Senate preserves unlimited credit card rates

[dbackjon]

A provision that targeted the very heart of a banking law that lured major credit card companies -- and tens of thousands of jobs -- to Delaware 20 years ago was rejected 60-35.

The amendment to the financial reform bill would have allowed all 50 states to impose individual interest rate caps on out-of-state lenders -- meaning card companies would not be able to use one national rate set in the state where they are chartered.

States such as Delaware and South Dakota attracted credit card firms in droves 20 years ago when they removed credit card interest rate caps, allowing banks such as JPMorgan Chase, Bank of America and Discover to establish state charters and charge rates of their own choosing nationwide.

http://www.delawareonline.com/article/2 ... card-rates" onclick="window.open(this.href);return false;

[dbackjon]

34 Democrats and 1 Republican sided with consumers over Wall Street

Akaka (D-HI)
Begich (D-AK)
Bennet (D-CO)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cardin (D-MD)
Casey (D-PA)
Cochran (R-MS)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Harkin (D-IA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
McCaskill (D-MO)
Merkley (D-OR)
Mikulski (D-MD)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR

[mainejeff]

F those 60!

[Ivytalk]

F those 60!

Don't like the rates? Pay your card on time.

[Grizalltheway]

F those 60!

Don't like the rates? Pay your card on time.

Gotta love how usury is a sin conveniently forgotten by God-fearin' conks.

[Ivytalk]

Don't like the rates? Pay your card on time.

Gotta love how usury is a sin conveniently forgotten by God-fearin' conks.

In this case, it's a self-inflicted wound. Pay in cash.

[AZGrizFan]

F those 60!

Don't like the rates? Pay your card on time.

Or don't do business with them. It really ain't all that hard.

[GannonFan]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

[Grizalltheway]

Gotta love how usury is a sin conveniently forgotten by God-fearin' conks.

In this case, it's a self-inflicted wound. Pay in cash.

No bodily damage here. My score is north of 760.

[OL FU]

Price controls = less supply and higher prices overall. Good move to kick that one to the curb.

[blueballs]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

All true... and if you don't want to receive the "pre-approved" (nothing is pre-approved, ever) solicitations go to this website and register:

http://www.optoutprescreen.com

[dbackjon]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

All true... and if you don't want to receive the "pre-approved" (nothing is pre-approved, ever) solicitations go to this website and register:

http://www.optoutprescreen.com

Good link!

[mainejeff]

F those 60!

Don't like the rates? Pay your card on time.

I do Hahvahd. Pay my AMEX on time every month and don't own any other ones.

Whadboutu?

[mainejeff]

Don't like the rates? Pay your card on time.

Gotta love how usury is a sin conveniently forgotten by God-fearin' conks.

I'm sure that it's a new entry in that ever changing Bible.......

[mainejeff]

Gotta love how usury is a sin conveniently forgotten by God-fearin' conks.

In this case, it's a self-inflicted wound. Pay in cash.

OK Biff.......

[mainejeff]

Don't like the rates? Pay your card on time.

Or don't do business with them. It really ain't all that hard.

Agreed. That would put a few more people in Delaware and the Dakotas on the unemployment line.

[mainejeff]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

Not so much anymore........and "choice"???.......gimme a break.

[mainejeff]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

All true... and if you don't want to receive the "pre-approved" (nothing is pre-approved, ever) solicitations go to this website and register:

http://www.optoutprescreen.com

Why do WE have to "opt out" of everything if we didn't ask for it in the first place???........

Effin corporations and politicians.

[Ivytalk]

In this case, it's a self-inflicted wound. Pay in cash.

No bodily damage here. My combined SAT score is north of 760.

FIFY, and impressive! What was better, math or verbal?

[Ivytalk]

Don't like the rates? Pay your card on time.

I do Hahvahd. Pay my AMEX on time every month and don't own any other ones.

Whadboutu?

Zero balance, jeffster.

And I hear Kelly McGillis thinks you're hot.

[Grizalltheway]

No bodily damage here. My combined SAT score is north of 760.

FIFY, and impressive! What was better, math or verbal?

I did so well on the ACT I didn't need that wack SAT BS.

[mainejeff]

I do Hahvahd. Pay my AMEX on time every month and don't own any other ones.

Whadboutu?

Zero balance, jeffster.

And I hear Kelly McGillis thinks you're hot.

Who?

[GannonFan]

Yup - choose your card wisely. Don't like the rates on one? Then don't use it. I still, in this economy, get 4-5 mailings a day for new credit cards - it's not like there aren't tons of choices out there. And there's certainly something to be said about avoiding the rates altogether by paying your bill, in full, on time.

Consumers aren't being hurt by the lack of choice - consumers are being hurt by picking their cards poorly and then spending too much.

Not so much anymore........and "choice"???.......gimme a break.

Well, it's been at least one credit card app each day this week - apparently the direct mailer business is not doing that poorly. And yeah, there's plenty of choice, especially the most important one - to get one or not to get one. No one is mandated to have a credit card.

[GannonFan]

All true... and if you don't want to receive the "pre-approved" (nothing is pre-approved, ever) solicitations go to this website and register:

http://www.optoutprescreen.com

Why do WE have to "opt out" of everything if we didn't ask for it in the first place???........

Effin corporations and politicians.

It's a way to keep the Post Office running - there'd be lots of days where many people would get no mail at all if not for mailings that you have to "opt out" of.

[UCABEAR]

i paid my credit cards on time and even to a zero balance. My rate WAS 4.9% fixed, one that I could live with even with a small balance. They jacked it up to 16.99%..why I asked them. Their reply, " You've always paid on time, you now have a zero balance, but it's the economy. " So the economy is the reason they were allowed to jack it up? Sick. Paid everyone of them off and shut them all down.

On another note, my mortgage company is charging me PMI. Icalled them to get it stopped and they told me that I had to reach 78% of my Loan to Value before they could do that without an appraisal. I injected a couple of thousand dollars into my mortgage and brought it down to 77.4% and when I called to get the PMI cancelled..guess what? I still needed an appraisal! When I nicely reminded the customer service individual that according to the FTC that when a client reaches that magical number PMI isn't necessary any longer, she told me that my "date" to get it automatically dropped wasn't for another 3 years! So all that federal law and prepayments didn't count for anything. INTERESTING. I filed a complaint with the FTC.

Any ideas on how I can get this PMI dropped without an appraisal? Any financial people out there want to take a swing?