Credit Cards To Be Fairer

[Dr. Shane]

For by means of a whorish woman a man is brought to a piece of bread (Prov. 6:26)

[Dr. Shane]

OK, that last one is just some good, knee-slapping humor.

[Outta Here]

Well, don't say she never did nothin' for you!

[Planey]

I notice that many times it is stated as a defence of credi card companies that they are doing nothing illegal.

Well the law is to be changed to stop them from some of their more predatory practices.

So now they will indeed be doing something illegal if they continue in this manner.

So what is the problem? Let them obey the law, which apparently they are so good at.

For Redwood: I can see why you keep repeating over again and again and again how you want your goodies. I can understand that actually, after all you worked so hard for them, you deserve them.

Graeme

[bonnie]

Quote:

I notice that many times it is stated as a defence of credi card companies that they are doing nothing illegal.

It is not in defense of credit card companies. It is in the defense of those that will now be picking up the tab for late or non-payment.

Quote:

Well the law is to be changed to stop them from some of their more predatory practices.

There is not one credit card company that forces a party to sign up for their product. No one grabs them off the street and puts a gun to their head.

I don't use credit cards for a reason.If I cannot pay for it it is not mine to have

Quote:

So now they will indeed be doing something illegal if they continue in this manner.

It will simply shift. They are not in business to provide you a safety net in hard times. Now the misery will be spread around to those that have paid on time. That is the type of fairness that is anything but fair.

It will not do anything for the credit risks except to place them at a higher risk and allow many to keep charging. And the timely payer will now be helping to subsidize that.

Just as the government made "it fair" that those that lied on their mortgage app and are now in trouble. 60% of them are in default again and many more are expected.

Government makes a lousy nanny. You can give enough to keep people out of poverty. You cannot take from me and give to another family with success. I will then be next in line for the handout.

Quote:

So what is the problem? Let them obey the law, which apparently they are so good at.

The problem is that the burden will be shifted to those that pay on time. The higher risk customer will not.

{quote]For Redwood: I can see why you keep repeating over again and again and again how you want your goodies. I can understand that actually, after all you worked so hard for them, you deserve them.

Graeme

[Outta Here]

I notice that many times it is stated as a defence of credi card companies that they are doing nothing illegal.

Well the law is to be changed to stop them from some of their more predatory practices.

So now they will indeed be doing something illegal if they continue in this manner.

So what is the problem? Let them obey the law, which apparently they are so good at.

I am one who has been defending the right of credit card companies to charge as much as they do. And I agree that once the laws are changed, they will have to abide by the new standards or else they'd be operating illegally. Never have I said that they are practicing non-predatory business methods, but rather only that they have been following legal business procedures as allowed by free enterprise.

The power for change is in the hands of the people. For decades now, the people have chosen to give these credit card companies their monies. By choice, the people have signed contracts allowing them to become indebted to the credit card provider.

[Stan]

so

Having the Credit Card Companies revert to the original interest rate for someone who makes payments on time for 6 month atrocity? (not directed at the last poster)

AND this will hurt people getting perks?

[bonnie]

so

Having the Credit Card Companies revert to the original interest rate for someone who makes payments on time for 6 month atrocity? (not directed at the last poster)

AND this will hurt people getting perks?

They do not force you to carry and use their cards. No one is forced to.

The government should have no right to dictate terms. Neither do those that use the card.You read first before you run up debt.

Using it as a means of being able to purchase when you do not have the money is not forced either.

Those in trouble with credit cards will not be substantially helped,other than to run up more debt.

Those that pay on time will now be making up for those that don't. Those that don't will still have the same high interest rate and the late or no payments,only a little delayed.

People that are having financial difficulties do not routinely handle credit wisely. Try to keep robbing Peter to pay Paul is catching up on all fronts.

It does not help the poor. The poor are still going to be poor and now deeper in debt but it sticks it to those that are envied because they have more.

I do not have a right to use the credit card to make it to payday,knowing someone else will carry a big portion of my responsibility when I can't.

I do not have a right to expect the credit card companies to subsidize my personal problems and if they don't somehow it is their fault.

[Dr. Shane]

There are a number of new regulations that are going to come into play. Those that are opposed to the reform are the ones saying they are going to lose their perks and... that may happen.

[bonnie]

There are a number of new regulations that are going to come into play. Those that are opposed to the reform are the ones saying they are going to lose their perks and... that may happen.

Obviously there will be. They are saying that probably because they will lose the reward program for prompt pay and not abusing the card.

Government interference will not change the spending habits of those they claim to be helping. They are the only ones that can do that and with a little more help to live and depend on credit cards it will only get worse

Once again in an effort for government to be fair and level the playing field,they bring down the middle class and wealthy to the status of those that have the least ability to pay.

