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You have something on your nose.
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@TakingItSeriously: That's not a troll. That's a joke.
A troll would be:
\"Who neads credit card refoarm?! If you dont want to pay feas you shooldnt get a credit card!!!!!\"
Or something that effect. A troll baits others into outrage for his own amusement.
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Is there a number I can call to get Chucky and KGil to stop meddling with voluntary contracts?
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@michaelgibbons:
I need that number too. And what about a *consumer* responsibility act? I'm sick and tired of people doing stupid things with their money and businesses being vilified for it. Legislate responsibility and your problem is solved!
I only use credit cards for the cash back. I have no balance, so I couldn't care less about APR. What will happen to my benefits if this reform is passed?
@Featherstonehaugh: Your credit card limits and the value of the rewards will decrease as credit card companies are forced to subsidize those who cannot pay their bills.
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The credit card rewards are ALREADY decreasing. Read this site if you need examples - I'm not going to bother pointing them out to you. You can blame it all you want on this reform that hasn't even passed, but then you'd look stupid.
no sentator for me. oh, the wonders of taxation without representation for a district of columbia resident.
@muddymaesuggins: I live in the land of lawmakers, and I have no one with an actual vote who can speak for me. Thick with irony.
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I've never called a Senator's office before today. I just called Senator Feinstein's office and a real-life person actually picked up and took the message. Yay for representative government!
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I have no problems with my credit card and pay off the balance every month. Why should I be demanding changes from the government?
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@EBounding: I guess to support all of those who can't. Like michaelgibbons said above, it's voluntary to get the card and enter into the contract.
So basically, you pay your balance off every month and have never had a problem. You're essentially using the card as a temporary debit card that is refilled by your actual account later. Wow, great, so in other words, you're not using it as a credit card.
Anyone that uses a credit card as an actual credit card will inevitably face problems with the credit card company. Since you don't do that, you may never face those problems (although my guess is that at some point, you totally will). Congratulations! Now the rest of us that do have problems can get our issues resolved because you're not affected.
And this is a good thang right? You would like me to call a senator who probably has taken money from these swine and tell them 'oh plz sir may I have another'? Look there is no reform until usury laws are REestablished. Period. This is just congress trying to save face while taking campaign contributions from the K Street Kidz. I sincerely doubt Amerika will ever wake up. Or ever care.
So, who won Idol last nite?
I'll be using it to encourage my Senator to NOT vote for this. This bill harms responsible consumers and subsidizes dead beat consumers. My rates will go up, my credit limits down, and my credit card rewards decreased because the government wants to protect people who buy things they cannot afford.
Its shameful that Consumerist would support this - apparently responsible people who pay their bills on time are not a concern for this blog. The vast, vast majority of people who can control themselves and pay their bills off every month are going to be punished in favor of the minority without self control.
The stuff you're pointing out as likely to happen is happening anyway. I could give you links, but you're on this website to read, right? Get to readin' ya lazy bum.
@PopulistOutrage:
You forgot to mention how the world will end and how everyone should watch your favorite program, \"The No Spin Zone\".
Am I one of those dead beats for making one payment one day late in 2 years with Discover?
Oh, and could you explain to me how \"rates will go up\" for people who pay their cards off every month? I do that now, and don't get charged any interest.
Nice astroturfing BTW.
@chris_d: Nice political propaganda - clearly anyone who advocates for personal responsibility is a conservative. I'll take you seriously when you get your talking points elsewhere than the DNC, troll.
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@PopulistOutrage: Ok, I'm confused.
1) Why are we assuming that everyone who has a balance on their card is a deadbeat? And why are we assuming that all people who can't make a payment on time are in that position because of their lack of self-control?
2) I'm looking at the bill as presented in the link, and am not seeing how any of this is bad. Why would we defend the right of a card company to not apply payments fairly? Why would we defend the right of a credit card company to charge fees that are not commensurate to the \"offense\"? Why would we defend their right to raise fees arbitrarily and without a reason to warrant it?
People who pay their card bill on time can still get dinged unfairly. Sometimes companies will switch due dates around. Sometimes people with good payment history have their rates raised through no fault of their own. So it seems to me that this bill also seeks to protect people who DO pay their bill on time, in the event that a card company starts to get footloose and fancy free with their terms. I am not opposed to the companies making money, but not by using underhanded tactics that can end up making it impossible for a person who pays on time to profit from their diligence.
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My rates will go up, my credit limits down, and my credit card rewards decreased...
All of these things happened to me in the last 2 months and I pay my balance off every month, so I'm hardly \"without self control\" and I'm still being dicked around by my CC.
@Crabby Cakes: Nice try, but not really. You think its bad now, wait until people who cant control themselves are subsidized. Credit card companies CAN change anything at any time but rarely do. Its a contract you entered into, get over it.
@PopulistOutrage: What other choice do I have? I need a credit card to build a credit history if I ever want to buy a house. So I have to agree to their terms, regardless of how unfair they are. As a consumer and borrower, I want to see these rules changed so that I have a fair shot. I've done everything I'm supposed to, and I got screwed. A $5,000 credit limit to a $300 credit limit- without warning- dinged my FICO score 8 points.
I'm not going to \"get over it,\" I'm going to call my Senators and ask them to support this bill so me, and people like me, stop getting screwed by the CC.
@Crabby Cakes: No, you don't. Revolving credit is NOT required to buy a house. Your entire history can be built on installment plans. You are not entitled to buy a house to begin with.
The rules are not such that you do not have a fair shot - your credit was slashed because you were extended to much credit. You don't have a right to credit.
This is a consumerist star commentator? Site is going down quick. You call your Senators and support the dead beats, I'll call and support responsible consumers and support the defeat of this fascist legislation.
I don't have a card anymore, and don't intend to (thanks, Dave Ramsey), but I'm behind this bill 100%. Credit card companies are out of control and it's time to reign in some of their most obnoxious practices.
Thanks for posting this up, Consumerist.
This is the same exact thing as gun control. Of course, blame everyone but the user. Credit cards can be a wonderful tool if used responsibly, and credit cards can be a lifesaver in an emergency.
Regulating for the stup...well, the 'less careful' is never a good idea.
So how will this stop stupid people from maxing out their cards? That seems to be the real problem.
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I have called the number twice (once for each senator), and also forwarded this information to ALL my friends and family.
We need this!