Brown joins bill to freeze credit-card interest rates

Go one step more make them rollback rates to where they were when first bill was passed

What a farce!! The credit card companies have already raised their rates to an obscene amount. Isn't this like "closing the barn door after the animals are out"? Sure sounds good , but the government is wa-a-ay to slow to act.

Gubberment needs to control business. Gubberment is good. Business is bad. Gubberment creates good jobs. Hopey dopey baby. Carterbama foreva!

I do not care about the credit card interest rates. I do not leave an existing balance. I care about the .0001% interest rate on my savings that I have worked and scrimped to save for retirement and it is going nowhere.
I am worried about how this administration is going to take my hard earned savings away to redistribute to the non-savers. The people and the government need to wake up and quit spending what you do not have!!!

A free society of capitalism does not need a Socialistic approach from a group of legislators whom don't practice what they preach! Their Health Reform bill is exactly what needs cost controls not Bank interest rates. The problem is how good are these representatives that we have send to Washington that suddenly become politic puppets of Big Money.
The need to review their "Oath of Office" each day!

Carol wrote:

What a farce!! The credit card companies have already raised their rates to an obscene amount. Isn't this like "closing the barn door after the animals are out"? Sure sounds good , but the government is wa-a-ay to slow to act.

I fully agree with you. They have already raised my rates and my minimum payment. As one poster says to late to close the barn door.

Take personal responsibility. Use credit wisely. Don't carry a balance. Shop around for the best card. No one is forced to use credit and credit cards. It is not a responsibility of the government (we the people) to protect us from our own bad behavior.

HOSTAGE TO UNFAIR FEES wrote:

IN THE LAST 9 MONTHS CHASE BANK HAS RAISED MY INTEREST ALMOST 10% AND DECREASED MY CREDIT LINE BY ALMOST A $1000.00. I HAVE NEVER BEEN LATE, NOR DO I PAY JUST THE MINIMUM, IT'S ALWAYS MUCH MORE. NOW THEY HAVE A FREEZE AND REFUSE TO DECREASE THE INTEREST. THE ONLY WAY TO STOP THE INCREASES IS TO CLOSE THE ACCOUNT. IF YOU ASK FOR SOME RELIEF FROM THIER EXTREME INTEREST THEY WILLL CLOSE YOUR ACCOUNT. WE ARE BEING HELD HOSTAGE BY THIER EXCESSIVE GREED. I EXPECT THEY WILL INCREASE IT AGAIN BEFOPRE THE NEW LAWS GO INTO EFFECT. WE THE PEOPLE NEED PROTECTED FROM THEM

Lucky you! Chase has given you bad service, now you have a great reason to close your account and STOP USING CREDIT CARDS! Who cares how high credit card rates go? Like others have said, it's the pitiful savings rates that I hate. High CC rates discourage the use of debt which is exactly what we need right now. Low savings rates discourage savings, which is bad.

DoubleJ wrote:

Take personal responsibility. Use credit wisely. Don't carry a balance. Shop around for the best card. No one is forced to use credit and credit cards. It is not a responsibility of the government (we the people) to protect us from our own bad behavior.

Huh? I need the gubberment to think for me. It's their responsibility to police MY behavior and protect me from myself! Hopey dopey baby. It's Carterbama time!

Hitler had an excellent health care program

debt is dumb wrote:

<quoted text>
Lucky you! Chase has given you bad service, now you have a great reason to close your account and STOP USING CREDIT CARDS! Who cares how high credit card rates go? Like others have said, it's the pitiful savings rates that I hate. High CC rates discourage the use of debt which is exactly what we need right now. Low savings rates discourage savings, which is bad.

Tell that to the millions and millions now out of work. If they are seeking employment and can't put food on the table, is a little credit card debt worse than theft or welfare? We used to have reasonable usury laws capping interest at 18%. I have a house ruined by renters and another buy hurricane Rita. I had three mortgages at once including my residence, with two just money pits. I could have filed bankruptcy, but fought back until I could sell the other two houses which took two years. During that time, I created some CC debt, but at least I didn't file bankruptcy. I have since paid off most of the CC debt, and will continue to do so. I don't like CC debt, but don't judge those that are forced to go there. Loan sharking in illegal, and the maximum interest rate should be lowered back to 18% or actually even lower.
BTW, you have to deposit $25,000 in a regular Chase savings account to get you interest rate up to .5% interest and they can charge your neighbor over 30% to borrow it.

Robert Newell wrote:

<quoted text>
Tell that to the millions and millions now out of work. If they are seeking employment and can't put food on the table, is a little credit card debt worse than theft or welfare? We used to have reasonable usury laws capping interest at 18%. I have a house ruined by renters and another buy hurricane Rita. I had three mortgages at once including my residence, with two just money pits. I could have filed bankruptcy, but fought back until I could sell the other two houses which took two years. During that time, I created some CC debt, but at least I didn't file bankruptcy. I have since paid off most of the CC debt, and will continue to do so. I don't like CC debt, but don't judge those that are forced to go there. Loan sharking in illegal, and the maximum interest rate should be lowered back to 18% or actually even lower.
BTW, you have to deposit $25,000 in a regular Chase savings account to get you interest rate up to .5% interest and they can charge your neighbor over 30% to borrow it.

