Good news: Responsible credit-card users to “subsidize” deadbeats now

posted at 11:40 am on May 19, 2009 by Allahpundit

Just a little friendly congressional intervention in the marketplace to shift risk from people who can’t afford the product to people who can. Hey — it worked out with mortgages, didn’t it?

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”…

The industry says that the proposals will force banks to issue fewer credit cards at greater cost to the current cardholders.

You’re already helping to pay off deadbeats’ homes. Why not help free them up to rack up some more credit-card debt too? I’m going to poll this one just because I’m curious to see what HA readers’ habits are, but I’ll tell you it’s been at least 10 years since I let any part of a monthly bill carry over to the next month. Good to know I’ll be paying interest now regardless. Exit question: Er, isn’t this an exceedingly bad idea during a recession? People with good credit will be less likely to make major purchases for fear of the monthly interest and people with bad credit will be more likely to start charging, and then inevitably defaulting. Good work, Congress.



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Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

O&co look out for Obama first and then their illegal alien, criminal, lazy, Welfare collecting constituents…

Upstater85 on May 19, 2009 at 11:45 AM

Poll needs an option for those of us who don’t use credit cards.

BadgerHawk on May 19, 2009 at 11:45 AM

Punish those who play by the rules. Reward those that don’t.

Sounds familiar.

lorien1973 on May 19, 2009 at 11:45 AM

If any of you are still waiting around trying to decide when to go galt, maybe this will stir you to action… finally… maybe not

gatorboy on May 19, 2009 at 11:45 AM

All you will need in the future is your trusty Obamacard.

hillbillyjim on May 19, 2009 at 11:46 AM

Gosh, Congress really knows how to stimulate investing, doesn’t it?

Maybe they’re confused on the idea of taking on risk. See, that concept really only applies when you’re talking about investors weighing different investment options. Subsidizing the debts of non-payers is not “taking on risk” in that sense. Rather, it’s more like a tax, which, as we all know, disincentivises investment and production.

hawksruleva on May 19, 2009 at 11:46 AM

Obama: the King of the Useless Scumbags.

TexasJew on May 19, 2009 at 11:46 AM

So don’t get a credit card.

scottm on May 19, 2009 at 11:47 AM

I’ve had a credit card for nearly 9 years and I’ve paid every bill on time and in full.

Same goes for my mortgage payments which I’ve been making for over 3 years.

Irresponsible spenders and borrowers should suffer the consequences of their own actions, and yes I include myself in that category if God forbid I ever lose my job and find myself in heavy debt.

Doughboy on May 19, 2009 at 11:47 AM

I will not pay interest to a credit card company. I will switch to using my debit card. Screw interest on every-day purchases.

TomStromie on May 19, 2009 at 11:47 AM

Exit question: Er, isn’t this an exceedingly bad idea during a recession?

It’s an exceedingly bad idea any time. But hey, didn’t The One just say the economy is really bouncing back now….so, now worries.

AUINSC on May 19, 2009 at 11:47 AM

Great photo! It begs for a caption…

obladioblada on May 19, 2009 at 11:47 AM

Copying an outstanding (and scary) find from the headlines thread:

There is already a white paper circulating that proposes to take your IRA and 401K money, and replace it with social security credits, I kid you not.

Vashta.Nerada on May 19, 2009 at 10:16 AM
——————————————————–
They’ve done more than circulate papers. They’ve had congressional testimony on the idea:

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return.

http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

So you would have to pay 5% of your pay, but the feds would kick in $600, plus guarantee a 3% rate of return. Never mind that, as the article points out, “long-run return of the stock market, adjusted for inflation, is more like 7 percent”.

From other articles I read on the issue this wouldn’t be an optional plan and, more importantly, the money wouldn’t really be yours. Like with Social Security, you’d get a fixed payout each month.

strictnein on May 19, 2009 at 10:27 AM

BadgerHawk on May 19, 2009 at 11:47 AM

I have zero past balances on my cards.

