Will Credit Card Reform Help Ease the Economic Crisis?
The Obama Administration has started looking into the credit card lenders and their less than friendly practice of reliving the fine print on credit card applications.
There appears to be a fairly narrow split on whether this is supported by consumers or not. Those on one side of the aisle say: You, the Consumer, should have read the print a bit further and known ahead of time how your personal credit would be effected if certain conditions occur. Over on the other side, people are crying foul play from the credit card companies with all sorts of horror stories about accounts being closed, rates doubling after 1 late payment etc.
What do you think?
Race Cars says...
Truly – The credit card companies are all up in our faces the minute we screw up, well, according to their terms. BUT its a serious catch 22!!
IMHO if they go after the card companies for their predatory practices, it will only tighten credit more than it already is, and 6 months from now, the same administration will be asking them to free up their lending and let more people get credit cards to buy crap!
We are in a flippin hole, a bad spiral, and the balloon has to pop sometime, why not now?
Link | April 23rd, 2009 at 3:59 pm
Start a Daycare says...
I found your site and like it very much! We run our own inhome daycare center and literally run our business on credit cards every month.
3 months ago, we were told that one of our cards was having the credit limit reduced by more than half, which hurts us bigtime! We always pay on time and always more than the minimum payment.
I think reform is good!
Link | April 23rd, 2009 at 4:14 pm
Web HVAC says...
I think we have all been swindled by the credit card companies! Our business relies more on credit than we ever have, and now they have us by the balls!
Link | April 30th, 2009 at 11:34 am
Obama Credit Plan says...
One thing for sure – its going to shake up the world of lending for quite a long time!
I predict credit card companies… aka banks… turn the lending industry on its ear and start charging consumers for EVERY LITTLE THING they can, since they will be losing 20 Billion a year in card fees for those who go 1 day late on their payments!!
interesting!
Link | May 20th, 2009 at 2:34 pm