Am I living in the Twilight Zone? Calls on C-span.

[Dr.Phool]

I sprained my index finger hitting the redial button on the phone, trying to get through. No success.

The calls were about regulating the credit card industry. It seems the only people who could get through were these sanctimonious pricks, who said the only problem was personal responsibility. And NOBODY wanted any regulation of the credit card industry.

Am I the only person on the planet who thinks they should be subject to vigorous regulation. They're the only business in the world who can change the terms of the contract AFTER the agreement.

First off, I have a sterling credit history. Except once. I've had credit cards, mortgages, car loans, etc., for over 20 years. Never, ever been late on a payment once. Except once. I even once had a bank start charging me late fees for paying EARLY! That was easy to straighten out, but I'll share a horror story.

I had a credit card with Huntington Bank for about 15 years. Prime rate, $17,000 credit limit. Never late on a payment. About 5 years ago, they were bought out by Chase.

About 18 months ago, my former home in Cleveland (I now live in Florida), which I used as rental property, because the real estate market was so bad there, was vacant, and for sale. The listing agent called me one morning and said there's water everywhere. A broken water pipe in July. The house was flooded. After calling a neighbor, and getting the water shut off, I booked a flight back there for the next day to check it out. Next, I went through my stack of bills, and paid everything due for the next several weeks through my online banking. Except one. I overlooked the Chase credit card. I was out of town for 2 weeks, doing emergency repairs, meeting with the insurance company, contractors, and visiting old friends.

I had probably a $4,000 balance on that card when I left home. With repairs and expenses for my trip, I added probably another $7,000.

When I got home, I was going through some paperwork, and discovered I hadn't paid the Chase credit card. It was now 3 days overdue. I paid it immediately. A couple of weeks later, I got my next bill. The rate had gone from prime (then about 6%) to 29.99%. I called to complain, and was told, due to my good credit history, they could reduce the rate to 28%.

My immediate thought was "FUCK YOU". And, I just finished paying off the bill and will never do business with that bank again.

And as to their lending practices, I can see why dogs and cats, real canines and felines can get credit cards. When I got my first computer back in 1995, a friend was helping me set up Windows. When it asked for a company name, as a joke, he typed in "Murder Inc.". Pretty soon I started getting mail for this fictional company, and even corporate credit card offers. I wondered if someone would actually issue a credit card to Murder Incorporated, and sent in the application, and I reported zero dollars in assets and income. Two weeks later I had a nice shiny new credit card with "Murder Inc." emblazened on the top with a $10,000 credit line. The first place I used it was in Atlantic City. I still have it.

Does anyone else believe credit card companies should be regulated? How about a return of usery laws?

Anybody else with similar experiences?

[meegbear]

1. 3 cards: 2 Bank of America and one Chase ...

I was late making a payment to all three in August 2005. The new law allowing the rate increases took effect in October. In November, they retroactively raised my rates to 28%, 29.99% and 31%.

Using Take Charge America to pay them off.

[BeliQueen]

2. Definitely

There has to be some regulation on credit card companies, but I think the biggest issue is that many people are using them not just for emergencies, but to get by day-to-day.

They say people overspend, but when your only option is to not eat or put groceries on a credit card which one would you chose.

[shifting_sands]

3. Absolutely

the credit card companies need to be regulated. The credit card industry is such a mess it's ridiculous and that house of cards will eventually tumble adding to an already weak economy.

[Mandate My Ass]

4. I hate Chase with a red hot passion

I was unemployed for about five or six months a couple of years ago and applied for a temporary deferment on my student loan. I got a nastygram from Chase saying they were upping my interest rate to 29% because a "random" credit check turned up my application for deferment. This "random" check came less than a week after my application.

I asked them why I was being penalized although I never missed a credit card payment and asked how could I get it back down to the 13% rate I had before. They said if I paid on time for six months they'd reduce it. Every month I sent my payment in early through electronic transfer and on the last month they refused to apply the payment although they could see it had been sent on time.

These credit card companies are getting away with things the mafia wouldn't dare try. :grr:

[Dr.Phool]

9. They're totally fucked up

They had bought the mortgage on the house in Cleveland. I was going to sell the house as is, with all the water damage. I took the insurance settlement check and deposited it with Chase, to be applied to the principal at closing.

