Banks, which oppose the legislation, will need to make up the cost somewhere, and cardholders who pay off their balance in full each month could see new annual fees and lucrative rewards programs canceled. Credit could become harder to come by too.

http://news.yahoo.com/s/ap/20090520/ap_on_go_co/us_congress_credit_cards

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Why does Congress penalize responsible people for the benefit of irresposible people?????????????????????????????????????????????

I dont agree with helping people with their credit card bills!

They should have read the fine print and payed more than the min each month!

i paid more than my minimum and bill only went down 6 dollars each month!!! BULLSH*t

I think it is a very honorable and fair idea.

Every credit card holder should contribute their fair share! Those who hold cards with higher interest rates, missed payments, finance charges are shouldering way too disproportional weight, while those who have been playing "a good ole boys" are contributing almost nothing.

It would only be FAIR, to take away from those that are stifling the US economy and cheating our proud and humane banking system, and to help those struggling with astronomical rates and finance charges.

As usual, the ones who went to nice schools in good areas, and who didn't have to have a baby at 18, all those good ole boys were taught how to calculate the interest and finance charges, while those on welfare and in substance abuse institutions, those who really man the might of the greatest nation on earth, the root, the sweat and blood of our economy, are routinely trapped in hard to read, word-winded terms and conditions, hunted by credit dealers. This predatory business is exacerbating already unfair distribution of credit and lighten already too light a load on higher-tier credit customers.

Barrrack Obama es la hente!

If you continue to pay X-amount of money and charged X-more each month then you arent paying off any of the principal loan in the first place.

The idea is to use it only in an emergency or within your means.
It is meant to be payed off before death.
Not to continue an open-ended loan for life!

Dispelling myths on credit card legislation


Posted: Wednesday, May 20 2009 at 05:40 pm CT by Bob Sullivan

The credit card reform bill just passed by Congress includes tough new provisions that will legally ban some of the most egregious behavior by banks. But as in all such laws, the devil is in the details.

There's already some confusion about what the Credit Card Accountability Responsibility and Disclosure Act does and doesn't require. Here's a true-and-false primer.

http://redtape.msnbc.com/2009/05/dispelling-confusion-over-credit-card-legislation-.html

Very informative.

The problem is the credit card companies can change the rules whenever and however they want.

Got a letter 2 days ago that my CC company will raise my rates January 2011. Preemtive strike?

The best way to prevent Bank fees... NO credit card. I have not had one several year and frankly I am happy I don't. If I can't afford to buy it I don't, period.

I don't see this as a particularly bad idea, considering how easy it is to forget a payment then be hit with that penalty, then have that penalty automatically cause and over the limit fee. Those fees aren't just a couple of dollars either. I think banks are just plain greedy.

When I forgot to pay mine, I was only a day late which was 25.oo, then was hit with the over the limit which cost me another 25.00. I called the bank and refuse to get off the phone until someone took that fee off. They did as a so called curtesy, but that was it for me. I payed the balance a week later and never got another card.

Incorrect. That same letter also notified you that you have a right to not accept any changes, then your account will cease. And, if you look up your signing documents, you will find a small print about terms and conditions changeable at any time by any party.

I don't use credit cards. My dad taught me when I was young that if I didn't have the money then don't buy it

You know this one is a forgotten wisdom these days. It literally is a reasoning too complicated for most to understand. Kudos to your Dad!

he was a good old fashioned guy....i taught my son the same. spend your money on bills first....then save some extra money or treat yourself to something....like a beer for mom

Let me see. The bill will not let them retroactively raise interest rates for no reason.

They won't charge you late fees when they're late in processing your payment. I've had that happen. They had my check days before it was due and still charged me late fees because they didn't process it yet. I made them take the late fee off of my bill.

They won't be giving cards to college students who have no ability to pay for them without a parent's approval.

It sounds like they are protecting the person with the charge card.

1) I NEVER charge anything that I can't pay for with cash.
2) I always pay my full balance before the grace period is over.

In reality all credit cards are loans
* use common sense
* live within your means
* pay it off at months end
* pay on time

If you are not ok with credit card companies increasing interest rate - I suggest pay off balance and cancel the account

You do not have to accept their increases, you can cancel and close the account.

Gosh, you just had to go and talk common sense, didn't you?

Irresponsible Cardholders to Pay Less

http://www.youtube.com/watch?v=VgZ8y2wuIJQ

Look folks, ya want to put it to the banks? Pull all your money and go to the credit unions! So simple but people are too slow and stupid to do it.

The only way to show discontent is to take your business elsewhere.

i was taught the same lesson ..but when buying items through stores on the internet a card is just much handier and not sending a check in the mail..but i payed the full amount when the bill came due..