Credit Card Reform: Let's hope health care bill is better because all it got me was..

HipChick

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Mon Oct-19-09 04:12 PM
Original message

Credit Card Reform: Let's hope health care bill is better because all it got me was..

rate-jacked from 7.9% to 29.99% APR...I've been with Citibank for 24yrs..Fico's around 790..my mortgage is paid off..so I'm not a risk there..

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AllentownJake

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Mon Oct-19-09 04:13 PM
Response to Original message

1. Thank Evan Bayh

He was the driving force of fucking up that legislation. After he was done with it, it should have never been signed into law.

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Taverner

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Mon Oct-19-09 04:17 PM
Response to Reply #1

2. Yes, although it could have been even WORSE

The GOP wanted to bring back debtor's prison

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Possumpoint

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Mon Oct-19-09 04:41 PM
Response to Reply #2

9. I fought with BOA

To drop my rate to 9% a year ago. Recently they increased it to 15.9% without a reason. I'm dropping them for another card. I wish I didn't need a CC.

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Another Bill C.

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Mon Oct-19-09 04:18 PM
Response to Original message

3. Move your balance to

a local Credit Union card. You'll actually have a person to complain to and you can run for the board of directors if you're unhappy with the operation.

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Occam Bandage

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Mon Oct-19-09 04:18 PM
Response to Original message

4. Don't blame the legislation. What happened to you

Edited on Mon Oct-19-09 04:18 PM by Occam Bandage

was that the card companies got in all the rate-jacking they could before the law came into effect. They can't do that now; the law restricts raising rates on old balances.

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Matariki

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Mon Oct-19-09 04:30 PM
Response to Reply #4

7. The law should have included a rate cap

Like we used to have.

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Statistical

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Mon Oct-19-09 07:51 PM
Response to Reply #4

16. That is a cop out.

The "reform" left a giant blackhole sized loophole that only Congress "couldn't see". Why not make changes go into effect immediately? If everything else was delayed why not make any rate increase apply to new balances on day one?

I'll tell you why. The Dems wanted to claim "reform" without actually challenging the corp masters. The Rep wanted to protect their constituents = the banks. Both sides working hard to show them which party loves them more. 2 parties looking out for the poor banks and nobody looking out for main street.

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JimWis

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Mon Oct-19-09 04:23 PM
Response to Original message

5. I got a notice Friday from my credit card company - Wells Fargo -

they jacked me up to 21.9 percent. I guess I suspected it was coming, because I know a lot of you here on DU have had the same thing happen.

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corpseratemedia

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Mon Oct-19-09 04:30 PM
Response to Original message

6. maybe they could have implemented this immediately, but the way they left it

banks could jack up rates..which they did with two of my cards.

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sandnsea

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Mon Oct-19-09 04:34 PM
Response to Original message

8. Take out a 4% mortgage, pay the cards off

And then get a card with a local bank. I can't believe people bank with these assclowns and then have the nerve to blame the govt for what the bank is doing to them.

MOVE YOUR ACCOUNT!

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jtrockville

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Mon Oct-19-09 06:12 PM
Response to Reply #8

12. ^ BAD advice

Credit card debt is UNSECURED debt.
A mortgage is SECURED debt.

It's a BAD IDEA to trade unsecured debt for secured debt.

Though I agree you should move your UNSECURED credit card debt to a new debtor who doesn't charge such high interest rates (but don't hawk your house).

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sandnsea

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Mon Oct-19-09 07:06 PM
Response to Reply #12

13. With a 790 credit rating? Bull.

Edited on Mon Oct-19-09 07:08 PM by sandnsea

Stupid to pay that kind of interest on a credit card, horrifically stupid.

Besides, the point is what the hell are these people doing banking with this thieves and then complaining about Obama. They're the idiots that allow these banks to stay in business. If they don't want to pay 20% interest, get a mortgage loan and pay off their credit cards faster. If they want credit card interest, then move their banking somewhere that won't screw them over.

On Edit:

The person doesn't have a balance. So they could help the rest of us by taking a stand and moving their banking -- but noooo, none of the gripers ever do anything that affects them personally.

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HipChick

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Mon Oct-19-09 07:16 PM
Response to Reply #13

14. What does that really do,moving your banking?..

Banks don't give a crap...and you hurt your FICO and age on accts..

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sandnsea

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Mon Oct-19-09 07:38 PM
Response to Reply #14

15. You clearly don't need the credit

Just like the day after 2004. If all the Democrats had moved their investments into renewable energy and other altruistic investements, we'd have had a recount in Ohio in an instant. Nobody ever puts their money where their mouth is, it's just bitch bitch bitch.

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Lone_Star_Dem

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Mon Oct-19-09 04:45 PM
Response to Original message

10. If your not near your credit cap and have that good a credit score...

You should be able to get that balance transferred to a less greedy bank card. Shop around and see what you can find. As was mentioned above if you can do a local credit union (and in your situation they should welcome with open arms) it's better all the way around. After you do that, destroy the card and be sure and tell Citibank why they've lost your business.

I hope every person in your position they've done this to does likewise. It's the people who cannot transfer their balances due to bruised credit scores who are the real victims in this.

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HipChick

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Mon Oct-19-09 04:52 PM
Response to Original message

11. I don't have a balance, but for those who do..

aren't they just forcing people into bankruptcy?..I'm sure there are some folks that will get stuck with a balance at 29.99%, with no place to go...

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