Credit Cards To Be Fairer

[Dr. Shane]

For a long time credit card companies have been taking advantage of young and gullible, poor and irresponsible and elderly needy clients. They have been borrowing money from the Federal Reserve for nearly nothing and enticing the poor, desperate, irresponsible and uneducated to borrow more and more. They have charged these clients late fees, annual fees, administration fees and in excess of 30% interest.

At the same time the older, wiser and more mature Americans have used credit cards to get frequent flier miles, hotel rooms, cash back and several other perks without having to pay anything. Of course, nothing is for free. All these perks were paid for by the young and gullible, old and desperate. Now that Obama is changing the rules for the credit card companies many of these Americans that have enjoyed years of free rewards are up in arms because they may now have to pay an annual fee and start paying interest on purchases as soon as the purchase is made. "It is not fair," I have heard them exclaim in the radio. Really?

Are these people really concerned about fairness? They have been taking rewards for years that were paid for by the young and gullible, the old and desperate and now they are concerned about fairness? How about this for fairness? When they borrow a bank's money to buy something they pay interest on that money. When a bank issues them a credit card they pay for the convenience it provides. How about they stop taking rewards paid for by the poorest and least educated Americans and stop being a freeloader?

[Woody]

I like getting my free gift cards and mileage off the backs of the credit card companies. Now that Obama is taking that away from us respectible card holders and giving it to those who pay late .... I will not be happy. Just yesterday I ordered gift cards for Best Buy from my credit card company. I was fearful that Obama might take it away so I wanted to get it quickly.

[Tammy]

It isn't fair, Shane. We own a business and put most of our expenses on the Credit Cards and then we pay the CC off every month...we have earned those points.... It is just another way of Obama trying to "level the field" - take from those who have some money and give to those who have no money, another Socialist move.... Honestly, if there was another Country that was better than ours, we would move tomorrow! But there is not...perhaps though, some States are waking up, and maybe they will succeed from the Nation....and we'll move to one of them... I'm fed up....really fed up!

Oklahoma is leading the way - did you see this?

Quote:

An update from Oklahoma..

The state law passed , 37 to 9 (had a few liberals in the mix), an amendment to place the Ten Commandments on the front entrance to the state capitol. The feds in D.C., along with the ACLU, said it would be a mistake. Hey this is a conservative state, based on Christian values...!

Guess what...........We did it anyway.

We recently passed a law in the state to incarcerate all illegal immigrants, and ship them back to where they came from, unless they want to get a green card and become an American citizen. They all scattered. Hope we didn't send any of them to your state. This was against the advice of the Federal Government, and the ACLU, they said it would be a mistake.

Guess what..........we did it anyway..

Yesterday we passed a law to include DNA samples from any and all illegals to the Oklahoma database, for criminal investigative purposes. Pelosi said it was unconstitutional.

Guess what.........We did it anyway.

Several weeks ago, we passed a law, declaring Oklahoma as a Sovereign state, not under the Federal Government directives. That, for your information, makes Oklahoma and Texas the only states to do so. Guess what.........More states are likely to follow. Louisiana, Alabama, Georgia, both Carolina's, Tennessee, Kentucky, Missouri, Arkansas, West Virginia, just to name a few. Should Mississippi act, so will Florida. Save your confederate money, it appears the South is about to rise up once again.

The federal Government has made bold steps to take away our guns. Oklahoma, a week ago, passed a law confirming people in this state have the right to bear arms and transport them in their vehicles. I'm sure that was a set back for the Kennedys and Ms Pelosi.

Guess what..........We did it anyway.

[Woody]

Texas will be leading the way also.

[Woody]

Quote:

We recently passed a law in the state to incarcerate all illegal immigrants, and ship them back to where they came from, unless they want to get a green card and become an American citizen.

I know one particular Texas resident who will not like this one. I get in trouble if I call them illegals or Mexicans. I wish you well with him.

Whoops. Addendum: When I first read this I thought it said to incinerate them. But now I see that it just says to incarcerate them. So, perhaps that will fly. But still ... you are not allowed to call them illegals. They are guests or visitors be they illegal or not. Ha Ha.

[Planey]

I get in trouble if I call them illegals or Mexicans.

Are you implying that all "illegals" are from Mexico?

Down under we have lots of refugees (who must come by boat as we are an island, hence often called "boat people") and I don't think any of them are from Mexico.

Strange.

Graeme

[Woody]

The topic was the US Planey. And I indicated that if we call them 'either' illegals or Mexicans ... we get in trouble. Most of them are from Mexico ... but the rest would be covered with the term 'illegals'. (for the record)

[Planey]

The state law passed , 37 to 9 (had a few liberals in the mix), an amendment to place the Ten Commandments on the front entrance to the state capitol. The feds in D.C., along with the ACLU, said it would be a mistake. Hey this is a conservative state, based on Christian values...!

Guess what...........We did it anyway.

How does this fit with the state not promoting a religion?

Or do they plan on also putting up quotes from the Q'ran, the Torah, the Rig Veda. etc etc etc

Constitution? What constitution?

Graeme

[Woody]

Yes Planey ... many times it is done just that way.

