TYT: How Credit Card Companies Are SCREWING You in Two Ways

[ihavenobias]

Run time: 06:15 https://www.youtube.com/watch?v=03LzeHqn1ZA   Posted on YouTube: February 18, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 19, 2009 By DU Member: ihavenobias Views on DU: 3212

 
ATTENTION: Fans of Cenk/TYT, go to this and this and vote ASAP!

Why is Willie Geist of Morning Joe in second place? Do you remember when ?

Cenk On The Colbert Report?! Let's make it happen:

1.

2.

Also, the and Sam Stein of the HuffPo () featured articles on how .

PS---Hopefully you already joined the (and invited your FB friends to join). Now you can and then send an email to [e-mail] and let them know you want Cenk for the 10pm slot. And obviously you can use the to leave a positive comment in favor of TYT (or Sam, who I like BTW).

[Donnachaidh]

1. and we still have people who are DUMB enough to continue using credit cards

HINT -- this shit is NOT going to stop until you get OFF that credit car ADDICTION.

[CherylK]

3. That is not really fair. There are plenty of good, smart people who have to use them sometimes!

This is especially true right now with our economy and so many layoffs. I know that some people got in way over their heads and they need to take some blame but that in no way justifies the practices of these loan sharks! K & R!!!

:mad:

[Donnachaidh]

6. you still DON'T GET IT.

If you HAVE to use them then it's a problem that YOU need to deal with in your life. As long as that attitude is out there they will stick it to EVERYBODY.

It's their CONTROL over YOU.

People need to get their own houses in order, be able to keep themselves within their OWN means, and NOT be dependent on charge accounts that will cost EVERYONE more because of people who won't face their own economic realities. The banks know this -- and play it as hard as they can. You CAN get through this economy without plastic. It involves self-control.

When EVERYONE realizes they are getting played by these banks and card companies and just say NO - the banks will no longer have that control over the issue.

[ihavenobias]

7. So the government shouldn't stop (and I agree with this phrase) loan sharks?

Usury rates are ok? 17 day cycles and other tricks used to make your payment late are ok? Saying "you shouldn't have done it in the first place" doesn't make the existing debt many have magically disappear.

Furthermore, it's not good for our economy.

[CherylK]

12. Yes!

:yourock:

[defendandprotect]

14. I thought "Just say 'No'" was over . . . !!!

These should be illegal business practices --- and there is far too much

credit being extended. We have to return to sensible limitations, sensible

charges, honest dealings -- if they ever existed with credit cards!

Usury rates should return to 6% -- or less.

Profits have to return to 10% range --

[olegramps]

16. People may be forced to use them in some cases.

It can be come necessary when faced with emergencies or sudden loss of employment. I believe that many people could be using them with the hope of bridging a desperate situation.

The Credit Card companies are taking full advantage of the situation. The rates were regulated until 1980 when guess who was in office took all restrictions off what they could charge. Prior to this states laws regulated the amount of interest that could be charged.

Congress passed the Depository Institutions Deregulation and Monetary Control Act exempting federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. This effectively overrode all state and local usury laws. These interest rates are clearly usury and should be regulated.

A bill has been passed to restrict some of these practices that are used to bilk users, but they will not come into effect until after 2010.

[OneBlueSky]

25. sometimes doing things you don't want to do may mean survival . . .

nobody wants to have credit card debt, but the way the system is structured one major financial catastrophe in one's life may leave little recourse . . .

when the company you've worked for over two decades suddenly decides it can't afford to provide medical coverage, and the individual rates are way outside your own budget, one injury or illness requiring hospitalization is all it takes to send you over the edge . . . given the choice between not being treated or paying by running up a credit card balance (and many hospitals want their money up front these days), most will opt for the latter . . . or how about when your doctor prescribes a medication that costs over $350/month, and the drug coverage in your plan has been dropped? . . . or when you're in your late 40s or 50s and your job is suddenly offshored while you're part of the "force reduction" at an age where your chances of being hired by a large corporation are slim . . .

everyone's situation is different, and the access to easy credit is sometimes the only solution to life-changing crises . . . you can't condemn people whose situations you are not familiar with . . . because there, but for the grace of God . . .

[mod mom]

2. oops posted on wrong spot

[Seldona]

4. Glad to be the 5th rec.

We so need Cenk on the air. I don't recall anyone talking about this in the way Cenk does. If the facts he presents to back up his assertions hit the general public, things will CHANGE. Not enough people know the details.

[ihavenobias]

8. Amen. n/t

[navarth]

5. I guess the only way to beat the credit sharks

is to pay off your credit card in full every month. That's what we do. But not everybody can do that.

[ejbr]

9. Screwing you two ways...in the mouth and in the a$$ n/t

[pleah]

10. K&R

:thumbsup:

[Turborama]

11. The only time I ever have a credit card is for travelling - they are kept in the "emergency kit" n/t

:kick: & R

[JDPriestly]

13. I would like to have the source that Cenk was citing when he

gave the figures on the Merrill lynch bonuses. I haven't been able to find that information. If anyone has it, please post it.

Thanks.

