Jamesb101.com

commentary on Politics and a little bit of everything else

The New Credit Card Rules……..

Not that they are matter too much to most people out there…….

Here’s a piece on some of the rules..which The Dog is sure Credit Card companies have figured out ways to get around……

Credit card reform affects nearly all American families. Some 78 percent of households have a credit card and there are more than 631 million credit cards in circulation. Consumers charged more than $2.1 trillion on 26.5 billion transactions in 2008. With this much credit capacity — the 181 million credit cardholders have an average of 5.4 cards each — it’s no surprise that consumers do not pay off their cards each month. The typical cardholder had $10,679 in debt outstanding at the end of 2008, according to the Nilson Report.

The Credit CARD Act has many good and well-intentioned provisions. For example, it requires credit card companies to make their practices more transparent so that customers can tell exactly how much they are paying in interest and fees when they do not pay off their balance each month. It imposes broad restrictions on companies’ ability to increase the interest rate on outstanding balances and to levy penalties for going over the credit limit.

Credit card issuers must also mail consumers their statements three weeks, rather than two weeks, before the payment is due. Companies must apply payments that exceed the minimum to the outstanding balances with the highest interest rate first. Credit card issuers must allow consumers to opt out of their card if they do not agree to changes in their credit terms. It also requires card companies to post details of their standard credit agreement on the Internet so that consumers can more easily do comparison shopping.

The act creates a Web site HelpWithMyBank.gov, which is run by the Office of the Comptroller of the Currency, where consumers can go to find answers to their most common questions. The new law also prohibits a bank from assuming that because you are late with one credit card payment that you will be late on all payments and, in reaction, raise the interest rate on all of your accounts.

Finally, the credit card company must tell you how long it will take to pay off your outstanding balance. Thus, if you have $3,000 on a card, you’ll learn that it will take 11 years to pay off that balance if you make the minimum $90 monthly payment on a card with a 14.4 percent interest rate.

For the typical American, these changes have a certain feel-good aspect to them.
But, just like the hangover that comes the morning after the party, the CARD act contains some significant downsides.

More…….

March 5, 2010 Posted by | Blogs, Breaking News, Counterpoints, Government, Law, Media, Men, Other Things, PoliticalDog Calls, Politics, The Economy, Updates | , | 1 Comment

Don’t get rid of your Credit Cards??????

While on the treadmill this morning I had CNN on and watched one of the anchors go back and forth with the channel’s “Your Bottom Line” reporter Gerri Willis…..

The thing that made me blink and start yelling at the TV was Willis’s advice, to a question  ….”people should not get rid of their credit cards….since that would adversely effect their credit”…..did I hear the lady right?…..she went on to say…..” keep that card ……

Is she frigging kidding me???????

Listen Gerri…..A few years ago I cut up all my damn cards!!!!!….ALL OF THE DAMN cards after I paid off a boat load of card debt…..Gerri I cancelled and cut them damn cards up……

GONE……GONE…….GONE!

No Cards…….No temptations…..

I went down to my Credit Union and got a secured card….and I’m a happy person!

I wonder…… is she secretly works for the credit card companies on the side?

Any comments for you people out there?

January 8, 2010 Posted by | Education, Fiction, Media, Politics, The Economy, Updates, Women | , , , | Leave a comment

Don't get rid of your Credit Cards??????

While on the treadmill this morning I had CNN on and watched one of the anchors go back and forth with the channel’s “Your Bottom Line” reporter Gerri Willis…..

The thing that made me blink and start yelling at the TV was Willis’s advice, to a question  ….”people should not get rid of their credit cards….since that would adversely effect their credit”…..did I hear the lady right?…..she went on to say…..” keep that card ……

Is she frigging kidding me???????

Listen Gerri…..A few years ago I cut up all my damn cards!!!!!….ALL OF THE DAMN cards after I paid off a boat load of card debt…..Gerri I cancelled and cut them damn cards up……

GONE……GONE…….GONE!

No Cards…….No temptations…..

I went down to my Credit Union and got a secured card….and I’m a happy person!

I wonder…… is she secretly works for the credit card companies on the side?

Any comments for you people out there?

January 8, 2010 Posted by | Education, Fiction, Media, Politics, The Economy, Updates, Women | , , , | Leave a comment

Check your Credit Card and Bank fee’s for the next few months…they are going to go up…..

While Congress has imposed sweeping new rules and regulations for banks and credit card companies….the banks and card issuers have sent their gnomes back to work on inventing new fee’s that will get around the new rules and increase how much you pay the banks and card compines…..you just are not ment to win…..

