Posts Tagged ‘Credit’
Filed under: Hmmm
I have been wondering about where credit cards are going now. I know that in the states they are working towards more regulations for the credit card industry, regulations that are supposed to protect the consumer. I know I have mentioned the companies response to these and what I thought of them. I can see what they are saying but I am sure that greed is a part of it.
I know a lot of people have put many things on their cards now, especially when it is often the only choice if a person wants to continue eating or feeding their family. It is a bit sad that currently the card companies can raise the interest rate on a card almost at their whim. That can pretty much kill someone who is scraping by with minimum payments (something you shouldn’t do if you can avoid it) and all of the sudden has to come up with even just a bit more monthly.
People also wonder if it is worth getting another card when the credit companies seem to not be as fair as they could. I think it really depends on your situation. As I understand it a new card will affect credit because it is new and because it will show as not being open very long but I think if you have other accounts that are much older and in good standing, opening a new one probably won’t hurt much or for long. Even now there are quite a few good deals to be had from a credit card account, as long as you can use it as you want and not as you need. I think that may be a big problem now, the fact that many people now have to use their cards because of need.
Tags: Credit, debt, new card, repair
Filed under: Hmmm
Saw an article today about President Obama promising to work towards better credit card protections for consumers. I think a lot of the banks are figuring things out and realize why many of their customers are jumping ship, and have started fixing themselves a bit already. But, I know not all companies are doing that and when they do a lot of times it’s really not enough. So pushing for legislation to ensure they do is probably a pretty good idea.
I know that many of them have whined about it and pretty much made threatening comments about how if laws are enacted that might curb their greed, they will have to cut the credit they offer. And, increase the percentage they charge. I am sure they didn’t perceive it as a threatening themselves, but I sure took it that way. I can’t remember what article I read that in but I remember how disgusted I was with the banking idiot who said it. I thought it was offensive. Plain and simple.
The laws are a good idea because some of the stuff they can do is ridiculous. Changing rates whenever they want, dropping your limit without warning. They are currently, basically unregulated. Much like Wall Street, and we have already seen how well that works. A few laws to protect consumers will be a good thing. The banking or credit industry just needs to unclench and take their head out and then they will be alright too. I am perfectly sure they will still be able to find ways to make money.
I am not placing all of the irresponsibility on the bankers and credit providers. They control many of the options, but so does the general consumer have options a lot of times. The consumer needs to be responsible for their own stupidity but placing laws so that credit providers can’t take as much and as easy advantage of the bad habits of some will in effect protect all of us I believe.
Tags: Credit, credit practices, credit providers, lenders
Filed under: Hmmm
This is a rant. Read at your own risk! I read an article today about credit card companies closing accounts that are paid regularly or unused. How can we let them get away with that? It is so offensive it’s not funny! I cannot believe that they basically got us by the balls, coming and going. If we don’t use it or use it intelligently then they close it and when they close it of course the FICO score drops so we get a double whammy. WTF???
I mean come on, what kind of idiocy is that? I think a company that could claim they would not do that and put it in writing would do very good, because I know that if I was with one of the credit companies that is currently doing this to its customers I would be seriously worried. How can a company expect to gain loyalty if it treats its customers that way? If it was me I would switch in a heartbeat. Once you were with the credit company that guaranteed they would not close an account in good standing regardless of the use then your FICO score would go back up. I wonder, are there any companies willing to take a dare and make that statement? I bet they would gather a bunch of customers in a very short amount of time! I know some of the credit unions are not doing that, maybe we should all dump the big companies that are treating people the way they are and take our business elsewhere. We could get a coalition together and make a statement with our business. Tell them that what they are doing is not only unacceptable but Un-American or Un-Whatever country you reside in. Heck a coalition might even be able to create its own bank and get help from the government. Wouldn’t that be nice.
Tags: banks, closing, Credit, credit cards, credit limits, frustration
