Happy Holidays from the Credit Cards

Discussion in 'Chit Chat' started by TwoCatDoctors, Dec 1, 2009.

  1. TwoCatDoctors

    TwoCatDoctors New Member

    If you haven't read about this, most of the credit cards companies and bank, and that also includes stores like Target and others, will go from very low interest rates on their credit cards and increase them almost triple fold into the 25% and higher range by at least the end of January. It doesn't matter that you always paid on time and paid so much extra than the minimum due and stayed to less than 25% of your credit line (like Suze Orman, the financial Queen told everyone).

    These companies/banks are facing new tighter rules from Congress that I believe go into effect in July. So before the rules go into effect, the companies/banks are getting in the last minute raises while they can. So doesn't matter if you've been a super good customer with credit.

    Congress should have implemented the rules immediately and not allowed them to more than triple their interest rates on credit cards to do this to consumers. So after the consumers have paid off their credit cards, then all these credit cards places hopefully will discover they have no credit card business and their banks will feel the effect of greed.
  2. quanked

    quanked Member

    A bill that would put credit card reforms in place now rather than in three months was just blocked in the Senate. So it's time to take the fight straight to the banks!

    Tell the credit card companies exactly what you think of them, and that they won’t get your business until they stop raising interest rates, adding new fees and penalties, and other tricks prior to the credit card rules going into effect in February.

    No charging 'til they change their ways!

    Your outrage over the credit card companies’ latest round of increases got us to the brink of victory. But at the last minute, Mississippi Sen. Thad Cochran, on behalf of others, blocked a vote on the bill to freeze interest rate-hikes on card balances before the holidays.

    Now it's time to take our anger straight to the credit card banks! They can't make money without us. Make sure they know you’re fed up with their sudden rate hikes, higher fees and penalties, and other outrageous tricks.

    Tell the three biggest card companies what you think of them, and that you won’t use their plastic during the holidays until they stop the abuses. The banks make big profit when you carry a card balance – what better way to let them know you want fair treatment then to stop charging during the biggest shopping days of the year!

  3. Gingareeree

    Gingareeree New Member

    I couldn't agree more.....
  4. victoria

    victoria New Member

    but getting them to make a promise beforehand won't work, does anyone think they'd really honor it? They'll say yes just to get people to spend, then do it anyway.

    Best thing to do is use cash and don't spend what you don't have, and anyway save more for when you need or want something... time for them to feel the heat and get competitive again!

    (edited because as usual I left out a word, so of course added some too LOLOL...

    [This Message was Edited on 12/03/2009]
  5. gapsych

    gapsych New Member

    Geese, I thought only bookies could charge interest rates like this.

    If you don't pay on time, will they break your knees?

    Thanks for the info.

  6. TwoCatDoctors

    TwoCatDoctors New Member

    Those of you in Mississsippi, note that it was Mississippi Sen. Thad Cochran, on behalf of others, that blocked a vote on the bill to freeze interest rate-hikes on card balances before the holidays. This is why you register to vote--to vote him OUT.
  7. jole

    jole Member

    Amazing how everything gets right down to the government, isn't it? I don't understand how those people think they have the right to ruin so many people's lives! Yes, it's definitely time for a lot of our elected officials to "go".

    I really feel so sorry for the young people who are totally clueless when it comes to credit cards! Yes, I know they shouldn't be, but youth and "ignorance" seem to go hand in hand, don't you agree?

    Most of us who have been around for awhile tend to know not to use those cards except in an extreme emergency...but these younger ones have practically been brainwashed by the media, etc. from the day they start college and become bombarded with "instant" credit cards. And at the same age as when they think their parents are too ancient to know anything...lol....
  8. TwoCatDoctors

    TwoCatDoctors New Member

    Some of us at low income, like me, get hit with unexpected expenses that we do not have the money for and that is when a credit card works out well. I have had unexpected medical expenses on my credit card lately that I didn't have enough cash for. I'm fortunate so far that the amounts will be paid off soon. So not everyone can do without using a credit card. And there are people that use them wisely. But some people don't need them, but seem to go crazy shopping.

    But the supposed excuse from the banks, stores, etc. for the increase in interest rates is that the interest rate has risen. Sorry but it doesn't rise from 7% immediately to 24% or 29%. Then I read banks, stores, etc. for no reason are decreasing credit limits for people too and it said that negatively impacts a person's credit scores and that credit scores are everything---and employers even look at your credit. So that isn't good.

    And I do believe if you pay in full each month, you are not profitable to them (they don't get any interest), so eventually you may find yourself with a much lower credit limit. Or maybe eventually they will move to only offer credit cards to people who pay over time and not pay in full each month so they get profit out of it. Remember, they're not in it to do you a favor, they're in it to make money.

    Maybe the next time the banks come around and want help from the government, the government should tell them to get the help from their overpaid executives. Because they were given help and then unjustly raised the interest rates and lowered the credit rates---all when the government was trying to stimulate the economy and buying.