Comments on: Credit Cards and the Law – New Law Gets Rid Of Universal Default http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/ Articles, Videos, Books and Advice on Credit, Debt Collection, Paying Down Debt, and Personal Finance Tue, 25 May 2010 02:01:37 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Barry http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-2088 Barry Fri, 14 May 2010 13:54:28 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-2088 Good information, take note and get out of debt. Barry <a href="http://personalfinanceandinsurance.blogspot.com" rel="nofollow"> Good information, take note and get out of debt.
Barry

]]> By: fran http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-1740 fran Sat, 27 Mar 2010 15:01:07 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-1740 this happened to me. no late payments in 20+ yeas. was late with one payment. And i sent it usual time but mail was late and FIA Credit services on another card, not the late one raised me from 11.9% to 29.9% across the other 2 cards i had. so any news on how i can lower that back down? this happened to me. no late payments in 20+ yeas. was late with one payment. And i sent it usual time but mail was late and FIA Credit services on another card, not the late one raised me from 11.9% to 29.9% across the other 2 cards i had. so any news on how i can lower that back down?

]]> By: Lisbeth Tanz http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-715 Lisbeth Tanz Tue, 13 Oct 2009 21:17:58 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-715 Great news! But I have to agree with Yvonne about the banks. Their fees are ridiculous and seem arbitrary. Thanks for this information. Great news! But I have to agree with Yvonne about the banks. Their fees are ridiculous and seem arbitrary. Thanks for this information.

]]> By: Julie Coburn http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-600 Julie Coburn Sat, 26 Sep 2009 21:25:51 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-600 It's amazing how much fine print there is to deal with. Thanks for keeping us informed! Awareness is crucial to maintain control of one's financial situation. It’s amazing how much fine print there is to deal with. Thanks for keeping us informed! Awareness is crucial to maintain control of one’s financial situation.

]]> By: admin http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-438 admin Fri, 28 Aug 2009 16:06:26 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-438 Yvonne, I agree with you. I do all my banking at Credit Unions now. However, negating the fees that banks can charge will help consumers. The bank charges have a snowball effect. They let you go over your limit, and then charge you for going over your limit, and then raise your interest rate for incurring a charge! Having this practice stopped does help the consumer. And, it will force the banks to become more picky about their customer base. If they don't have a huge revenue stream, they can't take as many risks. There are many more changes I would like to see, but until those changes happen, this is a good first step. Yvonne, I agree with you. I do all my banking at Credit Unions now.

However, negating the fees that banks can charge will help consumers. The bank charges have a snowball effect. They let you go over your limit, and then charge you for going over your limit, and then raise your interest rate for incurring a charge!

Having this practice stopped does help the consumer. And, it will force the banks to become more picky about their customer base. If they don’t have a huge revenue stream, they can’t take as many risks.

There are many more changes I would like to see, but until those changes happen, this is a good first step.

]]> By: Yvonne DiVita http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-437 Yvonne DiVita Fri, 28 Aug 2009 15:05:04 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-437 Oh please - credit card companies are run by banks - it's banks that need to be held to task. Or closed. Consumers should not be held hostage to banks. This is a good step forward, but not likely to help the very people who really need the help. I say we all go to credit unions and let the banks languish. Oh please – credit card companies are run by banks – it’s banks that need to be held to task. Or closed. Consumers should not be held hostage to banks. This is a good step forward, but not likely to help the very people who really need the help.

I say we all go to credit unions and let the banks languish.

]]> By: washingtonson http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-424 washingtonson Mon, 24 Aug 2009 05:55:10 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-424 Your site is bound to help lots of folks with their credit nightmares. I don't use credit for anything! i pay cash or do without. Walmart Visa cards (debit) make it easy to pay bills and purchase online. I just purchased a new flat screen TV and a new dell Computer, paid cash and saved $1,500. in interest and loan fees! You would be amazed how well you can live WITHOUT CREDIT! Your site is bound to help lots of folks with their credit nightmares. I don’t use credit for anything! i pay cash or do without. Walmart Visa cards (debit) make it easy to pay bills and purchase online. I just purchased a new flat screen TV and a new dell Computer, paid cash and saved $1,500. in interest and loan fees! You would be amazed how well you can live WITHOUT CREDIT!

]]> By: Sheryl Tuttle http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-306 Sheryl Tuttle Wed, 15 Jul 2009 17:34:12 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-306 When does (or did) this law end? I was aware of Universal Default, but didn't realize it was ending. Yea! When does (or did) this law end? I was aware of Universal Default, but didn’t realize it was ending. Yea!

]]> By: admin http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-245 admin Sun, 21 Jun 2009 05:07:21 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-245 I agree. The real problem for creditors is, when they drive a customer away, they are out a LOT of money. The cost of acquisition, combined with lost interest, can be a huge blow. In my opinion, the biggest win is the credit companies not being able to charge outrageous fees. The way they have stacked the deck is amazing. I am trying to get in front of my congressman to propose changes to the FDCPA. I think the consumer needs more rights, and the collectors fewer. I have a few ideas about how to put the burden of proof on the collector, especially for older debt. I agree. The real problem for creditors is, when they drive a customer away, they are out a LOT of money. The cost of acquisition, combined with lost interest, can be a huge blow.

In my opinion, the biggest win is the credit companies not being able to charge outrageous fees. The way they have stacked the deck is amazing.

I am trying to get in front of my congressman to propose changes to the FDCPA. I think the consumer needs more rights, and the collectors fewer. I have a few ideas about how to put the burden of proof on the collector, especially for older debt.

]]> By: Phoebe http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/comment-page-1/#comment-241 Phoebe Sun, 21 Jun 2009 01:55:05 +0000 http://mycreded.com/wordpress_blog/2009/05/25/credit-cards-and-the-law-new-law-gets-rid-of-universal-default/#comment-241 I was affected by that law years ago. My rate went to about 30% on a card that I had always paid on time. Simple solution - I quit paying it at all. Lenders should always have realized that the borrower is in the driver's seat once he has the money, but even now I am not sure they do. It is good for consumers that this change came about, but it will also benefit lenders. When businesses realize that the customer always has a choice, they might be able to succeed. I was affected by that law years ago. My rate went to about 30% on a card that I had always paid on time. Simple solution – I quit paying it at all. Lenders should always have realized that the borrower is in the driver’s seat once he has the money, but even now I am not sure they do.

It is good for consumers that this change came about, but it will also benefit lenders. When businesses realize that the customer always has a choice, they might be able to succeed.

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