New Credit Card Legislation

[abluelady]

I keep hearing that people who pay their bills are going to be "punished" in the future by the credit card companies. Can someone explain this to me? Thanks.

[Orrex]

1. Hadn't heard that one but, as a guess...

Conservatives like to claim that granting a benefit to one person is equivalent to punishing the person who doesn't receive that benefit. Giving food-stamps to a low-income family, for instance, is the same as punishing the middle-income family that doesn't receive those benefits.

It's 100% bullshit, of course, in part because Conservatives are only too happy to be the beneficiaries every chance they get. But they're equally happy to condemn anyone whom they deem unworthy to receive a benefit.

[walldude]

2. Yup... at least according to this I saw on C&L:

http://crooksandliars.com/susie-madrak/credt-card-companies-plan-start-gorgi

[Orrex]

3. After posting here, I saw this one by trof

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5688608

He addresses some of what you're talking about.

[abluelady]

5. This Sounds Like

Every purchase will have interest on it? I don't mind the annual fee. I pay my bill off every month and the bill gives me a better handle on my spending, using credit cards make exchanging and returning much easier than dealing with cash. I guess I could go to a debit card, but it would be much harder for me to keep my spending in check. But as someone else said, debit cards will also start being penalized.

I wonder how much internet sales will go down if this occurs. I can't see businesses going along with this.

[kickysnana]

4. dupe delete