The hell if I’m going to pay for deadbeats.

JammieWearingFool on May 19, 2009 at 11:47 AM

Hmmmm that new shiney toy is looking good now. The gubermunt go my back.

/liberal idiot mode off.

sonofdy on May 19, 2009 at 11:47 AM

Thanks for paying us on time every time with double the minimum….suckers.

//Nan, Harry, and the Banks

sven10077 on May 19, 2009 at 11:48 AM

It is becoming increasingly clear that Obama doesn’t want to shore up the banking industry so much as transform it into a political tool.

hillbillyjim on May 19, 2009 at 11:48 AM

Great photo! It begs for a caption…

obladioblada on May 19, 2009 at 11:47 AM

“No, Harry, first you get a good grip on the balls, then you twist… like this…”

gatorboy on May 19, 2009 at 11:48 AM

I think I’ll go and max out my cards today and let you suckers pay them off/

Knucklehead on May 19, 2009 at 11:48 AM

I have zero past balances on my cards.

The hell if I’m going to pay for deadbeats.

JammieWearingFool on May 19, 2009 at 11:47 AM

My new goal.

sonofdy on May 19, 2009 at 11:48 AM

“Those that manage their credit well will in some degree subsidize those that have credit problems.”…

Someone tell me again why Democrats are not total morons…..

drjohn on May 19, 2009 at 11:49 AM

This is not going to happen. The story is just filler.

patrick neid on May 19, 2009 at 11:49 AM

Yeah…

Okay, but note that even though you used “deadbeat” once in the headline and once in the body, in “industry paralnce” a deadbeat is actually someone who pays on time.

Robert Hammer, an industry consultant, said the legislation might have the broad effect of encouraging card issuers to become ever more reliant on fees from marginal customers as well as creditworthy cardholders — “deadbeats” in industry parlance, because they generate scant fee revenue.

I went through a rough patch for a few years where it seems all I did was pay late charges and overlimit fees on credit cards if I screwed up by as much as a day. I finally paid them all off and now it brings a grin to my face each month when I pay off the entire balances and they don’t get their interest.

So before I was their cash cow, and now I get thirty-day interest free loans from them.

Well, it was nice while it lasted.

Typhoon on May 19, 2009 at 11:49 AM

I think I’ll go and max out my cards today and let you suckers pay them off/

Knucklehead on May 19, 2009 at 11:48 AM

What do you think getalife did when she found out?

Upstater85 on May 19, 2009 at 11:49 AM

If my cards start charging interest or fees for even when I pay off, which is every month, what is my motivation to keep the card?

cobrakai99 on May 19, 2009 at 11:49 AM

drjohn on May 19, 2009 at 11:49 AM

Shut up. That’s why.

lorien1973 on May 19, 2009 at 11:49 AM

There is already a white paper circulating that proposes to take your IRA and 401K money, and replace it with social security credits, I kid you not.

Vashta.Nerada on May 19, 2009 at 10:16 AM

This has been out there for some time.

drjohn on May 19, 2009 at 11:49 AM

I wonder how well you could live off the government? If I can keep my Xbox Live account, it’d be a lot easier than working to pay for all the deadbeats.

hawksruleva on May 19, 2009 at 11:50 AM

This is just one more reminder why everyone inside the beltway needs to be FIRED!

belad on May 19, 2009 at 11:50 AM

Now harry, after you give your soul to satan, you can reach right into the chest like this to sacrifice the still beating heart to him…

too much????

sonofdy on May 19, 2009 at 11:51 AM

But, but, … it’s not my fault. They didn’t tell me I couldn’t afford that plasma TV and that new furniture and the riding mower and the fishing equipment and the season tickets and the 8 gazillion byte computer and the iPhone with ‘net access and . . . .

davidk on May 19, 2009 at 11:51 AM

what’s the fastest way to get “sterling” credit card users to stop using credit cards? hit them with instant interest, take away incentives and reward programs and tack on a couple annual fees while you’re at it.

