My Sister Sent Me This Email

[Axxman]

You must not use credit cards, Axx. These predators can legally change an agreement after it is made without any notice, they can raise your interest rates if you are late on a payment to someone else (they troll credit reports constantly) and they can lower your credit limit to the point where it puts you OVER your limit and then charge you a fee for that. It happened to one of my co-workers and the lowered credit limit hurt his credit score even more. Congress has always regulated this industry but, thanks to the powerful lobbyists, they have been pretty lax. This is not about living beyond one's means; it's about the public being held up and robbed. It's time SOMEONE reined in these out of control companies and, in this, I support the President.

Actually...I use ONE credit card. I CHOOSE to shred any other CC offer I get, and about every 4-6 months my CC company begs me to raise the limit on my existing card with lower rates and such. I simply decline.

However...my point was NOT a stand in favor of CC companies and banks. Clearly they are involved in some shady financial gimmicks...and maybe straight ripping people off. Call me crazy, but if my CC company does something I don't like, or does bad business...I no longer do business with that company. If you go to Home Depot and you think they have shady business dealing's and practices...you quit going to Home Depot. You don't ask the Gov't to start running Home Depot. I don't want the gov't to run CC companies any more than I want them running Home Depot or any other private business.

Problem is, people act like they have a right to a credit card. And liberals certainly seem to think that everyone should have one...cuz its just not fair that only people who can afford them should get them. The reason CC companies are out of control in their business practices is because people keep doing business with them. I believe that CC companies would change if the general public quit doing business with them. And if they didn't change...they would go out of business. Thats the free market that liberals in Washington just can't understand.

If you support the President in this action then you are giving up on one of the MAJOR cornerstones of Conservatism in America...The Free Market and Capitalism. You are also supporting the exact same political ideologies that allowed the gov't to intervene in the Free Market and cause the economic situation that this country is currently embroiled in. I know that in difficult economic times we are looking for answers but we must not get so desperate that we will allow the overthrow of our basic ideologies for some temporary relief. If CC companies are doing bad business...then quit doing business with them.

[Believer1997]

You must not use credit cards, Axx. These predators can legally change an agreement after it is made without any notice, they can raise your interest rates if you are late on a payment to someone else (they troll credit reports constantly) and they can lower your credit limit to the point where it puts you OVER your limit and then charge you a fee for that. It happened to one of my co-workers and the lowered credit limit hurt his credit score even more. Congress has always regulated this industry but, thanks to the powerful lobbyists, they have been pretty lax. This is not about living beyond one's means; it's about the public being held up and robbed. It's time SOMEONE reined in these out of control companies and, in this, I support the President.

Actually...I use ONE credit card. I CHOOSE to shred any other CC offer I get, and about every 4-6 months my CC company begs me to raise the limit on my existing card with lower rates and such. I simply decline.

However...my point was NOT a stand in favor of CC companies and banks. Clearly they are involved in some shady financial gimmicks...and maybe straight ripping people off. Call me crazy, but if my CC company does something I don't like, or does bad business...I no longer do business with that company. If you go to Home Depot and you think they have shady business dealing's and practices...you quit going to Home Depot. You don't ask the Gov't to start running Home Depot. I don't want the gov't to run CC companies any more than I want them running Home Depot or any other private business.

Problem is, people act like they have a right to a credit card. And liberals certainly seem to think that everyone should have one...cuz its just not fair that only people who can afford them should get them. The reason CC companies are out of control in their business practices is because people keep doing business with them. I believe that CC companies would change if the general public quit doing business with them. And if they didn't change...they would go out of business. Thats the free market that liberals in Washington just can't understand.

If you support the President in this action then you are giving up on one of the MAJOR cornerstones of Conservatism in America...The Free Market and Capitalism. You are also supporting the exact same political ideologies that allowed the gov't to intervene in the Free Market and cause the economic situation that this country is currently embroiled in. I know that in difficult economic times we are looking for answers but we must not get so desperate that we will allow the overthrow of our basic ideologies for some temporary relief. If CC companies are doing bad business...then quit doing business with them.

If you are living hand to mouth and using everything you've got just to survive - sometimes you HAVE to use credit cards. There are a lot of people who have to use them to survive - they don't have an option - they aren't out 'living large' - they are just trying to buy items of necessity - food, medicine, shelter for their kids - and now CC companies are making it hard for those people. I have the option of not using them - but I know of a lot of people who wouldn't be able to live without a little help the credit card gives them.

