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Credit Card Legislation


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#11 Fireball77

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Posted 22 May 2009 - 12:47 PM

But risk is where the money is.

I see your point, and concede that it true, but I worked for a CC bank and that's not how they were successful. It's not that I think they have a moral obligation to people to protect them from themselves, it's more that I think it's foolish long term to make bad loans.

I am not a big regulations or protecting people from themselves person at all as long as things are disclosed up front, so I am a bit torn on MAKING them do that with the cosigner. I would rather see the companies have to pay the price for being stupid by going out of business. However I see no problem with making sure they warn people of everything, and think everything should be disclosed in plain language. I feel that if that is done, people have nothing to whine about when they get into trouble with the CCs. Bankruptcy is pretty easy to file for/get and it sucks for stiffed creditors.

#12 Snake

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Posted 23 May 2009 - 12:48 PM

I see your point, and concede that it true, but I worked for a CC bank and that's not how they were successful. It's not that I think they have a moral obligation to people to protect them from themselves, it's more that I think it's foolish long term to make bad loans.

I am not a big regulations or protecting people from themselves person at all as long as things are disclosed up front, so I am a bit torn on MAKING them do that with the cosigner. I would rather see the companies have to pay the price for being stupid by going out of business. However I see no problem with making sure they warn people of everything, and think everything should be disclosed in plain language. I feel that if that is done, people have nothing to whine about when they get into trouble with the CCs. Bankruptcy is pretty easy to file for/get and it sucks for stiffed creditors.






See the thing is that in past the banks would allow people to take out more and more loans and string along so they would not go out of business. My fam is in the restaurant business and I can tell you for sure it takes a while for anyone to go out of business and it hurts all the other business they are competing with. Really its a kamikaze attack because you know they are gonna fail but they all try to take you with them. This is why our country is in such a bad mess right now because banks just let them keep getting more and more and more till they defaulted.

#13 Delhommey

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Posted 23 May 2009 - 01:53 PM

Obama should realize that capitalism works best when there are no rules. Only the strong survive, baby!

#14 Go To Girl

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Posted 23 May 2009 - 10:50 PM

I wonder if that will affect people under 21 who have a card now. I made my son get one before he left home to go to college so he could learn to use it responsibly. He does. I did not want the first place he encounter credit card to be the vultures at clllege who suck kids in by giving them something free.

When he was applying for it, they almost made me co-sign (at the credit union), but in the end did not. He was pretty stable financially. He only asked for a $500 limit so that probably helped too. That's plenty for him.

#15 Snake

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Posted 24 May 2009 - 12:33 AM

I wonder if that will affect people under 21 who have a card now. I made my son get one before he left home to go to college so he could learn to use it responsibly. He does. I did not want the first place he encounter credit card to be the vultures at clllege who suck kids in by giving them something free.

When he was applying for it, they almost made me co-sign (at the credit union), but in the end did not. He was pretty stable financially. He only asked for a $500 limit so that probably helped too. That's plenty for him.




If he has a job he should be fine. Lots of people under 21 prob will get dumped and there credit will go down with the new laws.