Comments on: Will the Credit Cardholders’ Bill of Rights Bring Credit Relief?

By: Missy

Missy — Thu, 22 Oct 2009 06:49:24 +0000

One more thing…the only difference between responsible credit card users and many of those who are deemed irresponsible is a job…some of those who are paying late or not paying at all were responsible but lost their jobs and ended up living off of credit cards. Not everyone who uses their cards is irresponsible and it is unfair for them to be labeled as such. There before the grace of God go I or you.

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By: Missy

Missy — Thu, 22 Oct 2009 06:45:10 +0000

I am doubtful this bill will actually help those people who are in credit card debt. As a matter of fact, many people have already reported that credit card companies went up on their rates. I had one card for 15 years at 6.99 and it went up earlier this year to 9.99. Now, I just got a letter in the mail yesterday that says it is going up to 29.99. I have not been late or missed any payments. This is happening all over the country. While the credit cad company certainly has the right to change the terms at will, they are not working with Americans who want to pay their debt but are struggling to do so because of high interest rates. The credit card companies had plenty of time to make a move on helping American consumers to get out of debt, but it appears that they chose not to do so. As a result, personal bankruptcies have exceeded a level that many would have thought unimaginable.

By: Greg Adams

Greg Adams — Tue, 19 May 2009 17:22:55 +0000

In re: Natalie, why is it Unfair? Clearly Consumers are not Required to use Credit Cards. Again, if a Consumer cant be responsible with the credit card, they pay the price. Its Unfair to regulate a Bank when the terms are Clearly outlined in the terms – you pay late, you incur a fee, or risk a higher interest rate. Its common sense that the general public of this country has been talking about for years, whether or not someone is intelligent enough to read the terms is pure ignorance on their own part, and further, with all of the talk for years, you cant tell me they have not heard reference in the media to this stuff. Bottom line is IF THE PERSON DOESNT LIKE THE TERMS THE BANK SETS – YOU DONT USE THE CARD – ITS AS SIMPLE AS THAT! This whole idea that a Bank or Financial Institution should be Micro Managed by the Govt simply because Consumers/Card Users dont want to read the terms of the card is pure laziness, left winged liberal agenda nonsense which states that its ok to use a credit card regardless of the terms because the govt is going to step in and tell the bank that their terms dont mean jack! This is out of control and No I do not work for a Bank. Bottom line – its about Personal Responsibility and if one cant handle it – THEY DESERVE THE FEES IMPOSED UPON THEM AS A LESSON! You dont see the govt being understanding if a person does not pay taxes on time (unless you are a member of the obama admin of course, then no rules apply) so why should people think that the govt should control how banks set fees as terms in a contractual agreement that a Consumer is not even required to use! NONSENSE! GET RESPONSIBLE PEOPLE AND QUIT TRYING TO PASS ON IT!

By: Melissa

Melissa — Tue, 19 May 2009 00:44:27 +0000

Hopefully it will end the practice of randomly upping the interest rates. I’ve been a responsible cardholder, made one small mistake on one card (late by two days) and received notices from two others companies that their interest rates are going up. The only choice at present, unless able to pay them both off, is to accept the higher rate and forget about it. I don’t think it is right that a company raises rates when you have never made a late payment on their card.

By: Tanya

Tanya — Sun, 17 May 2009 15:21:54 +0000

This bill won’t come as much use to me as i’ve been quite responsible with my credit cards.

The only part that i could see working in my favor is the:
” Ending penalties for cardholders who pay on time * No interest charged during a grace period – this is so that you aren’t double-billed. Additionally, you would not get assessed a fee on interest if you pay your bill on time.” Portion.

Nothing is more frustrating then paying off your entire credit card bill only to get ANOTHER bill for interest the next month! What a slap in the face that is!

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By: NatalieMac

NatalieMac — Wed, 13 May 2009 20:44:55 +0000

It’s true that if you are a responsible user of credit cards, then this bill won’t make much of a difference for you. For those who are irresponsible or who have been irresponsible in the past and are now paying the price, though, it could be a big benefit. Of course those people carrying credit card debt have no one to blame for themselves for the situation they find themselves in, but you have to admit that the banks take advantage of the situation for these people and make it even worse. Imagine the difference in paying of $10,000 in credit card debt if the interest rate was once 6% then suddenly without notice it went to %18 or higher?

The situation is already bad enough without it being made worse by unfair practices of applying payments to lower-interest debt first and raising interest rates.

It’s comical that this is so much news and concern for the federal government, when they’re using some of the same tactics themselves. Two years ago, I made an innocent mistake on my taxes, and now I am paying – to the tune of 72% APR. To make it worse, I didn’t have the money up front to pay the full bill, so I was put on a payment plan – $200/month while the interest, fees, and penalties are nearly $500/month. I’ve been struggling to throw every penny I can at the debt, and will finally pay it off later this month, but I can assure you I’ve paid for those taxes more than twice already!

By: Greg Adams

Greg Adams — Wed, 13 May 2009 01:25:59 +0000

While some of these protections may be necessary, others not so necessary,it remains questionable and the bottom line is that this all goes back to Individual Consumer Accountability and Responsibility.

Consumers should learn to be responsible for charges they incur on Credit Cards. There are no laws that require Individuals to use Credit Cards, therefore doing so means the User Agrees to the Terms & Conditions of the Cardholder Agreement. If you charge a good or service to a credit card, then you agree to pay on time within the guidelines of the terms or you face the consequence(s) as outline therein.

Why should Banks be required to alter their terms or agreements due to irresponsible actions of the Cardholder? They shouldn’t! If a US Taxpayer does not pay their annual tax obligation to the the Federal Government, the Government has no problem assessing penalties and late fees to the Taxpayer. How is this any different? It’s not! The government doesn’t care if an individual doesn’t have the money to pay, why should the private sector, in this case, Banks, be any different?

What it all really comes down to is yet another way for the government to get its dirty hands in the private sector yet again trying to control and manipulate Americans through passage of Regulations that appear favorable to the Consumer while another motive is at hand.

By: SJ

SJ — Wed, 13 May 2009 00:23:00 +0000

“No over-limit fees on those with limits – no charges for going over your fixed limit – you simply can’t charge any more.”

For some reason I could see people complaining when this happens tho them lolol…

I don’t think this will affect me at all.

I don’t really care if they deserve such relief heh…