New Credit Card Laws

[ilmor]

Now that our careful and ahead-thinking governent will erroneously signed this new credit card law into action, I suspect that in the near future all credit cards will require an annual fee to make up for the gov'ts new requirements. I believe that they will also begin charging interest from the date of purchase, so that even those folks (like me) that pay their cards off every month will be affected. Again, many of us are now going to pay more because so many people can't control their spending and require gov't hand-holding apparently. Why should we pay for the wreckless behavior of others? What do the rest of you think about this craziness? If there is any way possible to do it, I'm going more cashed based. These new laws aren't going to resolve anything - just another bandaid approach.

[David Hawkins]

I guess it is time to pay mine off now and Cancel it and take the hit on my Credit Report...................

[ingram4868]

Credit card companies and the FICO scores are strange. When I retired I closed all my credit accounts because I could pay cash for the things I needed, and still save. My credit score in 6 months went from 812 to 780 just because I closed my credit accounts. So I pay for half the GT500 and finance half for 1 year plus I opened 1 Mastercard and 1 VISA and the FICA score goes back over 800. Go figure.

 

Now if the credit card companies start charging me an annual fee, they are gone no matter how low the FICO score goes.

[stump_breaker]

I would say the government needs to step out of this and let the consumer decide but since the consumer will get peanilized no matter what decision they make, I'm pretty much glad the card companies will get some rules.

 

All my cards have had increases of no less than 5%. The one I use on ocassion and have had for 10 or so years just went from 8.99% to 14.99% but hey, at least they were nice enough to also include a HUGE - and that is no hyperbole - credit line increase. Riiiiiight. Like I'm going to use them now. I will simply put it in the gun safe with the others because it is NOT my responsibility to give them more money to help make up for the defaulted limits they sent out to others. They punished the good to make up for the bad so guess what, the good just took his toys and went home. Btw, in 10 years I have not been late on one payment to ANYONE. Not one! I will not be punished for maintaining my word.

 

You see, this is where economists and the "they" people who run everything don't get it. We live in a credit society but in my household all credit spending has stopped and we have gone to cash. I know I am not the only one.

 

Now, I won't cancel it because then I will get punished by a hit on my credit score. That will mean I will not buy a new car or any other big ticket item anytime soon because I will refuse to pay the "higher" interest rate.

 

See how the cycle works?

 

Fortunately I did all my new car buying, house buying and big ticket items buying before the "financial manipulation" going on now so I will just sit back and ride for awhile.