Good news: Responsible credit-card users to “subsidize” deadbeats now
posted at 11:40 am on May 19, 2009 by Allahpundit
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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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Thanks for the Netflix update. I think I will go with it as it seems to be a pretty good service from everyone I have spoken too about it. I am just not one to want to pay with a card for things… if youknow what I mean.
upinak on May 19, 2009 at 12:20 PM
People use credit cards less, they just may start shopping a bit less. Or more online. Actually, an off-shore credit card company might hold an answer, before Obama & Co. screw that up with their isolationist policies. When those in power seek to isolate the Nation and impose draconian measures on those who seek economic liberty, then their time is marked. It might be days or months or decades, but the time is borrowed until their end. When you stop trusting the people to act wisely in their own interest, you can win elections, but the loss of liberty gets a blood red payment in the end.
ajacksonian on May 19, 2009 at 12:22 PM
starfleet_dude on May 19, 2009 at 12:18 PM
Seriously?
I guess it makes sense to raise the rates, fees, service charges, etc. even more since they are already doing it?
Rasing the reates on those who pay their bills to make up the shortfalls for those who don’t is fair how exactly? Isn’ this the very problem with the “toxic” mortages?
catmman on May 19, 2009 at 12:22 PM
Haven’t been raising rates on me.
AUINSC on May 19, 2009 at 12:23 PM
I love our Netflix. I use it to watch previous seasons of shows I’ve gotten interested in (like House), or to screen movies to buy for the kids. We have such a high turn around for movies, though, that sometimes we have to wait – took us about 2 weeks to get Caprica. Something about high use users, I forget, but it’s not that bad, considering how often we use them.
Anna on May 19, 2009 at 12:23 PM
Our rates have yet to go up – but our main card is through our credit union, so that might be why.
Anna on May 19, 2009 at 12:24 PM
Bernie Sanders on the floor of Senate uses this today…
http://www.huffingtonpost.com/arianna-huffington/obama-calls-for-an-extrem_b_204903.html
Do they not even see the hypocrisy of this and billing Americans 35% or more of their earned income for the federal government?
yakwill83 on May 19, 2009 at 12:25 PM
Seriously, catmman. The Fed’s lowered interest rates they charge banks to practically zero, and last year my most used card let me know that they were no longer going to tie the rate they charged me to the prime rate, but were going to raise it a percent. It has nothing to do with making up for deadbeats either, but everything to do with making up for losses in the stock market.
starfleet_dude on May 19, 2009 at 12:25 PM
Good Grief………..
The Precedent is on the boob tube once again to tell us how he’s going to screw us with more CAFE standards and just gave a big kudo’s to Fancy Nancy for all her hard work.
Knucklehead on May 19, 2009 at 12:25 PM
I think this serves to illustrate the flaws in the business model of credit-card issuers. They cannot depend on people who are responsible, so they have to somehow depend on getting irresponsible people hooked on revolving credit lines and hoping they make late payments, miss payments, etc., in order to fuel profits.
When your business model depends on people who are less likely to pay, you really need to re-think it.
thirteen28 on May 19, 2009 at 12:26 PM
It’s already started. My Bank of America card just raised the yearly fee to $149 and is raising the cash advance fee to 4% as well as 20% plus the index. Right now thats 24%. If rates go as expected there will be 30% going to these loan sharks. Good thing I have good credit so I can cancel it but just think if you were strapped and needed cash. I shudder to think how in debt you could go. The Dem’s will find some people ready to just stop working and collect from the new welfare state if this sh*t continues.
faol on May 19, 2009 at 12:29 PM
Didn’t deadbeats start this whole downturn anyway?
Oh, that’s right, it was the war and had nothing to do with Freddy and Fanny.
Upstater85 on May 19, 2009 at 12:30 PM
Mine lowered the rate on my card based on the prime, not that I needed it, since I don’t carry a balance.
Vashta.Nerada on May 19, 2009 at 12:30 PM
Anna, credit unions are better to have a credit card with as they do not raise the rates as much as banks and the “throw away” cards. I have been with a credit union since I was 5 and have never had any real problems. Since they are locally owned they usually do better.