yeah… responsible payees will gladly keep using those cards…

duh?

thedude on May 19, 2009 at 11:51 AM

“hey Harry, what do you say we throw more gas on it?”

gatorboy on May 19, 2009 at 11:52 AM

Oh, I get it…according to the article, the real ‘deadbeats’ are those who have great credit and pay off their cards every month. It’s an NYT article after all:

“There will be one-size-fits-all pricing, and as a result, you’ll see the industry will be more egalitarian in terms of its revenue base,” said David Robertson, publisher of the Nilson Report, which tracks the credit card business.

People who routinely pay off their credit card balances have been enjoying the equivalent of a free ride, he said, because many have not had to pay an annual fee even as they collect points for air travel and other perks.

So, you folks who’ve been responsible are the bad guys, got that!

AUINSC on May 19, 2009 at 11:53 AM

yeah… responsible payees will gladly keep using those cards…

duh?

thedude on May 19, 2009 at 11:51 AM

Damn striaght. How else are you going to pay off my balance.

Back to work peasant. ;-)

sonofdy on May 19, 2009 at 11:53 AM

Exit question: Er, isn’t this an exceedingly bad idea during a recession? People with good credit will be less likely to make major purchases for fear of the monthly interest and people with bad credit will be more likely to start charging, and then inevitably defaulting.

Actually, people with good credit will cut up their cards or put them in a drawer and not use them at all.

Helpful hint: if the card charges inter-month interest, store it and don’t use it, and if they charge an annual fee, cancel it. Your credit score is based on available credit, so cancelling all cards indiscriminately will hurt your score. Of course, that presupposes that a credit score will have any meaning whatsoever after this fiasco.

Vashta.Nerada on May 19, 2009 at 11:53 AM

If they start charging me a daily interest on purchases, I will never use the card again. I pay my balance off each month and am not about to help deadbeats with their card. The minute my Discover card says they are doing this, I will call and them to say it is getting cut up.
L

letget on May 19, 2009 at 11:53 AM

My recommendation — It’s far easier to change the president than it is to change America into a socialist shit-hole.

You concentrate the power in Washington, and you know, since the founders told you so, that some dictator will come along and want to use that power.

tarpon on May 19, 2009 at 11:54 AM

What do you think getalife did when she found out?

Upstater85 on May 19, 2009 at 11:49 AM

They don’t give credit cards to 12 year olds……yet.

Knucklehead on May 19, 2009 at 11:54 AM

Here, trolls, here’s your line. It comes from your boss…

Too many of us view life only through the lens of immediate self-interest and crass materialism; in which the world is necessarily a zero-sum game. The strong too often dominate the weak, and too many of those with wealth and power find all manner of justification for their own privilege in the face of poverty and injustice.

Now, clearly the government is not the strong one dominating the weak American taxpayers…

Upstater85 on May 19, 2009 at 11:55 AM

I only use debit cards with no overdraft. S*ck it, credit card deadbeats!

GISAP on May 19, 2009 at 11:55 AM

lorien1973 on May 19, 2009 at 11:49 AM

Thanks for that. I almost forgot.

drjohn on May 19, 2009 at 11:55 AM

Poll needs an option for those of us who don’t use credit cards.

BadgerHawk

Hear, hear. Unless purchasing/building assets that rise in value, credit is a fools’ game. And even if you think those assets will rise in value, it’s still risky (as the housing collapse has proven).

If you are looking for some refreshing common sense on the issue, I highly recommend listening to Dave Ramsey.

Exurban Jon on May 19, 2009 at 11:56 AM

gatorboy:

Snort!

obladioblada on May 19, 2009 at 11:57 AM

People with good credit will be less likely to make major purchases for fear of the monthly interest and people with bad credit will be more likely to start charging, and then inevitably defaulting.

