Will Obama really do something?

If Obama and congress really does something worthwhile about these people I'll be amazed. And if he does, I wonder what the trade-offs will be.

CarolinaHound wrote:If Obama and congress really does something worthwhile about these people I'll be amazed. And if he does, I wonder what the trade-offs will be.

As it is a private industry I really don't see how he can do anything at all. At a hearing some time ago one of the men at Chase told congress that they raised the rates simply because they can. It is in the contract you sign.

Old Timer wrote:

CarolinaHound wrote:If Obama and congress really does something worthwhile about these people I'll be amazed. And if he does, I wonder what the trade-offs will be.

As it is a private industry I really don't see how he can do anything at all. At a hearing some time ago one of the men at Chase told congress that they raised the rates simply because they can. It is in the contract you sign.

Well for one, they can make the credit card companies be more clear in the terms. They hide things like how much they can increase the percetage rate and fees in a bunch of legal mumbo jumbo so there's no way any normal person is actually gonna read it, much less understand it.

Plus the can make it illegal for the to all of a suden increase that percentage rate from 2% to 30% without notifying you.

I really do doubt if anything really good will come out of it. this is not the first time it has come up.

Quit using credit cards. Problem solved.

Big Slick wrote:Quit using credit cards. Problem solved.

Yeah that would be great. Now all I have to do is convince my wife to do it.

This has been going on for some time now. I used to work for CITI... customer service... and let me tell you, people are pissed off. For example, the raising of interest rates to 27% / 30% from 1%. It's not that the customers aren't being notified... they are. What's really getting to them is the fact that they have only 2 options... accept the rate change or close their account. & these are good customers they're doing this to... not the "no-payers".

PaulM wrote:This has been going on for some time now. I used to work for CITI... customer service... and let me tell you, people are pissed off. For example, the raising of interest rates to 27% / 30% from 1%. It's not that the customers aren't being notified... they are. What's really getting to them is the fact that they have only 2 options... accept the rate change or close their account. & these are good customers they're doing this to... not the "no-payers".

I guess we are the lucky ones. Our apr has gone down on a steady basis over the years and has not gone up even one time.