Tag Archives: Credit Card legislation

Credit Card Companies be Damned!

Okay there I said it. I hate them! But unfortunately with the whole Fico system they are for the most part a necessity for modern life. How savvy of these companies to make their abusive service near mandatory for our existence. You may think my words harsh, but today most companies review your credit report before hiring you – bad credit, no job. Now, that makes sense.

So we have new legislation in place to protect consumers. Let the abuse continue! When checking my Chase statement yesterday, they raised my APR from 12% to 21% because, boo-hoo, market conditions.  Yes, that is what they told me. These greedy corporations ruined our economy and now conditions are not great for me.

 How can you get around this? I can close my Chase account which could reflect poorly on my credit rating. GET IT – accept their abusive raise in rates, or a negative reflection on my credit score. Screw Chase bank! After being a customer for over ten years, I closed the account.

I honestly can care little for their rationalizations or explanation. I don’t care if they need to “manage” risk. If only we, the people could do something? If only we, the people could stand up to these gluttons of Capitalism instead of being at their mercy. If only we, THE PEOPLE can take back our future from corporations.

I say anyone who received this from Chase Bank. Don’t succumb to their abuse. Close your account and take your business to a smaller bank or better yet credit union. The free market entitles us to choose where we take our business. Let’s take it to the small business.

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Got the Credit Card Blues?

Credit bluesWell, just check your email, because you will find a dozen spam emails pimping credit cards. Wait, didn’t our government just pass stiffer credit card legislation? How come all of a sudden I am being spammed for numerous credit card offers? I hate spam!

I’ve asked this question before, who sends these emails. The answer as per first premier bank says, “One of our marketing partners.” It is secret spy marketing partner that spies on our emails and our surfing the internet and then sends us spam.  Ironically, I am flooded with credit card email solicitations because I research credit to expose exploitations-and they keep giving me more content. So really in that regards, I can’t complain.

Also, going back to yesterday’s blog in regards to our consumer based economy and over 40% of population is in the financial services industry, I had to stop and think of all the people who were getting paid money to send these solicitations and spam. Someone was paid to write the advertisement copy. Someone was paid to design the graphics of the email and most certainly someone was paid to enter a data base of email lists to send to potential consumers. Could we not think of anything better to do with our recourses and money then create credit card email spam? 

 But some of these spammers were kind enough to leave a calling card-one was Netspend. Surprising this company has won awards for selling credit. Huh, didn’t know they gave awards to selling credit cards? They can’t be that great, or else they wouldn’t be spamming me.

 Then there was Impulse marketing group, in which you can read hear the law suit filed against them for unlawful credit practice. This just proved my point; depraved people only out to make money of the misfortunate are soliciting credit cards.  I didn’t have to do much research to learn that.

 So here’s my question, anyone with any common sense has realized credit card spending needs to be done so with much more responsibility, so why are they flooding my email for offers?  Back to my point in yesterday’s blog that the majority of industry is the financial services industry. Of course there are thousands of “financial entrepreneurs” wanting to make a profit off Americans looking for lower interest rates, rewards, blah, blah, blah. There is a fear now that the government placed regulation of creditors, now they are selling hard better cards…but here’s the point-they are still selling credit cards. There are still too many people trying to make a buck buy pushing credit.

 You see this is the problem, consumers should learn not to be so irresponsible with spending on credit and credit lenders should learn to be more responsible with lending credit. We as a nation and an economy need to get back to the basics, spend what we earn, save for what we want and work to achieve it. They days of fast cash are over-but then I think there are some who still don’t want to accept and what to make their fortune at the expense of others.

 Personally I think we need to stop making selling credit a career. I can’t imagine “credit marketer” is a collegiate degree or even curriculum. It has very little meaning in today’s society and with our nation’s problems today, can’t we do anything more productive.  People know where to go to get money, the bank or their credit union. They don’t need every Dick or Harry pushing credit through cyberspace. My advice to these credit pushers –Get a real job.

Credit Card Companies Cordially Invited to Washington

angel-two“Yes!” I bellow in a cry of justice. As per the Washington Post, the big 14 Credit Card Companies were cordially invited to Washington DC to discuss federal regulation and credit card legislation. Now, I know some believe the Credit Card Companies to be Gods of the economy and the fault lies in us debtors.  Yes to some, carrying credit card debt is a sin and many of us should be condemned to the fiery pits. But shalt I remind ye of the Lord’s Prayer, “Forgive us our debts, as we forgive our debtors.” Judgment of others is so very much an unbecoming human characteristic.

