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Forums - General Discussion - Thanks Obama for the credit card interest rate hike.

TheRealMafoo on 16 May 2009
akuma587 said:
How about you blame the people who hiked your rates...the credit card companies. Obama is asking for legislation that will reduce their authority to do so. Simply because you get screwed in the short run does not mean he is doing the best thing. Its like people buying up the last of a product before it gets discontinued. It just happens. Credit card companies are going to try and abuse their power while they still have it.

 

I would if the purpose of hiking the rate was to make more money. The purpose of hiking the rate was to make the same money overall under the new system. They are doing what they have to, to stay in business.

 



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akuma587 on 16 May 2009

Actually, many of their actions would very likely be in the realm of unconscionable conduct that could completely be negated by a court because it is such a one-sided abuse of power. Just because they have done it does not mean that it is legal.



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

akuma587 on 16 May 2009
The_vagabond7 said:
For the love of god, did the man kill your fucking dog or something? It's like every day you have a new Obama topic. I mean at some point you have to ask if this is healthy.

Funny, I said the same thing yesterday.

 



We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls.  The only thing that really worried me was the ether.  There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke

It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...."  Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson

txrattlesnake on 16 May 2009

Obama's stopping credit card rates from going up in the future causing credit card companies to hike the rates now isn't Obama's fault. It is a bad thing that will cause some people to slur Obama though. What he needs to do though is put a retroactive clause in his bill that says that any rates that go into effect as a response to his plan will be immediately thrown out when the bill passes.



Words Of Wisdom on 16 May 2009
TheRealMafoo said:

Sign... no one reads threads anymore. It does not suck to be me. It's not a lesson I am learning. I will just pay it off before the end of the month. I always had the money, I just like to keep enough in my savings for 3-4 months of income in case something happens to my job. I can go down to 3 months. Not a big deal.

If it wasn't an inconvenience to you then you wouldn't have mentioned your credit situation in the first place so yes, it still sucks to be you. 

As for the bolded part.  This is the kind of ignorance that's responsible for so many credit problems in the US.  People look at a credit balance and an account balance and have a tendency to underestimate how detrimental the credit balance can be.  "Oh everything is just peachy even if I have a large credit debt as long as my bank account balance looks nice."  That's about when credit card companies ramp up rates and you're stuck in a situation where the interest starts racking up but you can't pay it all off so it keeps going up. 

Better to have a lower account balance and no credit card debt than a nice balance with credit card debt.

As a side note, 3-4 months of income is... not that much.  Might want to save a bit more.



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The Ghost of RubangB on 16 May 2009

Credit cards are retarded. Old news.



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TheRealMafoo on 16 May 2009
Words Of Wisdom said:
TheRealMafoo said:

Sign... no one reads threads anymore. It does not suck to be me. It's not a lesson I am learning. I will just pay it off before the end of the month. I always had the money, I just like to keep enough in my savings for 3-4 months of income in case something happens to my job. I can go down to 3 months. Not a big deal.

If it wasn't an inconvenience to you then you wouldn't have mentioned your credit situation in the first place so yes, it still sucks to be you. 

As for the bolded part.  This is the kind of ignorance that's responsible for so many credit problems in the US.  People look at a credit balance and an account balance and have a tendency to underestimate how detrimental the credit balance can be.  "Oh everything is just peachy even if I have a large credit debt as long as my bank account balance looks nice."  That's about when credit card companies ramp up rates and you're stuck in a situation where the interest starts racking up but you can't pay it all off so it keeps going up. 

Better to have a lower account balance and no credit card debt than a nice balance with credit card debt.

As a side note, 3-4 months of income is... not that much.  Might want to save a bit more.

Thanks for your advice, but I think I am doing just find economically. 

 



TheRealMafoo on 16 May 2009
txrattlesnake said:
What he needs to do though is put a retroactive clause in his bill that says that any rates that go into effect as a response to his plan will be immediately thrown out when the bill passes.

 

You can't do this. The interest rate is there revenue, and it's based on there costs. If Obama is going to change the rules, so there costs go up, you can't penalize them by not allowing them to adjust there income.



That Guy on 17 May 2009
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That Guy on 17 May 2009

theorhetically, the credit industry should keep itself in check. However, we've built our entire economic system around the "credit rating," so you almost NEED a credit card in order to build up your credit.

As such, the credit card companies are holding Americans by the balls and they really have no consequences. Obama is simply trying to mitigate predatory lending.