Tag Archives: credit card reform

Credit Card Reform – Standing up for the Big Guys.

Standing up for Credit cardsAmerica, let’s all hold hands and shed a collective tear for the credit card companies. Oh, woe is me! No more charging outrageous interest rates, no more changing billing cycles without notification, and now you have to send out account statements twenty one days instead of fourteen days in advance. Boo-hoo! Can someone pah-lease pass the tissues.

Really, come on-any person with (and I’m not going to say common sense) but with any sense of human decency would realize that charging more the 15% interest is consumer exploitation. Changing billing cycles without notification is just freaking sneaky and the twisted, double-talking jargon of the fine print is difficult for economists to understand. Look, it’s going to harm no one  for these credit card companies to make the fine print easier to understand. My bigger question is this, why do many in this nation want to stand up and defend the big guys. When did standing up for the little guy and the misfortunate become a bad thing? 

 Bill Maher said it best when he compared the love of money to religion, and for me these corporations are like God in the eyes of many-they are Omni-potent and Omni-powerful. We bow down to the CEO’s and beg for mercy for our decrepit, debtor souls. Have we not learned anything from AIG? These corporate Gods are not kind gods; they are the wrathful, greedy gods-who needs them!

So why do many fret to regulate corporate exploitation of consumers? One, I believe many people aspire to the wealth and power of these CEO’s, or they have a form of Stockholm Syndrome-identifying with your abuser. You know it’s kind of like taking the side of the bully on the playground so you, yourself won’t get beat up. I think mostly people are more concerned with their own well being. “I was good with my credit, what will happen to me? Will I still be able to get my rewards? Will I have to pay a higher fees and interest rates?”

Here’s the bottom line-if these credit card companies are in the practice of stealing from Peter to pay Paul, who do you blame-Paul? Why not blame the stealer-the credit card companies? Look, if a credit card company raises the fees and reduces rewards because they cannot charge another person 24% interest rate, then shame on the credit card company. That is bad business and bad customer service. Credit card customer service-that will be another blog.

I agree with many, the consumers with debt are responsible for their debt. No one is speaking otherwise. The point is merely this; do not exploit those with debt by making it impossible to pay down with a high interest rate. I shed no tears for the credit card companies-they bought it one themselves just like the people who overspent on credit.

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Politics of Credit Card Reform

You got it! The welfare of American consumers is political, which surprises me greatly when both political parties pledge platforms to help the average American. But what is even more surprising is when one of the parties actually steps into help Americans, the other party finds great fault. Direct from the Business and Media Institute (guess what side of the credit card reform battle they’re on.) Author Jim Poor, yes-Jim Poor takes a sarcastic swing at credit card consumers and President Obama. Jim Poor; is that like calling a fat man Tiny? I can only assume that since Mr. Poor is on the side of creditors he must value wealth. The irony is just very incredibly juicy.

Mr. Poor finishes his article with this blurb, “But that begs the question – if Obama is going to save us all, why even bother thinking.” Well, heck Jim I have been THINKING for years that credit card companies were scandalously taking advantage of consumers. I honestly do not need anyone one to think for me…and besides the credit card companies are not shy about their exploitation. It says so in their fine print-“At Our Discretion.”

Let me get down the nitty gritty of the political fold here. If President Bush and the Republicans have taken the side of credit consumers they would have been brandished heroes. Wasn’t it McCain and Palin who solicited the help of Joe the Plumber to give voice to the average American, but this is the party denying average Americans rights? Isn’t this the party that gave tax breaks to the wealthiest elite while taxing heavier on the poor? Isn’t this the party who loosened regulation on the food industry that has been poisoning our children? Isn’t this the party that gave government contracts to their corporate buddies (KBR) that are killing our soldiers? That doesn’t sound like they truly support average Americans. Instead they spent most their time ruining our economy, giving power to corporations that exploit consumers, oh yeah and they tortured. Perhaps it is a good thing President Bush and Republicans didn’t not take up credit card reform who knows what they may have done to debtors. The hypocrisy here smells extremely foul.

The political fray from this is President Obama and many democrats are doing their job in protecting and serving the average American. Wait, what did I just say-our government is standing up for the little guy and not the big corporations like AIG and KBR who not only exploit Americans but kill American soldiers. How can we possibly condemn and criticize our president who is standing up for the rights of all Americans? Unbelievable-it goes to prove the true selfish and greedy hearts of others. What this negativity and criticism is all about is the Republicans trying to save their political hide because they have done nothing for the American people.

