You may have heard about the new credit card rules, but what do they mean for you?
It depends on who your card is with, how you use it, and your credit.
Odysseas Papadimitriou recently published some predictions on how you'll be affected, highlighting:
- If you have good credit
- If you have bad credit
- If you use a secured credit card
- If you're under 21
Further reading:
Thanks Justin!
This is the most comprehensive analysis I have seen.
Read with interest some article on here telling consumers how to beg the robber-baron credit card finance sector to pleeeeez pleeeeez purty pleeeez don’t charge me usery loan shark interest rates.
How about we, as consumers and tax payers, fight back?
First, these robber barons gutted their revenue pre-profit statement for billions of dollars of compensation/salaries/perqs for a handful of their richest employees–resulting in reducing benefits for workers; laying off workers; forcing remaining workers to work more hours for less pay and loss of time and a half–until these hollowed out husks of corporations collapsed, bringing down the US’ economy and the world economy for the benefit of a handful of millionaires, they THEN had the audacity to take tax-payer money to continue to support their emperial life-styles.
On top of this, they then increase interest rates on existing credit card balances to beyond usery levels of 30+% APR for the very taxpayers/consumers from whom they’d just taken billions of dollars of tax money!!!!
And you want us to beg them pretty pleeeeeez don’t screw us anymore?!
Where are your gonads, bud?
EVERY consumer/citizen must fight back. Since our legislators won’t fight back for/protect us and cap interest rates for their best-buddy millionaire buddies, it’s up to us to fight back for ourselves.
I have one credit card which is giving me 10.15% APR.
I have another credit card which skyrocketed to 31.99% APR when I had not missed a payment in years, always pay more than minimum and have paid off the balance in the thousands more than once.
I sent that credit card company an e-mail. In it, I gave them more or less the same message I started this post with and then told them that I would NOT COOPERATE WITH USERY.
I told them that unless they reduced the interest rate on my credit card to no more than 10.5% APR, I WASN’T GOING TO PAY THEM ANOTHER RED CENT.
DON’T BEG THESE THEIVES, ROBBERS AND REVENUE RAIDERS TO DO ANYTHING FOR YOU!
DEMAND IT!
STAND UP FOR YOURSELVES AND TELL THESE PEOPLE YOU ARE NO LONGER GOING TO SUPPORT THEIR LAVISH OUTRAGEOUS LIFESTYLES AT THE DETRIMENT TO YOURSELF, YOUR FAMILY AND YOUR COUNTRY AND UNLESS THEY REDUCE THE APR ON YOUR CREDIT CARD YOU ARE JUST NOT GOING TO COOPERATE WITH USERY/LOAN SHARKING AND REFUSE TO PAY!
My “bank” (finance sector credit card issuer) told me they don’t negotiate with their customers.
Bet they’d change their minds if a few million people sent them more or less the same e-mail I sent mine and then followed through.
Just my humble opinion.