Giving an extention of days before penalties are imposed will not do much for those unable to pay. Except to drag out the misery index. Those that use the card to make it from paycheck to paycheck will continue to do same,only now they can make those that don't do that share.

In the end all will lose but the touchy-feely changes make many feel good.

Government has no business in private enterprise writing the rules based on one segment of society and penalizing the others.

There is no excuse for agreeing to terms you have not read.

There is no excuse for expecting others at their personal expense to come down to their level of ability to pay.

Now you will have all on the same low level of expectation.

If you do not understand the terms,ask until you do. If you cannot pay off your balance each and every month you should not have a card.If you cannot pay do not expect others to carry you. Cut up the card and cancel.

[Outta Here]

Looking for a credit card company which operates under Seventh-day Adventist principles? Look no further! Lincoln SDA Credit Union is just a click away. All SDAs welcome!

[GreatLakesGramma]

Aubrey, I doubt that they service the cards themselves. The one we use is from our local bank, but they don't service it. It has their name on it, but that's about all.

[phkrause]

I think Stan this is why God set up the systems they had in the old testament for the hebrew nation.

pk

[olger]

Olger thinks that there is shining irony in the government trying to help people with credit cards, when the best thing we could do for our country is to cut Obama's credit cards up.

og

[Dr. Shane]

Rush Limbaugh says we should call our congressman and tell him to legalize counterfeiting. When the congressman replies that we can't just let people print money, ask him why not, Congress is doing it.

[Ted Oplinger]

Well, Stan, I do feel for the oppressed - when they are truly the oppressed.

However, the US has become more of a country of expected entitlements, where someone larger than life is supposed to make all the bad consequences for poor choices or ill circumstance go away.

Life is not fair in this world - and we should not expect it to be. When we try to enforce "fairness" for one group, it ALWAYS ends up being unfair for someone else. That is why I shun "forced fairness" - even if those being put at disadvantage can "afford" it, because the Godly principle is the same for both rich and poor: you shall have one standard to judge all by. Playing favorites - even for "fairness" - plays fast and loose with this concept.

The majority that see themselves as "oppressed" in the credit card world should not be using them - much like the majority purchasing lottery tickets ought to instead be using it for groceries. They are making foolish choices; and yes, because of those foolish choices, others will make a profit from them (whether ethical or not, I will not judge in this post).

The single mom whose ex won't pay child support - does she really need the credit card to go further down the hole? Or does she need a caring Christian to teach her how to take personal responsibility to the next level and manage what little she has to better effect? What is she going to buy with a card that saved cash won't? Or is she trying to console the children with more goodies/more expensive items simply because Dad's a deadbeat?

Believe me, I realize the emotion tugs will outweigh reason and responsibility very quickly if we let them.

Taking care of the weak is what I understand our Christian duty is - and part of that duty is teaching 1) personal responsibility, 2) being content with a little until times get better, and 3) personally helping them out where needed.

Does that open me up to be scammed? Yes, it does. But I make the choice to do it; I assume the risk, I will take the consequences (good or bad).

Consequences...it's becoming a dirty word these days.

Here in the US, many expect the government with some "magic" new decree or spending to take the place of what Christ has laid upon us as a personal ministry to the weak. However, as I read Matthew 25, Christ isn't separating the sheep from the goats because they paid "their fair share" of taxes and expected the poor, needy, and oppressed to be taken care of by some gov't program that redistributes other people's livelihoods and make it "fair"...they are separated by the personal initiative and risk they took to part with this world's goods and time to make life easier for the not-so-fortunate. In so doing, they wind up taking care of Christ in the persons of those they help.

As far as my credit experience goes...

Personally, My Better Half and I have a few credit cards; 3 aren't used hardly at all. One my wife uses for monthly expenses, another I use for the same. Both get paid off at the time of billing. Neither have any of the common "perks" offered today - we're just not interested or thrilled by them.

Yes, there are times when payments are late. But the discipline is there to pay the fee they stipulated in the contract and go on. When the companies change the rules of the game, by law they must notify us and give us the option of continuing under the new rules, or dropping the card. Sometimes we've dropped a card in favor of a better offer - and had to do so in not so great financial circumstances. Always, though, we know we borrow by their rules, not ours.

In today's competitive market though, changing the rules is risky - unless it is co-ordinated effort between all the companies at once(Obama and his Congress would have impressed me much more had he gone after these collusionary and predatory practices with the anti-trust and anti-racketteering laws that have been on the books since T. Roosevelt's administration).

On a side note, I find it quite ironic in replying in a thread about credit card abuse (real and perceived), I see at the bottom of my screen a different but related predatory offer..."Denied a Bank Account? No minimum balance...No credit check...etc., etc."

