New Credit Card Bill

I agree.
These companies were given a chance to be sensible and mature but they've failed it with flying colors. In with regulation.
 
The Other Guy said:
Bravo for finally creating SOME sort of regulation for credit card companies!
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So now as a responsible credit card holder I have to pay for other people's mistakes?

This bill removed the interest penalties from those that don't pay off their debt.

So what is now going to happen is that the Credit Card Companies are going to raise everyone interest rates so they don't take a loss from those that don't pay their bills.

Gee.... thanks.

As for the Firearm Portion. The Bill that was attached was allowing States that have conceal carry permits to allow their citizens to carry in the National parks within the states. So basically it goes to State Law. If the State allows it's citizens to carry in the state parks then they can carry in the national parks.

That was a change in policy under President Bush and Obama fought against it and had the courts place an environmental impact study thus canceling the policy change from the Department of the Interior. The amendment was attached to the Credit Card bill because the Republicans knew that the Democrats will not vote against a another bill that makes hard working capitalists like me pay for dead beat debtors. That was the smart play..... Obama vetoing that bill would look very bad for him along with the socialists democrats in Congress and the Senate.
 
5.56X45mm said:
So now as a responsible credit card holder I have to pay for other people's mistakes?

This bill removed the interest penalties from those that don't pay off their debt.

So what is now going to happen is that the Credit Card Companies are going to raise everyone interest rates so they don't take a loss from those that don't pay their bills.

Gee.... thanks.

As for the Firearm Portion. The Bill that was attached was allowing States that have conceal carry permits to allow their citizens to carry in the National parks within the states. So basically it goes to State Law. If the State allows it's citizens to carry in the state parks then they can carry in the national parks.

That was a change in policy under President Bush and Obama fought against it and had the courts place an environmental impact study thus canceling the policy change from the Department of the Interior. The amendment was attached to the Credit Card bill because the Republicans knew that the Democrats will not vote against a another bill that makes hard working capitalists like me pay for dead beat debtors. That was the smart play..... Obama vetoing that bill would look very bad for him along with the socialists democrats in Congress and the Senate.
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Didn't read the bill did we? The bill is to curb predatory lending from creditors. Or perhaps you enjoy being a debter nation? This bill has nothing to do with you. And as 13th said, the fact that these credit card companies were too stupid, too greedy, too selfish not to regulate themselves they just volunteered Uncle Sam to do it for them. So the fault is on them not on the government, and incidently most GOP backed the bill as well, it was a bipartisan effort.

As for the guns in Parks bill, it was tacked on because it was the only way the GOP could hope to pass it. Obama thought it more important to let the CC bill pass, so we was willing to let the gun provision slide.
 
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5.56, these companies are SCREWING people like you and me.
I think companies that do not conduct their trade fairly and honestly should be punished.
This non-regulation of various industries have led to nothing but their own downfall. They've shown the maturity of a bunch of five year olds and it sickens me when they use the national colors to sell their crap to us.
Over here, when I see insurance advertisements on TV, I feel like the TV screen is showing me a gigantic middle finger saying "f*ck you dumbass! Sign the paper and we'll drain your wallet faster than a ***** from a 3rd world country who has managed to get you emotionally involved with her life."
 
Thank God I don't have any credit cards...makes my life, easier :)...it's only my debit and I....:rockin:
 
sky2979 said:
Thank God I don't have any credit cards...makes my life, easier :)...it's only my debit and I....:rockin:
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Do you know why France doesnt have this enormous debt problem the US and UK have. The French dont believe in Credit. Everybody here uses Debit Cards not Credit. Credit Cards do exsist but they are rare, and mostly used by business people for expenses.

The Banks here actually run commericials that offer optional 'lockout' systems so that young people dont spend what they dont have.

In the USA its exactly the opposite, the Banks WANT you to go into debt so they can charge their outrageous late and 17% interest fees. Its a greed-first attitude.

I do have a US credit card but its only for emergencies.
 
mmarsh said:
Do you know why France doesnt have this enormous debt problem the US and UK have. The French dont believe in Credit. Everybody here uses Debit Cards not Credit. Credit Cards do exsist but they are rare, and mostly used by business people for expenses.