Unlike most here, I love ya Allah, but this is not true. People with good credit will just stop using their cards. They’ll keep the accounts open to preserve their credit, but why bother paying interest when you can just use your debit card and avoid it? Purchases will still be made, but just without the credit card company.
People with bad credit behavior won’t change. Either way they’ll be paying interest.
Hopefully, credit cards will realize this and try to keep those of us who are fiscally responsible on. I doubt it however. They care more about absorbent interest than reliable payers.

Trent1289 on May 19, 2009 at 11:57 AM

Cash is king

If they charge me interest, I’ll start carrying cash again — just like back in my mafioso days. Puttin’ the hundreds on the outside of the roll!

tommylotto on May 19, 2009 at 11:58 AM

They don’t give credit cards to 12 year olds……yet.

Knucklehead on May 19, 2009 at 11:54 AM

Uh.

Dog Issued Credit Card

davidk on May 19, 2009 at 11:58 AM

Don’t make me have to cut-up my cards! Like a dart through the heart,..ohh,…I despise this man…despise!!!

christene on May 19, 2009 at 11:58 AM

2008 was the year I finally paid off all my credit-card debt, and I’ve kept it off. What a chump I am.

Jim Treacher on May 19, 2009 at 11:58 AM

All of it every time. When I was a dopey kid I did not pay all of it all the time and I paid for that stupidity myself.

Dash on May 19, 2009 at 11:58 AM

All of this b!tching doesn’t help pay off my credit balance. Back to work peasants!!!!

sonofdy on May 19, 2009 at 11:58 AM

We’ve already been doing this. It’s called INSURANCE.
We all are forced to subsidize irresponsibility through higher insurance premiums.
I’m really surprised this hasn’t happened earlier.

Badger40 on May 19, 2009 at 11:58 AM

more Wealth Redistribution, is what this is.

Instead of literally taking money, then giving a check to the less fortunate. The Left realized its more feasible to come up with schemes such as this instead.

jp on May 19, 2009 at 11:58 AM

Thank goodness I don’t have credit cards.

catmman on May 19, 2009 at 11:58 AM

Trent1289 on May 19, 2009 at 11:57 AM

They’ll find a way to stick it to those of us who don’t use credit, but use a debit card.
We will get screwed by this somehow.

Badger40 on May 19, 2009 at 12:00 PM

The answer is to do what Bill Cosby does: Don’t use Credit Cards he has stated on many occasions it’s a rip off, this above would bear out his point.

Dr Evil on May 19, 2009 at 12:01 PM

Thank goodness I don’t have credit cards.

catmman on May 19, 2009 at 11:58 AM

Ahh. You remain free of the number of the beast for now.
I guess unless you have a SS#-then you are free.
SIGH

Badger40 on May 19, 2009 at 12:01 PM

then you are NOT free.

Badger40 on May 19, 2009 at 12:01 PM

BadgerHawk on May 19, 2009 at 11:47 AM

This came up last fall. When it begins getting more attention, that’s when I think the pitchforks will come out and Congress will be in trouble.

BuckeyeSam on May 19, 2009 at 12:02 PM

Bill Cosby

Dr Evil on May 19, 2009 at 12:01 PM
A man who has been vilified by the left for speaking out.
I have always loved Bill Cosby.
I grew up listening to his records.
I gained more respect for him when I heard him talk common sense.

Badger40 on May 19, 2009 at 12:02 PM

I have two platinum cards that i use for major purchases because both offer double the manufacturers warranty. One is due at the start of a month, and the other at the end and, that way, I can usually pay the whole bill off, avoiding interest. There is, however, a yearly fee, but that is much less than the cost of taking extended insurance out.

OldEnglish on May 19, 2009 at 12:03 PM

Well, let’s read this carefully.

Congress is thinking about limiting how much money banks, via credit cards, can charge people for racking up huge debts.

Banks MAY turn around and look for revenue in us “deadbeats” who pay their credit cards on time every month. MAY. It’s still, for now, a free market. They don’t HAVE TO and not all will.