[Axxman]

If you are living hand to mouth and using everything you've got just to survive - sometimes you HAVE to use credit cards. There are a lot of people who have to use them to survive - they don't have an option - they aren't out 'living large' - they are just trying to buy items of necessity - food, medicine, shelter for their kids - and now CC companies are making it hard for those people. I have the option of not using them - but I know of a lot of people who wouldn't be able to live without a little help the credit card gives them.

I'm sorry...but if someone is that broke...they have NO business having a credit card. In fact, I would suggest that a family in that situation would immediately improve their chances for success by getting rid of their credit cards. Furthermore...if you are doing business with a company and they are "making it hard" for you because of their business practices...call me crazy, but what sane person would keep doing business with that company???

[Believer1997]

There are plenty of 2 and 3 job households holding down minimum wage jobs who do not have health care and make "too much" money for financial assistance or Medicaid - but not really enough to get by. A $200 car repair or a $150 doctor bill comes and they have to pay it. I maintain to you that some of these people (many, many families are in these dire straits) and use a credit card to fill the gap. They don't have a credit rating like you or I may have - they have to live and are doing everything they can to make it work. They are called "working class poor". And... I'm not going to be the one to call you crazy.

[forrestkc]

On one hand, credit card companies should be able to run their business as they see fit without government interference. The government should not be in the business of stepping in to rescue people from themselves.

However, on the other hand, there is such a thing as usury laws and nations have them for a reason. Let's look at what the Obama Administration is proposing here:

"So Obama outlined the principles for any legislation: Protections so that consumers won't face sudden, surprising jumps in fees; requirements that companies publish their forms in plainspoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law."

So basically, he wants to have credit card agreements in plain language, ways of comparing credit care offers (Can't you do this now?), and protections against sudden increases in interest rates and fees. So basically, he wants credit card companies to be under the same legal restraints a loan shark would be under. Thats hardly a huge government intrusion into the private sector. Basically, he is proposing that credit card companies should not be able to legally do something that the mafia would not be able to get away with.

[MorningGlory]

If you support the President in this action then you are giving up on one of the MAJOR cornerstones of Conservatism in America...The Free Market and Capitalism. You are also supporting the exact same political ideologies that allowed the gov't to intervene in the Free Market and cause the economic situation that this country is currently embroiled in. I know that in difficult economic times we are looking for answers but we must not get so desperate that we will allow the overthrow of our basic ideologies for some temporary relief. If CC companies are doing bad business...then quit doing business with them.

I guess I didn't explain myself well enough...these lenders have to be regulated by law and they always have been; just not sufficiently. They are sharks and are going to devour anything they can if left to swim free. I pointed out the highway robbery practices they use on their customers. Do you think these banks are going to just start giving up those billions of their own volition? Or that credit card holders can just not pay what is demanded of them? Well, you can if you don't mind losing your credit rating. Or that they have any defense against the terms of their contract being changed at the bank's whim? Customers can't just 'stop doing business' with them unless they pay the amount the bank decides they owe, in addition to the actual amount charged. Come into the real world, Axx. Let me ask you this; what other lenders can change contractual terms, after the document is signed, and increase the amount you are required to pay them monthly and in total?

[Axxman]

On one hand, credit card companies should be able to run their business as they see fit without government interference. The government should not be in the business of stepping in to rescue people from themselves.

However, on the other hand, there is such a thing as usury laws and nations have them for a reason. Let's look at what the Obama Administration is proposing here:

"So Obama outlined the principles for any legislation: Protections so that consumers won't face sudden, surprising jumps in fees; requirements that companies publish their forms in plainspoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law."

So basically, he wants to have credit card agreements in plain language, ways of comparing credit care offers (Can't you do this now?), and protections against sudden increases in interest rates and fees. So basically, he wants credit card companies to be under the same legal restraints a loan shark would be under. Thats hardly a huge government intrusion into the private sector. Basically, he is proposing that credit card companies should not be able to legally do something that the mafia would not be able to get away with.

Banks are not running like the Mafia...they are not involved in illegal business pratices. Using the term loan shark might make for juicy headlines, but there is nothing like that happening here. Lenders have found LEGAL loopholes in order to make more money. People may not like the idea of a business making more money...but thats what businesses do.

