yustr

Some things in the bill:

Can't change interest rates arbitarily
Introductory rates have to last for 6 months
Have to give 45 days notice before rasing rates
Can carry weapons in natinal parks
Bill must show how long it will take to pay off of you pay only minumum
Terms must be clear

Wait...anyone see something out of place?

Laws and sausages...



LINK

Drew1369

Nope... seems like a bill congress would push thru

Chode

Personally, I don't have a problem as long as the owner has the proper permits from his home state, and he isn't in violation of any state law where the park is located. Federal land or not. Politics is about compromise.

Everyone has the right to defend themselves and their friends and family. Most owners of legal weapons didn't buy them to murder their wives or rob liquor stores.

Jason

I wonder how this will affect people with low credit scores. Or for that matter how it will affect those who pay their bills every month in full. One guy at work just had is CC company put an annual fee on his card since he has paid it in full every month for more years that he could count. Or worse, will we see an average 2X% interest rate for those with good credit like in the 70's?

Chode

I think folks with good credit scores are going to benefit from the new bill, because it will take favorable terms to attract their business, and eliminate bait and switch plans and a lot of the industry's traditional deceptive practices.

Poor credit risks are going to find it harder to get credit cards, and the terms they'll be offered will scare away some of them. It's ludicrous that many companies oppose the bill on grounds that it will make it harder for new borrowers and poorer consumers to get credit cards. How is that a bad thing for consumer's in general and even the ones that won't be able to get cards?

What the industry is really saying is that the current structure makes them a lot of money. They can tack on fees, late charges and revised interests rates that make it unlikely that poorer card holders will ever catch up once they get behind. At a point, the issuers are making so much profit off the fees and various arbitrary charges, they really don't want the balance paid. Yet, at the same time, they justify rate hikes to responsible cardholders as necessary to offset imaginary losses from defaulters.

bry623

Ban credit card companies and make it run by the govt. I want my bailout too.

Drew1369

Yeah... Those of us that spent within our means didn't load up on credit cards and are now crying... stupid free markets... its all their fault...

Chode

Golly, bry and Drew, I'm really confused about the meaning of your last posts. Are you in favor of contracts that only a lawyer could decipher, which give the lender all the rights and the borrower no legal recourse to dispute any changes in terms and arbitrary fees? Or are you ignoring Jason's earlier post about a responsible card holder getting nailed with new fees?

Sorry, I'm sure both of you meant something completely different from a reflexive rant against regulation.

Drew1369

dont like it... dont use it...

get a loan thru a bank... get some help from social services... I heard somewhere that they are offering rides to pay your cellphone bill

Chode

So, I guess this is just another reflexive rant against regualtion, then.

Drew1369

No this is a rant about common sense...

Ive never had a credit card... but I have gotten loans...

Credit cards are niceties... not necessities.

Chode

Which, of course, shouldn't be subject to the same kinds of regulations as other loans?

Drew1369

Nope... loans are setup for specific things... that's why banks ask what kind of loan you are getting... home loan, auto loan, signature loan.

Credit cards are not. They are setup so you can buy things at a whim.

bry623

Hence the term: unsecured loan.

I am just glad that that idiot Durbin didn't get his amendment through that would have closed my industry.