The only time I had probelms was when they elected a new board and the president want to make some changes that no one else knew about. It took a while for people to notice the problems concerning it. They were taking money they should have been, overdrafting people who had money in their accounts, stuff like that. Come to find out he and a few other “board members” were embezzeling as well. Stuff like that you have to keep a look out on to notice problems. But other then that the credit union has worked out great. I may refinance my house thru them soon.
upinak on May 19, 2009 at 12:32 PM
What is wrong with these people?
The whole charging interest right away is a major turn-off.
I’ve been trying to go cashless as much as possible. Its easier to track expenses. I get points, and like mentioned above, it makes large purchases easier, like when my fridge compressor blew and I had to get a new fridge. And its safer, some places I need to walk through I don’t want to carry alot of cash.
I’ve never carried a balance month-to-month. I got my first card in college. My dad told me to get it, and helped me build up my credit with it. Back then I only used it for gas and emergencies (which fortunately never happened).
My bank gives us an ATM/Debit card but I never use it.
When is someone gonna stand up for people who play by the rules?
Iblis on May 19, 2009 at 12:32 PM
For 22 years I have used two credit cards, Discover and Visa. For 22 years I have not paid one red cent in interest or fees. The day I am charged a penny for using their card is the day I cancel it.
fbcmusicman on May 19, 2009 at 12:34 PM
Ditto. Never owned one. I have a visa check card, which works for my purposes.
Joe Caps on May 19, 2009 at 12:34 PM
I am watching a man with only two braincells, and they are fighting, on televsion.
Is it 2013 yet?
HornetSting on May 19, 2009 at 12:34 PM
Joe Biden or Obama? Or is that combined 2 brain cells?
Upstater85 on May 19, 2009 at 12:36 PM
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
In Barack Obamaland, you’re a loooooooooooooooser, since in that magical unicorn-filled Kingdom, dumb is “smart”, worthless crap is golden and the American dream is a pile of foodstamps and free housing forever. Oh, and a free unicorn..
And if you don’t like it, move to Singapore where people actually have a viable economy, you damn pale male loooooooooooooooooooooooser!
TexasJew on May 19, 2009 at 12:38 PM
They’re not fighting, they’re screwing us.
Did you enjoy it? I sure am tired of this getting screwed thing and not even getting a kiss. Have you ever heard of foreplay, Mr. Precedent?
Knucklehead on May 19, 2009 at 12:39 PM
From those that ate responsible to those that are irresponsible.
jukin on May 19, 2009 at 12:40 PM
Is there a difference :)? obama. Could we PLEASE have a meteor on the south lawn, PLEASE. Ahnold, obama, nancy…….and a bunch of sheep…..
HornetSting on May 19, 2009 at 12:40 PM
TJ you are having WAY to much fun saying looooser!
upinak on May 19, 2009 at 12:41 PM
I couldn’t stomach it, so I just watched and listened to Rush. I wish we could timewarp to 2013…….
BTW, a nipple tweak would be a start….. ;)
HornetSting on May 19, 2009 at 12:41 PM
Absolute bullsh*t. Credit card companies get a percentage of every single dollar purchased, collected at point of sale. There’s a reason why some businesses refuse to take them, it may be more convenient for the customer but it cuts into the profits of the business owner.
It’s something every business owner has to consider, how much business am I going to pull in by accepting credit cards vs. how much am I have to going to give up per purchase.
As always, free markets would have solved this problem but government intervention will make it impossible. All I want to know is which lawmakers stand to benefit from these changes.
TheMightyMonarch on May 19, 2009 at 12:41 PM
Companies are starting to charge interest FROM THE DAY OF PURCHASE. More redistribution.
marklmail on May 19, 2009 at 12:42 PM
You are right, and these are among the unintended consequences of changing the rules. Credit is good for online purchases, credit is good for emergencies, credit is good for not having to carry cash, and credit is good for purchase security/additional warranty.
All of these justifications pale, however, when ignorant rules are imposed that deny the reality that some people are responsible, and some are not. Those of us who are responsible already subsidize defaulters, and also subsidize theft by paying higher prices to retailers to cover their shortage. To call us free riders is to profane the term, and to try and collect additional revenue from us via annual fees and/or inter-month interest is an exercise in failure. We are the foundation stones of the credit industry, and when we exit, there will be no support.
