Re: Do you pay off your credit card responsibly? If so you just got screwed!!!
I think it's too early to know what will become of the credit card legislation just enacted. I'm having a hard time seeing it all bad, especially when the credit card companies themselves put so much effort and threatened the implementation of scare tactics in trying to defeat the legislation. There were a lot of Republican politicians that voted for this legislation also.
It's the first legislation since the crisis aimed to prevent some abuse of the people that received the loans, rather than bailing out those banks, insurance companies, and financial institutions that were happily making money hands over fist lending the money, until their house of cards collapsed.
There's any number of different credit card companies that will still be competing for our money and business. Time will tell if they all agree to start slamming card holders with unreasonable fees. I personally think it will be a tough sell. I know I don't HAVE to have and use credit cards - if worse comes to worse. How will they make more money if 30% of card holders stop using them?
I watched a Gwen Iflle Washington Week show on PBS last night, and that's where some of this is coming from. Some is me trying to figure out how credit card companies will get away with screwing over their clientele. Not sure they can pull it off. It may just mean they'll have to settle for making less money than they used to, the same way that banks, insurance companies, and financial institutions will have to figure out how to move on without the huge profits that they generated with their bogus practices of the past 4 years that led to the financial crisis.
As far as politics goes, if there was only one right way, it wouldn't be called a Democracy. If I have to share all the same political beliefs and positions of another, and vote for the same candidates as another in order to be "accepted" or "friends", then I'll take a pass on meeting those eligibility requirements. No amount of peer pressure will force conformity.
Lastly, this isn't really worth getting all worked up about. But if one must, I suppose one must.
Last edited by phorwath; 05-23-2009 at 11:09 PM.