on paying for college with credit cards than I question your self-assessment as “intelligent”. Student loans are *not* hard to get, and if your family really doesn’t have many assets then you definitely qualify for some government loans. If you have a full-time job a personal loan from your bank might be an option. Credit cards are the borrowers absolute *last* resort; they’d easily charge you three or four times as much interest as your next best option.

I graduated last year with about $45,000 worth of student loan debt myself, and I’m paying 5% interest with NO co-signer.

Wait a sec, I just re-read your post. You’re 22? What the hell? Those limits don’t even affect you. Go ahead and put 40k on your credit cards, see if I care.

]]> By: Jon http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31590 Jon Mon, 25 May 2009 18:22:55 +0000 http://www.mint.com/blog/?p=3375#comment-31590 Since when are 18, 19 and 20 year olds minors? Since when are 18, 19 and 20 year olds minors? ]]> By: credit http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31580 credit Mon, 25 May 2009 03:54:58 +0000 http://www.mint.com/blog/?p=3375#comment-31580 Thanks, this is a good complete list of the new provisions. The new legislation is better than I thought, they seem to have addressed most of the major outrageous practices. I hope you’re right in predicting that reward programs won't be scaled back much; I'm not so optimistic on this myself. Thanks, this is a good complete list of the new provisions. The new legislation is better than I thought, they seem to have addressed most of the major outrageous practices. I hope you’re right in predicting that reward programs won’t be scaled back much; I’m not so optimistic on this myself. ]]> By: atomi http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31555 atomi Sat, 23 May 2009 19:15:36 +0000 http://www.mint.com/blog/?p=3375#comment-31555 Good. If you need money for school there are student loans, grants, govt programs, financial aid. If you need more money for chips soda pizza beer weed video games clothes etc... GET A F&#&^@*@!NG JOB !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Good. If you need money for school there are student loans, grants, govt programs, financial aid.
If you need more money for chips soda pizza beer weed video games clothes etc…
GET A F&#&^@*@!NG
JOB
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ]]> By: Chadwick http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31554 Chadwick Sat, 23 May 2009 19:12:31 +0000 http://www.mint.com/blog/?p=3375#comment-31554 This sucks. This is just pushing more people out of college. While I don't believe anyone should bury themselves in debt, how can't you with the prices of college these days? Guys like me get screwed by this. I'm 22, live on the other side of the country from my family, and they are too stupid with debt(still are) and preoccupied with buying new cars to help their intelligent, hard-working son with paying for college. So what does someone like me do? Parents can't co-sign, they're far too stretched, and I'd rather go it alone anyway, but even though I work full time, there's no way I could afford to transfer from a community college to a University (UW) without some kind of loan that's probably larger than this new junk allows. I mean, the point of getting a degree is so I can get a good job, pay off those loans, and then live my life with a career I enjoy. So what, peasants like me don't get to go to nice colleges? Awesome. When did education start to blow fundamentally to the point of money being the only thing that matters? I think people are ridiculous for getting homes waaaay before they can even dream of affording it (albeit also overpriced) or starting a family with no direction at all career-wise, but when it comes to education, everyone should get an equal chance. If everyone gets an equal chance at education, than everyone gets and equal chance at good jobs, and when that happens, people could actually afford things like, ummmmm - homes, families, cars and things etc? I'm hoping I've understood this wrong, because I'm feeling a little worried. I shouldn't have to work for 15 years prior to going to college just to be able to pay it up front out of pocket. Oh, and prices just rose dramatically this year, and like every year now. So... Sorry guys, guess I should have just been born to more responsible and wealthy parents. My bad. But really, do I deserve this? Is it my fault that my parents generations and the ones before way overspent and couldn't handle themselves? This sucks. This is just pushing more people out of college. While I don’t believe anyone should bury themselves in debt, how can’t you with the prices of college these days?

Guys like me get screwed by this. I’m 22, live on the other side of the country from my family, and they are too stupid with debt(still are) and preoccupied with buying new cars to help their intelligent, hard-working son with paying for college.

