NEW CREDIT CARD LAWS START 2/22/2010!!!

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J

JakeH

Fire Eel
MFK Member
Mar 17, 2009
1,961
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Houston, TX
Everyone in the USA needs to know about this!!!!!! In order to control abusive & predatory practices, the US Gov't has placed new restrictions on Credit Card Companies that WILL affect you...Yes YOU! Good credit, bad credit, doesn't matter! There's probably 1000 places to get this info on the web, but the link below is a good article from dailyfinance.com if you don't want to search.

http://www.dailyfinance.com/story/c...er-ways-around-card/19353882/?ncid=webmaildl3
 
Actually, all this credit card "reform" (so-called) is one of those well intentioned things that really only hurts the people that have doing the right thing, and that link is a good example of it. In order to stay profitable, CC companies are just going to NOW pass along the costs of losers not paying their bills by passing on fees and carrying costs to everyone, including those people who've paid on time and in full forever.

As with the mortgage crisis, don't bite off more than you can chew, pay your bills in full, and you don't have to worry about late fees, and rises to your rates, etc.
 
cchhcc;3905106; said:
Actually, all this credit card "reform" (so-called) is one of those well intentioned things that really only hurts the people that have doing the right thing, and that link is a good example of it. In order to stay profitable, CC companies are just going to NOW pass along the costs of losers not paying their bills by passing on fees and carrying costs to everyone, including those people who've paid on time and in full forever.

As with the mortgage crisis, don't bite off more than you can chew, pay your bills in full, and you don't have to worry about late fees, and rises to your rates, etc.
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This was not intended to be an opinion-getter. I do appreciate your opinion, but you'll notice that they are now finding ways to charge every customer, not just delinquent accounts or irresponsible CC users.

Bump for everyone's FYI. Again, EVERYONE IN AMERICA THAT HAS A CREDIT CARD NEEDS TO KNOW THIS INFO!!!
 
it had some very stupid stuff in it.
such as u have to be 21 to get a credit card! are u serious? i was married at 18. under this new bill i wouldnt be able to get a credit card. retarded! heck i still wouldnt be able to get one (for a few months) absolutly retarded!! other stuff is ok in the bill but all in all retarded bill
 
this is one of the many other reasons why i don't have a credit card

all i got is my school loan, my mortgage and my car loan
 
Definitely check your statements & offers closely from now on. Remember, this article/thread has nothing to do with political commentary & this is not PROPOSED legislation. This stuff has ALREADY HAPPENED effective 2/22/10, roughly one week ago! Please feel free to give your opinion about the new laws or how you plan to adjust for them, but keep your party loyalty & politics out of it. This is now financial fact, not Washington debate. Thanks to those who have already posted up!
 
dam.. thanks for the update...

I heard about the new fee rate that citibank implemented on credit minimum some new scam they did to force you to use a minimum amount of purchase or they'll charge you..

I always check my statements and NEVER EVER do paperless statements.. its lame.. you can't read the extra fine prints that are written on the statements.. :irked:
 
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