Credit Card sham

LTRT Tue May 19, 2009 9:47 pm

Reform may mean good card users pay more
Return of fees, higher rates for ‘deadbeats’ who pay off balance, on time
http://www.msnbc.msn.com/id/30829066/

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

Late on your payment, no problem we'll cover it for you. Share the wealth.........share the wealth. Rolling Eyes

**Cincy Fan 44** Tue May 19, 2009 10:12 pm

Gird your loins LTRT...gird your loins.

Scooby01_98 Wed May 20, 2009 12:40 am

yep, if you're a responsible person you're pretty much fu_ked.

Pez Wed May 20, 2009 8:17 am

You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

Nowhere in this bill is anyone paying anyone else's credit card bill, so LTRT's share the wealth, share the wealth is, ironically, the opposite of the truth, much for the same reason that scooby thinks responsible credit card users are fu_ked...

A credit card company can afford to give you benefits because there is an endless stream of individuals that allow themselves to be charged for the irresponsible habits... LTRT: spread the wealth (does anyone else see the irony here)?

LTRT Wed May 20, 2009 9:21 am

Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

Nowhere in this bill is anyone paying anyone else's credit card bill, so LTRT's share the wealth, share the wealth is, ironically, the opposite of the truth, much for the same reason that scooby thinks responsible credit card users are fu_ked...

A credit card company can afford to give you benefits because there is an endless stream of individuals that allow themselves to be charged for the irresponsible habits... LTRT: spread the wealth (does anyone else see the irony here)?

So you want to spin this as if it's no big deal eh? That's right, I do stand by the statement that those w/poor credit shouldn't have card(s). So you are of the opinion that if a "level of service" has been taken away from those with sterling credit, they're not paying for someone else's irresponsibilty? I suppose next you'll suggest we just shut up and sit down and that we won and you didn't.

Guest Wed May 20, 2009 10:11 am

LTRT wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

Nowhere in this bill is anyone paying anyone else's credit card bill, so LTRT's share the wealth, share the wealth is, ironically, the opposite of the truth, much for the same reason that scooby thinks responsible credit card users are fu_ked...

A credit card company can afford to give you benefits because there is an endless stream of individuals that allow themselves to be charged for the irresponsible habits... LTRT: spread the wealth (does anyone else see the irony here)?

Do you and Kroman comisserate together? You are exactly the bitter voter Obama referenced.

So you want to spin this as if it's no big deal eh? That's right, I do stand by the statement that those w/poor credit shouldn't have card(s). So you are of the opinion that if a "level of service" has been taken away from those with sterling credit, they're not paying for someone else's irresponsibilty? I suppose next you'll suggest we just shut up and sit down and that we won and you didn't.

LTRT Wed May 20, 2009 10:18 am

Bman wrote:
LTRT wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

Nowhere in this bill is anyone paying anyone else's credit card bill, so LTRT's share the wealth, share the wealth is, ironically, the opposite of the truth, much for the same reason that scooby thinks responsible credit card users are fu_ked...

A credit card company can afford to give you benefits because there is an endless stream of individuals that allow themselves to be charged for the irresponsible habits... LTRT: spread the wealth (does anyone else see the irony here)?

Do you and Kroman comisserate together? You are exactly the bitter voter Obama referenced.

So you want to spin this as if it's no big deal eh? That's right, I do stand by the statement that those w/poor credit shouldn't have card(s). So you are of the opinion that if a "level of service" has been taken away from those with sterling credit, they're not paying for someone else's irresponsibilty? I suppose next you'll suggest we just shut up and sit down and that we won and you didn't.

And you my man should brush up on your quoting skills. Razz

What's BHO and how I voted have anything to do with it? It doesn't matter which party is implementing the gov't control. scratch

Pez Wed May 20, 2009 10:56 am

LTRT wrote:So you want to spin this as if it's no big deal eh? That's right, I do stand by the statement that those w/poor credit shouldn't have card(s). So you are of the opinion that if a "level of service" has been taken away from those with sterling credit, they're not paying for someone else's irresponsibilty? I suppose next you'll suggest we just shut up and sit down and that we won and you didn't.

I'm not spinning it at all... you made the statement that "Late on your payment, no problem we'll cover it for you. Share the wealth.........share the wealth." What are you spinning with that?