So what does someone like me do? Parents can’t co-sign, they’re far too stretched, and I’d rather go it alone anyway, but even though I work full time, there’s no way I could afford to transfer from a community college to a University (UW) without some kind of loan that’s probably larger than this new junk allows. I mean, the point of getting a degree is so I can get a good job, pay off those loans, and then live my life with a career I enjoy.

So what, peasants like me don’t get to go to nice colleges? Awesome. When did education start to blow fundamentally to the point of money being the only thing that matters?

I think people are ridiculous for getting homes waaaay before they can even dream of affording it (albeit also overpriced) or starting a family with no direction at all career-wise, but when it comes to education, everyone should get an equal chance. If everyone gets an equal chance at education, than everyone gets and equal chance at good jobs, and when that happens, people could actually afford things like, ummmmm – homes, families, cars and things etc?

I’m hoping I’ve understood this wrong, because I’m feeling a little worried. I shouldn’t have to work for 15 years prior to going to college just to be able to pay it up front out of pocket. Oh, and prices just rose dramatically this year, and like every year now. So…

Sorry guys, guess I should have just been born to more responsible and wealthy parents. My bad. But really, do I deserve this? Is it my fault that my parents generations and the ones before way overspent and couldn’t handle themselves?

]]> By: dale http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31546 dale Sat, 23 May 2009 16:22:05 +0000 http://www.mint.com/blog/?p=3375#comment-31546 3 comments all qoutes "There is no dignity quite so impressive, and no independence quite so important, as living within your means." -Calvin Coolidge "Consider the past and you shall know the future." Chinese Proverb "Blessed are the young, for they shall inherit the national debt." --President Herbert Hoover (1874-1964) 3 comments all qoutes

“There is no dignity quite so impressive, and no independence quite so important, as living within your means.”
-Calvin Coolidge
“Consider the past and you shall know the future.”
Chinese Proverb
“Blessed are the young, for they shall inherit the national debt.” –President Herbert Hoover (1874-1964)

]]> By: George http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31541 George Sat, 23 May 2009 16:01:29 +0000 http://www.mint.com/blog/?p=3375#comment-31541 Watch your statements! Look for hidden notices that require an email/snail mail response to maintain your APR.Funny you should have AE on the graphic,they almost pulled it on me! Watch your statements! Look for hidden notices that require an email/snail mail response to maintain your APR.Funny you should have AE on the graphic,they almost pulled it on me! ]]> By: Joe E http://www.mint.com/blog/finance-core/what-the-credit-cardholders-bill-of-rights-means-for-you/comment-page-1/#comment-31539 Joe E Sat, 23 May 2009 14:26:04 +0000 http://www.mint.com/blog/?p=3375#comment-31539 This is a direct consequence of all their shady dealings, and I completely agree with the terms that they have stated regarding College Students and people under 21 years of age. All the free market disciples will claim that this is unfair and that people should be able to manage their credit, etc. But when I was in college the banks would issue credit cards with ridiculous limits and interest rates to kids with no income other than student loans, me being one of them. Not everybody gets a free ride from Mommy and Daddy, and being given a credit card seems like free money to kids in college. If you want me to feel bad for the CC Companies then keep dreaming, if they weren't so dishonest in the first place then this bill would have never been passed. Also, there was interest cap imposed, which is what is really needed. You disagree? Then Google "The secret history of the credit card on PBS" and watch the video. Usury laws were changed in order to allow for the existence of credit cards in the first place, what does that tell you about them and the people who run them? This is a direct consequence of all their shady dealings, and I completely agree with the terms that they have stated regarding College Students and people under 21 years of age. All the free market disciples will claim that this is unfair and that people should be able to manage their credit, etc. But when I was in college the banks would issue credit cards with ridiculous limits and interest rates to kids with no income other than student loans, me being one of them. Not everybody gets a free ride from Mommy and Daddy, and being given a credit card seems like free money to kids in college.

If you want me to feel bad for the CC Companies then keep dreaming, if they weren’t so dishonest in the first place then this bill would have never been passed. Also, there was interest cap imposed, which is what is really needed. You disagree? Then Google “The secret history of the credit card on PBS” and watch the video. Usury laws were changed in order to allow for the existence of credit cards in the first place, what does that tell you about them and the people who run them?

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