Comments on: Credit Card Reform http://www.joansotkin.com/archives/financial-news/credit_card_reform/ Helping You Improve Your Relationship with Money and Yourself Tue, 06 Jan 2009 09:00:59 +0000 http://wordpress.org/?v=2.6.1 By: Kate http://www.joansotkin.com/archives/financial-news/credit_card_reform/#comment-10 Kate Wed, 14 May 2008 12:03:44 +0000 http://www.joansotkin.com/archives/23#comment-10 Thanks for the info, Joan. Although I don't have time to read bankrate's newsletters lately, I have made time to read yours, and all I can say is YES! (and it's about damm [sic] time!) I don't agree that all those conditions are necessary or even good (about the promotional rates....I think it should remain as is, but for people who have trouble reading the fine print, I believe the companies have been taking advantage of the situation. They should be able to do as they do now, but they should have to stipulate that they're paying the smaller rate balance portion first a minimum of 3 times during the offer and it should have to be in a size font a few sizes larger than the offer and should be a separate statement signed at least twice by the card holder accepting the offer. In other words, it needs to be very, very obvious and very, very clear and repeated until a reasonable sober literate human gets it. Including an example of how this would work, would also be a great and helpful condtion. I've spent years explainig this to people and of keeping track of my promotional rates balances to get them paid off, but I've really put those 0% and 2.99% rates to very good use and don't want to see them stop offering them). I don't think that we should try to weigh things in FAVOR of the consumer, I think the Fed just needs to start looking out for reasonable protections for the consumer and most of the conditions listed above would do that. For years the banks have weaseled money that didn't belong to them from their customers, and that garbage has to stop. In fact, all unethical practices in business have to be taken more seriously. Still, we have to make sure that businesses can make money and in some cases, lots of it, as long as they're honest and forthright. Again, Joan THANKS. Thanks for the info, Joan. Although I don’t have time to read bankrate’s newsletters lately, I have made time to read yours, and all I can say is YES! (and it’s about damm [sic] time!) I don’t agree that all those conditions are necessary or even good (about the promotional rates….I think it should remain as is, but for people who have trouble reading the fine print, I believe the companies have been taking advantage of the situation. They should be able to do as they do now, but they should have to stipulate that they’re paying the smaller rate balance portion first a minimum of 3 times during the offer and it should have to be in a size font a few sizes larger than the offer and should be a separate statement signed at least twice by the card holder accepting the offer. In other words, it needs to be very, very obvious and very, very clear and repeated until a reasonable sober literate human gets it. Including an example of how this would work, would also be a great and helpful condtion. I’ve spent years explainig this to people and of keeping track of my promotional rates balances to get them paid off, but I’ve really put those 0% and 2.99% rates to very good use and don’t want to see them stop offering them).

I don’t think that we should try to weigh things in FAVOR of the consumer, I think the Fed just needs to start looking out for reasonable protections for the consumer and most of the conditions listed above would do that. For years the banks have weaseled money that didn’t belong to them from their customers, and that garbage has to stop. In fact, all unethical practices in business have to be taken more seriously. Still, we have to make sure that businesses can make money and in some cases, lots of it, as long as they’re honest and forthright.

Again, Joan THANKS.

]]> By: » Credit Card Reform http://www.joansotkin.com/archives/financial-news/credit_card_reform/#comment-3 » Credit Card Reform Mon, 05 May 2008 16:10:38 +0000 http://www.joansotkin.com/archives/23#comment-3 [...] Yielding Wealth | Personal Finance wrote an interesting post today onHere’s a quick excerptThere’s some really good news on the horizon as the federal reserve proposes a series of reforms for credit cards and overdraft services that will definitely help consumers. Highlights of the reforms include Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the […] [...] [...] Yielding Wealth | Personal Finance wrote an interesting post today onHere’s a quick excerptThere’s some really good news on the horizon as the federal reserve proposes a series of reforms for credit cards and overdraft services that will definitely help consumers. Highlights of the reforms include Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the […] [...]

]]> By: Aaron Wakling http://www.joansotkin.com/archives/financial-news/credit_card_reform/#comment-2 Aaron Wakling Mon, 05 May 2008 16:01:14 +0000 http://www.joansotkin.com/archives/23#comment-2 Good Blog. I will continue reading it in the future. Nice layout too. Aaron Wakling Good Blog. I will continue reading it in the future. Nice layout too.

Aaron Wakling

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