No, that is not my opinion. I think the "level of service" that was provided to you was only provided to you because credit card companies are in the habit of fleecing the irresponsible, profit by doing so and then are able to use these levels of services to entice other individuals into being irresponsible. You aren't paying for someone else's irresponsibility... someone else's irresponsibility was paying for your "level of service."

Thats why I used the term irony... because it's essentially the opposite of what you would expect... the poor are actually sharing their wealth with the rich... You called that "socialism"... which makes it doubly ironic, again because it's kind of the opposite of... anyway, that's 3 times I've explained it... carry on.

Guest Thu May 21, 2009 9:18 am

LTRT wrote:So you want to spin this as if it's no big deal eh?

Did the thread starter say "spin"? Twisted Evil

Who understands credit card companies as well as LTRT. Only one pirate. Arrgh. (See vid)

**Cincy Fan 44** Thu May 21, 2009 10:26 am

I guarantee you in the next 6-12 months, when a credit card is a lot harder to come by for the poor, there will be wailing and gnashing of teeth because the banks won't loan them money.

Guest Fri May 22, 2009 7:49 am

Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

SavoyTruffle Fri May 22, 2009 9:24 am

Kroman wrote:
I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

You know, I think about this all the time. Not just credit cards, but loans, too. Now certainly saying that we shouldn't have any of these things would make me a hypocrite at this point, but hypothetically - what if nobody had these things? Doesn't the flow of fake cash help artificially inflate the prices of all things? When someone buys a house, they have to compete against those who are willing to give up bigger and bigger chunks of their future cash (which people don't value as much as the cash they have at the moment).

Guest Fri May 22, 2009 9:30 am

Kroman wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

Kroman has bought into the Dave Ramsey school of thought ... I say if you are financially sound take the free credit whenever you can. TVM (time value of money) backs up my philosophy. I use my Von Maur card as often as I can if purchasing something ... when I put new laminate flooring down I took Lowes 24 months same as cash ... I have the $$$ in the bank and could have paid it but it makes NO financial sense to do that, that is where I disagree with Dave Ramsey.

Scooby01_98 Fri May 22, 2009 4:57 pm

As long as you pay off the credit card monthly there is nothing wrong with using them. If you have rewards card then even better as you rack up the points for freebee's. Zero percent financing from the auto companies, home improvement stores. Why not use that free money while your money continues to work for you in stocks, cd etc.

That isn't to say some people don't abuse the system and get in over their head. I hope this bill has that effect and gradually the banks take those cards from those people as they pay off their credit card bills.

Guest Sat May 23, 2009 8:01 am

Bman wrote:
Kroman wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

Kroman has bought into the Dave Ramsey school of thought ... I say if you are financially sound take the free credit whenever you can. TVM (time value of money) backs up my philosophy. I use my Von Maur card as often as I can if purchasing something ... when I put new laminate flooring down I took Lowes 24 months same as cash ... I have the $$$ in the bank and could have paid it but it makes NO financial sense to do that, that is where I disagree with Dave Ramsey.

Debt free is what I prescribe to. And yes it's in line with Dave Ramsey. In my opinion, there is nothing good about debt so I'm in favor of a completely debt free household. Mortgages are necessary but they should be the 15-year fixed rate variety and the debt to income ratio on a mortgage shouldn't exceed 25%. Following those guidelines you should be able to pay the house off in less than 5 years anyway.

Bman, a "24 month same as cash plan" is not the same as cash. You purchase your laminate flooring on that plan and I'll go into the store and flash cash and get a 10% discount for paying cash up front for the same laminate flooring. I have done this numerous times and the discount is usually 10% or more. So your plan is not the same a cash.

Guest Sat May 23, 2009 8:35 am

Kroman wrote:
Bman wrote:
Kroman wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

Kroman has bought into the Dave Ramsey school of thought ... I say if you are financially sound take the free credit whenever you can. TVM (time value of money) backs up my philosophy. I use my Von Maur card as often as I can if purchasing something ... when I put new laminate flooring down I took Lowes 24 months same as cash ... I have the $$$ in the bank and could have paid it but it makes NO financial sense to do that, that is where I disagree with Dave Ramsey.

Debt free is what I prescribe to. And yes it's in line with Dave Ramsey. In my opinion, there is nothing good about debt so I'm in favor of a completely debt free household. Mortgages are necessary but they should be the 15-year fixed rate variety and the debt to income ratio on a mortgage shouldn't exceed 25%. Following those guidelines you should be able to pay the house off in less than 5 years anyway.