I agree, in part, with Obama's position. I have NO problem with lenders who don't have surprising rate jumps, or plain-spoken contracts...Its just not the gov'ts business to tell those lenders how to do business. What should happen is people need to quit making excuses about how they can't live without doing business with these lenders and let the free market come to bear. If the lenders start to see a loss on their bottom line they will change their ways...or they will go out of business.

[Axxman]

I guess I didn't explain myself well enough...these lenders have to be regulated by law and they always have been; just not sufficiently. They are sharks and are going to devour anything they can if left to swim free. I pointed out the highway robbery practices they use on their customers. Do you think these banks are going to just start giving up those billions of their own volition? Or that credit card holders can just not pay what is demanded of them? Well, you can if you don't mind losing your credit rating. Or that they have any defense against the terms of their contract being changed at the bank's whim? Customers can't just 'stop doing business' with them unless they pay the amount the bank decides they owe, in addition to the actual amount charged. Come into the real world, Axx. Let me ask you this; what other lenders can change contractual terms, after the document is signed, and increase the amount you are required to pay them monthly and in total?

They are not sharks...they are a money making business. Are we now going to refer to every business that makes money off of the customer a shark? McDonalds is also a "shark." They now only give ONE little tub of BBQ sauce for a 6 piece McNugget...and they charge for an extra!!! Those sharks know it takes more bbq sauce for 6 pieces and I am 'entitled' to an extra bbq sauce.

Why should banks have to give up billions of their own volition? Should every business (or private citizen) have to give up their money just because the gov't is now going to decide whats fair, or not? I can't imagine a scenario in which we would want the gov't involved in making those types of decisions for businesses.

Again, you are blaming the bank because the customer is over-extended. The customer shouldn't have been spending money they don't have in the first place...and now the customer wants to complain about how the bank goes about getting its money back??

To answer your question...all lenders can do it. Not that they should...but it is perfectly legal. Not only that, the consumer is advised of it (in the small print) and yet they still agree to take the card and spend money they can't afford to pay back.

The gov't has NO business telling a legal company, that has broken no laws, how to do business. Just about the only recourse the gov't has in this case is to change the law...not meddle in the private sector.

[Believer1997]

I guess I didn't explain myself well enough...these lenders have to be regulated by law and they always have been; just not sufficiently. They are sharks and are going to devour anything they can if left to swim free. I pointed out the highway robbery practices they use on their customers. Do you think these banks are going to just start giving up those billions of their own volition? Or that credit card holders can just not pay what is demanded of them? Well, you can if you don't mind losing your credit rating. Or that they have any defense against the terms of their contract being changed at the bank's whim? Customers can't just 'stop doing business' with them unless they pay the amount the bank decides they owe, in addition to the actual amount charged. Come into the real world, Axx. Let me ask you this; what other lenders can change contractual terms, after the document is signed, and increase the amount you are required to pay them monthly and in total?

They are not sharks...they are a money making business. Are we now going to refer to every business that makes money off of the customer a shark? McDonalds is also a "shark." They now only give ONE little tub of BBQ sauce for a 6 piece McNugget...and they charge for an extra!!! Those sharks know it takes more bbq sauce for 6 pieces and I am 'entitled' to an extra bbq sauce.

Why should banks have to give up billions of their own volition? Should every business (or private citizen) have to give up their money just because the gov't is now going to decide whats fair, or not? I can't imagine a scenario in which we would want the gov't involved in making those types of decisions for businesses.

Again, you are blaming the bank because the customer is over-extended. The customer shouldn't have been spending money they don't have in the first place...and now the customer wants to complain about how the bank goes about getting its money back??

To answer your question...all lenders can do it. Not that they should...but it is perfectly legal. Not only that, the consumer is advised of it (in the small print) and yet they still agree to take the card and spend money they can't afford to pay back.

The gov't has NO business telling a legal company, that has broken no laws, how to do business. Just about the only recourse the gov't has in this case is to change the law...not meddle in the private sector.

In my opinion, you still aren't seeing the critical picture, but at this point - I don't think there is anyway to adequately convey it to you..... Try to be blessed.

[nagwalk]

There is a percentage of people in your own country who are hard left and right who would not accept anything the other side does.

It would not be right for anyone to think that the majority of Americans are hard one way or the other. Most are more middle of the road and don't give opinion one way or the other.

If people have problems with government intervention now, will they argue on the side of the world when Jesus brings in His rule with a rod of iron? Just curious...