Credit Card "Bill Of Rights" - Free Market Interference!

[rambone]

if they try tacking on fees or interest from point of use til my bill comes in the mail, I will tell them that they can drop those fees and interest charges and never try that crap again or I will close all my accounts and go elsewhere.

Thats why this bill will hurt banks. They are being forced by Big Brother to do things they wouldn't ever dream of otherwise. OF COURSE its going to drive people away. "Consumer Protection" my ass.

 

[dburkhead]

True, true. I was trying to say that, from the credit card company's perspective, I'm not one of their "best customers," since they don't make any money off of me in interest or fees.

You also don't cost them anything.

If you do like some people (not enough, IMO, as opposed to other ways of using cards) do, however, and use the card regularly and just pay the bill on time then they do make quite a bit of money form fees. It's just that you don't see the fees. You buy something for $100. They pay the seller something like $97-98 and keep the difference. Repeat for every transaction.

 

[SavageEagle]

Here soon when the stock market finally starts crashing BIG TIME and the dollar becomes all but worthless, you better hope your credit cards aren't maxed out because that will be the time to do it. When SHTF. Cause when that time comes, those with credit cards that max them out on things that they will need will not be hurting because their credit will mean nothing and the banks will be going bankrupt anyway so it just won't matter. Besides when martial law is declared you won't have to worry about banks coming after you for your money....

I don't advocate that people do this, it's just what I would do if I had a credit card and SHTF...

 

[dburkhead]

Here soon when the stock market finally starts crashing BIG TIME and the dollar becomes all but worthless, you better hope your credit cards aren't maxed out because that will be the time to do it. When SHTF. Cause when that time comes, those with credit cards that max them out on things that they will need will not be hurting because their credit will mean nothing and the banks will be going bankrupt anyway so it just won't matter. Besides when martial law is declared you won't have to worry about banks coming after you for your money....

I don't advocate that people do this, it's just what I would do if I had a credit card and SHTF...

Actually, the best time to go into debt (at least so long as you have fixed interest--which credit cards generally are not) is right before a massive inflationary period. $100,000 fixed rate mortgage on your house. A short time into a hyperinflation period and that's pocket change.

The above is kind of facetious. If things get that bad, expect all sorts of confiscatory and other "fixes" that will render paying the mortgage with loose change moot.

 

[SavageEagle]

Actually, the best time to go into debt (at least so long as you have fixed interest--which credit cards generally are not) is right before a massive inflationary period. $100,000 fixed rate mortgage on your house. A short time into a hyperinflation period and that's pocket change.

The above is kind of facetious. If things get that bad, expect all sorts of confiscatory and other "fixes" that will render paying the mortgage with loose change moot.

I was fully expecting to get flamed on that post, mostly by you! Glad to see that, while you don't necessarily agree, you didn't completely disagree either!

Then again I could have read it wrong and the Gin and Juice just told me all is good and well and not to worry about it....