The Federal Reserve Board wants your opinion on credit card laws.

[RichC]

Weigh in on proposed credit card laws

If you've been the victim of some egregious credit card tactics, now's your chance to speak out.

NEW YORK (CNNMoney.com) -- Ever find yourself going off on the customer service representative after a particularly steep credit card fee or unexpected rate increase? Well now is your chance to tell those who could ultimately change credit card laws in the United States

http://money.cnn.com/2008/07/21/pf/consumer_comments/index.htm?section=money_pf


RichC
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[Medmech]

It's funny this is coming up, I spoke for a group yesterday and told them that current credit card and bankruptcy laws are contributing to the foreclosures. Once I explained that credit card companies raise rates for a reason only they can explain, like a drop in FICO...news flash almost everyones FICO has dropped since March due to the new scoring model and the credit card companies are taking advantage of the situation. Also credit card companies use so much force when a payment is past due that people pay the CCC before they pay their mortgage.

[TX76513]

The moving due date is most annoying. I don't keep a balance on cards just use them in lieu of carrying a lot of cash around. In the last year two cc trapped me in the changed due date - but both surrendered the fee once I captured them on the phone. Sams Club uses a twenty-eight day billing period to circumvent any wrong doing. But if you do the math that's 13 billing periods in a year not 12. Got to love all the fine print on the backs of those agreements.

The oddest trickery I had was a company changed my account number. I use online banking to pay bills and sorry don't usually see if my account number changed. They were dinging me $35 late payment. There excuse was the payment wasn't posted because an associate had to manually look up my account. They didn't get to make that stick either.

AX is the only card after decades of use that I can honestly say we have never had an issue with.

[TheDon]

reason why I dont carry a credit card. If I cant pay for it with cash, I don't need it. (I am a member of my companies credit union though)

[cscmc1]

Originally Posted by TheDon

reason why I dont carry a credit card. If I cant pay for it with cash, I don't need it. (I am a member of my companies credit union though)

Very smart. I have a debit card and one CC that I use on occasion just to keep the option open. It is paid off immediately (i.e. same day -- I use the online payment feature). I paid off my CC debt about 10 years ago and have never looked back... no debt (beside a house payment) is a beautiful thing!

[Dee8go]

I use mine in lieu of carrying cash, too. I pay off the balance every month in full, and yet I, too, have gotten stung a time or two by the same things mentioned above. So far they have always rescinded the interest and charges, but I did cancel a couple of cards because of it.

Congress should REALLY bear down hard on these unscrupulous outfits. To call them predatory is being nice. They are real bastards! I'm surprised they don't send surly-looking guys to your house to break your kneecaps.

[TheDon]

Originally Posted by cscmc1

Very smart. I have a debit card and one CC that I use on occasion just to keep the option open. It is paid off immediately (i.e. same day -- I use the online payment feature). I paid off my CC debt about 10 years ago and have never looked back... no debt (beside a house payment) is a beautiful thing!

I carry a $20 on me and a debit card. The cash is for those weird places that dont take debit. Plus its a Visa check card so its win win. Another thing I like about plastic is if its stolen just call the bank and have them freeze the card, unlike a wallet full of cash that would be lost forever.

[el presidente]

Where's that Dave Ramsey fanatic??

[SwampYankee]

Originally Posted by cscmc1

I paid off my CC debt about 10 years ago and have never looked back... no debt (beside a house payment) is a beautiful thing!

I'm looking forward to that day, come late Sept./early Oct. It'll be the first time in 15 years.

[Medmech]

Originally Posted by el presidente

Where's that Dave Ramsey fanatic??

On the RV forums. Please don't do anything that will bring him back.

[cscmc1]

Originally Posted by SwampYankee

I'm looking forward to that day, come late Sept./early Oct. It'll be the first time in 15 years.

Right around the corner; congratulations!

[SwampYankee]

Originally Posted by cscmc1

Right around the corner; congratulations!

When I think of the money I pissed away...

But thanks! It's been a long, tough road.

[Mistress]

Originally Posted by TheDon

reason why I dont carry a credit card. If I cant pay for it with cash, I don't need it. (I am a member of my companies credit union though)

Excellent way to live.

[Hatterasguy]

I'm down to my Visa, burned the Mastercard because they dinged me for a $35 charge. Wouldn't remove it, so F them.

The Sikorsky Visa is worth its weight in gold, I can actualy talk to an American if I have a problem! Just for that reason I will never get rid of it. Its so nice calling up a lady in Stratford CT if I have a problem with a charge.


I'm all for making money, but if you have to resort to BS tricks thats simply not good business.

[Dee8go]

Financial advisors usually will tell you that the highest-yielding investment you can make is paying off your credit card debt. Removing that negative cash flow from your personal financial picture really pays huge dividends.