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Panthro

Credit Card Legislation

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Greed and predatory lending wasn't only confined to the mortgage industry...this personally hits closer to home and has been going on for too long.

Thanks Obama!

The new rules, which would go into effect in nine months, would prohibit credit card companies from giving cards to people under 21 unless they can prove they have the means to pay the debt or a parent or guardian co-signs for the card.

http://news.yahoo.com/s/ap/20090522/ap_on_go_pr_wh/us_obama_credit_cards

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But...but don't credit card companies have the God Given Capitalistic Right to screw over whomever they like in the name of Free Markets?

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I have a $15k Belushi "College" shirt...lol

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Both the consumer and the CC companies are at fault for the mess, IMO.

And for a similar reason I would bet: spending unwisely to begin with.

To me, it's bad business to take on poor credit risks as customers, so I think this is a good thing, the cosigning. But it's something a smart big picture company should have already been doing, not lending to very risky customers. When the article says PROVE they have the means to pay, I assume they are talking about secured credit cards? Because one would think that current income would already be a required piece of info.

I think it's good to make sure consumers get maximum notice as well.

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But...but don't credit card companies have the God Given Capitalistic Right to screw over whomever they like in the name of Free Markets?

Ever hear no such thing as a free lunch or if it's too good to be true it probably is or don't look a gift horse in the mouth or don't write a check your arse can't cash or money for nothing and the chicks for free?

Sorry. A very small% of people use credit cards wisely.

Not you wanna talk universal default policy or double cycling billing or changing the payment date etc...I'm with ya.

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But...but don't credit card companies have the God Given Capitalistic Right to screw over whomever they like in the name of Free Markets?

Yes, as long as the shareholders are happy.

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Both the consumer and the CC companies are at fault for the mess, IMO.

And for a similar reason I would bet: spending unwisely to begin with.

To me, it's bad business to take on poor credit risks as customers, so I think this is a good thing, the cosigning. But it's something a smart big picture company should have already been doing, not lending to very risky customers. When the article says PROVE they have the means to pay, I assume they are talking about secured credit cards? Because one would think that current income would already be a required piece of info.

I think it's good to make sure consumers get maximum notice as well.

But risk is where the money is.

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I think every credit card application should have in big, bold letters at the top of the application:

Hey f*cktard, this is not free money!

Good job The Barry. However, he needs to hammer home that there is some personal responsibility in this world.

On a side note, Libs and their "corporate greed" stuff trip me out. LOLZ

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people smoke even with the warnings. they prey on college kids....that is all

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people smoke even with the warnings. they prey on college kids....that is all

I saw it first hand. These credit card "reps" came to the football dorm at WCU my freshman year. They actually walked down the halls knocking on the doors and talking to the brothers, most of whom came from less privelaged families. Their sales line was "I can get you a $5,000 credit limit today if you sign up right now." I'll bet they signed up 30 new clients on my floor alone.

Sadly, most these guys blew there Pell Grant money on beer and weed also. I used to give this guy a ride home when we went home for a weekend or something. Dude spent his entire Pell Grant (which was like $1300) in one weekend. Bought a hotel room and booze and whatever else for all his boys.

Personal responsibility.....not just credit card predators.

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