Credit Card Reform----!!! What do you think?

Question

There are so many Shady credit card Co.'s anymore they almost make it hard to even make your payment!! They target persons with bad credit history knowing they will make money off them,, Since credit cards are basically a form of U.S. tender I feel the Government should step in and stop the rapping of the U.S. People! Please don't say well it's the peoples fault for not reading the contract,, it's beyone that! This is the biggest white collar crime of our time,, and nothing is being done! I wanted to pay my bill by check by phone 2 days prior to the due date, and they told me that would be an extra $10 for a convenience fee -So whom is that convenient to NOT me!!!

wow live within our means,, this country would look 3rd world ,,, I,m sick of the persons that don't even know the severity at hand, yes good for you if you have perfect credit ,but for MOST that is not the case,, so you have not seen just how bad the credit card industry really is ,, and yes the govt needs to step in as protection ,,not as daddy telling us how to spend our money,, but this is criminal! You need a credit card to do many things like rent a car, get a hotel room ,, etc,,

Answer 1

You get a star for good question.Credit Card reform is loooonnnng overdue. I agree with you 100%!
They are more than happy to give a person a line of credit. They are more than happy to raise the credit limit when an account is reaching or surpassing the original agreed upon amount. Start asking questions, and they are secretive, and become downright nasty. The best thing to do is cut up the cards. After twenty years of faithfully making payments my balances are at an all time high. Take into consideration that I have not used a single credit card in 12 years. It is ridiculous.
After many years of battling these terrorists' threatening phone calls (which did not get results), I finally decided enough is enough. In 1998 I quit paying them altogether. I call them terrorists because they were terrorizing me. Calling at all times of the day and night. Telling me that I was living in their home. Calling me several times a day. Telling me they would send someone to my home to get their money. Telling me they would put me in the street (physically) if needed. If they tell you they are coming to your house, you have to be served papers from the sheriff's office that they are suing you within 5 days of the threat. Telling my children that they were going to send mommy to jail. 9 years later, I have not seen the inside of a jail cell yet. After 9 years how can a person really take them seriously. Be informed about your consumer rights, they aren't going to offer that info to you. In fact, they don't want you to know.
Check the Fair Debt Collection Code. These companies break these codes on a daily basis. The problem is the OCC is supposed to keep tabs on the abuse cases, however the OCC is in the back pocket of the Credit Card Industry.
I recently won my case against the Credit Card Company. I disputed the validity of the claim against me. I sent my dispute letter directly to their lawyer, and a copy of the same letter to the judge, and kept a copy for myself. Less than two weeks later I recieved a notice in the mail that their lawyer requested a dismissal without prejudice, which was signed by the judge. Chances are, it might work for you as well. The thing is, do you have the guts to stick it out until they decide to actually take you to court?

Answer 2

I agree with you. Credit card companies are out of control. I had a similar situation with Capital (you know who) The key to the Credit Card Game is to TAKE CONTROL!!! The way I did it was 1. Get a copy of your Credit report. 2. Identify the minimum balances 3. Begin paying the minimum on all the other balances while paying AS MUCH as you can on one account at a time. When that account is paid off; request a letter from them or a statement with the zero balance. Be sure to cancel payment protection and all that other stuff you pay a fee for every month. They WILL continue to charge you if you do not cancel...because the CC companies use other companies to manage your payment protection (learned that the hard way) Continue paying the minimum and paying the maximum until all cards are paid off!! Then leave the accounts open!! BUT CUT THE CARD UP!!! This will show the credit agency that you have $X available to you....but because you are the responsible consumer as you are :) you choose NOT to use that available line of credit! Makes your credit score go up and allows you to take control of the eeevvviiilll Credit Card companies and make them work to your benefit!!! Many Blessings. This requires some discipline, but when you start the process, you will reap the awards.

Answer 3

I ditched all my credit playing cards years in the past. If i'm unable to pay money, i don't purchase it. I even have an American exhibit card which isn't a mastercard, yet a "can charge card" and the stability is due in finished each month. I even have used it completely for approximately 13 years. I get hold of each little thing, and if i don't have the money, I keep till I do. specific, we paid money for our abode final 365 days as properly. It floored the agent as quickly as we asked for a "money value" then pulled out the checkbook. She did not additionally recognize a thank you to fill out the settlement and not using a lien-holder.

Answer 4

I agree with you shawn, and some of the answers you got I don't think they "get it". I was late on my payments twice and am now paying 32% interest - that should be a crime. I am in the process of looking for a cc company to transfer my balance. But I also went to make a payment on line on the date it was due, well I went passed the "time" and it wouldn't let me. I called them and they said it states in your contract 3pm eastern time, but they will conveniently let me pay by check for that $10 charge and it won't be late. They are out of control.

Answer 5

I think the interest is way too high. They are giving Illegal aliens credit cards without the use of a social, background check or credit check. The fine print should not be so fine and incomprhensible, that people don't understand it and not include balloon payments. Online credit card and banking should be outlawed! It's not safe any hacker can get into them.
Web Search:
numbersusa.com
alipac.com
Virginia Watch Dog

Answer 6

EASY FIX - STOP USING CREDIT CARDS!!!! You play with fire, you get burned. It is not the governments job to handle your money. The government cannot handle its own money. Life does not take Visa. Get out of debt and stay that way and 33% interest isn't a worry. Credit Cards have no power over me, I don;t worry about late fees, over limit fees, and convenience fees. Its liberating to just use cash or debit card. I know that saving up for something you want is unheard of these days - but its nice to actually own things and not owe on them. Learn to ACT YOUR WAGE!!! Stop CHOOSING to be a VICTIM...
Check out www.DaveRamsey.com

Answer 7

It's true credit card companies are out of control. I don't know if reform is the way to go. How about contracts and terms of use that people can understand? My husband is an MBA and works in finance and he can't even understand the terms.

Answer 8

Sorry, government isn't supposed to baby-sit you. If you don't want the card, cancel it or contact a legit credit card company like MC/Visa or Discover and ask them to take on your balance at a lower interest rate than the company you have now.

Answer 9

True. The fee is to direct more people to use the online services so they don't have to pay people to wait around for calls.

Answer 10

this is America. it's my RIGHT to go f myself.

(this is meant in jest.)