Obama Signs Credit Card Bill, Says Consumers and Lenders Need to Act More Responsibly

That's going to make me credit and debit card efficient.

I will provide some basic pieces of knowledge. When you put something, on a credit card, the bank that backs your credit card pays the merchant and you are getting a loan from the bank and must pay back according to the terms of agreement of the card. A credit card’s terms is the contract you agree too when you apply for the bank’s card; it is really a simple truth, read the terms and yes even the small print, if you agree sign away if not don’t apply. If you do apply, do not cry later when the terms of the contract are enforced.

To the person that wants to roll back the debt, why not return everything you ever bought on a credit card in mint condition and get a refund to your card. You bought the stuff, used the stuff, and now must pay for the stuff.

Ben writes: "Also you assume that those who get into financial trouble are all
buying "frills" they cannot afford. As others have pointed out, some
people only use large cash advances as a last-chance loan when they
are in dire straits after losing a job or suffering a major unavoidable
health problem."
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No, Ben I don't assume this but you and I both know that CC abuse is generally driven by "materialistic" wants in a society that promotes buy now and pay later. But even if your premise is correct, what right does an individual who gets into dire straits have to say "It's not my fault I borrowed the money, so I get a break"? This sense of entitlement in the USA is killing the country. Bad things do happen to good people.....and Americans are very very generous to help those in need. What you are promoting is forced assistance from private industry to those in need.

I have been in the bankruptcy arena for many years......I have seen both sides of the issue. I am no fan of CC companies nor most large businesses.....but I can tell you that CC abuse is primarily a greed/want driven problem. As far as your argument about congress making it harder to file bankruptcy, that is a myth......it may be harder to file a Chapter 7 now if your income level is high enough, but bankruptcy filings in Chapter 13 are still available. In many of those cases CC debts (that are unsecured obligations) are generally paid at a very low percentage of what is owed.

Thats rich! You telling us to spend responsibly?!

Pot, meet Kettle.

Alessandro, is the world so black and white? victim mentality versus personal responsibility? As you can see from the
rest of my post, I think there are many ways of looking at this issue, and there is plenty of blame/responsibility to go around. Your strawman arguments that there is no constitutional
right to a low interest credit cards and to financial aid is irrelevant.

Nobody has claimed or inferred such rights. Personally I find it
more difficult and less efficient to live without one--though I use
cash and debit whenever possible. But try going on a road trip
without being able to book a hotel in advance, try renting a car or flying. Try buying a house. I'm not saying we have a right to any particular financial activity--just that our society is heavily dependent upon this structure which relies upon building a financial credit history in part through our use of credit cards. You can't ignore this reality and argue that people should not use credit cards.

Also you assume that those who get into financial trouble are all
buying "frills" they cannot afford. As others have pointed out, some
people only use large cash advances as a last-chance loan when they
are in dire straits after losing a job or suffering a major unavoidable
health problem.
If such people are initially willing and able to pay the already high rates, but later find themselves drowning in fees and even higher rates, why would you assume they are automatically being fiscally irresponsible?
But if cc companies prey on such people by waiting for any small misstep to royally screw them--as I argue they do, then I find such behavior morally corrupt.
I don't care if you're unsympathetic
to such people--the problem exists and we deserves fair and reasonable
rules to play by and to keep unscrupulous lenders in check.

Your sympathy for the poor cc companies who eat bad debts is misplaced--instead of inferring a link, why don't you look up how much CC debt gets wiped out by bankruptcy? Under Bush and the Republicans, legislation pushed by cc companies made it much more difficult to declare personal bankruptcy. You assume that these debts are the reason
for extraordinary fees and interest rates, but why don't you question
the premise that cc companies are entitled to extraordinary profits
in the first place?

Doesn't go far enough!

CC companies start charging a monthly fee to make up for loss money - Responsible people dump their cards - CC companies up monthly fee to make up for loss - More responsible people dump their cards - only the irresponsible people are all that is left with CC - CC companies "banks go bankrupt" - markets crash.

We have seen this before. "Let’s make it so anyone can get a Home" This will not end well trust me.

Obama has no idea what he is doing.

I would love to hear Joe Biden's opinion on this bill being passed..
The former Senator from Delaware, The Usury State.

I am very happy that some of the greed of credit card companies is being reined in with this bill.Before anyone feels sorry for their profit margin, remember that beside the interest and fee they charge the user, they also take a percentage of every purchase you make from the store's profits. In reality everything we buy is more expensive because of credit card usage.

The amendment about loaded guns in national parks is a bad idea for the simple reason that many campers are also drinking alcohol. We'll be hearing about angry drunks with lethal weapons shooting each other or innocent people. We'll be hearing about half-drunk campers or panicky types mistaking something moving as a wild ani mal that is endangering them when in fact it is a person hiking. The mistaken identity problem happens a lot amongst hunters already. The woods is looking a lot less friendly today.

yeah, I want to hear from a CC "Supervisor", as if your opinion matters. The attitude you present is amazing considering you wouldn't have a job if people did what you suggested, and left their loved ones to die from lack of medical treatment, lost their business because an emergency happened, paid for their children's tuition, or paid to bury someone who died unexpectedly.

