Comments on: Possible Federal Action on Credit Rate Hikes http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Affacturage http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/#comment-195631 Affacturage Sat, 11 Jul 2009 10:07:57 +0000 http://www.consumerismcommentary.com/?p=7118#comment-195631 Let's face it: despite many people's protestations to the contrary, too many folks have an automatic trust of government. When there is a problem, many of us don't like to think of government as the problem but as the solution. Add to that the near phobia that many have about economics as business and what do we get? Pretty much what we have now: a government going billions of dollars IN debt in attempts to get the economy OUT of debt, We get a government doing such idiotic things as bailing out companies for whom bankruptcy is imminent and buying up banks. Let’s face it: despite many people’s protestations to the contrary, too many folks have an automatic trust of government. When there is a problem, many of us don’t like to think of government as the problem but as the solution. Add to that the near phobia that many have about economics as business and what do we get? Pretty much what we have now: a government going billions of dollars IN debt in attempts to get the economy OUT of debt, We get a government doing such idiotic things as bailing out companies for whom bankruptcy is imminent and buying up banks.

]]> By: Dave http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/#comment-195628 Dave Sat, 11 Jul 2009 01:38:04 +0000 http://www.consumerismcommentary.com/?p=7118#comment-195628 As I recall, ex post facto (retroactive) laws are illegal under the Constitution. Heck, imagine a world where you can be punished for breaking laws that don't even exist yet. Dodd is probably just trying to distract from the alleged sweetheart treatment he received on his Countrywide mortgage. I wouldn't look to him for ethics when it comes to finance. As I recall, ex post facto (retroactive) laws are illegal under the Constitution. Heck, imagine a world where you can be punished for breaking laws that don’t even exist yet.

Dodd is probably just trying to distract from the alleged sweetheart treatment he received on his Countrywide mortgage. I wouldn’t look to him for ethics when it comes to finance.

]]> By: Spiritwealth http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/#comment-195624 Spiritwealth Fri, 10 Jul 2009 19:32:27 +0000 http://www.consumerismcommentary.com/?p=7118#comment-195624 You know it's bad when a financial adviser is telling me to "bail" on my credit card debt to force them to settle. Sound familiar? When was the last time you had financial advisers telling their clients to "just turn in your keys" and bail? If everyone does this, say "bye, bye" to the U.S. dollar. You know it’s bad when a financial adviser is telling me to “bail” on my credit card debt to force them to settle. Sound familiar? When was the last time you had financial advisers telling their clients to “just turn in your keys” and bail? If everyone does this, say “bye, bye” to the U.S. dollar.

]]> By: David http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/#comment-195623 David Fri, 10 Jul 2009 18:58:19 +0000 http://www.consumerismcommentary.com/?p=7118#comment-195623 My Chase Bank credit card also had a big rate hike. It went from 9.5% to 21%. Though I carried a balance only on infrequent larger purchases, paying off the balance most other times well within the grace period, they still upped the rate big time. I would really like to close the account, but it seems that this move is not the best one to take as it can damage one's credit score. I say don't give them any more "bailout" money; let the succors fail, then maybe, just maybe, we can start with a fresh and hopefully more equitable financial system. My Chase Bank credit card also had a big rate hike. It went from 9.5% to 21%. Though I carried a balance only on infrequent larger purchases, paying off the balance most other times well within the grace period, they still upped the rate big time. I would really like to close the account, but it seems that this move is not the best one to take as it can damage one’s credit score. I say don’t give them any more “bailout” money; let the succors fail, then maybe, just maybe, we can start with a fresh and hopefully more equitable financial system.

]]> By: Spiritwealth http://www.consumerismcommentary.com/2009/07/10/possible-federal-action-on-credit-rate-hikes/#comment-195618 Spiritwealth Fri, 10 Jul 2009 17:49:39 +0000 http://www.consumerismcommentary.com/?p=7118#comment-195618 Unfortunately, us "non-risky" customers became risky when they hiked our rates for no good reason. I've fallen farther and farther behind. Now, there's notice that Chase Bank is increasing minimum payouts doubling or tripling the amount of money due each month with still 30% or more interest rates. These are the same people who took Federal bailout money. I posted a potential solution to this problem using California's new IOU system and outstanding credit card debt: http://spiritwealth.wordpress.com/2009/07/09/dear-arnold/ Yeah, it was tongue-in-cheek, but I really don't think the banks want to get people to pay or to clear their ledgers. I think they are milking the US taxpayer and then heading to China after we're all bankrupt. Unfortunately, us “non-risky” customers became risky when they hiked our rates for no good reason. I’ve fallen farther and farther behind. Now, there’s notice that Chase Bank is increasing minimum payouts doubling or tripling the amount of money due each month with still 30% or more interest rates. These are the same people who took Federal bailout money.

I posted a potential solution to this problem using California’s new IOU system and outstanding credit card debt: http://spiritwealth.wordpress.com/2009/07/09/dear-arnold/ Yeah, it was tongue-in-cheek, but I really don’t think the banks want to get people to pay or to clear their ledgers. I think they are milking the US taxpayer and then heading to China after we’re all bankrupt.

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