Chef Jim Posted May 22, 2009 Share Posted May 22, 2009 At first I welcomed this because I've not been happy in the past with how some CC companies charge late fees and arbitrarily change rates. But after some research I've realized that this is once again our wonderful government telling companies how they must operate but more importantly it's another case of rewarding bad, irresponsible behavior, coddling these people and punishing those of us who pay off our balance every month and do it on time. US Government = You !@#$ up, don't worry we'll punish the other guy for your screw up. Link to comment Share on other sites More sharing options...
Magox Posted May 22, 2009 Share Posted May 22, 2009 At first I welcomed this because I've not been happy in the past with how some CC companies charge late fees and arbitrarily change rates. But after some research I've realized that this is once again our wonderful government telling companies how they must operate but more importantly it's another case of rewarding bad, irresponsible behavior, coddling these people and punishing those of us who pay off our balance every month and do it on time. US Government = You !@#$ up, don't worry we'll punish the other guy for your screw up. We will soon see all of the unintended consequences of the government stepping in. I gauranfriggintee it! Link to comment Share on other sites More sharing options...
The Big Cat Posted May 22, 2009 Share Posted May 22, 2009 At first I welcomed this because I've not been happy in the past with how some CC companies charge late fees and arbitrarily change rates. But after some research I've realized that this is once again our wonderful government telling companies how they must operate but more importantly it's another case of rewarding bad, irresponsible behavior, coddling these people and punishing those of us who pay off our balance every month and do it on time. US Government = You !@#$ up, don't worry we'll punish the other guy for your screw up. Would you please provide the details of something? Link to comment Share on other sites More sharing options...
erynthered Posted May 22, 2009 Share Posted May 22, 2009 We will soon see all of the unintended consequences of the government stepping in. I gauranfriggintee it! ...like maybe, bye bye frequent flier miles? Maybe, start of annual fees again? Maybe start charging interest immediately at the time of the purchase? etc...etc... Naaa, they wont do that!! Link to comment Share on other sites More sharing options...
IDBillzFan Posted May 22, 2009 Share Posted May 22, 2009 Would you please provide the details of something? I don't mean to speak for the Chef, but what he's probably referring to is what always happens when companies are forced to take on costly changes; the company passes the cost on to the consumer. In the case of credit card companies, what is happening is you will now see the return of annual fees and the disappearance of points/miles/rebates programs and interest charges hitting as soon as you make a purchase. For example, I don't pay a dime for my business credit card. I pay off the balance every month, so I don't pay interest charges, but I also rack up miles which I can then apply to cover the cost of a flight for a business trip. What I'm likely to now see is an annual fee and no miles. And this is happening because people who shouldn't have credit cards are getting protection while people who use them responsibly have to pick up the costs. What I will now do is increase my costs to my customers to account for these new charges. My customers will pass it on their customers and their customers will pass it on to you...the person who did nothing but pay your bills on time. In fairness, the credit card companies shouldn't be giving cards to the folks who can't handle them, but to protect those people by making the responsible people pick up the costs is ridiculous. Most importantly, the current administration -- due to its utter lack of business experience -- simply doesn't know or refuses to understand that making companies pay money to meet government requests simply and always gets passed on to the consumer. The cap-and-trade program will prove to be the perfect example of this. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 22, 2009 Author Share Posted May 22, 2009 Would you please provide the details of something? Right now I pay no annual fee for my CC and get a boat load of rewards points that we use all the time when we travel. We now use our CC to pay for pretty much everything due to the rewards. Hell if my building would take a card for my rent I'd put that on there too. But because of our government feels their way is always the best way I'll be punished for my good behavior. Once again Link to comment Share on other sites More sharing options...
Magox Posted May 22, 2009 Share Posted May 22, 2009 ...like maybe, bye bye frequent flier miles? Maybe, start of annual fees again? Maybe start charging interest immediately at the time of the purchase? etc...etc... Naaa, they wont do that!! oh ya Not only are rates going to rise for higher risk card holders, but it will increase rates and fees for all credit card holders. In essence those that have good credit will basically subsidize those that don't. But you guys havn't even mentioned the biggest consequence, which is the withdrawal and restriction of credit availability. Credit availability through the credit card industry is going to shrink in a massive way over the next 12 months regardless, and this bill doesn't do anything but worsen it. It is going to reduce funds available for lending and most likely will contribute to a further tightening of liquidity in the marketplace. We are trying to promote growth and this will serve as a counter to it. This is what happens when the government steps in and tries to micromanage business. They fail to see the unintended consequences. Link to comment Share on other sites More sharing options...
erynthered Posted May 22, 2009 Share Posted May 22, 2009 HEY!! Libs!! You like this CC legislation?? No response?? Dear leader is going to sign this crap, right? Link to comment Share on other sites More sharing options...