Gotta roll - it's late!

Love you, Stan - yet I'm afraid we might be on different sides of the fence on how best to aid and address the oppressed...

[Outta Here]

Aubrey, I doubt that they service the cards themselves. The one we use is from our local bank, but they don't service it. It has their name on it, but that's about all.

Well, I was hopeful that they would service it. Our credit union (not the one in Lincoln, however) services their own credit card. The rates for our card haven't changed in 15 years--10.9% if we use the automatic payment service, 12.9% if we do not. There is never an over-the-limit fee; and if we were to lose our source of income there is a protection plan set in place to make the payments for us.

If nothing else, the Lincoln SDA Credit Union might be able to help those who need some debt-restructuring. They probably do manage their own loans.

[GreatLakesGramma]

If your credit union services its own credit cards, maybe the SDA one in Lincoln does too. My father in law had a credit card through his credit union, and I thought it was serviced through a credit card company. But the customer service number was the same as the credit union. So maybe it was. I think the payment address was what gave me the impression it wasn't, or maybe some of the information on the back of the card. I think I'll go look in his files.

[Planey]

However, the US has become more of a country of expected entitlements

Yes, I have noticed this...even here on CA.

You should see the whining and complaining if someone thinks they are being deprived of their "entitlements".

Graeme

[olger]

righto

[Dr. Shane]

Quote:

The single mom whose ex won't pay child support - does she really need the credit card to go further down the hole?

No, she doesn't. But that doesn't stop the credit card companies from aggressively marketing their product (they know she can't afford) to her.

Quote:

Taking care of the weak is what I understand our Christian duty is - and part of that duty is teaching 1) personal responsibility, 2) being content with a little until times get better, and 3) personally helping them out where needed.

... and last but not least 4) getting rid of credit cards. OK, maybe that falls under "personal responsibility".

Quote:

When the companies change the rules of the game, by law they must notify us and give us the option of continuing under the new rules, or dropping the card.

Many companies put this on the back side of the bill in light and small print. Thus the consumers never read it.

[Ted Oplinger]

Shane,

You point here...

Quote:

Many companies put this on the back side of the bill in light and small print. Thus the consumers never read it.

...is well taken. However, if one is not willing to read the fine print (whether back or front), then they are themselves responsible. As I have heard others say before - willful ignorance is a very expensive liability. If one will not, or cannot read, nor be avail themselves to understand the fine print, they have no business affirming the contract and accepting the card. That may sound very cold to some, but it is our personal responsibility before God and man to refuse exploitation when and where we have the free choice to do so.

Yes, credit companies are extremely aggressive in marketing. I do not agree with the ethics inherent in that sector. However, I also do not agree with the ethics of allowing one's self to being financially mutilated and bled dry while sacrificing themselves on the altar of mammon.

I know....tough as iron...I guess that's why I'm...

[bonnie]

Quote:

No, she doesn't. But that doesn't stop the credit card companies from aggressively marketing their product (they know she can't afford) to her.[/qoute]

Quote:

When the companies change the rules of the game, by law they must notify us and give us the option of continuing under the new rules, or dropping the card.

Many companies put this on the back side of the bill in light and small print. Thus the consumers never read it.

What the consumer doesn't read before signing is their responsibility.

[Dr. Shane]

Credit card companies aggressively market their product so they can mislead and trick consumers and thus make money off from unethical interest rates, fees and penalties. These contracts that people in the forum seem to think everyone should read are written by lawyers and really need to be read by one too. This companies are not consumer friendly. They are leaches on society. They do not benefit society in any way.

Currently credit card companies are borrowing money from the Federal Reserve at .5% interest and loading it out at 18% - 32%. Any home owner that needs money could take out a second mortgage on their home for a fraction of what a credit card is going to charge. Those that use credit cards for "convenience" would do well to put $1,000 in the bank and get a debit card. They will never pay interest, fees or penalties. The only reason any one ever needs a credit card is because they are not living a responsible lifestyle. People have stopped saving.

There are only two things we should be buying with credit. 1. a home, and 2. an education. Each of these has a rule to go along with it. When financing a home never finance it for more than 15 years. When borrowing money for school never borrow more than you will make your first year working. So where is the need for credit cards? We shouldn't buy food, clothing, electronics, vacations, books, movies or gasoline on credit. We really shouldn't even buy a car on credit. Why finance a depreciating asset?

Now new laws are being passed to make credit card companies less predatory and treat consumers a bit fairer than they have in the past and some people are upset about it. Why? Because they might lost some rewards they have been receiving for nothing. Well the free ride is over. Cut up the credit card and open a savings account. Those that shop with cash spend less money and that is a reward in itself.

[Woody]

I still want to keep my freebies as long as I can. That is until OBama takes them away from me.