They wouldn't apply it to the principal, and I had to fight with them for 2 months. They wouldn't give the title agency a payoff.

They finally let the deal go through when I told them they could stick that house up their ass. I wasn't making payments anymore. That was in September, and the house finally closed.

[Le Taz Hot]

5. Credit card companies, particularly Chase and Citibank

have been pulling this shit for years. It's IMPERATIVE that a person read the REALLY REALLY REALLY fine print which does state that, if you're late in making a payment, your interest rate goes up to almost 30%. Most people are unaware of that when they take advantage of the 6% "fixed" rates. And the thing is, it just has to be one day late which could happen for any number of reasons.

Another pet peeve: These Payday Loan places. I have a friend who used to manage an apartment building for seniors and the disabled. She said probably half of the residents there pretty much owed their souls to one of those places which was, conveniently, within walking distance of the complex. They're only saving grace was their tax returns every year which they would use getting "caught up" with this place. They're predators and 30 years ago would have been thrown in prison for racketeering, usary and any number of other laws that USED to be on the books. Look at the poorer areas of your town, they're EVERYWHERE and they prey on the disadvantaged.

[youthere]

17. The PayDay Loan Places:

I just read somewhere (if I can remember where,I'll post a link) that they now have 3x more locations than McDonalds.

[John Q. Citizen]

6. The Mob is running the show. We have PR sanitized gangsters

posing as honest businessmen.

And that's the truth.

[Missy M]

7. I believe credit card companies should be regulated and

also a return of usery laws. The credit card companies love to have people make a late payment, so they can do exactly what they did to you. The other thing out of control are the bank fees for checking accounts. They do some pretty underhanded things with the fees.

[Double T]

8. Credit card divisions of banks need massive, heavy duty regulations.......

in the form of reasonable interest rate caps and limitations on amounts charged for fees. Credit card divisions are criminals posing as legitimate financial and credit lenders; loan sharks. It appears that c-span might have been setup and duped by the credit card industry for this segment. Senator Christopher Dodd better get going on legislation to STOP the credit card industries flagrant abuses and criminal activity.

[Robbien]

10. Not surprised CSpan was swamped by credit card lobbyist callers

Bankcard lobbyists are very agressive and have huge teams at their disposal.

It would be rare for a real live person to call CSpan going to bat for the Bankcard industry.

[silverlib]

11. Here's my story...

I pay off my three credit cards at the end of each month and only use them for convenience. I needed to get a card for my husband on one of the accounts and called the company. The nice customer rep told me that because I paid the bill off in full every month that my account had moved from thirty-day to twenty-day payoff with no interest. I never even noticed. He said that if I requested he could move it back to thirty-day payoff. If this doesn't tell me that THEY WANT ME TO PAY LATE, then I don't know what does.

[Dr.Phool]

12. I noticed that a couple of months ago too.

I normally pay them as soon as I get them, so I didn't notice for a while, that they had moved up the payment dates.

[rox63]

13. My only major credit card is through my credit union

I ditched the Chase, Citibank, B of A, etc folks years ago. I do have a couple of store accounts. (Home Despot and a clothing store chain) I only got the Home Despot card because it gave me 12 months with no interest when I replaced my kitchen cabinets. The clothing store is a low-limit card that's never had a balance above $200.00. I use it only for really good sales at a store I buy most of my clothes at.

[Javaman]

14. Back during the depression when there were runs on the banks

and bank holidays. FDR introduced the FDIC to protect peoples savings.

Well today, we Americans have no savings. We have been brainwashed into thinking that everything is disposable including cash. So as a result people live on credit.

Now I'm not including those people who have no choice, aka high medical bills, food and rent. No those people are poor. That's not who I'm talking about.

I mean the people that barrow off their equity of their homes to buy jet ski's. These people are a blight.

Anyway, for the average person who has experienced the mafia like tactics of the credit card companies, I suggest, something along the lines of the FDIC. Meaning, that once a person signs a contract under a particular interest percentage. It's locked. It can't be changed unless okayed by the consumer. No more over night changes, no more letters stating that unless we hear from you your rate will be changed, etc.

these practices will be gone.

Well, then how will the credit companies make money? just like everyone else, they have to earn it.

No more handing out cards to farm animals, children, people with bad credit, college students, etc.