[bonnie]

Quote:

Are these people really concerned about fairness? They have been taking rewards for years that were paid for by the young and gullible, the old and desperate and now they are concerned about fairness? How about this for fairness? When they borrow a bank's money to buy something they pay interest on that money. When a bank issues them a credit card they pay for the convenience it provides. How about they stop taking rewards paid for by the poorest and least educated Americans and stop being a freeloader?

Only in america is someone viewed as a freeloader for paying their bills on time and using credit wisely.

How about before they sign they read the fine print and understand it does have to be paid back.

Once again it will be the middle class that gets it the hardest with this. The rich can probably afford it. The "poor,uneducated,old and gullible are being protected from their own foolishness" whiile the middle class pay their way

[Outta Here]

More information on the "Oklahoma Update" can be found here: Snopes

As to the fairness issue: So long as credit card companies are not rescinding their initial contractual obligations, then it is perfectly "fair". Just as it was perfectly fair of them to charge whatever interest rates they desire in initial contractual obligations. No matter what "class" of citizen, no one is forced to sign these contracts. No one has to use credit cards. Using them is a choice.

[bonnie]

More information on the "Oklahoma Update" can be found here: Snopes

As to the fairness issue: So long as credit card companies are not rescinding their initial contractual obligations, then it is perfectly "fair". Just as it was perfectly fair of them to charge whatever interest rates they desire in initial contractual obligations. No matter what "class" of citizen, no one is forced to sign these contracts. No one has to use credit cards. Using them is a choice.

It is not perfectly fair for the government to step in and "make it fair"

If it is illegal yes. If it is in the contract at time of signing it is not fair to all those that pay their bills on time.

The "class of citizens" have been spelled out here and by the political administration have indeed had the playing field leveled. Not to lift up the ones that abuse and don't bother to read,but to drag down the ones that do.

Using them may be a choice ut the government will now step in and reward them for those that abuse the privilege of having a card. No one is forced to use one and having one is not a right.

[phkrause]

Well I for one I'm glad for this. I have had my interest rates go up from 5/6% rates to over 20% for no reason. I have been on time for years. Now that I have been laid off, over a year now, and with less and less jobs available, and more and more people being laid off, I have still been able to pay on time. So why may I ask are the rates going up? I have not even used my cards in over a year. I think this is why they have raised my rates. Now i'm not saying there are people that don't abuse but they should be the ones that have there rates go up. But I would also say many that are getting there rates changed are probably unemployed as well, and having a difficult time paying. And the CC companies don't care one iota. I even called one CC and asked why? and that I was not working could they put the rate back down, they said NO. So I stopped using my cards except my debit card. My 2 cents worth.

pk

[bonnie]

Well I for one I'm glad for this. I have had my interest rates go up from 5/6% rates to over 20% for no reason. I have been on time for years. Now that I have been laid off, over a year now, and with less and less jobs available, and more and more people being laid off, I have still been able to pay on time. So why may I ask are the rates going up? I have not even used my cards in over a year. I think this is why they have raised my rates. Now i'm not saying there are people that don't abuse but they should be the ones that have there rates go up. But I would also say many that are getting there rates changed are probably unemployed as well, and having a difficult time paying. And the CC companies don't care one iota. I even called one CC and asked why? and that I was not working could they put the rate back down, they said NO. So I stopped using my cards except my debit card. My 2 cents worth.

pk

You are paying more than your two cents. The credit card companies are not in business to do us a favor or understand when out of a job. Our interest rates go up to cover those that are not paying.

The higher unemployment goes the higher the rates for the privilege of using "their money"

Government cannot make a level playing field without dragging the playing field down.

This step yesterday will not level it for you and will not stop the credit card companies from extracting the additional from who ever they can. And that will be you and me, Except I do not use credit cards

[Dr. Shane]

I like getting my free gift cards and mileage off the backs of the credit card companies.

Those gifts aren't free nor off the backs of the credit card companies. Those gifts are paid for by the young and gullible, old and desperate. It is off their backs that credit card companies are able to give away gifts.

18th century British enjoyed drinking their teas with sugar refined off the backs of slaves too. That didn't make it right even if it was sweet.

[Dr. Shane]

We own a business and put most of our expenses on the Credit Cards and then we pay the CC off every month.

Then it is only fair for a business to pay the credit card company for the service the card company is providing. If the business decides to go debt-free they will not have to pay the credit card company anything because the credit card company will not be providing them any service.

[Dr. Shane]

Only in america is someone viewed as a freeloader for paying their bills on time and using credit wisely.

People that get a free ride are normally considered freeloaders. Even when the free ride is legal, it is still a free ride. Why is it wrong for people who use credit cards to pay interest on the money they borrow and to pay credit card fees for the convenience of the card? The fact is that for many, many years the wise and responsible have been taking a free ride paid for the young and gullible, old and desperate. That free ride is coming to an end. Those that don't want to pay fees or interests can dump their cards and live debt-free.

[bonnie]

Originally Posted By: Redwood

I like getting my free gift cards and mileage off the backs of the credit card companies.