Heck Jim, personally I think it is you who should get your head out of your….and do some thinking, because you see America should be run by the people, not the corporations and certainly not by like-minded folks like you.

Credit Card Reform – Getting Out The Message

Remember the good old days, one needed to earn their credit cards. I’ve been around the blogasphere and back and once such comment I read today was a credit card was offered to a horse. Hm, I wonder what interest rate they charged the horse. I guess that depends on what kind of horse, a champion thoroughbred or a plow horse. Obviously of course the plow horse would get the higher interest rate. Ding-a-ling credit card companies why are you wasting time sending a credit card to a horse. They joke of it is, the horse bought a new feeder and supplies to clean out is stall.  Yeah, those credit card companies are so very wise and responsible.

 In talking with a woman today she and I recalled they days of our parents, when credit wasn’t extended to anyone.  It depended on whether you had a job and demonstrated the ability to pay back. Today, you are extended credit and charged a fee not based on whether you are responsible, but how much interest the credit card can charge. You are extended a credit card if you are a baby, a dog, a horse, or even if you passed on to heaven. There are really no restrictions as to who receives a credit card. That is not responsible lending….

Let me make a point here.  Our economy is in shambles and it is partly to do with irresponsible creditor lending and irresponsible consumer spending. We as a nation were not really hurting economically when banks lent responsibly. There was no banking crisis or threat of a great depression when our parents did not use credit cards. Back in the good old days when our economy was on sound ground, we spent with cash based on what we earned. If credit card companies are no able to make an obscene amount of money of consumers and lending is restricted-everything will be just peachy. It is just bankers will not be able to get so rich. Oh, poor rich bankers.

 But you cannot escape the naysayers of credit reform. Fears and propaganda abound. Creditors will not lend! Consumers will not be able to spend! The sky will fall to the ground! Life as we know it on earth will cease to exist if our government steps in to regulate predatory credit lending practices. The universe will crumble if our government stands up for consumers. No-say it is isn’t so! You will discover that life will offer you priceless opportunities if you pay with cash.

Now for a personal little love note I’d like to extend to my US Senator Jeff Merkley. A big hug and kisses out to you for defending consumer rights.  There are more points to this bill and reform other than paying off one’s balance every month, or overspending on credit. It is about credit card companies control over our financial destiny.  These credit card companies can change your interest rates at their discretion. If you are five days late with the electric bill credit card companies can change fees, interest rates and bill cycles. If they feel constipated, having a bad day and need to take it out on someone, then can raise your rates. Yuck! I’m feeling a little bloated. I’ll just up Joe Schmoe’s interest rate. Agh, relief-better then Pepto Bismo. Okay, maybe now I’m exaggerating-but do you get my picture?

And for all those who think President Obama is trying to take away your freedom, he has to get your freedom back from banks and credit card companies before he can even try to take away your freedoms. Your freedom and mercy is at the hand of every major corporation in this country-not our government.

Pandering Anti-Credit Card Reform Propaganda

Personally, I don’t like taking this position. I really don’t like criticizing another viewpoint; unless that viewpoint reflects an ill attitude and presents false facts of others.  In regards to credit card reform, this is not a personal issue. This is an economic issue to regulate credit card companies. For many who have struggled at the heavy hand of creditors, the issue is intensely personal. But what I don’t understand why it strikes many so personally if you have managed credit cards well. Why get yourself all twisted about something that doesn’t concern you. If you good credit, NOTHING will change for you in the legislation. Yet, many find reasons to place blame and insult. Are people really that mean to insult others in need.

 You know, when you title your blog, “Say Anything,” it doesn’t matter if you speak through your mouth or out your a**, because that is exactly what the author the blog has done.  Mister Say Anything’s point is President Obama is pressuring “us” into discriminatory lending laws.  So you can guess what Mister Say Anything does-he is in the credit and lending business and thus will lose money if having to curb his exploitative lending practices. He will “say anything” to make more money of the American people so he can live a rich and greedy life.

 In his blog (and I apologize for assuming a man) he just doesn’t make any rational sense. How is curbing the changing billing cycles, and inflated interest rates going to make people go deeper in debt?  How the heck is that possible? Mister Say Anything please explain.  And yes, I can see how stopping the marketing to minors be a terrible thing. Garsh darn that Obama, standing up for our minors. Just who does he think he is? What a ridiculous argument. And one last thing, Obama is so not scared of losing power. He has a 68% approval rating. And what approval rating does the Republican’s have-right 21%.  Get real, Dude!Many who want to criticize credit card legislation offer many fine examples or most of the time place the blame on the victim, you know like the person who randomly went out and bought a top of the line stereo on a credit card for $4,000. Okay-that happens, but that is not the true picture. I hold a credit card balance and I don’t even have a stereo.