So banks who make proportionally more off true deadbeats will “shift” and try to get more money from customers with good credit.

Now, generally speaking, who are folks with good credit? Smart, cheap people. The type who shop around for a bank and would me more likely to bolt should their fees go up.

So if Citibank or Chase or Discover send me something in the mail telling me they’ll start charging me interest on day 1, guess what I’ll do? Cancel that card immediately.

If everybody follows suit, this will be a boon to the credit card companies who don’t, and will lead the ones who do – the banks who have been profiting off those with lousy credit and huge bills – into bankruptcy.

Which Obama will bail them out of anyway.

So all this means is:
1. One more talking point for an economic conservative to win in the 2012 election debates, and
2. READ YOUR CREDIT CARD STATEMENTS AND ANY LETTERS THEY SEND YOU

playblu on May 19, 2009 at 12:03 PM

We use Amex that we must pay off each month, since it’s a charge card and not a credit card. I also use my debit card for groceries, gas, etc.

We have always paid our amex bill in full each month and I’ve had that card since 1991.

If they force me to bail out irresponsible credit card holders, I’ll just stop using the Amex and go to Debit Only. Problem solved.

pullingmyhairout on May 19, 2009 at 12:04 PM

Cash is king

If they charge me interest, I’ll start carrying cash again — just like back in my mafioso days. Puttin’ the hundreds on the outside of the roll!

tommylotto on May 19, 2009 at 11:58 AM

And when that is devalued?
Gold? Naw. Technically illegal to possess.
I’m not banking on cash.
I’m thinking more along the line of hidden moveable assets like guns & ammo.

Badger40 on May 19, 2009 at 12:04 PM

America is going into a swan dive. I would like to believe it can rise again like the Phoenix from the ashes but every bad idea a bureaucrat ever had is being put forth in this current Progressive led Government…..dumb -dumb- dumb.

Dr Evil on May 19, 2009 at 12:05 PM

Allah, you should have a “I don’t have a credit Card, I use Cash” pick.

upinak on May 19, 2009 at 12:05 PM

Credit cards are great…as long as you pay off the balance every month. The only thing I use mine for is online purchases (I never use my debit card online – you get zero protection). You get a lot of security/fraud protection built in with credit cards.

AUINSC on May 19, 2009 at 12:05 PM

Ed

How do they get around the usury laws?

http://www.usurylaw.com/

Dr Evil on May 19, 2009 at 12:06 PM

My husband and I have a bit of credit card debt – mostly from when I was discharged from the military while pregnant with the twins, and he was stationed 3000 miles away. It happened suddenly, and was just a very bad time. We’ve also used the cards a lot in the past year, when gas was really expensive – to us, it was worth the price so that my husband could see the kids as often as he could. However, we pay on time every month, and well over the minimum. I cannot wait until they’re paid off, but it’s not happening soon.

I’m sure there are plenty of people who use credit cards to buy stuff they really shouldn’t (my mom and inlaws included), but there are some of us who used them to carry us through bad times. We’re not bad people, at least, I don’t think we are. The bad ones are the abusers, the ones that should never have been allowed a credit card in the first place (bad credit risk).

Anna on May 19, 2009 at 12:06 PM

Sorry -Allah how do they get around the usury laws?

Dr Evil on May 19, 2009 at 12:06 PM

pullingmyhairout on May 19, 2009 at 12:04 PM

Pulling, I am just starting to go with cash on everything. I have stop even using my debit card. I have noticed I don’t shop as much and don’t buy as many items spur of the moment like I use to. Maybe it is the fact I am getting older and know I don’t need it.

The only thing I have been using the debit card if for prepaying bills. But if anyone has netflix, I am interested in that as I think I am going to cancel my cable.

upinak on May 19, 2009 at 12:07 PM

I don’t have a credit card, so no problem for me.

Hendo on May 19, 2009 at 12:08 PM

Gee, I woke up today hoping there would be a new way to subsidize losers.

