Comments on: New Credit Card Protections Take Effect http://www.moneyfunk.net/finances/credit-card-act/ Personal Finance & Frugal Living Tue, 07 Feb 2012 09:38:55 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: money funkhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4721 money funk Tue, 23 Feb 2010 03:58:28 +0000 http://www.moneyfunk.net/?p=5294#comment-4721 I learned the hard way about not letting credit card companies take advantage of me. Lots of years and money poured out. But I probably learned more from experience than college. ;) I wondered that about people getting let off the hook, but with the CC companies increasing rates and lowering balances... maybe not so much. And if they are being let off the hook, any new purchase could definitely hurt them as there are no caps on fees and/or after 45 days notice that rate could be any %. Thank you for thought provoking comment. I learned the hard way about not letting credit card companies take advantage of me. Lots of years and money poured out. But I probably learned more from experience than college. ;)

I wondered that about people getting let off the hook, but with the CC companies increasing rates and lowering balances… maybe not so much. And if they are being let off the hook, any new purchase could definitely hurt them as there are no caps on fees and/or after 45 days notice that rate could be any %. Thank you for thought provoking comment.

]]> By: money funkhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4720 money funk Tue, 23 Feb 2010 03:54:24 +0000 http://www.moneyfunk.net/?p=5294#comment-4720 Thanks. I never thought of that, but if they do... pay off any previous balances before they hike those existing rates! Thanks. I never thought of that, but if they do… pay off any previous balances before they hike those existing rates!

]]> By: money funkhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4719 money funk Tue, 23 Feb 2010 03:53:21 +0000 http://www.moneyfunk.net/?p=5294#comment-4719 Definitely. I really think there should have been a pre-Act before the Act. We all watched as we received the rate increase letters. And now to hear they are implementing more fees on debit cards. *shame* I do hope that people read their statements and SEE just how much they are paying into that purchase they made. Nice comment. Thank you. :) Definitely. I really think there should have been a pre-Act before the Act. We all watched as we received the rate increase letters. And now to hear they are implementing more fees on debit cards. *shame*

I do hope that people read their statements and SEE just how much they are paying into that purchase they made. Nice comment. Thank you. :)

]]> By: money funkhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4718 money funk Tue, 23 Feb 2010 03:51:27 +0000 http://www.moneyfunk.net/?p=5294#comment-4718 I very much like your final statement. Many of those disclosures are written in Latin. I think parents are not sure how to teach their kids about finance. I know I remain a bit clueless, but I hope that this blog and my financial actions will help him. And I am happy to hear credit card companies cannot offer free tokens with the credit card offer w/in 1000 ft of the campus. I hope the Credit CARD Act really does help consumers. I very much like your final statement. Many of those disclosures are written in Latin. I think parents are not sure how to teach their kids about finance. I know I remain a bit clueless, but I hope that this blog and my financial actions will help him.

And I am happy to hear credit card companies cannot offer free tokens with the credit card offer w/in 1000 ft of the campus. I hope the Credit CARD Act really does help consumers.

]]> By: Sunday Link Rodeo 19 – Special Monday Editionhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4717 Sunday Link Rodeo 19 – Special Monday Edition Tue, 23 Feb 2010 03:05:02 +0000 http://www.moneyfunk.net/?p=5294#comment-4717 [...] New Credit Card Protections Take Effect from @moneyfunk [...] [...] New Credit Card Protections Take Effect from @moneyfunk [...]

]]> By: Evolution Of Wealthhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4715 Evolution Of Wealth Tue, 23 Feb 2010 01:33:50 +0000 http://www.moneyfunk.net/?p=5294#comment-4715 I definitely think that these are some steps in the right direction but as I read your post all I could wonder is if people are getting let off the hook for their own bad behaviors/habits? You mention you having good credit. I'm guessing that you, even with debt, don't let credit card companies take advantage of you. Either way I'm a big proponent of the changes. I definitely think that these are some steps in the right direction but as I read your post all I could wonder is if people are getting let off the hook for their own bad behaviors/habits? You mention you having good credit. I’m guessing that you, even with debt, don’t let credit card companies take advantage of you. Either way I’m a big proponent of the changes.

]]> By: Jessiehttp://www.moneyfunk.net/finances/credit-card-act/#comment-4707 Jessie Mon, 22 Feb 2010 19:19:22 +0000 http://www.moneyfunk.net/?p=5294#comment-4707 Great Summary of the new rules! It will be interesting to see if Canada follows suit. Great Summary of the new rules! It will be interesting to see if Canada follows suit.

]]> By: RainyDaySaverhttp://www.moneyfunk.net/finances/credit-card-act/#comment-4705 RainyDaySaver Mon, 22 Feb 2010 18:02:23 +0000 http://www.moneyfunk.net/?p=5294#comment-4705 I'm all for limiting credit to those under 21, because as Lillie says, they're the ones targeted with freebies. As for interest rates being hiked, that's just the credit card companies' attempt to keep their revenue stream where it is. Sneaky, because they did it before the new rules went into effect. I do like that the new statements show how long it takes to repay the debt -- mine shows how long and how much interest you'll pay if you just make the minimum payment, and what your monthly payment would be to take 3 years to pay it off. Those stats will likely be eye-openers for a lot of people carrying large debts. I’m all for limiting credit to those under 21, because as Lillie says, they’re the ones targeted with freebies. As for interest rates being hiked, that’s just the credit card companies’ attempt to keep their revenue stream where it is. Sneaky, because they did it before the new rules went into effect. I do like that the new statements show how long it takes to repay the debt — mine shows how long and how much interest you’ll pay if you just make the minimum payment, and what your monthly payment would be to take 3 years to pay it off. Those stats will likely be eye-openers for a lot of people carrying large debts.

]]> By: Lilliehttp://www.moneyfunk.net/finances/credit-card-act/#comment-4701 Lillie Mon, 22 Feb 2010 17:13:57 +0000 http://www.moneyfunk.net/?p=5294#comment-4701 The Credit CARD Act offers consumers many benefits, especially young consumers. Many of the consumers that I speak with during financial literacy sessions often mention that a great deal of their debt was accumulated during their years in college where they signed up for a credit card in exchange for a free T-shirt, pizza or some other token prize. Since many students are not privy to financial literacy classes in middle or high school, they are not equipped to handle their personal finances once they transition to adulthood. My hope is that consumers will take the time to learn about their rights simply by reading their credit card disclosures. They should be more reader-friendly and well worth reading. Too, if there is a question, I encourage a follow-up call with a customer service representative to confirm complete understanding of what the text means. The Credit CARD Act offers consumers many benefits, especially young consumers. Many of the consumers that I speak with during financial literacy sessions often mention that a great deal of their debt was accumulated during their years in college where they signed up for a credit card in exchange for a free T-shirt, pizza or some other token prize. Since many students are not privy to financial literacy classes in middle or high school, they are not equipped to handle their personal finances once they transition to adulthood. My hope is that consumers will take the time to learn about their rights simply by reading their credit card disclosures. They should be more reader-friendly and well worth reading. Too, if there is a question, I encourage a follow-up call with a customer service representative to confirm complete understanding of what the text means.

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