Comments on: Senate Has it In for Credit Cards http://www.consumerismcommentary.com/senate-has-it-in-for-credit-cards/ A premier 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. Fri, 25 May 2012 02:48:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jersey jen http://www.consumerismcommentary.com/senate-has-it-in-for-credit-cards/comment-page-1/#comment-80808 jersey jen Sun, 28 Jan 2007 16:44:34 +0000 http://www.consumerismcommentary.com/2007/01/25/senate-has-it-in-for-credit-cards/#comment-80808 it doesn't look like credit card debt is an issue to the panel of 4 people. they all stated that they have money in the bank to pay off the balance. they don't pay it off because of the low minimum payment and worry about the unexpected. so the credit card balance situation is more psychological (and perhaps lack of emergency fund). of course, credit card is risky business. there is no collateral for the issuer, except for a fico number. they're entitled to charge high interest rate. it doesn’t look like credit card debt is an issue to the panel of 4 people. they all stated that they have money in the bank to pay off the balance. they don’t pay it off because of the low minimum payment and worry about the unexpected. so the credit card balance situation is more psychological (and perhaps lack of emergency fund).

of course, credit card is risky business. there is no collateral for the issuer, except for a fico number. they’re entitled to charge high interest rate.

]]> By: James http://www.consumerismcommentary.com/senate-has-it-in-for-credit-cards/comment-page-1/#comment-80554 James Fri, 26 Jan 2007 21:14:46 +0000 http://www.consumerismcommentary.com/2007/01/25/senate-has-it-in-for-credit-cards/#comment-80554 Cracking down on the credit card industry is precisely the wrong thing to do. For some people, use of credit card is an important part of their personal finance. For example, my wife uses hers when she travels for business. What is needed, is actually a free compediting enviorment in which credit card companies are forced to compete, therefore lowering their prices and fees thus benefiting consumers. More regulation is only going to gum things up. best, James Cracking down on the credit card industry is precisely the wrong thing to do. For some people, use of credit card is an important part of their personal finance. For example, my wife uses hers when she travels for business.

What is needed, is actually a free compediting enviorment in which credit card companies are forced to compete, therefore lowering their prices and fees thus benefiting consumers. More regulation is only going to gum things up.

best,

James

]]> By: Rainer http://www.consumerismcommentary.com/senate-has-it-in-for-credit-cards/comment-page-1/#comment-80540 Rainer Fri, 26 Jan 2007 17:18:21 +0000 http://www.consumerismcommentary.com/2007/01/25/senate-has-it-in-for-credit-cards/#comment-80540 I'm against any further action by Congress against credit card companies. It's the responsibility of companies to regulate themselves. Just like most other regulation, it will only be a temporary band-aid as the companies find other ways to charge customers, and those ways may be even more subtle and confusing. To me it seems like Congress is grasping at issues that should not be regulated in order to win support for reelection next year. They talk it up with limited information and hype it in interviews without giving all the facts. Fact is, credit companies clearly state on applications what their fees are. It's the people who use them that are to blame. And trust me, I was one of them! I can only blame myself for purchases I make and can't pay for. In my case, though, it was in the process of starting a business. Credit card companies are actually very lenient in the ways they help you out when you face hardship. I’m against any further action by Congress against credit card companies. It’s the responsibility of companies to regulate themselves. Just like most other regulation, it will only be a temporary band-aid as the companies find other ways to charge customers, and those ways may be even more subtle and confusing.

To me it seems like Congress is grasping at issues that should not be regulated in order to win support for reelection next year. They talk it up with limited information and hype it in interviews without giving all the facts.

Fact is, credit companies clearly state on applications what their fees are. It’s the people who use them that are to blame. And trust me, I was one of them! I can only blame myself for purchases I make and can’t pay for. In my case, though, it was in the process of starting a business. Credit card companies are actually very lenient in the ways they help you out when you face hardship.

]]> By: 1mil http://www.consumerismcommentary.com/senate-has-it-in-for-credit-cards/comment-page-1/#comment-80427 1mil Thu, 25 Jan 2007 22:42:01 +0000 http://www.consumerismcommentary.com/2007/01/25/senate-has-it-in-for-credit-cards/#comment-80427 You know, my father always told me never use a credit card unless you have the cash to pay for it. And I've only gotten my first credit cards recently. I think it's pretty scary how a credit card can totally ruins someone life. Thanks for sharing about the Senate Hearing. It'll be interesting to see how it plays out. Your friend in credit card insanity, 1mil from millionster.com You know, my father always told me never use a credit card unless you have the cash to pay for it. And I’ve only gotten my first credit cards recently. I think it’s pretty scary how a credit card can totally ruins someone life. Thanks for sharing about the Senate Hearing. It’ll be interesting to see how it plays out.

Your friend in credit card insanity, 1mil from millionster.com

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