Comments on: Comment on Proposed Changes to Regulation AA: Unfair or Deceptive Acts or Practices

By: Curtis

Curtis — Thu, 24 Jul 2008 17:48:26 +0000

Thing is, most of the fees that they want to eliminate are avoidable in the first place. Example:

Any-rate based fee/finance charge — can be avoided by paying off the complete balance each month

Overdraft/insufficient funds fees — can be avoided by not spending more than you have in your bank account

…and so on…

By: CK

CK — Thu, 24 Jul 2008 16:50:19 +0000

I’m not sure where in the constitution it states we need to be protected from corporate greed. Maybe you could site something for me.

If you feel you’re too dumb to handle your own finances maybe you should become a ward of the state. Maybe you just feel others are too dumb to handle their own finances so we should pass laws to protect them from themselves. Maybe we should also sterilize folks who aren’t smart enough to be parents, there by savings themselves and their future children from their stupidity.

Please leave my money and my choices alone. If I injure myself who are you to care.

And guess what? No one is forced to have a credit card plenty survive without them.

usury
Pronunciation:
\ˈyü-zhə-rē, ˈyüzh-rē\
Function: noun
Inflected Form(s): plural usu·ries
Etymology: Middle English usurie, from Anglo-French, from Medieval Latin usuria, alteration of Latin usura, from usus, past participle of uti to use
Date: 14th century
1: interest
2: the lending of money with an interest charge for its use; especially : the lending of money at exorbitant interest rates
3: an unconscionable or exorbitant rate or amount of interest; specifically : interest in excess of a legal rate charged to a borrower for the use of money

By: Jadin

Jadin — Thu, 24 Jul 2008 15:36:04 +0000

Actually I welcome a little government regulation. I think credit card practices have become usurious and a result of our government turning its back on its responsibilities to protect its citizens from among other things, corporate greed. Amending these regulations are actually a return to requiring fair business practices. I just hope other businesses have similar scrutiny.
This is actually a huge deal, as it was the credit card industry which drove the dismantling of our bankruptcy laws (guess why), and their lobbyists have have extraordinary power in Washington.
I’d suggest looking up the definition of usury and our founding fathers’ historic position on it.

By: jim

jim — Thu, 24 Jul 2008 14:21:03 +0000

Hahaha, no, and no one hit me over the head. I don’t like government regulation any more than you but it’s obvious that too many American consumers can’t handle credit responsibly. It’s gotten so ridiculous that it’s affected the financial well being of everyone else.

An example is fuel prices, which affects everyone. They’re as high as they are because the value of the dollar has fallen tremendously recently. The dollar tanking is the result of the Fed slashing interest rates, which they did in response to an “economic slowdown.” The economic slowdown is in part a correction to the economic boom fueled by easy credit and borrowing against home values that skyrocketed during the housing boom. (taking that further, home values skyrocketed because lending rules relaxed and anyone could get a house with no money down, but that’s going back farther than the point I wanted to emphasize)

Easy credit and loose lending standards is the cause of our current headaches. Credit cards are a part of that and they need to be addressed. Part of that is by making it less profitable, at least through underhanded tactics, for credit cards to target people who they shouldn’t be lending to in the first place.

That and credit cards like to send updated microprint “privacy policies” that also include BS concepts like double cycle billing. I mean seriously… I accept changing interest rates as your risk profile changes, that’s been around forever and the rate is clearly marked as variable. Double cycle billing is just greedy profiteering BS.

By: CK

CK — Thu, 24 Jul 2008 13:37:44 +0000

I don’t like it.

If I want to enter into a contract with another party I don’t want the government telling me what the terms can or can’t be.

When you sign up for a credit card you are signing up for a contract. If you don’t read or understand the terms it’s not the credit card companies fault.

If you haven’t heard by the time you turn 18 that credit cards are a dangerous instrument to the undisciplined proceed at your own peril.

“I think they’re great proposals, but I do agree that it will result in less competition, higher prices, fewer choices, and reduced access but that’s exactly what we need.”

Jim have you had a stroke? This sentence can’t be true.