And you think this sad story is justification for Sherrod Brown and a few of his dopey friends in DC to pass a law?
You think this will help expand your ability to borrow money?
You think this will help people who just need a little short term cash to cover some expenses ?
If you think another legislator meddling and interfering with more regulations in what is supposed to be a FREE market, you either know nothing about economics or you are a victim of your own ignorance.

The self help solution. Pay extra on your hid=gest balance card. Pay it off. Take the monthly ammount you paid on that and put it towards your next higest balance. It will snowball and you will be debt free. Live within your means! Tell the card companys and the goverment fools to pound sand

i lived by the old saying,if you can't pay for it right now in cash don't buy it.of course now they penalize you for doing that.they call it insufficient credit history.i had one card with a low limit.i used the limit every month and paid it off in full every month.someone at my bank explained that i wasn't incurring enough debt as compared to my income.when i pressed him he admitted that someone who racked up cards and declared bankrupcy 5 years ago would have a better deal because they "used credit".how messed up is it that the people who stayed out of debt get higher rates than the ones who abused credit?

[It is an adventure each month when I open my chase statement each month when governmnet starts messing with credit card companite.I have asked several times for Chase to lower the interest and all I get is a screw you, but when I walk in to make my payment each month they want me to open a checking account like that will happen. Citi and Chase need to have the hammer dropped on them and dropped hard. When the economy turns (if it ever does) I hope people who have been treted like dirt by these banks return the favor and dont use their product

HOSTAGE TO UNFAIR FEES wrote:

IN THE LAST 9 MONTHS CHASE BANK HAS RAISED MY INTEREST ALMOST 10% AND DECREASED MY CREDIT LINE BY ALMOST A $1000.00. I HAVE NEVER BEEN LATE, NOR DO I PAY JUST THE MINIMUM, IT'S ALWAYS MUCH MORE. NOW THEY HAVE A FREEZE AND REFUSE TO DECREASE THE INTEREST. THE ONLY WAY TO STOP THE INCREASES IS TO CLOSE THE ACCOUNT. IF YOU ASK FOR SOME RELIEF FROM THIER EXTREME INTEREST THEY WILLL CLOSE YOUR ACCOUNT. WE ARE BEING HELD HOSTAGE BY THIER EXCESSIVE GREED. I EXPECT THEY WILL INCREASE IT AGAIN BEFOPRE THE NEW LAWS GO INTO EFFECT. WE THE PEOPLE NEED PROTECTED FROM THEM

[It is an adventure each month when I open my chase statement each month when governmnet starts messing with credit card companite.I have asked several times for Chase to lower the interest and all I get is a screw you, but when I walk in to make my payment each month they want me to open a checking account like that will happen. Citi and Chase need to have the hammer dropped on them and dropped hard. When the economy turns (if it ever does) I hope people who have been treted like dirt by these banks return the favor and dont use their product

>>> Unfortunately the government wants you to continue using your credit card and accumulating debt. It looks good for the economy, but it is harming you tremendously, along with the country. I bought the book "Rich Man, Poor Man" for my son and my nephews quite a few years back and gave it to them for Christmas. Read it! Free yourself from debt,(what this administation should be preaching is,("yes you can!!!, for the right reasons, remember ask what you can do for your country, not what the country can do for you!) Sad thing is that is not what they want, they want you to be dependant. I realize it is hard times now, but you can do it. I know, I did.

I see a lot of people are going to lose their credit cards once interest rates are frozen. When my 2nd child arrives around Feb. 1, my wife and I going to strictly cash only - I could care less if they close my credit accounts, as we will never borrow money again.

Ironic - entities like the U.S. Senate and U.S. Congress - the biggest debtors in the history of civilization, making rules on how others can loan and borrow money.

I love these cynical comments about saving and not using credit - its all our fault we're in this situation - blah blah blah - dont' use credit (while you write your check for your car loan and mortgage).

I will remember that when you wheel by me in your wheelchair at the hospital due to a drunk driver accident, cancer or home invasion or fire and you are responsible for the medical treatment. Or when you need to pay rent or buy groceries after you lost YOUR job. Sorry I'll say - you should have PLANNED BETTER!

Raising credit card rates to 35% is not the agreement most people signed on to when they opened their account, nor is my use of credit a valid or logical excuse or reason for their unprecedented greed. This argument is a fallacy - it is like the 2 year old who is told to clean their room who deflects the argument by pointing at someone elses behavior. Pointing at our behavior does not in any way shape or form excuse theirs.

Hollygirl wrote:

I love these cynical comments about saving and not using credit - its all our fault we're in this situation - blah blah blah - dont' use credit (while you write your check for your car loan and mortgage).
I will remember that when you wheel by me in your wheelchair at the hospital due to a drunk driver accident, cancer or home invasion or fire and you are responsible for the medical treatment. Or when you need to pay rent or buy groceries after you lost YOUR job. Sorry I'll say - you should have PLANNED BETTER!
Raising credit card rates to 35% is not the agreement most people signed on to when they opened their account, nor is my use of credit a valid or logical excuse or reason for their unprecedented greed. This argument is a fallacy - it is like the 2 year old who is told to clean their room who deflects the argument by pointing at someone elses behavior. Pointing at our behavior does not in any way shape or form excuse theirs.

Victimhood is funny. Hopey dopey baby. Carterbama foreva!