[yodermon]

29. A letter from NY Atty General Andrew Cuomo to Barney Frank.

http://www.oag.state.ny.us/media_center/2009/feb/merrill%20letter.pdf

Bearing in mind that Merrill moved up its bonus payments in advance of its announced $15 billion quarterly loss and $27 billion annual loss, we have determined that Merrill Lynch made the following bonus payments:

* The top four bonus recipients received a combined $121 million;
* The next four bonus recipients received a combined $62 million;
* The next six bonus recipients received a combined $66 million;
* Fourteen individuals received bonuses of $1 0 million or more and combined they received more than $250 million;
* 20 individuals received bonuses of $8 million or more;
* 53 individuals received bonuses of $5 million or more;
* 149 individuals received bonuses of $3 million or more;
* Overall, the top 149 bonus recipients received a combined $858 million;
* 696 individuals received bonuses of $1 million or more.
Again, these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations.

[OhioChick]

15. K&R

:kick:

[matthewf]

17. k&r

[theFrankFactor]

18. Le Kick!

LISTEN TO MY SHIT WON'T YOU?:
http://tinyurl.com/frank6

[edc]

19. Once Upon a Ti me

:hi: not so long ago there were things called usury laws in this country. These law were derived from millennial old religious traditions, and they limited the profit one could make by lending money (credit) because making too much money for sitting on your ass was considered immoral. These laws changed when bankers realized that there was no profit in making debt for nothing. So usury was invented to accommodate modest returns on the risk of lending. Eventually, modest returns weren't considered sufficient incentive for the bankers to just sit on their asses and reap the benefit of other people's sweat and blood. So the laws were changed by the representatives of the people who did most of the sweating and bleeding to pay for the credit that profited the bankers so those nervous investors would have the incentive to sell debt for profit to benefit the people who sweat and bleed to pay off the debts to benefit people who neither sweat nor bleed for their money, or something like that.

[BlueJac]

20. Anything above 10% interest should be illegal!

loan sharking used to be illegal. These people with the help of congress are criminals. Where is the justice, oh I get it, politicians need money for reelection.


This is so out of hand............we need torches and need to go to see them!

[20score]

21. Yep, they're part of the scam all right. That's why we need two things at the top of the list to

help the country. Public campaign financing and the breakup of media companies.

K&R

[earcandle]

22. It is a dumbfuck economy and you have defined it well, Cenk. Thank you.

So, we cannot give these people any more of our money.

I think we MUST Nationalize, buy the debts of banks so they can move on, and then take over the banks as new government banking institutions, transferring directly the staff of those banks into government employees, where we can than use our money in our own interests (thank you very much). Then we can build our own State, Fed and City Banks (ahem: At 5% interest for loans, and 14% interest for savings, like in the 1960's, the good years). The new government bank buys our toxic debt from banks, they give back TARP money, Obama continues with his plan but now it is funded by these aforementioned rates. So we leave the rich behind and they can play with their jet set, who have the money to gamble and play, but not with us. We are now protected by our government representatives, and can now live our lives with our own banking system more relative to our needs, by agreement.

How's that?

Fiscal Year Zero

[earcandle]

23. I just got re-routed to a donation site of hearts. sorry, I have no money for this, but someone

gave me a heart. I think it was that beautiful girl with all of those hearts.

[florida08]

24. thank you ihavenobias

Voted for Cenk..looks like he's at 54% right now. I have a credit card that I use for internet purchases and I watch the rate closely. I have another from Capital One which I called last month when I noticed my rate went up to cancel. They lowered it back down. The one I use online is with my local small bank and they give me a good rate. Keep them honest.

[xloadiex]

26. These banks are screwing us

I'm all ready out of a job and next week is my husbands last week. I never missed or been late on any credit card payment. . Last week I get notice that Chase is raising my interest rate from 9% to 18% and Citibank is raising my interest rate from 7% to 16%. Not because I have done anything wrong to them. I have been a model customer. Evidently, they don't like what's on my credit report showing that I'm over my head in medical bills. How is this fair? It's almost like they want to screw you so they can raise the interest rate even more and hit you with late charges. Something really needs to be done. I kept my part of the credit agreement with them. They shouldn't be allowed to come in and change it.

[ihavenobias]

27. Welcome to DU Xloadiex

I have to say, your old username was easier to pronounce. And the windy city is awesome!

:)

[earcandle]

30. Mine went from 10.99 to 29.85!

[ihavenobias]

31. Oh boy...

time to check my balances.

:(

[AllyCat]

28. I no longer have credit cards

And yeah, I'm going through a tough spell right now with some unexpected expenses. But that's the way it is. I got into trouble with them in the past. Canceled myself those that were not already canceled and have removed my name FOREVER from the mass mailings they do to try to bring me back into the fold. Anything that comes with other stuff (union, alumni mailings, whatever) I tear up and ignore their "low rate" offers.

I have a debit card for when I need cash and am out. Plan to start using gift cards (once I'm out of my current hole) for on-line shopping that does not accept PayPal. Hoping those will also work to rent a car (I've yet to find a car rental company that will rent a car without a true "credit" card).

I'm usually in a pretty good spot having no credit card bill to pay. Wish my husband could get out of his. He's still paying one from college 10 years ago that he basically had to live off of since he couldn't get financial aid.

The banks need to be stopped from these practices, but we need to do our part to help them end the cycle.