Those gifts aren't free nor off the backs of the credit card companies. Those gifts are paid for by the young and gullible, old and desperate. It is off their backs that credit card companies are able to give away gifts.

18th century British enjoyed drinking their teas with sugar refined off the backs of slaves too. That didn't make it right even if it was sweet.

Now those that pay promptly and don't abuse the PRIVILEGE will be paying for the young and gullible,old and desperate.

The government is not there to protect the gullible.

Statistically the old and desperate you speak of are for the majority not that old and desperate.

Those that cannot pay should not be charging. Most of us at times find ourselves in financial hard times. The way out of that is not charge more and expect the middle class to carry them.

Credit cards are not a right,nor are they a necessity for typical families. It is a privilege. Now it is a right for segments of our society along with expecting credit card companies and the middle class that pay their bills to carry them

[Stan]

Far be it from a Christian or a Church to stand up for those who are victims of abuse by Credit Card Companies.

[bonnie]

Originally Posted By: bonnie

Only in america is someone viewed as a freeloader for paying their bills on time and using credit wisely.

People that get a free ride are normally considered freeloaders. Even when the free ride is legal, it is still a free ride. Why is it wrong for people who use credit cards to pay interest on the money they borrow and to pay credit card fees for the convenience of the card? The fact is that for many, many years the wise and responsible have been taking a free ride paid for the young and gullible, old and desperate. That free ride is coming to an end. Those that don't want to pay fees or interests can dump their cards and live debt-free.

The free ride you speak of is spelled out. You do this,this and this and this is what we offer you.

It is wrong for you to think you can set the terms of a privilege allowed you

[Dr. Shane]

Our interest rates go up to cover those that are not paying.

Late fees, by design, are to cover for those that go default. Increased interest is just a loan shark practice. It is from those lone shark practices that credit card companies can give out rewards.

Here is the justification. Our credit scores reflects everything we do credit wise. If we use too much credit it goes down. If don't use enough it goes down. If we are late paying one bill our credit score is impacted. When a credit card company issues a credit card the user's score may be, for example, 700. The card's interest rate is 5%. After a while the user does something that impacts their credit score. It could be something good like slow down in his use of credit. When his score is impacted the credit card company can adjust his rate (or could under the old laws).

pkrause says he has not used his cards in over a year. Not using his cards has most likely impacted his credit score so the card company can raise his rates. That means he gets to pay for the rewards so that someone else who is responsible and using their credit wisely can fly off to the Bahamas for free and stay in a hotel for free. Thanks pkrause! Those freeloaders really appreciate that.

[Dr. Shane]

The free ride you speak of is spelled out. You do this,this and this and this is what we offer you.

It is wrong for you to think you can set the terms of a privilege allowed you

The terms of buying a slave were spelled out clearly in the 17th century too. Men bought others men. It was legal and clearly spelled out. That didn't make it ethical.

[bonnie]

Originally Posted By: bonnie

The free ride you speak of is spelled out. You do this,this and this and this is what we offer you.

It is wrong for you to think you can set the terms of a privilege allowed you

The terms of buying a slave were spelled out clearly in the 17th century too. Men bought others men. It was legal and clearly spelled out. That didn't make it ethical.

This I would have thought beneath you. Slaves never had a choice. Not who bought them and mostly not how they were treated.

Some may have fared a little better in physical treatment but they always knew they could be sold. Leaving wife and children behind. One way for pkrause and others not to be in the situation of a slave there is an option,slaves had none

[bonnie]

Originally Posted By: bonnie

Our interest rates go up to cover those that are not paying.

Late fees, by design, are to cover for those that go default. Increased interest is just a loan shark practice. It is from those lone shark practices that credit card companies can give out rewards.

Here is the justification. Our credit scores reflects everything we do credit wise. If we use too much credit it goes down. If don't use enough it goes down. If we are late paying one bill our credit score is impacted. When a credit card company issues a credit card the user's score may be, for example, 700. The card's interest rate is 5%. After a while the user does something that impacts their credit score. It could be something good like slow down in his use of credit. When his score is impacted the credit card company can adjust his rate (or could under the old laws).

pkrause says he has not used his cards in over a year. Not using his cards has most likely impacted his credit score so the card company can raise his rates. That means he gets to pay for the rewards so that someone else who is responsible and using their credit wisely can fly off to the Bahamas for free and stay in a hotel for free. Thanks pkrause! Those freeloaders really appreciate that.

It isn't fun times for many of us. If you don't like the terms DO NOT ACCEPT THEM. Cut the card up and cancel your membership.

No one has put a gun to anyone's head and forced them to use a card.

Just as the mortgage industry is finding out. 60% of the ones that received help in restructuring their mortgage are now in default again.

By making all level with the lowest financial rung on the ladder brings others down,does not bring them up.

When government gets in and tries to control and make all it does not work.

[Dr. Shane]

Make no mistake about it. We are taking about slavery.

"The rich rule over the poor, and the borrower is slave of the lender" (Prob. 22:7)

For the record, I do not have any credit cards so I do not have a dog in this fight. Whether or not there are changes in the law does not impact me personally.