Comments on: Obama Pushes Credit Card Issuers on Fees, Rates http://moneymorning.com/2009/04/24/obama-credit-card/ Global Investment News Fri, 25 May 2012 18:42:41 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Margaret http://moneymorning.com/2009/04/24/obama-credit-card/comment-page-1/#comment-6325 Margaret Thu, 14 May 2009 17:43:32 +0000 http://www.moneymorning.com/?p=7058#comment-6325 Why are credit card issuers permitted to charge two months additional interest when a person pays the bill in its entirety in two months? Not only is the person charged for the original two months (which I understand as the account is not paid in full), but the person is charged interest for an additional two months even though the account has been paid in full each month. This makes four months of interest when there was only a balance due for two months. Why are credit card issuers permitted to charge two months additional interest when a person pays the bill in its entirety in two months? Not only is the person charged for the original two months (which I understand as the account is not paid in full), but the person is charged interest for an additional two months even though the account has been paid in full each month. This makes four months of interest when there was only a balance due for two months.

]]> By: Jen http://moneymorning.com/2009/04/24/obama-credit-card/comment-page-1/#comment-6322 Jen Fri, 24 Apr 2009 21:51:19 +0000 http://www.moneymorning.com/?p=7058#comment-6322 "If the government keeps changing rules, it may make it harder for consumers to get credit," Ken Clayton senior vice president of card policy at the American Bankers Association in Washington, told Bloomberg. This is the problem - The credit issuers had little to no government regulation. Everything was at "Their Discretion." So of course, the govenment is changing the rules-they are making the creditor adhere to them. If companies are losing money (Capital One), perhaps cut back on the advertising budgets. And Visa, perhaps they don't need to spend $1.7 million dollars to lobby. This is the problem, the American people don't spend money to lobby. "If the government keeps changing rules, it may make it harder for consumers to get credit," Ken Clayton senior vice president of card policy at the American Bankers Association in Washington, told Bloomberg.

This is the problem – The credit issuers had little to no government regulation. Everything was at "Their Discretion."
So of course, the govenment is changing the rules-they are making the creditor adhere to them.

If companies are losing money (Capital One), perhaps cut back on the advertising budgets. And Visa, perhaps they don't need to spend $1.7 million dollars to lobby. This is the problem, the American people don't spend money to lobby.

]]> By: jpinsatx http://moneymorning.com/2009/04/24/obama-credit-card/comment-page-1/#comment-6324 jpinsatx Fri, 24 Apr 2009 21:17:07 +0000 http://www.moneymorning.com/?p=7058#comment-6324 Re: "Obama is expected to tell the executives today that he wants to go further than the House bill without specifically endorsing all of the provisions of Dodd's bill." Please pay attention, Mr. President. We need REAL reform. We need common sense. We need Chris Dodd's "Credit Card Accountability Responsibility and Disclosure Act"... Please do not give in, Please do not water it down... Please Give it Muscle! Re: "Obama is expected to tell the executives today that he wants to go further than the House bill without specifically endorsing all of the provisions of Dodd's bill."

Please pay attention, Mr. President. We need REAL reform. We need common sense. We need Chris Dodd's "Credit Card Accountability Responsibility and Disclosure Act"… Please do not give in, Please do not water it down… Please Give it Muscle!

]]> By: Oblio_A http://moneymorning.com/2009/04/24/obama-credit-card/comment-page-1/#comment-6323 Oblio_A Fri, 24 Apr 2009 13:37:31 +0000 http://www.moneymorning.com/?p=7058#comment-6323 Less credit available to irresponsible, spoiled Americans is EXACTLY what is needed. Hopefully, most of these credit cards will close down. Credit cards are evil. If you have to get a high-interest loan to buy your beer and cigarettes, then you really cannot afford them, can you? Less credit available to irresponsible, spoiled Americans is EXACTLY what is needed. Hopefully, most of these credit cards will close down. Credit cards are evil.

If you have to get a high-interest loan to buy your beer and cigarettes, then you really cannot afford them, can you?

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