Should Congress Outlaw "Universal Debt"?

Question

Universal debt gives the right to any creditor, to alert the credit bureaus that you have paid just 1 minute late. (Some creditors post a time one your credit card statement ex.citibank)
This starts Credit Card Hell.
The credit bureaus then alert all your creditors you were late.
The creditors at their own discretion change their agreement with you by:
1. reducing the time you have to make payment.
2. reducing your available credit to the amount you currently owe.
3. increasing your late payment fee.
4. increasing your over the limit fee.
5. increasing your interest rate.
6. add late fee to your new available balance pushing balance over the limit.
7. add the over the limit fee.
8. charge the higher interest rate to the new balance and fees.
Yes, fees, credit card lenders have th right to charge interest on fees.
This is Universal Debt = Credit Card Hell and now you really know what happened to you.

http://www.consumerlaw.org

Congress has had 2 hearings Jan 07 & Mar 07. One of the Congress persons
elderly parents have this problem so you don't have have to be a dead beat.

Answer 1

Simple answer: Yes, of course!

This should have been possible in the first place. First we have millions of people losing their homes (ARM and other teaser mortgages) and now this? I really have to wonder at the "intelligence" in our government.

Answer 2

It is all spelled out in your cardholder agreement, which you should have read before you agreed to its terms by signing the back of the credit card and using the card.

If you do not pay on time, you are a bad risk. If you are a bad risk, you pay extra. Fees are owed and are on top of your purchases.

IF you have been a good customer and you are over "by one minute", your credit card company will usually reverse late fees. The key thing here is "IF YOU HAVE BEEN A GOOD CUSTOMER" (their definition not yours.)

Credit bureaus do not "alert all your creditors". Other creditors can check your credit scores. You agreed to that when you applied for the loan/credit card.

Read your card holder agreement before you sign your credit card. If you do not like the agreement - how about not signing it and not using the credit card! You signed, you agreed, nothing was hidden - stop complaining about being held to your agreement. (oh and don't use the "I didn't understand the agreement" agrument - if you didn't understand it why did you sign it?)

Answer 3

The Law should stand.

The problem is not that itis allowed, but rather that people are allowed to get so deep into Dept (Credit Cards, Cars Loans, Mortgauges, etc).

No one forced these people to get into debt. They need to get out of it.

Funny how everyone wants to legistate common sense.

if you dont have the money - DONT SPEND IT.

It is not that hard.

Get these books -
Total Money Makeover by Dave Ramsey
The Creature from Jekyll Island by Griffin

Answer 4

Yes, someone should stop these indolent leeches from their parasitic attacks on the American public.

The CEO's of these companies should also have their names and home addresses posted on the web so that they can be publically shamed and ridiculed. It is about time that these usurers exercised some level of personal responsibility in their dealings.

Answer 5

Nope, they should keep that law. ANYTHING to help keep deadbeats and low lifes from making off with someone elses money.

They should absolutely keep the Universal Debt and in addition to that, they should increase local small claims courts' abilities to pursue non-paying offenders, writs of garnishment and access to people's job locations should be common knowledge to the public.

PEOPLES FULL NAMES SHOULD BE LISTED IN LOCAL AND STATEWIDE NEWSPAPERS ACTIVELY ACKNOWLEDING ALL DEADBEATS, NON-PAYERS, NON CHILD SUPPORT PAYERS, NON TAX PAYERS, ANYONE AND EVERYONE WHO DOESN'T OR HASN'T PAID A BILL SHOULD BE PUBLICLY ADVERTISED AT THE EXPENSE OF THE NON-PAYER.

Yep, you heard me right. When your name is advertised for non-payment, YOU get the bill for the advertisement. You got that right. I'm behind ANYTHING and EVERYTHING that brings deadbeats to justice!

Answer 6

I'd like to see them turn their attention to it, yes.

Sounds like a winner with the voters.

But not with the entities contributing to either party.

Maybe that's why nothing's been done.

Answer 7

What the H***?
It was Congress that created your nightmare.
They repealed the Usury Laws.

Answer 8

Ahhhhhhh, I pay my bills on time.....