This is a dream come true.

notagool on May 19, 2009 at 12:09 PM

Anna on May 19, 2009 at 12:06 PM

Anna, I think everyone (no matter how finacially well to do they are) has done that at one time or another.

upinak on May 19, 2009 at 12:09 PM

Do they still hand out credit cards like candy to college kids like they did when my kids were in school? They were like attack dogs, with their tables set up in every dorm the first day of school.

Those people should be in jail for the damage they cause.

Knucklehead on May 19, 2009 at 12:09 PM

Poll needs an option for those of us who don’t use credit cards.

BadgerHawk on May 19, 2009 at 11:45 AM

This will make that number go up.

zmdavid on May 19, 2009 at 12:09 PM

I do love the idea of using cash for purchases – I use cash for all of my personal (non-family) expenses. I write checks at the commissary, though – gives the baggers more time to bag my groceries. : )

Anna on May 19, 2009 at 12:10 PM

Get ready to stand in the checkout line a lot longer for people to find their check book, figure out what date it is, write out in long hand the charge, sign it, get it approved, and then write the transaction into the ledger. I plan on being annoyingly long about it. I haven’t yet figured out how I’ll pay for airline tickets, do they take PayPal yet?

kirkill on May 19, 2009 at 12:11 PM

But if anyone has netflix, I am interested in that as I think I am going to cancel my cable.

upinak on May 19, 2009 at 12:07 PM

Have it, love it. Almost everything I watch is via netflix. Haven’t cancelled satellite yet, but down to 3 hours a week watching the coma box. Netflix not only has movies, but also documentaries, and many classic television series on offer, and the turnaround on dvds is fast. They also have many titles available to download directly.

Vashta.Nerada on May 19, 2009 at 12:11 PM

Where’s the “I don’t use credit” option?

steveegg on May 19, 2009 at 12:11 PM

I will not pay interest to a credit card company. I will switch to using my debit card. Screw interest on every-day purchases.
TomStromie on May 19, 2009 at 11:47 AM

Ditto

chemman on May 19, 2009 at 12:11 PM

Credit cards are the way to go if you pay off the balance each month. Just like in business, always use somebody elses money for as long as you can and they are doing it freely.

For example, I will be paying half my property tax next week on my Discover Card just two days after my billing statement ends. That means I delay payment of my property tax for ~50 days and get 1% cash back. Obviously, I do not give my money to a bank for them to hold in escrow. Why should they get interest on my money?

WashJeff on May 19, 2009 at 12:11 PM

Bend over, grab your ankles American Citizens: Congress is in session.

Wait for amnesty, that will be felt all over the country. Cinco De Mayo every day! This is just typical for the obama era.

HornetSting on May 19, 2009 at 12:12 PM

Anna, I think everyone (no matter how finacially well to do they are) has done that at one time or another.
upinak on May 19, 2009 at 12:09 PM

This thread makes me feel like crap, though. But then again, I’m having a crappy day.

Anna on May 19, 2009 at 12:13 PM

“No, Harry, first you get a good grip on the balls, then you twist… like this…”
gatorboy on May 19, 2009 at 11:48 AM

I’d like to keep the computer I currently own if you don’t mind. ROFLOL

chemman on May 19, 2009 at 12:14 PM

Haven’t carried credit card balances for 24 years.
Paid cash for the last 2 cars purchased, which was 6 years ago (getting ready to replace one soon; will pay cash again).

Put 20% down on the latest house; 15 year fixed. Still trying to talk the wife into paying it off now (we could fairly easily).

Paid for my kids college upfront; public, but private universities are highly overrated, especially in the engineering area. He’ll start out debt-free, even with a new car we’ll give him next year (the car is the difference between public and private university… for one year!)

According to the government and most people’s true living standard (not the one they profess to), my family is pure evil, because we truly live within our means.