Vashta.Nerada on May 19, 2009 at 12:43 PM
Now, that would make my day. But then Obama would be the next Martyr of the left… There would be a curse on the Obama-Kennedy clan for sure… Remember, Ahnold’s related…
Upstater85 on May 19, 2009 at 12:44 PM
I’m such a fool for being responsible. I subsidize the lazy and feckless slobs through my taxes, my mortgage rates, now my credit card fees, and soon by accepting second-rate medical care. And I’m insulted, called “mean” and “racist” for my efforts.
Is anybody else getting sick of this crap, or am I alone?
mr.blacksheep on May 19, 2009 at 12:44 PM
My credit card company starts charging me for paying on time, they will get the same thing Sears did several years ago. Their credit card back in an envelope, cut in 30 pieces.
GarandFan on May 19, 2009 at 12:45 PM
upinak on May 19, 2009 at 12:41 PM
My crappy IBM Thinkpad keyboooooooard goooooot stuck…
TexasJew on May 19, 2009 at 12:46 PM
I stopped using one when someone managed to clone my ATM MasterCard and drained my checking account. I got it all back eventually but not before two checks (including my rent) bounced.
Now I use a normal ATM card (no VISA or MC logo) and the normal VISA for places that don’t take ATM cards.
TheMightyMonarch on May 19, 2009 at 12:47 PM
LOL suuuuuuuure it diiiiiid
upinak on May 19, 2009 at 12:48 PM
yeah, but the result would still be the same.
HornetSting on May 19, 2009 at 12:50 PM
HornetSting on May 19, 2009 at 12:40 PM
Then there would be an Obama Boulevard in the crappy section of every town and St. Obama velvet posters in the Juarez fleamarkets and Michelle will marry shipping and electric car tycoon Warren Buffett and on and on…
Let’s just vote him out in 2012 and be done with it.. Democracy works, that is, if we still have a country by 2012..
TexasJew on May 19, 2009 at 12:51 PM
How about a 4th option: I refuse to own a credit card.
spmat on May 19, 2009 at 12:51 PM
You’re right, TexasJew, I can’t stomach a velvet obama painting.
*Sits patiently and waits for 2012*
HornetSting on May 19, 2009 at 12:53 PM
Don’t have credit cards, never have. It does cause issues at airports trying to get tickets when the company I work for books the reservations and forget getting a rental car. I don’t have to travel that often for work so it really isn’t too much of an inconvience and normally I am with coworkers who can step in and help out.
I just never could see paying the high interest rates that come on credit cards.
Just A Grunt on May 19, 2009 at 12:54 PM
Retailers really do pay quite a bit for their customers to use credit cards, from what I understand.
What’s gonna happen is the CC companies are gonna charge their card holders major $. They are then gonna raise their rates for the business owners who may start dropping the more onerous CC companies.
Course I don’t know if I really see it happening.
Have you noticed now so many places don’t take checks & now many are not taking even debit cards for purchases.
I hate to be paranoid, but I am more & more feeling like there’s some sort of conspiracy to get us ALL hooked on credit, permanently.
Badger40 on May 19, 2009 at 12:54 PM
How about a 4th option: I refuse to own a credit card.
spmat on May 19, 2009 at 12:51 PM
Ever try to rent a car? You might as well be Ted Kennedy, the way Hertz gets nervous.
TexasJew on May 19, 2009 at 12:55 PM
That has always bugged me. Can’t rent a car without a credit card?
WTF? A credit card with a $500 balance can rent a car, but you can’t rent one with a debit card with $10,000 in the bank?!
This to me is criminal in itself!
Badger40 on May 19, 2009 at 12:56 PM
Go Galt, cut the card, use you debit card.
BrianA on May 19, 2009 at 12:56 PM
This Obama business of having the good half of the American population paying all the bills of the bad half can’t survive for long. The bad half needs to be motivated to step up and take responsibility for themselves, and this Robin Hood mentality motivates loosers to remain loosers.
Obama can’t be too smart if he doesn’t understand that.
He needs to focus on helping the deadbeat class lift themselves up and get in the game. If he does that, he is unstopable if coupled with border secuity improvements.