 

Regardless how good you have been with credit cards in your life, the fact remains Credit Card Companies are ridiculously exploitative and I thank the Obama administration for standing up for the little guy. Curiously in reading the article, not all credit card companies have RSVP to the little soiree. Not surprising, Capital One agreed to be there with bells on their feet, but no doubt flanked by Barbarians. They are of course not only the kiss asses of the credit card industry, but they are often the worst offenders of consumer exploitation. They talk a good game and have kick ass ad campaigns, but when push comes to show, they are ruthless just like the barbarians who promote them.  

 

It was Bank of America and American Express who denied being invited to the party. “Me, heck no.” And Citi Bank declined to comment on the party invitation. You know, it is impolite not to RSVP for a party. This only proves one thing-guilt. Yes, denial means you are guilty if you cannot go and face the Feds. Let me give one suggestion, do not fly to Washington DC in corporate jets or better yet your Superman capes. That might not go over too well.

 

Honestly, personally I feel a vindicated; ridiculed by “credit experts” for having debt and have the nerve to write a book about the exploits of creditors. I feel vindicated because me like many others; some with worse credit card debt and others with much better all have in some way or another seen the consumer gauging.  Look, there is absolutely no reason why someone in debt has to pay 26% interest.  There is absolutely no reason to reduce credit limits leaving your costumers stranded. There is absolutely no reason for double billing. Loan sharks don’t charge that much! Loan sharks don’t change the terms and billing cycles. Loan sharks offer better terms of service than credit card companies. 

 

I stand up and applaud the Democratic congress and the Obama administration for bringing back financial accountability and corporate responsibility back to our nation. It starts as I have always said at the top and trickles downward.  You can’t expect consumers to be 100% responsible when the corporations have not.  These companies and may I reminded you have requested bail out and tarp money, so even a big corporation has been bad with finances. And I thank them for making it possible for many to achieve their financial freedom without having to pay someone else. Thank you!

Christopher Dodd-My Hero

heroEvery girl needs a knight in shining armor and I have indeed found mine. He is Connecticut Senator Christopher Dodd and the champion of credit card legislation. Now this credit card legislation has been introduced for a while and passed on March 31st, but even today there has been an outbreak of raised interest rate and closing of accounts from Bank of America.  Be sure, these creditors will do everything they can to get more money from consumers before the legislation takes effect. And surprisingly the corporations who are the most guilty are those who received bail out money (Capital One, American Express and Bank of America to name a few.

 

Since my book, Ooh Baby Compound Me was published and I have been following credit card and consumer advocate articles I have found myself alone in this quest for credit card consumer rights. For a long while I was on a lonely road, combating those who suggested controlling “free following” capitalism and protecting consumer rights is socialism. I have found myself marked by condescension for not understanding the definition of consumer or those who shunned me for at times in my life for making poor credit decisions. How dare I question the great gods of the credit corporations in all their power and glory? You egregious little ingrate. I felt for many months, a fool.

               

But now, after wandering this dark, winding road of creditor exploitation, a knight has appeared and behind him an army; the United States Congress and even the President himself. Take that all you naysayers of credit card legislation! Take that to all you who bow to the graces of greedy CEO and corporations! The consumers now have a voice and a champion.

 

Now despite, Christopher Dodd making my book which satirically blasts the exploitation of credit card companies irrelevant I still find it a good thing.  Someone has heard my cries! Someone’s actually doing something, Reg! (A salute to Monty Python’s Life of Brian) Imagine our government actually doing something with a positive effect on average Americans. Click here to see more on Dodd’s legislation.

Still, I grow a little tired reading many articles about credit cards. Just today, there are over twenty around the country, all saying the exact same thing and all of these articles, interviews and books are all giving the exact same advice. Boring! Can we have some original thoughts, please? How many times do we need to hear it? Many are all geared to the responsibility of the consumer; how we need to mind our debt, how we negotiate talking to creditors, how to teach our children, how we should call them sir and wipe their**-all this for corporations who are exploiting the consumer.

 

Now I understand, many people have made money from credit cards and many people work for credit card companies, or have a business solving other people’s credit problems. This becomes detrimental to anyone who has made a living in some way or another in the credit industry. With this legislation passing and credit card companies will not be able to gauge consumers, what will happen to all the people making a living solving people’s debt? What will happen to debt collectors, debt consolidators, counselors, etc, etc.  It will be liberation for all without having to pay a dime. We can pay down our debt, without having to pay out  a cent to another. Imagine that.

 

It all goes to my thought, why continue to find ways to get by in a corrupt system? Why give advice on how to handle corruption instead of fighting against it?  It is kind of like telling slaves how to handle their slave masters in order not to be mistreated. In a sense, this is what we are doing. In a free country like the United States, we should not have to be imprisoned to corporations. We, American citizens should have rights as consumers. We should continue to support and encourage our government who stand up for our rights and our financial freedom.