How dare these people complain about the credit card rate, is that what you are saying?

Consumers and Lenders acting responsibly.. POTUS, you are in the U.S. of A.!!

if you pay your balance in full each month, why are you even reading this...

directing payments to balances with higher rates does help people (i.e. senseless people taking out cash), for one thing...

not charging the default rate for one day late is a big help for the morons who depend on mail or cant figure out how to work a pc (or if "i didn't get my statement" - look online tard, you know you have a payment due)...60 days b4 the default rate applies is wonderful, actually.

i thinks its hilarious it doesn't cap interest rates...how about don't borrow money if you cant pay it back in a timely manner...or how about don't borrow it if you have a crappy rate?

as a supervisor at major cc issuer, i can see that this will help millions, but it wont help people who don't carry a balance (DUH) or that use their cards incredibly irresponsibly...such as those who take a 1000.00 cash advance then call and bitch about the interest - you knew what you were doing, but you did it anyway

so, regardless of how good/bad/etc you may think it is...it's still 100% more helpful than ANYTHING BUSH DID for the consumer...that ownership society thing didnt work out so well...

Is it a good thing that Americans have almost a trillion dollars in credit card debt? Is it?

If the answer is no, then doesn't it make sense to offer credit card paydown incentives?

This reform bill is much ado about little. Besides focusing on incentive based credit card debt paydown programs, the right to OPT OUT when a bank makes a change in terms is not in this bill.

They came up with a "compromise" Opt out option, but even that aspect was not intelligently written.

Ben writes: "I am deeply puzzled by apologists for credit card companies and business
practices as usual just because they have been meekly accepted for so long."
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Ah....the victim mentality rules the day. We all have a constitutional right to a credit card with a low interest rate and help when we get in financial trouble????? If you can't pay the bills.....don't buy the frills on credit.

On a least three occasions over the last 5 - 10 years I have had a late payment fee added to one of my CC accounts. I call the company up to have the fee removed. They balk and I immediately tell them I want to close the account. The fee gets removed. Am I serious about closing it?? Right on skippy.......I can get another one in a heartbeat.

If you get sucked into the debt trap....please don't blame the CC companies.......look in the mirror. Ever seen how much CC debt gets wiped out by bankruptcy and uncollected accounts? If you did you might understand why CC's are high interest and fee driven ventures.....they are risky to any lender.

When I became disabled my income was cut in half after a few months of no income. A year later I went a few more months with no income. Needless to say our savings soon dried up while the bills pilled up. Our credit card bills were around $20,000. Every week we got offers for zero interest cards so we took advantage of them. It took about 5 years but now I can pay off the bill every month. It can be done, you just have to try.

I hate riders which have nothing to do with the original bill. In this case it needed to happen, I just don’t like the way it happened.

Forest or city, one is about as dangerous as the other and I carry a .45 in both places.

wa said: " I mean listen everyone has a primordial fear of running into a psycho on the trail, this will make it likely that the psycho will also be well armed if you do run into him, so the burden of protection yourself and your family is squarely on your shoulders!!! That was not a good idea at all!!!!"

wa, the 'psycho' will not have a concealed carry permit anyway, he will have some untraceable gun he bought off the street (or a knife, or a machete, or some other weapon). This law will not change THEIR behavior, except to possibly act as a deterrent. This law allows responsible gun owners to be able to defend themselves from the 'psycho'. And the burden of protecting yourself and your loved ones is ALWAYS on you, you should NOT count on the authorities to be there at the exact moment when a bad situation arises. Please, educate yourself.....

I only hope I am not penalized with additional fees for not incurring any charges or late payments.

Posted by: deanbob | May 22, 2009 10:53:18 PM===========Actually you will be. When Chase upped my interest from 11.0 to 29.99% I pulled and paid off the card. I then planned revenge. I kept the card open, did not close the account. I charge 10 to 20$ every month and pay off every month. Revenge because it costs them more to process my payment. In the same month I had the card paid off-balance to zero- they charged me 1.00 for a zero balance, and never sent me a bill. Fortunately I kept the account open and checked on the internet. If I hadn't checked, I would owe them $40 with the $39 late payment, plus they ruin my credit. Now I make certain I have at least a $10 balance and pay it every month. After this story it is my hope many of you will understand this bill is just blowing smoke to protect the predatory credit card companies and does nothing for the consumer. These are predatory credit practices and nothing in this bill stops it. The working tax payer is still expected to bleed for the wealthy.

Without a cap on interest rates, this bill is "just words" and another photo op for our president.

I never heard Bush trying to protect the American consumer. Did he ever?

This bill is a joke. It contains little that actually benefits consumers. Making the terms readable is like putting warning labels on cigarette packages. The addicted do not care what the small print says. If these clowns wanted real reform they could bring back some sensible usury laws. That would help people. This bill does nothing but blow smoke.