patrick.net

That's wonderful news, if you a good upstanding customer can just be bent over and ramed in the "A" like that by the credit card industry. Then folks like me that has no credit history on his credit report, and the bank suggested that I get credit cards to build my credit. To which realizing the vicious assault they are reeking on their good paying customers, let out a good gut felt laugh.

No I did not nor have any plans of signing up for that abuse. But I have resigned to just saving my money, and hunkering down to miser mode to achieve my goal of paying cash.

Now why I think this is great news, at that rate of 30% for good customers and I would imagine much higher for folks like if I were to apply. I don't see a rosy out look for people and their credit scores.
I see far less people eligible for loans and credit. As these astronomical interest rates there will be many CC defaults.

The end result desperate banks grasping at any cash they can get. 150K houses being blitzed out for 50K will be a reality by March. And not the distressed houses in bad neighborhoods with gaping holes in the roof either.

Now on a side note. Didn't Master Obama just pass legislation and reformed the Credit card industry?

And this lot here is hoping he works the same magic on the health care industry.

Lord help us all!

elvis says

Okay, time to do some “plastic surgery” and cut those darn credit cards up. I always thought it was kinda silly to see someone buy a cup of coffee or a newspaper and soda, then whip out a credit card to pay. Out of debt = out of danger.

If one cancels credit cards, it negatively affects the credit rating. I would do plastic surgery, but if I cut myself my health insurance rates will increase and at the moment I'm looking for someone to take care of me...

So far as it being silly when someone whips out a credit card to buy an inexpensive item, it might be a debit card because the purchase can be tracked. Either way, it's their business.

ToB,
Yes, Obama implemented credit card reform. Interest rates are being raised ahead of it because it'll be more difficult after the reform takes effect.

ToB,
Yes, Obama implemented credit card reform. Interest rates are being raised ahead of it because it’ll be more difficult after the reform takes effect.

In the good ole days that was a good way to get men with fountain pens and magnifying glasses from Washington to show up at your business. Washington used to frown on businesses that thumbed their noses at them.

Keep making excuses for the lot of them. Never mind that this administration is a carbon copy of the last. The only difference I see in this one, is the president is a black man and the secretary of state is a white woman. This is Bizzaro Bush.

Tenouncetrout says

Washington used to frown on businesses that thumbed their noses at them.

It's probably a bit easier to thumb your nose if you're in bed together; you can all have a laugh at my expense when you're done...

Well, someone has to pay for all this downturn so why not raise credit card rates to save the business?...i get the feeling you wouldnt like me as your president, I dont reccomend voting for the BULL-MOOSE party anytime soon because I would go against conventional wisdom. I would do all kinds of crazy things you wont like, especially:

-Pull out of Iraq, Arghanistan but leave a residual force of troops to gun down anyone celebrating our departure
-Charge all members of a gang for a crime committed by the buddies
-Legalize all illegal immigrants, then gun down anyone attempting to come across the border from that point on
-Let the housing markets reset by taking no action other than re-implementing depression era regulations
-Provide extreme tax incentives for businesses to keep labor local
-Cut government and non-profit spending by 1/2.
-Reform Social Security, FHA, Postal Service and make them profitable
-Ignore any requests from corporations, abortionist and homosexuals that attempt to get me off target with my mission
-Mortgages cannot be sold or securitized - to force lenders to use prudent borrower standards, since the original loan creator will be on the hook for default
-Force welfare queens to go back to school fulltime, and force their "Baby Daddy" to get a job or face a minimum 2 years of prison time. All of which will require 24/7 daycare and a whole lot of money that i will save by cutting government spending.
-Clear criminal records for non-violent offenders after 3 years with a clean record, this will allow these persons to get back into the workforce once they have made their youthful mistakes.

All of these are policies that I have developed while engaging in dialogue on Patrick.net!!!

Don't blow a blood vessel there Emperor Bullwinkle.

Ok...koolaid

Discover wanted to raise my rates from 13% to 18% and I bulked. I cancelled the card and told them in a letter I would pay off the amount in full at the 13% interest rate. Interesting enough I do have a Citi card, but I have no balanace on it and will make sure I don't charge any more then I can afford to pay off in one month. I owe 8k to Discover, an extra 5% interest one such a large amount would have added up quickly.

Patrick says

Easily defeated by paying off the bill in full every month. Rates are clearly posted and available for those who decide to use credit cards to live beyond their means.

I would be surprised if there were anyone here not paying it all off at the end of the month.

That stupid SCOTUS decision that said the Company's state of incorporation, NOT the client's state of residence, determines the rate.

That's why they're all in the Dakotas and Delaware

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Work out a deal with the credit card company.

Get them to lower the rate to 5% if you agree to steadily pay off the balance and also to not use the card until the balance reaches $0.

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AD says

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Work out a deal with the credit card company.

Get them to lower the rate to 5% if you agree to steadily pay off the balance and also to not use the card until the balance reaches $0.

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2 options. Pay it off during the grace period. That's what we do.

2nd option. Don't pay it if you can't. This is fact. Don't file BK, you don't need to. That's attorney marketing. Just stop paying. Once it's sold to a debt collector the debt has been settled and you just avoid calls you don't know the number for. Don't sign for certified mail or packages you aren't expecting. I've seen people just stop on CC's during the housing bust and they never paid them. Just fucked up their credit for 3-7 years. Sometimes not that long. Don't answer with your name or say yes when they ask. Ask who they are and make up a story.

Debt collectors are making a gamble that you're dumb enough to pay them. They bought your $1,000 debt for $200. They then try to scare you into paying the $1,000 to make $700. Add some zeros to that and it's big business. You HAD a contract with the CC company. They got money they wanted to settle the debt from the debt collector. The debt is settled.

Mind you if the debt is big enough, you might have to pay taxes. Usually with CC's the IRS doesn't care and the CC companies have it built in for the defaults because they charge insane rates.

Not tax advice or legal advice but just what I've personally witnessed and told people to do in my circle.