[luvtolean]

For once, I agree with our delusional (CA) senators' voting, but not for the same reason.

This bill is only to protect credit card companies. It sucks. What really needs to happen is these credit card companies be forced to police themselves better, and only give cards to people with the means to pay. A friend's mom is retired on social security with no money, and has more than $50k in credit cards. She got all of them after retirement, and has no money to speak of. Do you think the banks and creditors were losing money with this?

HELL NO! They are capitalists, they don't do things that make them lose money. Under the current laws, they are doing great. But now, we must make sure they make more money. What is stupid, is once people get in trouble, these companies raise their rates to $25+ %. When people are going bankrupt they don't care, and the credit card companies have an inflated number to write off on their taxes, but now if you have to pay it back...that is outrageous.

I also wonder if credit card companies will not be willing to "deal" with you if you are having trouble paying. Now they'll know they're getting their money, by law, why drop the interest rate and lower your payment to help?

This sucks.

http://story.news.yahoo.com/news?tmp...brinkofpassing

I also thought the Republican bill for medical malpractice reform was a waste of time.

What really needs to be reformed is the class action (which are good only for the lawyers in most cases) and patent suits that are predatory company vs company cases, and decided by a jury that has no ****ing clue what the patent or technology means.

[ND4SPD]

The solution is simple. Don't use a credit card. Debit works just as well

[luvtolean]

Sure.

But there are situations where you have to pay for things you don't have money for. Medical bills. Automotive bills. So you carry a balance.

Then you lose your job. You just lost your cashflow and can't make your enormous mortgage payment. Now the wolves start to descend, and the vultures circle.

You go late 2 months, and many credit card companies jack the hell out of your interest rate. Now you're ****ed. This will spiral out of control since you can't make payments, and the usurious interest rate is feeding itself. Then you lose your house.

People have problems. That's why there is bankruptcy.

Yes, the system has been abused. But let's tackle the real problem, people having too much available credit, rather than the symptom, bankruptcies.

The world has tried debtor's prison, the system doesn't work.

[ND4SPD]

Originally Posted by luvtolean

let's tackle the real problem, people having too much available credit, rather than the symptom, bankruptcies.

Precisely. It's all about control, on both the end user and the bank's part.

I know it's not possible for many people, but it's not a bad idea to save up for such emergencies as you mentioned. Having a stash of cash to hold you and your family over for 6 months can do wonders.

I cannot stand the whole buy now pay later that lenders feed everyone. Way too many people live on a monthly budget and look at monthly payments instead of seeing how much stuff really costs. I bet it's not long before retail stores will simply put "only $10/mo" on an item versus putting down how much it costs.

[BDA116]

I agree, this is bad legislation. The credit card companies have a bad habit of setting people up from day one.
Take a walk around any University campus at the first week of school and see how many booths there are taking applications. They all give out gifts just for signing up. What percentage of college students actually have a job, let alone the ability to pay back credit?
Also, most every show of any kind - whether it be a large convention like Comdex or SEMA, or a local car or home improvement show has these booths as well. Come fill out our application and we'll give you a free ______________.
I also feel that any individual filling these out has the responsibility to use them wisely, but there are certain individuals that have proven over time they have no personal responsibility and are complete drains on everyone.
If it were more difficult to both apply for and obtain a credit card, this whole spiraling problem would be significantly curtailed.
There are legitimate companies and card programs that reward those with outstanding credit history with low or no interest rates. but on the flip side, there are predatory card programs that give cards to everyone with a pulse at rediculous rates and penalties.
Sure it is supply and demand. There is a huge demand from the gimme segment of society - the individuals that think they deserve to have any and everything anyone else has, and they are the reason the predatory cards exist.
It is a two headed problem that feeds off each other, but this will just go to feed the problem.
Cut off one of the heads, and the other will die with it. The card companies need to shoulder responsibility just as much as the individual does.

[QuikMike]

STOP THE PRESSES!!!! STOP THE PRESSES!!!


I am actually in agreement with BDA on this one!!

I know, I know...hell has just frozen over...


but seriously though, I think this is horrible legislation as well....this is really going to hurt the poor even more in my opinion...I do acknowledge the fact that many people abuse bankruptcy, but protecting the credit card companies(that's what this law is doing) is totally addressing this problem in the wrong way...there needs to be more education about budgeting and credit as opposed to punishing those that are trying to correct a problem they got themselves in without the proper knowledge...

I can remember when I was a brand spanking new freshman in college walking to class and I used to walk thru "The Gauntlet"...about 6-7 folks trying to get you to sign up for some credit card, phone card, calling card, gas card, etc...they were more of an annoyance than anything....but I didn't know anything about credit and budgeting when I went off to college....being raised in a single parent home, all I saw was my mom struggling to pay the bills and keep a roof over my brother and I heads...so, this whole credit card deal was a good deal....NOT!!! I got in trouble with the credit card and it cost me more money to get it taken care of than I ever charged on the card....Count it as a lesson learned and you can best believe that my kids will know the value of a budget and credit when the time comes to teach them about it...

It didn't pass in 2000, but looks like it's gonna pass this time....this sucks!!!

[Max]

I hate to be the bearer of bad news but credit card debt is not secured at all. It is so easy to get credit cards written off these days that it hurts. You see the problem is that a credit card is not a legal debt. That means they don't have a legal contract for you to repay them. All it takes is about 12 months to pass and a little time and leg work to the post office and you can even have them removed from your credit record. Yes it is legal and I do this part time for a living so I know exactly what I am talking about. You see there is no need to file bankruptcy, simply make legal request for information that they must by law provide but none of them keep. It is simply a matter of time before they will sell your debt to a collection agency. That is were you really want it. You can usually settle for 50 cents on the dollar if you want out quick or you can simply make the same request from them. After about 12 months and they can't provide this information you simply submit request to the credit records and force them to remove comments showing that they failed to prove the debt even exist.

[Cowboy1600]

Originally Posted by luvtolean

This bill is only to protect credit card companies.

OMG.....Im amazed. The current administration trying to pass bills that would assist big business? Never....lies, lies, lies.