Credit Card Industry Defeated for Now
July 3rd, 2009 | Category: Videos | 27 Comments »
Hidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to extract money from increasingly stressed consumers. Now, some on Capitol Hill are trying to regulate the more abusive practices. With bills actually moving through both houses of Congress, the credit card lobby is finding itself on the defensive, and turning out in force to oppose the legislation. … “Christopher Dodd” “Carolyn Maloney” “Jeb …
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April 8th, 2009 at 4:46 am
WOW! You mean the millions of dollars the credit card industry pours into political coffers is not having it’s desired effect?
Things are either getting better or far worse then we realized.
April 8th, 2009 at 7:13 am
$850 Billion in credit car debt.
April 8th, 2009 at 7:20 am
Great report, thanks
April 8th, 2009 at 2:47 pm
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April 8th, 2009 at 3:08 pm
This is great news, I’ll be surprised if it passes. Those lobbyists for 29% usery fees need to be… well I shouldn’t say, but some image of being hung off of bridges with genitals stuffed in mouths. For shame. Lobbyists for banksters are the vile slime of the earth and should be eradicated. Have they no scruples???
April 8th, 2009 at 7:44 pm
Democrats “for” Republicans “against” for this lets not forget that when it come time to vote…
April 8th, 2009 at 9:55 pm
The lobbyists are actually for way more than 29% usury – that’s chump change. Congress is trying to pass a 36% usury cap and the industry will fight it to the death. One bill in Congress would condone 391% interest for payday loans…
April 9th, 2009 at 1:01 am
Republicans are a coalition between the rich and the stupid…
April 9th, 2009 at 4:51 am
Poor stupid people need the government to protect them from themselves.
April 9th, 2009 at 8:18 am
I agree some CC practices are dishonest and not clear to the consumer.
However, most CC consumers who default payments are just downright deadbeats. Most of them aren’t using credit for bare necessities, it’s for luxury goods like a big screen TV. I’m sorry but borrowing money and refusing to pay it back is the equivalent of stealing. I’m sort of glad deadbeat people who live way beyond their means get penalties.
April 9th, 2009 at 9:04 am
they wouldn’t be deadbeats if they weren’t being cheated in the first place….CC Companies need an ass kicking in Congress..and more in the future…..Yeah Baby!!!
April 9th, 2009 at 10:26 am
I recall transitioning back into a full time college life from 6 months of military training. With all the address change and my move…. I was late on a credit card payment by 2 weeks. I was never late before as I was careful paying the $20,000 balance on it. They raised my interest rate to 32%. They wouldn’t budge. I told them that the mafia was attacked for loan sharking at a 15% interest. lol
April 9th, 2009 at 10:31 am
Wrong most of them would. And I’m not talking about scenarios where information wasn’t disclosed, I’m talking about people whom knowingly defaulted payment because they knew when they used their CC they wouldn’t have the money to begin with.
Stop trying to steer the point off course and justifying people whom are not by any means “victims”. If you borrow money and refuse to pay it back, that’s called stealing. Paying back money you borrow isn’t optional it’s part of the agreement.
April 9th, 2009 at 10:58 am
NICE.
I have a feeling this wouldn’t have happened if Republicans were the majority.
April 9th, 2009 at 3:35 pm
Sounds like K Street is running low on money to bribe the politicians. The congress is taking steps to rein in the CC and banks? Its unpatriotic to not rob the middle class.
April 12th, 2009 at 12:14 am
Nothing important will come of things; its just window dressing. Banks borrow from the Fed at 1% and loan that money to us suckers at 29%+ and they bribe politicians to essentially keep the status quo thievery.
April 16th, 2009 at 4:54 pm
It’s not the industry problem. It’s the people that use the cards. They have no control over their own spending and got to have everything right now. Then they go broke. Can’t feel sorry got them.
May 21st, 2009 at 8:21 am
This is awesome unless you pay off your cards at the end of the month.
July 3rd, 2009 at 2:12 pm
[...] US wrote an interesting post today onHere’s a quick excerptHidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to extract money from increasingly stressed consumers. [...]
July 3rd, 2009 at 2:30 pm
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July 3rd, 2009 at 5:58 pm
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July 4th, 2009 at 9:37 am
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