GG Posted May 22, 2009 Share Posted May 22, 2009 In fairness, the credit card companies shouldn't be giving cards to the folks who can't handle them, but to protect those people by making the responsible people pick up the costs is ridiculous. Most importantly, the current administration -- due to its utter lack of business experience -- simply doesn't know or refuses to understand that making companies pay money to meet government requests simply and always gets passed on to the consumer. The cap-and-trade program will prove to be the perfect example of this. And then, the evil Wall Street types will recast their profit expectations for corporate America and assign lower market values for the companies, which will diminish capital that will be put at risk, which will turn the pending lost decade into the pending lost two decades. Link to comment Share on other sites More sharing options...
Magox Posted May 22, 2009 Share Posted May 22, 2009 And then, the evil Wall Street types will recast their profit expectations for corporate America and assign lower market values for the companies, which will diminish capital that will be put at risk, which will turn the pending lost decade into the pending lost two decades. United States 2009 I would like you to meet Japan 1990 Link to comment Share on other sites More sharing options...
blzrul Posted May 22, 2009 Share Posted May 22, 2009 Here's a novel freakin idea: don't use credit cards. Use debit cards, like I do. Link to comment Share on other sites More sharing options...
Bad Lieutenant Posted May 22, 2009 Share Posted May 22, 2009 Why am I not surprised that none of people criticizing this bill referenced anything specific about it? Link to comment Share on other sites More sharing options...
IDBillzFan Posted May 22, 2009 Share Posted May 22, 2009 Here's a novel freakin idea: don't use credit cards. Use debit cards, like I do. Why use a debit card if you can get points/miles/cash back on a credit card? I mean, you're paying it off every month any way. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 22, 2009 Author Share Posted May 22, 2009 Here's a novel freakin idea: don't use credit cards. Use debit cards, like I do. That's what we used to do but what's the reward/incentive to use a debit card. Also if someone hacks your CC your not liable for those charges and they just send you a new card. If they hack your debit card they have access to you checking, savings, money market if they're all linked. And then you have get a whole new bank account which is a pain. We only use our debit card to get cash from the ATM. Link to comment Share on other sites More sharing options...
erynthered Posted May 22, 2009 Share Posted May 22, 2009 Here's a novel freakin idea: don't use credit cards. Use debit cards, like I do. Proving yet again that you are a box of rocks. MBA my ass. How the !@#$ did you get to this point in your life? I mean really? Does the company you work for realise that you're as dumb as a box of rocks? Really? Perks? Naa, dont need'em. I was going to call you a Retard, but I think more highly of them then you. Link to comment Share on other sites More sharing options...
AlaskaDarin_Has_AIDS Posted May 22, 2009 Share Posted May 22, 2009 I'm sure that this Bill has hidden in it some sweet kickbacks to the vermin in ACORN and their cronies in the labor unions (The 2 entitities who worked to steal the last election). Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted May 22, 2009 Share Posted May 22, 2009 HEY!! Libs!! You like this CC legislation?? No response?? Dear leader is going to sign this crap, right? they are a little mortified that the great helmsman at the same time he signed the CC portion,he also signed a rider allowing guns in nationl parks. Imagine,Obama thowing out a 25 year old antigun law signed by Reagan,of all people. Link to comment Share on other sites More sharing options...
IDBillzFan Posted May 22, 2009 Share Posted May 22, 2009 I they are a little mortified that the great helmsman at the same time he signed the CC portion,he also signed a rider allowing guns in nationl parks. Imagine,Obama thowing out a 25 year old antigun law signed by Reagan,of all people. I have no idea why that rider was put in there. None at all. The only thing I can imagine is that Coburn was trying to stall the credit card bill in thinking Obama would refuse the bill with that clause in it. Seriously, it's just a real head-scratcher to me, and I don't mind admitting that I think Coburn is kind of a douche for sticking it in there. The two items have nothing to do with each other. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted May 22, 2009 Share Posted May 22, 2009 I have no idea why that rider was put in there. None at all. The only thing I can imagine is that Co burn was trying to stall the credit card bill in thinking ABM would refuse the bill with that clause in it. Seriously, it's just a real head-scratcher to me, and I don't mind admitting that I think Co burn is kind of a douche for sticking it in there. The two items have nothing to do with each other. I look at in a different preceptive. Why was a lousy CC bill attached to a good gun law? Link to comment Share on other sites More sharing options...
Chef Jim Posted May 22, 2009 Author Share Posted May 22, 2009 I have no idea why that rider was put in there. None at all. The only thing I can imagine is that Coburn was trying to stall the credit card bill in thinking Obama would refuse the bill with that clause in it. Seriously, it's just a real head-scratcher to me, and I don't mind admitting that I think Coburn is kind of a douche for sticking it in there. The two items have nothing to do with each other. Dude, that's politics 101. "I'll vote for your bill if you slide this gun thing in it." Link to comment Share on other sites More sharing options...
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