Credit Cards - What Will Obama Do?

[Lynnie]

I am really watching this as two major creditors are practicing crazy stuff.

Bank of America and MBNA - both have totally steamrolled over a client of mine.

BOFA: this residual interest now being charged against a client for pennies - literally $1.50 balance and they keep reporting her 30-60 days late over this.....she can't win. MBNA or maybe it's FIA???? Doing the same thing.

Anyone heard an update on what the President will do on this? The banks/creditors are arguing that if legislation does come to fruition, they won't be able to offer as much credit????

It seems they are trying to skirt the real issue of unfair business practices.

 

[30ashopper]

I am really watching this as two major creditors are practicing crazy stuff.

Bank of America and MBNA - both have totally steamrolled over a client of mine.

BOFA: this residual interest now being charged against a client for pennies - literally $1.50 balance and they keep reporting her 30-60 days late over this.....she can't win. MBNA or maybe it's FIA???? Doing the same thing.

Anyone heard an update on what the President will do on this? The banks/creditors are arguing that if legislation does come to fruition, they won't be able to offer as much credit????

It seems they are trying to skirt the real issue of unfair business practices.

I think some legislation passed the house a while back that had some good and some bad. Generally they just need to do away with "living contracts" - those contracts that the card companies can chage at will. That and make sure 30 days notice on billing is enforced. I think the card companies were pulling some fast ones with tricky billing practices.

 

[Lynnie]

I think some legislation passed the house a while back that had some good and some bad. Generally they just need to do away with "living contracts" - those contracts that the card companies can chage at will. That and make sure 30 days notice on billing is enforced. I think the card companies were pulling some fast ones with tricky billing practices.

I think you're right. And, I think that legislation was from Bush and its changes were to go into place sometime this year. Credit card companies then began increasing int. rates (those tricky billing practices you mention) to have those 'grand-fathered,' or something like that.

I do not believe the government should be in our pockets, but do believe that if this isn't regulated somehow, it will continue to spiral out of control!

 

[traderx]

I think you're right. And, I think that legislation was from Bush and its changes were to go into place sometime this year. Credit card companies then began increasing int. rates (those tricky billing practices you mention) to have those 'grand-fathered,' or something like that.

I do not believe the government should be in our pockets, but do believe that if this isn't regulated somehow, it will continue to spiral out of control!

Or folks could vote with their feet.

 

[Lynnie]

Or folks could vote with their feet.

Some have two left. :funn:

 

[traderx]

Some have two left. :funn:

Two left feet?

 

[Lynnie]

Two left feet?

Yes, two left feet with which to vote.

 

[Miss Kitty]

I received an email form BoA today. Don't have a card with them, so I jsut ding dang deleted it! The scammers are out in full force for the Kitties!

 

[Lynnie]

BOFA has been great with me, but I also have an asset account with them. Going forward, that's the name of the credit game.

 

[scooterbug44]

warning: recycled rant

I think the whole credit reporting/credit scores needs to be scaled way back. IMO it's a big shell game to screw people over based on "credit scores".

Many responsible people get penalized by things on our credit reports that we do because we are fiscally responsible - like not buying a car on credit or leasing it. Yes, buying something you can afford instead of financing it or increasing your debt is a NEGATIVE on your credit score.

I also got penalized because they ran my credit/finances when I wanted to buy real estate - this is considered applying for credit. I didn't BUY anything, my debt ratio or amount of credit didn't change, but my car insurance rate went up anyway because I had "applied for credit" within the last 2 years.

Some credit companies also have sketchy ways of making people pay late fees - the one I find completely immoral is when you pay online and the default automatically schedules your payment on the due date .................. which will earn you a late fee because it takes time to "process it". Guess which card pulled that crap and now doesn't get payments of any kind from me?

As far as interest charges etc. drop the card if you don't like the way they do business. If everyone scaled back how they used credit cards for daily purchases, it would send a strong economic message to these companies.......and put more money into the pockets of local business owners since they won't have to pay the credit card companies a percentage of that sale.