Bman, a "24 month same as cash plan" is not the same as cash. You purchase your laminate flooring on that plan and I'll go into the store and flash cash and get a 10% discount for paying cash up front for the same laminate flooring. I have done this numerous times and the discount is usually 10% or more. So your plan is not the same a cash.

I specifically asked Lowes when I had my flooring done if a discount for a cash transaction was offered ... they said no ... maybe the flooring sales person had her head up her ass but I agree with you if the cash discount is a greater benefit pay cash ... Another example is some car manufactures offering 0% financing plus the rebates still ... if the free financing is an addition lure to get you to buy you should not pay cash for that new Toyota Prius but take the free financing and pay it off at what ever speed you determine is optimal for YOUR situation.

Guest Sat May 23, 2009 8:52 am

Bman wrote:
Kroman wrote:
Bman wrote:
Kroman wrote:
Pez wrote:You guys crack me up... Six months ago, those with like mind were opining that those with poor credit shouldn't have a credit card to begin with... now the government is forcing credit card companies to make that a reality and in order to pay for it, they have to cut some level of services that had previously been paid for by the irresponsible borrowers' late fees, overlimit fees, interest fees etc...

I don't think anybody should use credit cards period. Cash is king! If you don't have the cash, don't buy it.

Kroman has bought into the Dave Ramsey school of thought ... I say if you are financially sound take the free credit whenever you can. TVM (time value of money) backs up my philosophy. I use my Von Maur card as often as I can if purchasing something ... when I put new laminate flooring down I took Lowes 24 months same as cash ... I have the $$$ in the bank and could have paid it but it makes NO financial sense to do that, that is where I disagree with Dave Ramsey.

Debt free is what I prescribe to. And yes it's in line with Dave Ramsey. In my opinion, there is nothing good about debt so I'm in favor of a completely debt free household. Mortgages are necessary but they should be the 15-year fixed rate variety and the debt to income ratio on a mortgage shouldn't exceed 25%. Following those guidelines you should be able to pay the house off in less than 5 years anyway.

Bman, a "24 month same as cash plan" is not the same as cash. You purchase your laminate flooring on that plan and I'll go into the store and flash cash and get a 10% discount for paying cash up front for the same laminate flooring. I have done this numerous times and the discount is usually 10% or more. So your plan is not the same a cash.

I specifically asked Lowes when I had my flooring done if a discount for a cash transaction was offered ... they said no ... maybe the flooring sales person had her head up her ass but I agree with you if the cash discount is a greater benefit pay cash ... Another example is some car manufactures offering 0% financing plus the rebates still ... if the free financing is an addition lure to get you to buy you should not pay cash for that new Toyota Prius but take the free financing and pay it off at what ever speed you determine is optimal for YOUR situation.

I got 10% off from Carpet One when they installed our tile last year. If Lowes won't give a discount for cash then I would go somewhere else. Basically, the lenders on these so called "Same as cash" deals know a huge majority of people don't pay these off in time to avoid retroactive finance charges. If you don't stay in debt they don't make money.

I would tell them that if I can't get the rebates and can't pay cash then I'm buying my car somewhere else. That will get their attention. If I can't afford to pay cash for the new car then I don't buy a new car. I would buy a good used car and save about 50% to 75%.

Guest Sat May 23, 2009 5:23 pm

You are total Dave Ramsey and he is probably driving a Bentley or a top line Mercede's thanks to your purchases of his material and attending his webcasts.

Guest Sat May 23, 2009 7:13 pm

Bman wrote:You are total Dave Ramsey and he is probably driving a Bentley or a top line Mercede's thanks to your purchases of his material and attending his webcasts.

I'd think you'd be surprised to find out what he drives if you did your homework. In addition, I've been applying my personal financial principles long before I ever heard of Dave Ramsey. The principles aren't rocket science. Just common sense. Think I drive Bentley or Mercedes? I drive a paid for 99 Ford F150. Still runs great and my plan is to drive it for at least another ten years. Go ahead and purchase that new vehicle with 0% financing with rebates. Your monthly payment after that may be between $300 - $400 per month depending on what you buy. Maybe more, maybe less.

I say screw the credit card companies.

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