But, I don’t think he has the stomach to face the urban “Black Leaders” that are all about paying blacks to be blacks.
saiga on May 19, 2009 at 12:56 PM
Doesn’t this just encourage weak willed people to charge all those things that they always wanted and then just hand the debt over to those of us who have some sense of responsibility?
loudmouth883 on May 19, 2009 at 12:57 PM
Dammit, we only got a credit card because we didn’t have a credit rating (in the US) and our real estate agent told us to get one so we could get a mortgage. We can hardly bring ourselves to use it even so — we pay for everything on our debit card. Since last November I have canceled our cable TV, DVD and magazine subscriptions and our IRA. Now I take out money in cash at the beginning of the month and pay for everything in cash so that I have tight control of our spending, it’s amazing what you decide you don’t really need when you have to count out the readies. We drive a used car, paid for cash down.
We’ve never had any cash problems, and are putting away into savings more money than we’ve ever been able to–ever. I’m just going to cancel the card, and to hell with the credit score — that economic model has been blown well and truly out of the water. If the bank starts charging us to keep our accounts we’ll look for others that don’t.
Fortunata on May 19, 2009 at 12:57 PM
I don’t have a credit card, what’s this going to cost me? Oh wait, us debit card users are probably going to start getting charged a fee too! If I did have a credit card, I’d be dropping it in the shredder right about now.
This is the administration of bad ideas. and lots of them.
scalleywag on May 19, 2009 at 12:58 PM
Brilliant business model! I am sure it will work just fine.
/sarc
southsideironworks on May 19, 2009 at 12:58 PM
How about get rid of all velvet paintings?
upinak on May 19, 2009 at 12:59 PM
This is exactly the kind of behavior Congress has been encouraging for 50 years.
A crippled, stupid, needy and weak-minded population is easily ruled, especially for those that enjoy absolute authority. This is the kind of citizen leftists prefer.
A self-sufficient, moral and hard-working people are also easily ruled, as long as you are the type of ruler that doesn’t like ruling people. This is the kind of citizen conservatives prefer.
spmat on May 19, 2009 at 12:59 PM
Many times. They will either want a credit check or a deposit. I pay it and get it back, or I go to one that doesn’t require it.
spmat on May 19, 2009 at 1:00 PM
So this is the Democrat’s idea of fairness?
Butters on May 19, 2009 at 1:02 PM
Might I remind you that Biden is (sometimes) from Delaware, the credit card capital.
loudmouth883 on May 19, 2009 at 1:04 PM
That must be why I got a phone call on mine when I was 5 days late…. I asked the person how many times have I been late he said once in 2008 and now, how many days I ask 5 or 10 days. I then asked is this why my interest rate almost doubled? Uh uh blah blah blah……I asked why are you calling and being rude I might add to a good customer that is only 10 days late once ,,, more blah blah (changes subject) screw them! it’s already been chopped and I closed it months ago, but alas I am running a tight budget supporting 4 on one income so can’t pay it off yet. :(
kthomas8268 on May 19, 2009 at 1:05 PM
They do charge a bundle to retailers, but I think they’re starting to fight back the outrageous charges.
I travel alot, mostly through tour companies and cruise lines, and these companies are offering a nice discounts if you pay by e-check now. I got $250 discount thru Viking Cruises by using e-check and a $200 discount for the same thing thru Silver Sea’s Cruises.
Knucklehead on May 19, 2009 at 1:06 PM
I rented a car using my debit card just last Christmas, and it was with Hertz. The card even says debit right on it, but it processes just like a credit Visa.
As for bank fees, I use the local bank and have free checking and a $300 overdraft protection that costs me $20 if I use it. If I have a problem with my bank I send them an email and get an immediate response. The sign out front says “not taking bailout funds”.
scalleywag on May 19, 2009 at 1:07 PM
“I’ll get you, My Pretty – and your little dog, too!”
Logic on May 19, 2009 at 1:11 PM
Would it help Michelle’s children, upinak?
HornetSting on May 19, 2009 at 1:11 PM
Next? Lets make people who have 0% interest on their car loans help out those with bad credit who get charged credit card rates on their auto loans!
scalleywag on May 19, 2009 at 1:13 PM
Or maybe the next great Democrat idea will be a ‘Cash Tax’…a special tax for those who pay for everything with cash…to subsidize the larger number of deadbeat Credit card abusers that will be created with this legislation.
