FREAK-ALERT!!! New Credit Card Law!!

[freakazoid]

FREAK-ALERT!!!

IMPORTANT - New Credit Card Law!!

I would STRONGLY suggest everyone read this!

Examples of the new law...

** Limits on over-limit fees:
Consumers must "opt in" to over-limit fees. Those who opt out will have their transactions rejected if they exceed their credit limits, thus avoiding over-limit fees. Fees charged for going over the limit must be reasonable.

** Highest interest balances paid first:
When consumers have accounts that carry different interest rates for different types of purchases (i.e., cash advances, regular purchases, balance transfers or ATM withdrawals), payments in excess of the minimum amount due must go to balances with higher interest rates first.

Current industry practice is to apply all amounts over the minimum monthly payments to the lowest-interest balances first -- thus extending the time it takes to pay off higher-interest rate balances.

Action - Call your credit card bank and opt-out so you will no longer be hit with any over the limit fees if you have that problem.

You should read this...

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/What-the-new-credit-card-law-means-for-you.aspx

[MrJim]

I hate to put on my Captain Obvious hat but isn't the it best to keep up with the balance so as not to exceed the credit limit anyway?

I do like this part, though:


Universal default, the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), will end.

They should have put that one in place years ago and abolished the "screw one, screw 'em all" practice altogether.

[freakazoid]

I hate to put on my Captain Obvious hat but isn't the it best to keep up with the balance so as not to exceed the credit limit anyway?

I do like this part, though:



They should have put that one in place years ago and abolished the "screw one, screw 'em all" practice altogether.


RE: "but isn't the it best to keep up with the balance so as not to exceed the credit limit anyway?"

That is very true, MJ. But people get into trouble sometimes and I think this new fed law is a good thing.

[yee-haw]

I thought you said there was seagrems involved?

[MrJim]

Yeah, it's a good thing, for the credit card companies as well as the rest of us. Pricing too much risk into an interest rate pushes people into bankruptcy who could have otherwise made their payments (people like me), and everyone loses.

[freakazoid]

Yeah, it's a good thing, for the credit card companies as well as the rest of us. Pricing too much risk into an interest rate pushes people into bankruptcy who could have otherwise made their payments (people like me), and everyone loses.

Their own greed has shot them in the foot. Fuck banks.

[freakazoid]

I thought you said there was seagrems involved?


:D You mean Uli Kunkel?

http://img9.imageshack.us/img9/6923/nihilism1ex3.jpg

[MrJim]

Their own greed has shot them in the foot. Fuck banks.

Well when someone is doing fine at $150/month payments and suddenly gets hit with $900/month due to some rapid change in their terms, what the hell do the banks THINK is going to happen? Oh yeah... the government just hands them money whether we BK or not. :rolleyes:

Oh well, fuck 'em all in the ass with a jalapeno bratwurst. :cool:

[dsd8324623]

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[MrJim]

[color=#1f3730][font=Times New Roman][size=3]ddha (http://ddha.blogsarena.com/214564/Door+internal+strength+was.html)[color=#1f3730][font=Times New Roman][size=3]haa (http://haa.blogsarena.com/216010/Jumped+into+thin+body.html)[color=#1f3730][font=Times New Roman][size=3]sdfjh (http://sdfjh.blogsarena.com/398241/4+You.html)[color=#1f3730][font=Times New Roman][size=3]anan (http://anan.blogsarena.com/210147/No+one+will+be.html)[color=#1f3730][font=Times New Roman][size=3]man (http://man.blogsarena.com/390458/You.html)

Hey dickhead! I have a jalapeno bratwurst for you too! Laced with spikes! Die!