Obama makes push for credit card legislation

[William33 110]

Cedit card companies have gotten out of hand. I got a letter from Chase the other day. "We noticed that you do not use your credit that much, so we are dropping your limit to $5,000. It that is not satifactory, please call us."

That was cordial, but hate those change of terms things from some credit card companies. "We have changed the default limit from 26.67% to 29.67%."

I don't carry a balance, so it really does not matter to me, but I think that is well past usury!

If you don't ever carry a balance, then why do you need a credit limit well above 5k? Clearly 5K should suffice for any purchase you plan to pay off within 30 days, no?

[w¡n9Nµ7 §£@¥€r 123]

Clearly 5K should suffice for any purchase you plan to pay off within 30 days, no?

As in sexual, financial lifestyles do differ.

[William33 110]

Clearly 5K should suffice for any purchase you plan to pay off within 30 days, no?

As in sexual, financial lifestyles do differ.

[I AM NOT THAT GUY 5,715]

Cedit card companies have gotten out of hand. I got a letter from Chase the other day. "We noticed that you do not use your credit that much, so we are dropping your limit to $5,000. It that is not satifactory, please call us."

That was cordial, but hate those change of terms things from some credit card companies. "We have changed the default limit from 26.67% to 29.67%."

I don't carry a balance, so it really does not matter to me, but I think that is well past usury!

If you don't ever carry a balance, then why do you need a credit limit well above 5k? Clearly 5K should suffice for any purchase you plan to pay off within 30 days, no?

I know. I am just used to getting convenience checks and a higher limit every few months. I think the limit on that account was $40,000. I just thought it was humerous. I really don't need the larger limits they kept giving me. My ex boss and I looked at a few credit reports, and realized some of these folks could buy a nice motorhome, or a small house, if you combine the limits on their credit cards.

It just shows that things are tightening up, as they should. But the default interest rates are designed to wreck your credit, if you ever default. It does not make sense to me, to penalize someone that is having a hard time making their payments with a 30% interest rate, other than to make sure every account that person has goes into default.

[Sofiyya 1,687]

regulate everything...... except personal responsibility

Or do nothing & hope that capitalism will work everything out.... like Bush did.

Sounds like you have issues with personal responsibility. I'm not surprised.

Psssst.... Bush is gone.

Sounds like you have issues with reading comprehension. Psssst.... Bush is gone but the effects of his failed policies will be felt for a while.

Same for the ghost of Barry gone

[shinichikudo 0]

simulation credit auto

Thanks for the feedback. That is very useful.

Edited May 13, 2009 by shinichikudo

[britty 1]

Why is no one accountable anymore? The credit card companies do not force people to sign up for credit. Whinging borrowers need to accept that they used credit, and pay up.

[NickD 202]

A key issue is giving credit cards to college students with a 350 buck limit, just one cent over, can charge the student 30 bucks a month extra for exceeding the limit, and if that isn't paid, late and interest charges to boot. A penny can cost hundreds if not thousands of dollars and why are they even issuing this cards to 18 year old kids that don't even have a job? One outlet is to hit the parents. To me, this is criminal.