The Banks here actually run commericials that offer optional 'lockout' systems so that young people dont spend what they dont have.

In the USA its exactly the opposite, the Banks WANT you to go into debt so they can charge their outrageous late and 17% interest fees. Its a greed-first attitude.

I do have a US credit card but its only for emergencies.
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Yes, unfortunately, we Americans are big on credit and spending.... I learned the hard way, after my divorce my ex left me a great deal of credit to deal with..so now, here I am 30 and credit card free...less hassle...less problems...and saving every penny I can...
 
I have a credit card but I use it like a debit card so really it's not a big deal. It's 3 months interest free here but I've only used that option twice maybe in the past four years.
And Mmarsh put it pretty well. These US credit card companies want people to spend beyond their means and go deeper and deeper into debt while people themselves (for some reason) become posessions to their junk. Really is unfortunate.
 
How am I being screwed? I don't skip my payments. I don't owe them money and yet I use my credit card for every purchase I make. I pay my bills off at the end of the month and I get charged no interest.

Let's see..... the credit card company offers you a product. You use said product without any control and put yourself into major debt. Not my damn problem.

I use my credit card and I pay my bills off at the end of the month. If I only have "x" number of dollars in my bank account then I only spend "x" number of dollars on my credit card.

It's called being financially responsible. The government should not have to force companies to get off people's ass when that jerk off owes them money.

You don't have the fiscal control to use a credit card then you have major issues.

How is it that I, a 25 year old single male with no college degree can buy all of these high priced firearms, a house, pay for my owe medical insurance, outright own my truck, and not be in debt? It's called fiscal self control.

A credit card company is a business in which you lend someone money under the condition that is said jerk off doesn't pay you back ASAP you charge them interest. But here's the number one catch..... said jerk off isn't forced into anything. It's not like the mob is holding a gun to the guy's head and forcing him to use the credit card.

I run three cards. Two Visa's and a Master Card. One is a Bass Pro Shops card and the other is a Duck Unlimited card. The Bass Pro cards give me a buck for every hundred dollars I spend with the card. Doesn't sound like a lot but it's nice after a year..... free stuff to buy at Bass Pro Shops.

The Duck Unlimited card does the same except each dollar goes to wetland protection for future duck populations so my kids can have a place to hunt in the future.

The last one is a bank issued Master Card. That stays in the safe for emergencies.

But I don't go buck wild charging a ton of money to each card. I simply use them only if I have money. I keep all of my receipts so I can challenge false/fraud charges.

Once again...... this all goes down to fiscal self control. If you can't do it though ****..... leave me alone then and don't force me to pick up the tab for your mistakes. The Government should not be sticking it's noise into this.
 
Because of these credit card companies, undisciplined and irresponsible people are able to spend well beyond their means and when they do this, there comes this accumulation of debt that simply proves to be unpayable. A great way to land yourself in a credit crunch is to have a long and sustained period of careless lending. It applies to businesses and individuals, since individual debt, when you consider just how many people there are, amounts to huge sums of money.
And that in turn screws up the economy which in turns affects most of us one way or another.

Yeah so the undisciplined people are the problem. But odds are, we won't be changing anytime soon. So what's the next best thing? Regulate the folks taking advantage of it.
 
5.56X45mm said:
How am I being screwed? I don't skip my payments. I don't owe them money and yet I use my credit card for every purchase I make. I pay my bills off at the end of the month and I get charged no interest.

Let's see..... the credit card company offers you a product. You use said product without any control and put yourself into major debt. Not my damn problem.

I use my credit card and I pay my bills off at the end of the month. If I only have "x" number of dollars in my bank account then I only spend "x" number of dollars on my credit card.

It's called being financially responsible. The government should not have to force companies to get off people's ass when that jerk off owes them money.

You don't have the fiscal control to use a credit card then you have major issues.

How is it that I, a 25 year old single male with no college degree can buy all of these high priced firearms, a house, pay for my owe medical insurance, outright own my truck, and not be in debt? It's called fiscal self control.