The government is coming after us with torches and pitchforks.

michaelo on May 19, 2009 at 12:15 PM

But if anyone has netflix, I am interested in that as I think I am going to cancel my cable.

upinak on May 19, 2009 at 12:07 PM

Netflix is the greatest thing since sliced bread, especially if you live in a rural area.

Knucklehead on May 19, 2009 at 12:15 PM

How much of your monthly bill do you pay when you get it?

Where’s the option in the poll for: “I don’t have a credit card”?

meltenn on May 19, 2009 at 12:16 PM

Bend over, grab your ankles American Citizens: Congress is in session.

Wait for amnesty, that will be felt all over the country. Cinco De Mayo every day! This is just typical for the obama era.

HornetSting on May 19, 2009 at 12:12 PM

Sounds so rosy!

Upstater85 on May 19, 2009 at 12:16 PM

Amazing how this congress and administration is doing everything in their power to extend the bad economy and the sheeple just let it happen.

kirkill on May 19, 2009 at 12:16 PM

Poll needs an option for those of us who don’t use credit cards.

BadgerHawk on May 19, 2009 at 11:45 AM

This will make that number go up.

zmdavid on May 19, 2009 at 12:09 PM

I used to have debt and paid it all off. I wanted to get rid of the cards, but that would have had a negative impact on my credit. That’s one I don’t understand, but whatever, I guess.

But, what about ATM cards? They are through Visa. Are they going to start plundering responsible ATM users to pay for the boneheads with credit they can’t handle?

forest on May 19, 2009 at 12:17 PM

Anna on May 19, 2009 at 12:13 PM

upinak is right. It does come in handy for those ‘special’ one-off events that come up. Everybody has those.

AUINSC on May 19, 2009 at 12:17 PM

In an effort to increase housing for those migrants formerly known as illegal aliens, Barrack today announced his co-housing plan designed to keep migrants well-housed and out of low rent districts, as well as easy over-crowding in some quarters. Current home owners will be asked to take-in at least one family, more for those with larger homes.

He said, “I know that all Americans will step up and make the sacrifices necessary for equality and justice to prevail. Under my plan vacant homes will be filled first, and then homes suitable for multi-family occupancy, before we move on to smaller homes.”

Congressional spokespersons hailed this innovation in the housing market and promised to look into legislation which would give current homeowners a break on their Federal taxes.

Friendly21 on May 19, 2009 at 12:17 PM

upinak on May 19, 2009 at 12:07 PM

Me too. I find that I use the debit card a lot and the Amex less. We do enjoy the perks of the platinum card though – two for one airline tickets, awards points, travel insurance, to name a few. Also, safe for online purchases.

Other than that, it’s cash all the way.

pullingmyhairout on May 19, 2009 at 12:18 PM

Credit…. it’s an interesting thing. Credit is good for responsible people. I wasn’t responsible for a while (some may question if I am yet!), so I don’t have a credit card. Well, actually my credit union has a credit limit attached to my debit card, so I guess technically it IS a credit card. Nice for that overdraft protection.

But this is an absurd change. I’m glad I don’t have a credit card, nor do I really want one. Interest is a vile thing to be subjected to.

Vanceone on May 19, 2009 at 12:18 PM

Credit card companies have already been raising rates on everybody, so what’s the big deal? It has nothing to do with deadbeats, but with their credit business being the only one they’re making much money off of currently, and the banks needing to make up for losing billions on toxic mortgage backed securities waste. The huffing and puffing you hear from the banksters now is only so much post-rationalization of what they’ve already done.

starfleet_dude on May 19, 2009 at 12:18 PM

This thread makes me feel like crap, though. But then again, I’m having a crappy day.

Anna on May 19, 2009 at 12:13 PM

Me too.

upinak on May 19, 2009 at 12:19 PM

Badger40 on May 19, 2009 at 12:01 PM

You make a good point about the debit cards though.

I’m sure they would put something in there for those…

catmman on May 19, 2009 at 12:19 PM

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