                Other’s I have noticed like to boast themselves with false pride.  “I pay my credit card bill of every month.” Well, goody-two shoes for you. This judgment on fellow Americans is harmful to the country.  Many who place such ignorant judgment do not know why someone went into debt. Perhaps it was a medical problem, car or home repairs. If you do not know a person, it is ignorant to judge.

These people want to rely on blaming the victim; you know like Bill O’Reilly blames a rape victim because she dressed seductively, or maybe it is as simple to blame the nerd for being beat up after school because he wore a pocket protector. Yeah, he was asking for it. Look people, the argument of being a victim is not a suitable excuse for being exploited. Hey, just because you carry a balance on your credit card does not give license to corporations to exploit with “At their discretion” polices. That is the bottom line.  It is called fairness and equality. It is what our nation stands for.

Good people and Good Americans want what is best for all. If someone struggles, it is for us to stand up for each other. Curbing the credit card companies and placing much needed regulation on them is good for our country and good for our economy. It will make corporations and consumers alike more responsible.

Credit Card Reform – Why Important?

reformI’m not sure why this issue seems to be swept under the carpet and discarded. Many have expressed outraged; being stranded without credit, credit limit cuts and interest rates raised and people have committed suicide with overwhelming debt.  Why more people are not behind this issue is beyond me.

 

The reason I am drawn to this issue is not because I have debt and I want to avoid any responsibility. It is because I want to live my life free of Credit Corporation’s mighty thumb. I don’t like being exploited and I don’t like being taken advantage of. If I have debt, please allow me the opportunity to pay down with reasonable rates.  There are many who don’t want more government control, well I certainly not want corporate control. I do not want to be at the mercy of a greedy corporate CEO. There is no one to blame for the credit card “crisis” but the credit card companies. They pushed financial responsibility to the limits (pun intended).

 

But this is an easy issue to gloss over by offering ways to overcome debt, or consolidate debt. Many look to the future to teach about credit cards and debt and many just live in scorn and judgment of those who found themselves in debt.  Just because many have found ways to live within the exploitation does not mean it is right. Just because many are able to manage debt, does not mean the system works and is fair. Just because it isn’t dramatic, doesn’t mean it isn’t worth the fight.

 

Others fear if legislation passes credit issuers will become more stringent with lending.  Wow, imagine having to earn credit.  I don’t see how many could argue, especially those who criticize consumer overspending. Creditor responsibility will lead to consumer responsibility and isn’t responsibility and accountably what we are striving for?  This will take us back to corporate and consumer fiscal responsibility.

 

Thankfully the credit card reform has some strong supporter. Below is part of an email received from Vermont Senator Bernie Sanders.

 

In my view, when a credit card company charges 25 or 30 percent interest rates, they are not engaged in the business of “making credit available” to their customers.  They are involved in extortion and loan-sharking.  This is especially true at a time when the taxpayers of this country have provided many hundreds of billions of dollars to bail out Wall Street, and when the Federal Reserve is providing them with near zero percent interest loans.

 

The good news is that President Obama and Congress are beginning to address the issue of credit card rip-offs.  The bad news is that, at this point, they are not prepared to go as far as they should in this area.  While moving forward on credit card “disclosure” and “transparency” is very important, what is more important is that we pass a national usury law and place a cap on interest rates. 

 

To me this should be one of the easiest bills to vote yes. What kind of person would honestly deny consumer rights?  One would be surprised. Many of these banks that have received bail out money are using that very money to lobby congressmen. This issue is about keeping corporations and some people very rich at the expense of the average American consumer.  Here is what is holding up this issue in congress-greed.  It is corporate greedy CEO’s padding the pockets of congressmen. As Americans, do we feel this is acceptable or should we send a message to our government not support politicians who are bought out by corporations.

 

What this issue means is making sure the government works for the people and not corporations. We may not be able to lobby with large sums of money, but we do have the power to elect them and not elect them to office. We need to make sure the politicians know that we have a voice and we are watching for government accountability.

 

But mostly for me, credit card reform brings the financial power to the average American. We will not be a the mercy of a corporation and with that perhaps the American dream will be back in reach for many