Obama: Legislate Credit Cards, Now

Credit Score

I pay my bills on time, HAD a good credit score - all in all a responsible credit card user.

Two months ago my junpier credit card company lowered my limit from $14,000 to $800. I had a balance of $750 on the card and no late payments. This dropped my credit score 19 points! That isn't 19 points that will magically come back when I pay off the card. They also upped my rate by 10%.

Last month AMEX cut my limit in half because of my lower credit score - domino effect at work here...

This has to be stopped.

Darlene of TX @ May 31, 2009 18:32:44 PM

credit card companies

I think these credit card companies are criminals and very unAmerican. They should not get away with what they are doing to American families. Between their high interest rates, fees and other shady practices should be thrown in jail or given the choice to leave the country, because the U.S. does not need parasites of their standards. DOWN WITH CREDIT CARD COMPANIES AND EXECS!

Thomas Peterson of NY @ May 23, 2009 20:14:18 PM

Rate Hike

I think it is a shame to be robbed by penpoint. My 12.9% rate jumped to 22%.instantly. For over 15 years I've been using a Sears Gold card by Citibank. After years and no bailout for me, how could a good credit rating mean nothing all of a sudden. And what hurt most is the hike includes your previous balance. If a new rate were to take place today, it should not include the previous balance and should only apply to future use of the card. I was told if I disputed the hike to pay the balance immediately at 12% and close the card account. It's really unfare. How do you think my father feel at 86 years old in the same predicament. It calculate like this...Feb interest payment $56.00......April interest payment $127.00 on the same card balance. Com'mon Congress

EJ Jones of LA @ Apr 30, 2009 16:34:21 PM

Do one thing!

At least teach people how to read. There are enough morons in the world who are born at night. And by their financial status, last night!

I can't wait for hyper inflationto hit! With all the paper money we're printing in the "New Administration" we should be seeing it any day now.

Jeff of WI @ Apr 26, 2009 04:07:21 AM

Tony Soprano would be proud

Well, I thought I was simply borrowing some money. In return, I would pay a reasonable interest rate. A fair deal.

This was merely an unsecured loan, right?

Wrong.

I did not understand that I was dealing with something close to a criminal syndicate. I did not understand that I had simply given these gangsters the opportubity to screw me out of more and more money at every turn - even though I always pay on time and have an excellent credit rating. The rate increases and sleazy fees never stop.

This is just bad faith. This is just wrong.

Not amused of AL @ Apr 25, 2009 15:40:56 PM

Not all the illiterate consumer's fault

I agree we are becomming a "nanny state". HOWEVER, part of the reason this sort of legislation has gained traction has been because the peudulum has swung way too far to the right. In a perfect world the market would correct these sort of abuses BUT in today's sound-byte world, it doesn't always happen.

Let's face it, "universal default" and some of these other tactics just piss people off and give Obama and the dems easy targets.

Let's take a moderate approach to business BEFORE we get slapped. Hard to do when everything is graded on next quarter's earnings instaed of taking a LONGER view.

Kent Sjolund of FL @ Apr 25, 2009 12:51:40 PM

I did the right thing and I'm getting screwed

I hear this all the time about how people don't read the fine print, but I do. Now since I haven't used my card since last Sept. and have been paying it down, they want to increase my interest rate 5% (which by the way was fixed and not variable and they would'nt lower it). So much for being responsible. Oh well, it will be paid off in a month and I will close my account and they can say goodbye to a good customer with an excellent credit score and I'll go to someone esle. Screw em.

didit of TX @ Apr 24, 2009 20:52:41 PM

I did the right thing and I'm getting screwed

I hear this all the time about how people don't read the fine print, but I do. Now since I haven't used my card since last Sept. and have been paying it down, they want to increase my interest rate 5% (which by the way was fixed and not variable and they would'nt lower it). So much for being responsible. Oh well, it will be paid off in a month and I will close my account and they can say goodbye to a good customer with an excellent credit score and I'll go to someone esle. Screw em.

didit of TX @ Apr 24, 2009 20:52:40 PM