They have begun....

[bkfiler]

now why would they do that?

they are in the business to make money, at all costs.

and they do it very well. bastards! all of them!

lol

[Lightning]

Every company that is not a non-profit organization is in business to make money. A business that doesn't make money is called a charity and the work done for it is called volunteering.

I'm sure you're happy that the company you work for is making money, 'cause if they don't, you don't get paid.

[StaciMM]

Not this one... It is not the credit card companies voluntarily changing their terms. It is the OCC telling the credit card companies that they must raise their minimum payments so that more of the minimum goes to principal.

Of course, as with most changes, the debtor can close the acocunt, keep the payments low and not incurr anymore charges, other then those against the account as is.

[FoolAndHisMoney]

They're entitled to make money as all businesses are. They can charge what they like. They just need to stop whining over a small percentage of people that can't afford to pay on their terms.

If I cleaned my bank account out (if I had one to clean out LOL) and pooled it with investors and loaned it to a bunch of strangers, without legally collateralizing it, based on a 3 digit score and sat with my thumb up by "a__" wondering why I lost it I would certainly look like a fool!

"A fool and his money are lucky enough to get together in the first place".

[sunshine08]

I thought we weren't supposed to call lightening names like fool???????

[Genenco]

They're entitled to make money as all businesses are. They can charge what they like. They just need to stop whining over a small percentage of people that can't afford to pay on their terms.

If I cleaned my bank account out (if I had one to clean out LOL) and pooled it with investors and loaned it to a bunch of strangers, without legally collateralizing it, based on a 3 digit score and sat with my thumb up by "a__" wondering why I lost it I would certainly look like a fool!

"A fool and his money are lucky enough to get together in the first place".

Well, I don't disagree with their ways, but again, when they find one of the accounts are in "Trouble" it seems they go out of their way to make it harder to recover.

I chuckle each time seeing how "We at Blah, blah honking big card Helped save so and so from desperate times and such"

Sure, the account holder probably had a $150K line of credit and I'd sure knock walls down to help them. As for that $2,000 customer who nearly drowned on a camping trip, tough luck you're payment is late, that's another $24 in interest a month there.

[djt]

I don't begrudge credit card companies for trying and wanting to make a proifit. My problem with them is the manners in which they di it. They sure can call you when you are late with a payment (which is important for them), but they certainly don't call you and don't want to call you before they raise your interest rate to some ridiculous amount even though you have never missed a payment.

One of my cards had been raised to 25% this summer and I hadn't even realized it. They said that they sent me a letter stating the new terms which I never received. "TOO BAD TOO SAID! PAY US!" they said. They should send a letter asking us to approve their rate hikes. I get a ton of mail, and pay most of my bills online. They know this and exploit the fact that we might miss something.

Profit is fine, but abuse is definitely not.

[Lightning]

Credit card companies aren't whining. They're laughing all the way to the bank with your interest and late fees. Why not stick it to them by paying the balance in full and paying it on time?

[FoolAndHisMoney]

Credit card companies aren't whining. They're laughing all the way to the bank with your interest and late fees. Why not stick it to them by paying the balance in full and paying it on time?

They're not whining? It wasn't anyone on this forum that asked congress for BK reform of 2005.

[Lightning]

That's not whining, that's greed. They want more money from people who default on their debts.

[FoolAndHisMoney]

I think congress did a little whining too. You know congress, the people that borrow money from creditors with no intentions of paying it back and not sticking with a reasonable budget? Maybe I'm wrong, but I thought borrowing with no intention of paying was fraud and with the reasonable budget thing is considered the presumtion of abuse . I guess for some and not others.

[FoolAndHisMoney]

I thought we weren't supposed to call lightening names like fool???????

[MRDEBTSTER]

They shouldn't be whining Lightning, they got exactly what they wanted with the new laws. What excuse are they going to use for high interest rates now that they will be recovering more money.

I would expect that in a year or so, we should start seeing cc interest rates fall dramatically, don't you?

[Lightning]

Nope. Why would they lower interest rates when so many people are willing to pay the high rates?

The majority of the whining is coming from the debtor. "The government should help protect me against my own stupidity. Those evil, mean credit card companies made my hand grab a credit card and yank it out of my wallet against my will."

Go ahead and laugh, Fool & Sunny. I'm not the one facing a trustee. I have money in the bank, and I make money from credit cards. You cry "victim" and I cry "victory". If you're not striving to be financially successful, you're striving to financially stupid. Enjoy the journey...

[FoolAndHisMoney]

Hey Lightning, did Will Rogers ever meet you? Somehow I doubt it!