Check your bills people…there will fee’s increases if you get paper bills (instead of on-line ones ), if you pay by check you may get a fee added to your account.

The game just has banks moving to collect the same amount of money….or more for different things……

This is another reason people hate banks……

Maybe we should all start switching over to credit unions….scew the damn banks….

January 2, 2010 Posted by | Education, Government, Law, Media, Politics, The Economy | , , , | Leave a comment

Check your Credit Card and Bank fee's for the next few months…they are going to go up…..

While Congress has imposed sweeping new rules and regulations for banks and credit card companies….the banks and card issuers have sent their gnomes back to work on inventing new fee’s that will get around the new rules and increase how much you pay the banks and card compines…..you just are not ment to win…..

Check your bills people…there will fee’s increases if you get paper bills (instead of on-line ones ), if you pay by check you may get a fee added to your account.

The game just has banks moving to collect the same amount of money….or more for different things……

This is another reason people hate banks……

Maybe we should all start switching over to credit unions….scew the damn banks….

January 2, 2010 Posted by | Education, Government, Law, Media, Politics, The Economy | , , , | Leave a comment

The attraction of those store credit cards….and the REAL deal…

In this piece from Tara Siegel Bernard in the New York Times…..Buyer beware!

…….’But before you start filling out the application, there are some things you need to know. If you carry a balance on store-brand cards, known in the industry as private-label cards, or if you miss a payment on your no-interest purchase, you can end up wiping out those initial savings, and then some. And when you open a new credit card, your credit score can suffer, too.’

‘Would you really chose a card with an interest rate of say, 25 percent, or about 9 percentage points higher on average than many other credit cards?’

She goes over some very good points to think of before you succumb to the impulse to spend, spend, spend…..

I only have one credit card these days…..screw’m…….

December 12, 2009 Posted by | Media, The Economy | , , , , , | Leave a comment

New Fed rules will require banks to ask you for your ok on overdrafy fee’s on ATM and debit cards…..

Starting  July 1st, 2010 banks will have to get your ok for charging fee’s on overdrafts for ATM withdrawals and debit card purchases……these rules WILL NOT cover checking accounts, or automatic bill paying services from your checking accounts…..The rule also requires banks to offer customers who do not sign up for overdraft protection the same accounts, features and services as those who do…..

These rules are the first many new rules coming from the Fed and Congress regulating up how banks deal with its customers…….

November 12, 2009 Posted by | Breaking News, Government, Politics | , , , , , , , | Leave a comment

New Fed rules will require banks to ask you for your ok on overdrafy fee's on ATM and debit cards…..

Starting  July 1st, 2010 banks will have to get your ok for charging fee’s on overdrafts for ATM withdrawals and debit card purchases……these rules WILL NOT cover checking accounts, or automatic bill paying services from your checking accounts…..The rule also requires banks to offer customers who do not sign up for overdraft protection the same accounts, features and services as those who do…..

These rules are the first many new rules coming from the Fed and Congress regulating up how banks deal with its customers…….

November 12, 2009 Posted by | Breaking News, Government, Politics | , , , , , , , | Leave a comment

The Banks are squeezing and cuting credit card holders…..

As Congress continues to look into the credit card business, and signals that it will be ready to fast track a new bill that that was supposed to take a few years to come into effect, the banks are cutting people out of their cards, raising interest rates and cutting credit availability….…

Since the economic down turn banks have been making deals for repayment and slashing the number of cards out in circulation….when the Fed asked banks..they replied that at least 50% of the banks where increasing interest rates and reducing credit lines….in addition, 40 percent reported they where imposing higher fee’s……

…..’A study by the Pew Charitable Trusts, released late last month, concluded that the 12 largest banks, issuing more than 80 percent of the credit cards, were continuing to use practices that the Fed concluded were “unfair or deceptive” and that in many instances had been outlawed by Congress.’

The bill in Congress will give consumers more protection against interest rate increases, and more  timely notification on those changes…..

The banks are now sharply cutting back on their old habit of loose credit reeling in customers and then increasing credit lines and then charging fee’s when the customers stretch out repayments…..

Already in the lsat 12 months there has been a 72 million drop in Visa, Mastercard, American Express and Discover card accounts ( there are still a staggering 555 million credit card accounts out there! )….

One could say it’s about time the banks only offer cards to those who can pay the money back…..And that’s good….

But man there is still a half  BILLION cards out there…that sure is a lot of fee’s owed…..

November 9, 2009 Posted by | Law, Media, Politics, The Economy | , , , , , , , , | Leave a comment