AUINSC on May 19, 2009 at 1:19 PM
If I lose the grace period on my credit card purchases, I would subject perhaps all but one of my cards to plastic surgery. I can afford to pay cash. In fact it would help me to cut down on my purchases. Good for me and my family. I’ve had enough of subsidizing the irresponsible.
miron on May 19, 2009 at 1:24 PM
You beat me to the punch. These debit cards have allowed a lot of us to kick the credit card habit; they offer the same ease and convenience, but you’re only spending money you already have, so no debt hangover. I’d be very surprised if this legislation does not spur the issuers to begin charging some type of debit card usage fee. The 2006 U.S. Census Bureau reports 176 million debit cardholders in the Unites States. Start attaching a $30.00 – $50.00 yearly ‘convenience’ fee to each one, and you’re starting to talk some real cash here… Not Tarp II level cash, but cash just the same.
CaptFlood on May 19, 2009 at 1:40 PM
are you f@#*ing kidding me.
BeantownModerate on May 19, 2009 at 1:45 PM
DITTO. I’m sick and tired of Obama bailing out the irresponsible and making the responsible people pay for it!!
Callie C. on May 19, 2009 at 1:59 PM
Our government sucks! It is full of criminals, megalomaniacs, and nitwits. This country is screwed. The end is coming and it is coming faster than most realize.
King of the Britons on May 19, 2009 at 2:02 PM
So irritating.
I have a lot of credit cards, but I rarely use all but one. The other one I use all the time, because I enjoy the Amazon.com reward points I get, but I treat it like a debit card. In other words, whenever I use this card, I enter the transaction into my checkbook ledger as if it were a cash withdrawal from my checking account.
Then, every week I examine the account online. I verify every posted transaction by comparing it to my checkbook ledger, and then I pay it off in full. Every week. Consequently, I never pay interest, ever.
If the bank that provides this card starts charging me an annual fee or interest on day one, I’ll stop using it, period. The Amazon credits were nice, but the fees and interest will kill their value.
Curiously, although you’d think I’d be an ideal credit risk, I’ve had two cards canceled in the last year for lack of use and several other cards have had their credit lines slashed by more than fifty percent.
Folks, I couldn’t be more responsible in my usage. Has the whole financial industry simply lost its sense?
Kensington on May 19, 2009 at 2:11 PM
AllahP, you’re being remarkable tone-deaf as to how much people really don’t give a damn about how those poor bankers feel, let alone trust them. When the Senate votes 90-5 for what after all is just some mild reform of current credit practices, why you want to suck up to the banksters is beyond me.
starfleet_dude on May 19, 2009 at 2:11 PM
Haven’t used a personal credit card since 2005 (thank you, Dave Ramsey!). Was living way above my means at the time and ran up about $30k in credit card debt. Now our budget’s in balance, and I’ve paid the credit card down to less than $3k and hope to have the rest paid off by 2010 (if my family’s health will improve).
Credit cards are just not worth it for me. YMMV.
Snowed In on May 19, 2009 at 2:13 PM
Sweet info!
Is this the future of commerce perhaps?
Badger40 on May 19, 2009 at 2:15 PM
Also, if anyone does decide to cancel an account, I’m told that it’s important to demand that the bank report to the credit agencies that the account is being closed “at the customer’s request.” Otherwise, it looks like the bank closed the account, which can be considered a negative on your credit file.
This can be done over the phone sometimes, but it might be even better to do it by certified mail, return receipt requested.
Kensington on May 19, 2009 at 2:16 PM
Please explain how “banksters” force people to buy things using a credit card that they could otherwise not afford. Furthermore, please give your reason why people who do follow the rules and do not spend outside their means should be forced to pay for those who can’t?
King of the Britons on May 19, 2009 at 2:18 PM
F*ck. No really. F*ck. Two years ago my wife and I didn’t have a job for two months because of relocation. In the meantime there’s rent, daycare and sick and elderly relatives overseas.
We finished off paying the debt just last December. I guess it’s good cause now I’m well positioned to pay other people’s debts.
radiofreevillage on May 19, 2009 at 2:23 PM
No credit cards here. No debt at all actually. Currently saving up for a down payment on a home. Cars and student loans all paid off.
rjs34 on May 19, 2009 at 2:24 PM
It’s not the bankers that are being screwed, it is the responsible consumers.
