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  #1  
Old 05-20-2009, 06:35 PM
Charles Charles is offline
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New credit card regulations.

Any thoughts on this? Like it, hate it, or does anyone have any idea of what the provisions in the bill actually are?

Gracefully bowing out,
Chas
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  #2  
Old 05-20-2009, 06:37 PM
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Grumpy Grumpy is offline
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Been mostly offline for the past couple of days. I am curious about this since ive heard nothing.
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  #3  
Old 05-20-2009, 08:23 PM
noonereal noonereal is offline
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From what I read it is watered down much like the housing crisis bill was.
The banks are just to powerful to allow for meaningful change.
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Old 05-20-2009, 10:58 PM
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soundhound soundhound is offline
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the new rules, from what little i've heard so far on the news, just don't have many teeth. the credit card companies will now be somewhat limited on changing interest rates willy nilly, and will have a harder time signing up young adults, but that's about the extent of it. you can still get a better interest rate from the local loan shark.
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Old 05-22-2009, 07:25 PM
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RichF RichF is offline
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Thank YOU! President Obama

I recieved an early birthday present in the mail today from my credit card company. They're raising my rate by 3.75%, Probably trying to get all they can now before the new law goes into effect. I admit that I do carry a balance most of the time but it would'nt kill me to pay it off in short order. My credit is excellent, I've never been late and always pay way more than minimum. I will definately be paying off this card and seeking a card with a better rate

So thank you again Mr President for signing into effect a new law that will protect the individuals who don't pay their bills and ends up costing the people who do pay their bills.
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Old 05-22-2009, 07:49 PM
Charles Charles is offline
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CCC's

Quote:
Originally Posted by RichF View Post
I recieved an early birthday present in the mail today from my credit card company. They're raising my rate by 3.75%, Probably trying to get all they can now before the new law goes into effect. I admit that I do carry a balance most of the time but it would'nt kill me to pay it off in short order. My credit is excellent, I've never been late and always pay way more than minimum. I will definately be paying off this card and seeking a card with a better rate

So thank you again Mr President for signing into effect a new law that will protect the individuals who don't pay their bills and ends up costing the people who do pay their bills.
I said I would gracefully bow out, and my word is my bond.

But I am guilty of the white lie. So I'll keep it short.

Can't get blood out of a turnip. Apparently you bleed red. Myself included.
Chas
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  #7  
Old 05-23-2009, 09:38 AM
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Ozmoid Ozmoid is offline
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Quote:
Originally Posted by RichF View Post
I recieved an early birthday present in the mail today from my credit card company. They're raising my rate by 3.75%, Probably trying to get all they can now before the new law goes into effect. I admit that I do carry a balance most of the time but it would'nt kill me to pay it off in short order. My credit is excellent, I've never been late and always pay way more than minimum. I will definately be paying off this card and seeking a card with a better rate

So thank you again Mr President for signing into effect a new law that will protect the individuals who don't pay their bills and ends up costing the people who do pay their bills.
Same here, except our rate is going up by 4%. They are also changing how they calculate the APR (as near as I can tell from the greek document they sent explaining all this) for a new grand total of 15.74%.

Cash Advances are going to 25.74%, thank heaven we don't use the card that way.
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Old 05-23-2009, 07:19 PM
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Strangeband Strangeband is offline
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The weasels are scurrying about and adding fees, raising rates, and so forth before the regs are law. I cut up my Capital One card the other day while I was on the phone with one of that outfit's managers telling him I wanted mine shut down and that I wanted a letter stating my account was closed and in good standing.
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  #9  
Old 05-24-2009, 09:16 AM
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merrylander merrylander is offline
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As one of those people who pay our bills this does not bother us since we pay up every month. Face it we are a CC dominated economy, when I first emigrated here I did not have a US based card. When I went to a meeting in Boulder CO the hotel desk at first did not want to honor my registration. Then they insisted that I pay the bill every evening.
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  #10  
Old 06-02-2009, 05:50 PM
Charles Charles is offline
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Credit Card Regs

Seemed as though I promised to butt out of my own thread, but this was sent to me from my Uncle, a district manager for Waddell & Reed. I believe this is W&D's take of the matter.

Anyway, I think this explanation boils it down as good as any,
Chas


The Credit Card Accountability Responsibility and Disclosure Act of 2009

On May 22, 2009, President Obama signed into law the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Credit CARD Act of 2009).

Amending the Truth in Lending Act, the Credit CARD Act of 2009 requires that credit card companies notify cardholders in writing at least 45 days prior to any change in the annual percentage rate (APR). The notification must also inform cardholders that they have the right to cancel the account before the effective date of the rate increase. If a cardholder cancels the account, the cancellation cannot be considered a default on the account, and cannot trigger an obligation to repay the account in full.

Credit card companies are further prohibited from increasing annual percentage rates (APRs) that apply to existing balances unless specific conditions apply. An APR may be increased only if 1) the index on which the rate is based changes, 2) it is a promotional rate that has expired, 3) a cardholder fails to comply with a hardship workout plan, or 4) the account falls 60 days past due.

What’s more, if a rate increase is triggered by a cardholder falling 60 days past due on the account, the credit card company must inform the cardholder that the rate increase will be terminated (and the rate restored to what it was before the increase) once the cardholder has made timely minimum payments for six months.

Other features of the Credit CARD Act of 2009 include:

* If different APRs apply to separate portions of an outstanding balance, the amount of any payment beyond the minimum payment due must be applied to the portion of the balance with the highest APR.
* If the payment due date is a date when a creditor does not receive or accept payments by mail (e.g., weekends and holidays), the creditor cannot treat a payment received on the next business date as a late payment.
* Credit card companies are prohibited from charging a cardholder an over-the-limit fee unless the cardholder authorizes the credit card company to complete the transaction that causes the balance to go over the limit (opt-in).
* Credit card companies are prohibited from charging a fee based on the manner in which a payment is made (e.g., on line, by telephone).
* Extension of credit to consumers under age 21 is prohibited, unless the consumer demonstrates the independent means of repaying the debt or has a cosigner over 21 capable of repaying the debt.
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