A credit card company is a business in which you lend someone money under the condition that is said jerk off doesn't pay you back ASAP you charge them interest. But here's the number one catch..... said jerk off isn't forced into anything. It's not like the mob is holding a gun to the guy's head and forcing him to use the credit card.

I run three cards. Two Visa's and a Master Card. One is a Bass Pro Shops card and the other is a Duck Unlimited card. The Bass Pro cards give me a buck for every hundred dollars I spend with the card. Doesn't sound like a lot but it's nice after a year..... free stuff to buy at Bass Pro Shops.

The Duck Unlimited card does the same except each dollar goes to wetland protection for future duck populations so my kids can have a place to hunt in the future.

The last one is a bank issued Master Card. That stays in the safe for emergencies.

But I don't go buck wild charging a ton of money to each card. I simply use them only if I have money. I keep all of my receipts so I can challenge false/fraud charges.

Once again...... this all goes down to fiscal self control. If you can't do it though ****..... leave me alone then and don't force me to pick up the tab for your mistakes. The Government should not be sticking it's noise into this.
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Youve been Lucky, thats all.

You assume that most people get into debt because people are reckless with their credit cards, thats patently false assumption. The 3 top reasons for bankruptcy are Medical Bills, Death of primary wage earner, or loss of employment. Try being in fiscal self control when you have a car accident, $50,000 in Hospital Bills and no Health Insurence. Or laid off with no notice, no compensation package, and the rent due in a few days.

Once you are in those catagories the vultures start to circle. They can easily pay off your debt but the interest, fees, and other hidden charges virtually guerentee that you will be their b**** for a very long time.

Its a form of Loansharking. This system is setup so that if you owe them money its extremely difficult to payback the loan.
 
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Although I think undisciplined spenders probably make the bulk of it, I don't doubt for a second that the outrageous medical fees, the various insurances we have to take and sometimes bad events play a large factor.
Thing is, 5.56 isn't just lucky, he's also been smart so you can't take that away from him. His spending is disciplined, he's got a steady and stable job and it's also a government job as a police officer which means it's usually pretty hard for him to get laid off compared to other lines of work. Not sure exactly how the system is, but no doubt he has access to some medical benefits, and being a veteran, is eligible for medical care at the VA.
However, not everyone can join the military and not everyone can be a police officer. And if that were the case, the benefits would get slashed because it'd be too expensive anyway.
It's one of those things I realized about loans and credit. It's designed by some of the best minds in the industry, mathematical whizzes who get paid a lot of money to design the best way to make sure a guy with a loan or credit debt can get close to paying the damn thing but can't really complete it.
And "take out some insurance" doesn't really cut it. I feel that they are simply a place where $30 bucks per month will just simply vanish into and when I'm injured or ill, they will find a clause that will disqualify me from most or all benefits and those clauses will cover 95% of all injury cases.
Insurance companies are now lotteries and credit card companies are turning into loan sharks. Everyone needs a degree of regulation. Every time complete free enterprise was allowed, it failed miserably.
Let's not even go into currency speculation.... the cause of the 1997 economic crisis. The cure? Regulation.
 
5.56X45mm said:
How am I being screwed? I don't skip my payments. I don't owe them money and yet I use my credit card for every purchase I make. I pay my bills off at the end of the month and I get charged no interest.
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And these companies can't make any money off of you, because you're good. Without regulation they can lower your spending amount to try and make you go over, or just drop you altogether.
 
If they drop me that's there loss then. I simply use the credit card for a matter of convenience. I can go to thirty different stores and buy what I want without having to carry the cash on me. But if they decide to drop me... oh well...

I can live completely off cash if needed. I use my card to get the points to use at my stores of choice. I only spend what I have anyways. So if I spend $300 on the credit card that's because I have the three hundred dollars in my bank account.

Even when I owned the gun store I didn't use credit. That was 100% cash..... It was every single penny I saved from my time in the service. Hence why I'm still debt free.... I live within my means. If I want something and can't afford it then I save until I can.

I have a budget. Required monthly payments, an emergency fund, and spending money. Guess which one is always low and which two are always high?
 
No, because cash is very hard to trace and sometimes untraceable, authorities and credit card companies alike might want to illegalize it and make plastic the only means of payment possible be it debit or credit.
 
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