Credit Card Industry Defeated for Now

[yousefyara100]

Chase Credit card which is chase/speedway.com is the worst in customer service. I closed two accounts because of them. Actually, things are now WORSE for the consumer.

Case in point: I made a payment back in September, missed the due date by one single day and they charged me for $25.00 I paid the account off and canceled 2 chase cards accounts. it is their loss.

[yousefyara100]

Chase Credit card which is chase/speedway.com is the worst in customer service. I closed two accounts because of them.

[marcomariaz26]

Actually, things are now WORSE for the consumer.

Case in point: I made a payment back in September, missed the due date by one single day. Citibank charged me $40 late fee, jacked my Standard Purchase rate to 29.99%, and tried to jack my 3.99% balance transfer to the same 29.99% rate, costing me over $200/month in interest alone. I got all but the Purchase rate rescinded, but this didn't happen before this regulation. They will always find ways to screw us over.

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[johnmason2354]

Chase, "Washington Mutual" loansharks, and Capital One need to be run into bankruptcy and stomped on without mercy.

[johnmason2354]

@marcomariaz26

Yea, I did, sorry. They scum greedy banks are just that.

[hugozoom]

the bill didn't go far enough, because there is still no absolute federal limit on interest rates.

[celidee]

Agreed, all the banks already hiked up their interest rates without even telling the consumer.

[ThingNation]

This is awesome unless you pay off your cards at the end of the month.

[odakueffect]

It's not the industry problem. It's the people that use the cards. They have no control over their own spending and got to have everything right now. Then they go broke. Can't feel sorry got them.

[MyFreedomChannel]

odakueffect - I totally agree with you on that. I'm guilty of doing just that, and now I'm paying for it, unfortunately. At least I recognize that it was my choice to put myself in that situation. Thankfully, I have only one credit card, and the bank has been pretty good, and they are working with me when I have questions about my bill and/or payments. They have even reduced my credit limit until I can pay off the total balance that I owe. Hopefully I can get it paid off in less than 2 yrs.

[medliberty]

Nothing important will come of things; its just window dressing. Banks borrow from the Fed at 1% and loan that money to us suckers at 29%+ and they bribe politicians to essentially keep the status quo thievery.

[marcomariaz26]

@medliberty thank you.

[krokion]

Sounds like K Street is running low on money to bribe the politicians. The congress is taking steps to rein in the CC and banks? Its unpatriotic to not rob the middle class.

[cobmojo]

NICE.

I have a feeling this wouldn't have happened if Republicans were the majority.

[jonrok76]

I recall transitioning back into a full time college life from 6 months of military training. With all the address change and my move.... I was late on a credit card payment by 2 weeks. I was never late before as I was careful paying the $20,000 balance on it. They raised my interest rate to 32%. They wouldn't budge. I told them that the mafia was attacked for loan sharking at a 15% interest. lol

[drealm]

I agree some CC practices are dishonest and not clear to the consumer.

However, most CC consumers who default payments are just downright deadbeats. Most of them aren't using credit for bare necessities, it's for luxury goods like a big screen TV. I'm sorry but borrowing money and refusing to pay it back is the equivalent of stealing. I'm sort of glad deadbeat people who live way beyond their means get penalties.

[spareaxe]

they wouldn't be deadbeats if they weren't being cheated in the first place....CC Companies need an ass kicking in Congress..and more in the future.....Yeah Baby!!!

[drealm]

Wrong most of them would. And I'm not talking about scenarios where information wasn't disclosed, I'm talking about people whom knowingly defaulted payment because they knew when they used their CC they wouldn't have the money to begin with.

Stop trying to steer the point off course and justifying people whom are not by any means "victims". If you borrow money and refuse to pay it back, that's called stealing. Paying back money you borrow isn't optional it's part of the agreement.

[CommonSenseJoe]

Poor stupid people need the government to protect them from themselves.

[safco82]

Democrats "for" Republicans "against" for this lets not forget that when it come time to vote...

[sakurasanmon]

Republicans are a coalition between the rich and the stupid...

[Shmecklecka]

This is great news, I'll be surprised if it passes. Those lobbyists for 29% usery fees need to be... well I shouldn't say, but some image of being hung off of bridges with genitals stuffed in mouths. For shame. Lobbyists for banksters are the vile slime of the earth and should be eradicated. Have they no scruples???

[affilybf]

The lobbyists are actually for way more than 29% usury - that's chump change. Congress is trying to pass a 36% usury cap and the industry will fight it to the death. One bill in Congress would condone 391% interest for payday loans...

[SubmarinerAndroid]

Great report, thanks

[spfldnet]

$850 Billion in credit car debt.

[booley]

WOW! You mean the millions of dollars the credit card industry pours into political coffers is not having it's desired effect?

Things are either getting better or far worse then we realized.