Vashta.Nerada on May 19, 2009 at 2:26 PM
If writing terms in plain English is somehow screwing consumers, I have to wonder how many here commenting are bankers… ;p
starfleet_dude on May 19, 2009 at 2:29 PM
Make a run on your banks people.
This is the only way to rebel in todays Guerilla Economy.
Let’s see how Barry would spin that one.
omnipotent on May 19, 2009 at 2:31 PM
To avoid paying share the wealth fees for getting or using credit, don’t.
Come again, you’ll be taxed for not using credit.
maverick muse on May 19, 2009 at 2:31 PM
Yeah. That’s not really what the story is about. Maybe you should read before being stupid?
lorien1973 on May 19, 2009 at 2:31 PM
Aw, BULLSH*T
If everyone that said they pay their balance off every month, actually paid off their balance every month, there would not be any debt crisis and the credit card companies wouldn’t be making any money.
Moesart on May 19, 2009 at 2:32 PM
This poll is not everybody…it’s a self-selecting group of HA readers.
AUINSC on May 19, 2009 at 2:33 PM
I hope you are not wearing a red starfleet uniform.
WashJeff on May 19, 2009 at 2:34 PM
So what’s new?
Snowed In on May 19, 2009 at 2:34 PM
This is HA, not a left-wing hole.
Feedie on May 19, 2009 at 2:34 PM
Typically, by offering what are known as “teaser rates” to entice new customers, and then engaging in shady practices like mailing statements out only two weeks ahead of the due date in hopes of there being a late payment which is then cause (it’s in the fine print!) to jack up the interest rate that’s charged, as well as charge a late fee.
One of the things people also aren’t thinking about is the proliferation of credit cards, as consumers are tempted to start accounts with department stores, discount electronics chains, auto tire chains, etc. when offered 90 days same as cash deals, or some kind of discount. It’s one thing to manage a card or two, but when you can have a dozen between you and your spouse, it can lead to trouble.
starfleet_dude on May 19, 2009 at 2:35 PM
I believe that’s called “inflation”, and it’s already been put on order.
cthulhu on May 19, 2009 at 2:36 PM
lorien1973, I’m aware of that but the fact also is that said legislation is what banks are pointing to as a reason why they’re changing their practices. Let’s just say that I think those changes were in the pipeline anyway.
starfleet_dude on May 19, 2009 at 2:37 PM
Vashta.Nerada on May 19, 2009 at 2:26 PM
You’re referencing a juvenile pimple picker with NO credentials; his parents will be claiming him as a dependent perpetually on the dole rather than teach him how to fend for himself, skills they may be lacking themselves, whether living off grampa’s trust fund or welfare.
maverick muse on May 19, 2009 at 2:39 PM
Heh… yes, let’s base our opinion on the congressmen’s opinions… It’s not like they were involved in causing any of this…
Upstater85 on May 19, 2009 at 2:43 PM
Nothing you mentioned is an example of people being forced to use credit. Somehow, it is always somebody else’s fault, isn’t it? It couldn’t be possible that some people are not capable of being responsible.
Vashta.Nerada on May 19, 2009 at 2:44 PM
The bank-skanks are threatening people the same way Ahhnold threatens Californians over taxes. It they try it, there will be a backlash. They already proved the need for usury laws. If credit ratings are such a big deal, then why do they keep giving credit to poor risks? Some people won’t control their spending and deserve consequences, but that doesn’t give institutions the right to prey upon them.
Bank-skanks, get some morals and you’ll deter more regulation. Stop giving credit cards to deadbeats you know have bad ratings. Oops, too late now.
Feedie on May 19, 2009 at 2:47 PM
You have a correlation-causation problem here.
lorien1973 on May 19, 2009 at 2:48 PM
You don’t understand how CC’s make money do you?
lorien1973 on May 19, 2009 at 2:51 PM
When will lefties learn that the more the government gets involved with the big bad corporations and money making firms, the more the leaders of the most powerful groups will gain more power and less competition. Anyone see where this could lead?
Upstater85 on May 19, 2009 at 2:53 PM
Some people certainly are irresponsible, but what I’m seeing are more and more people who are being stretched financially trying with difficulty to manage their debts. It’s not as simple as saying they’re just bad people who have it coming to them. And the banks when they jack up rates do bear some responsibility for their own actions, as those can and do contribute to bankruptcy.
starfleet_dude on May 19, 2009 at 2:53 PM
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