The days of our fiat economy will come to an end once these types of regulations are put into effect.

Until then, those with more than one credit card, get rid of the extras and cut your credit limit to a grand. And start saving your money.

We are entering into some scary times ahead, those will huge debt won't do well.

[Kare]

15. I want to cut all mine up...

They should definitely regulate credit cards.

I called one of mine a few weeks ago telling them that I might have difficulties paying the bill soon, asking if there was anything that could be done to lower the interest rate so I could continue to pay. I have always been on time and i wanted to keep it that way.

They wouldn't do anything to help out. They said that once the card went to collection then they might cut a deal. I told them if it's already gone to collection then my credit is already messed up so why would I pay at that point? The woman on the phone basically agreed with me and apologized saying she knew it was rough. I have talked with credit counseling places and this same company won't work with them either.

I have been trying to pay off this same card for a long time. I pay it down and then something happens and I can't pay more than the minimum and it goes right back up and I have to start all over again.

I originally used the card to pay off hospital bills five years ago, I am still paying for those. I don't have much sympathy for people who rack up huge credit card bills buying things they don't need just to improve their lifestyle. I do sympathize with the people like me who have to rely on their credit cards to buy groceries when the paycheck won't cut it.

Some day I will have a party, me, the scissors, and the credit cards. I look forward to it.

[EST]

16. Being limited in reasoning ability, understanding,

a laziness that of mind that easily crosses the border into illegality, and a predilection for soundbite idealism certainly brings quality of intellect into focus.
Sometimes, critical thinking can take the form of a conversation with one's self. Conversation must have differing opinions; otherwise it becomes merely mental masturbation or cheerleading. That internal debate needs a referee who will allow, at least interimly, each side of that debate equal validity, suspending cheerleading.

 Conventional wisdom (soundbite reasoning) has it that "everyone has a right to his own opinion but not his own facts." This erroneous aphorism has at its base the same soundbite thinking that is anathema to critical thinking. No one has any inherent "right" to fallacious, ill-informed opinion and, in the face of real, human problems, opinion of any sort cannot be allowed to trump human reality. (Political parlance-facts on the ground)

If a responsible person is to be able to critically consider the purpose and direction as well as significance of government and regulation, the overwhelming temptation to present opinions and conclusions as "facts" must be abandoned and a more thoughtful regime, including a willingness to question threadbare "facts" that are really no more than cheerleading handmaidens, is at least as important as all the other so-called "values," put together.

[rasputin1952]

18. One of the things the GOP Congress did, was to change the laws...

the same people who not see fit to put an extra dollar or so on the Minimum Wage, went out of their way to make sure that those who could never get caught up, got tossed a little further into oblivion.

I'm going to cobble together a letter to my Congresscritters and whoop up a storm.

The predatory ways of banking and other institutions should be destroyed and money should be returned to people that have fallen into this ditch. I don't have any CC's anymore, just one Debit card I rarely use, and load it w/what I need, (if I have it), for going on a trip or something that is an absolute necessity. I've been broke for years, going to school for nursing and working when I can. I've had some serious medical issues, life goes on.

Looks like it is time to storm the Bastille of the banking industry.

If everyone chopped up their plastic....the industry would have to respond, we'd be on a life support economy, and the "wealthy" would lose what they had as well. I'm used to being hungry, I hope they get the chance to know what it feels like.

[bentley]

19. It's funny

Earlier on CSPAN they were talking about Libby and one caller said he should be pardoned, because Clinton lied also. The party of "personal responsibility" does not want to accept responsibility for their own actions yet shame on everyone else who doesn't.

Hypocrites the whole bunch.


I'm a lender on prosper and many people borrow to consolidate credit or just to get a better rate. I'm happy to earn more in interest and I really enjoy taking it away from the C.C Companies.

[youthere]

20. I have a lot of bones to pick with credit card companies..

but by far the largest beef I have is how they prey on the naivete' college students. They come on campuses, set up a counter and manipulate students into sacrificing their financial future in exchange for a baseball cap or sweatshirt or some such trivial item. I think it should be illegal, or at the very least the colleges should require every student to take a seminar that educates them about predatory financial practices such as this. Years ago the credit card companies were able to take the student's financial aid and pell grants as a guarantee against the debt.