Hmm, Bankruptcy Bill Passes, CC's RAISE THEIR RATES!!!!

[Beetwasher]

Damn, that didn't take long. I just got a notice from one of my credit cards that they are upping their APR by 3 points. It doesn't effect me because I never carry a balance but damn! They are now charging almost 20% PLUS the LIBOR for purchases! That's just friggin' out of control.

[The_Casual_Observer]

1. Gee, the senators were implying that the rates would go down

with the decrease in risk brought on by this new law. I am really astounded by this!:crazy:

[BigBearJohn]

2. I closed all my credit card accounts.

[flordehinojos]

3. and just as outrageous is the fact that they send untold YOU HAVE BEEN

APPROVED FOR X-DOLLAR-AMOUNT OF CREDIT,enclose a credit card with their unsolicited mail and write, just call the phone Number to activate your card.... so many fall prey to the lure ... IT WILL BE A HAPPY DAY IN AMERICA WHEN PEOPLE PUT THROUGH THE SHREDDER ALL OF THOSE UNSOLICITED 'YOU HAVE BEEN APPROVED FOR... CREDIT, CREDIT CARDS.'

[global1]

4. Coincidence - I Think Not.....

the credit card companies are becoming loan sharks and the unsuspecting American public can't do anything about it.


On a side note:

Does anybody know anything about Diners Club selling its soul to MasterCard? Why did that happen? Diner's was the best card in the business and now it's been reduced to the level of MasterCard.

[Itsthetruth]

6. Thank Senators Harry Reid And Tom Delay

He bragged about his leadership role in getting the anti-consumer bankruptcy bill passed.

House passes bankruptcy bill
Measure will deter borrowers from erasing debt
By Tom Curry
National affairs writer
MSNBC
April 14, 2005

Bipartisan accord

The political curiosity here is that both Reid and House Majority Leader Tom DeLay — who agree on very little else — were both enthusiastically taking credit for the bill Wednesday.

"We’ve done a good job this year. In spite of the so-called partisanship, we’ve moved two pieces of legislation that have been around for 15 years, class action (reform) and bankruptcy," Reid told reporters when asked whether partisan animosity was slowing the Senate's work. Alluding to the bankruptcy bill and other legislation, Reid said, "We’re moving along well."

http://www.msnbc.msn.com/id/7494698

[The Jacobin]

5. 3 percent is steep

but the fed does keep raising those rates.

I'm less worried about consumer debt than government debt. Another 85 billion cascading down the rathole in Iraq. Someone needs to send Bush to one of those credit counseling services.

[holboz]

7. How about them doubling your credit card payment each month?

http://moneycentral.msn.com/content/Banking/creditcardsmarts/P117014.asp

Heartless greedy feckers.

[RobertSeattle]

8. One of the great Canards: Lower Cost of Business leads to Lower Prices

They must really yuk yuk that one at the Country Club when another Freeper in his mobile home believes that one.

[Kazak]

9. Pay those fuckers off!!!

Never pay interest again.

[Beetwasher]

10. I Don't Carry A Balance

n/t

[Chewy_dKos]

12. ...be careful what you wish for

http://www.consumeraffairs.com/news04/2005/mbna_profits.html

snip...

Financial giant MBNA may have to take off its rose-colored glasses. During the most recent quarter, MBNA's actual earnings fell to $31.7 million, or 2 cents a share, far short of its projection of $519.7 million, or 4 cents a share.

snip...

Of potentially greater long-term significant, more and more consumers -- perhaps stung by exorbitant increases in their interest rates -- are paying off their MBNA credit card debts faster than expected.

Like other banks, MBNA relies on the interest, service fees and late charges it gets from its credit cards.

According to KRB Newswire, "The higher payments reduced managed loans in the quarter more than in prior years. Additionally, the payment volumes were particularly higher on accounts with higher interest rates, which adversely impacted the Corporation's yield on managed loans."

Perhaps the passage of S.256, the Bankruptcy Reform and Consumer Protection Act, which makes it harder to resolve credit debt through bankruptcy, has scared debtors into taking care of business faster. The financial giant spent millions of dollars priming the political pump to ensure it would be able to wring the last drop of blood from its credit card customers.

Also, MBNA and other credit card issuers have recently begun raising the minimum monthly payment. Combined with higher interest rates, this may have effectively priced credit card debt out of the market for some consumers.

I find this quite amusing......greedy bastards

[Beetwasher]

13. Yup!

People are smarter than they give the credit for! (pun intended!)

[kaygore]

11. I hope that there is a backlash

and that more people realize what a rip off credit cards are. It would be great if in the end these bastards actually lost because of their greed cc companies as well as senators!).

We need to remember this when we vote and we need to remember who voted for this and remind them during their election. Senators and representatives count on us having short memories and their greedy "patrons" having long memories and deep pockets.