Banks could be hurt by new credit card minimum payment rules...

Obamarama

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Mon Mar-13-06 04:28 PM
Original message

Banks could be hurt by new credit card minimum payment rules...

Edited on Mon Mar-13-06 04:29 PM by KzooDem

BOO FUCKING HOO. You think we care, ya predatory reptiles?

NEW YORK (AP) - Making the minimum payment on your credit card bill might not be as easy as it used to be, and two of the nation's largest banks say their own finances might suffer as a result.

"Both Citigroup Inc. and JPMorgan Chase & Co. said in recent filings with the Securities and Exchange Commission that delinquencies and charge-offs might spike in the second half of the year. That's when the banks believe new federal guidelines that require significantly increased monthly minimum payments will begin to hurt customers already struggling to pay bills." (GEE...do ya THINK???)

http://www.moneysense.ca/news/company_news/shownews.jsp?content=D8GACL402_ap

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unblock

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Mon Mar-13-06 04:32 PM
Response to Original message

1. of course they're not telling you about the UPside

which is that those of us who "locked in" great deals like 2.9% interest "for life" will now have to pay down that cheap debt twice as fast. so my debt will shift back to my home equity line of credit, which is at a higher rate.

in other words, this is a great way for them to get rid of those loss-leading "teaser" rate deals.

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BOSSHOG

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Mon Mar-13-06 04:32 PM
Response to Original message

2. I have a Citigroup Card

and they have not raised the minimums on my card yet. "Conservative" businessmen whining about being fucked by "conservative" politicians. Thats a nice chuckle.

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rkc3

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Mon Mar-13-06 05:02 PM
Response to Reply #2

8. Reminds me of my republican in-laws.

Spent the weekend complaining about NCLB, the credit card legislation, Medicare, and high energy prices. I have never enjoyed their company this much.

If I had had a few more beers, I might have had to bring up my pre-election comments about being careful what you wish for.

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GrumpyGreg

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Mon Mar-13-06 04:33 PM
Response to Original message

3. Lowering the minimum payment was originally done to help the

Edited on Mon Mar-13-06 04:34 PM by GrumpyGreg

banks because people would be paying more interest because of the higher balance and it was a "hook" to get folks to get the cards.

I hope the CC companies suffer,I really do. They are pure evil.

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BlueManDude

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Mon Mar-13-06 04:36 PM
Response to Original message

4. banks? what about the cardholders?

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MsUSA

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Mon Mar-13-06 04:38 PM
Response to Original message

5. I just terminated my Discover card, because of the new

terms to the account. I don't use it much anyway, always paid it off, but just got the "new terms of the agreement" in the mail on Saturday. Terminating it feels great.... I'm free.

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ClintonTyree

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Mon Mar-13-06 04:38 PM
Response to Original message

6. Of course, the new bankruptcy laws protect the credit card companies...

so there won't be nearly as many people eligible for protection from predatory lenders, they'll have to pay them back for the rest of their lives and live at or below poverty levels to do it.

Yeah, cry me a fucking river you predatory bastards. :grr: You got what you wanted and now you're crying about it? :puke:

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jedicord

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Mon Mar-13-06 04:39 PM
Response to Original message

7. My credit cards upped the minimum in January.

I was a good girl and didn't use them for Christmas presents, but used up cash reserves instead. Then I get hit in January with higher minimums that were not in my budget.

I used to pay more than the minimum, now I can't afford the minimums, which were raised 3X. My first late payment on a card made the interest rate go from 5% to 31%. No sh_t. PLUS a hefty late charge.

Screw you banks.

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meegbear

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Mon Mar-13-06 05:08 PM
Response to Original message

9. Just joined Take Charge America to handle mine ...

4 cards, 2 charging 30% with one, Bank of America, doing it becuase I was late IN AUGUST! They retroactively charged me, the fuckers.

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Weembo

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Mon Mar-13-06 05:48 PM
Response to Original message

10. I finally got around to paying all of mine off

And telling each card company, as I cancelled my card, that I was doing it because of their company's support of the bankruptcy law.

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