Think the government should investigate credit card companies,, set stronger laws to protect the consumer!?

Question

I feel credit card companies target people with bad credit to make money,, they want people to mess up ,,

Answer 1

No I would blame the consumer more than the credit card company. Credit card companies do not always give a credit card to a person with a bad credit score or negative items on their credit report.

If a person is stupid enough to get a credit card and max it off and not pay it off then that's their fault. They should have more responsibility and knowledge to know how to handle a credit card.
They know when they sign the contract that they are obligated to the debt owed to the company and they need to repay.

Answer 2

Every established business has at least one thing in common, that is to make money. As noted previously, credit card companies are no different. Their money is made on the interest that is tacked on to your payments.

The down side is that we can't blame a credit card company for the poor spending choices we make. It sounds so easy to make a $10 monthly payment but when you overspend, the $10 payment becomes much more and that $100 item costs you $1800 by the time you pay it off.

The best thing to do if you have a credit card is spend according to your debt to income ratio.
-If you can't pay it off by the end of the month, don't charge it.
-If you are making monthly payments, pay on time
-If you see something you want, put it on a list and wait 30 days. This will help cure impulse buying.
-Don't buy based on what you want, but on what you need

Many people should cut up their cards completely and only buy when they can pay cash for. Credit cards overuse can become an addiction like anything else.

One late payment can send your interest rate soaring and lower your credit score. Too many credit cards, even with a zero balance, can also lower your credit score, so if you're not using them, call and cancel the card. If you have too many trades, i.e. pay off one card with another, then find a lower rate and pay off the previous card with the newer one, it can help you with interest, but again, lower your credit score.

Though it is seems credit card companies target those with poor credit, they also offer an opportunity to those with a bad history, to redeem and rebuild that credit.

The ultimate responsibility is with you. When people overextend their credit, we all end up paying. Not the commiseration you may have wanted, but it is the truth.

I do not work for any credit card company. :)

Answer 3

Credit card companies are businesses. They are not charity organizations. Yes, their policies, rules and regulations can be pretty harsh but guess what, it's their business, they get to set the rules, they get to make the contract and when you apply and sign on the dotted line, YOU agree to comply with those terms. They state in their terms what they are allowed to do to you if you ever "mess up" and when you apply, YOU Agree to those consequences.

They do decline applications for people with really bad credit. So if they don't trust you will handle the account well, they just won't let you have one.

There's more to having a credit card account than just charging and paying your minimum payments. People with bad credit have come across the practices that cause them fees and high rates, many just don't learn! They won't accept responsibility for putting themselves in the binds that they find themselves in, and would rather just blame it on the CC companies.

The bankruptcy laws that were recently amended were placed because many, not ALL, people were finding it way to easy to say, hey Credit card company, watch this, screw you and your rates, I'm a file bankruptcy! Even when they were not really going thr

Answer 4

I think you are right, they do want people to mess up and there are a lot of stupid people out there who do just that and the credit card companies are laughing all the way to the bank!

Answer 5

Unfortunately the Banks have been dishonest. i had a credit card with M*** and I could mail the payment 2 weeks ahead of time and they would claim they did not process in time and charge me a late fee. i finally had to pay off the card and cut it up. Recently we used one of our cards like you do (paying it off every month) and they, without any reason lowered our total credit amount and went up on the %. ...This also lowers your debit to credit ratio lowering your credit score...I am not for government interference but maybe the Banks need the Nanny State to tell them how to Do the Right thing.

Answer 6

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 7

Exactly, they do want people to mess up so they can send the bailiffs in and take repossession of the home, that's how they make money.
If not that, put loads of interest on repayments, making it more difficult for people to get out of debt.
THEY NEED THEIR LEGS CUTTING OFF!!
They target students and people living off social security, leading them to believe that by having credit their lives will be made better.
Though people who accept the cards are non the wiser.

Answer 8

The credit card companies just lobbied for and got passed new bankrupcy laws slanted heavily in their favor. Their billions in contributions mean more than your vote.

Answer 9

We the people is the government we can't investigate our selves the only way is to stop using them we should go on strike and bring down the high rates get a fix rate like they do on real estate they can not operate without us we can stop all the fraud