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Credit-Card Users Feel Pain as U.S. Banks Reap Gain
- Text size
Elizabeth Hester and Ari Levy
Bloomberg
December 18, 2008
Credit-card companies, facing an increase in defaults and a decline in consumer spending, are raising some rates, adding fees and cutting credit lines as the Federal Reserve is poised to make the most sweeping changes to the industry in 30 years.
- A d v e r t i s e m e n t
The provisions, to be approved by the Fed today and take effect in July 1, 2010, may curtail lenders’ ability to raise interest rates on current balances, require they apply payments to charges with higher interest rates first and extend the time customers have to pay bills before incurring late fees. The Office of Thrift Supervision, which regulates savings and loans, approved the rules today.
The new rules come on the heels of a $700 billion federal bailout of the financial system, including $125 billion invested in the nine largest U.S. banks. Recent moves by JPMorgan Chase & Co., Citigroup Inc. and other firms to add charges and decrease the amount of money cardholders can borrow at the same time they’re taking taxpayer dollars have angered some customers.
“People are totally confused,” said Mark Zandi, chief economist at Moody’s Corp.’s Economy.com. “The taxpayer is essentially a big owner in JPMorgan, Bank of America and Citigroup, and these are the folks who make credit-card loans. Many are asking, ‘So why is it that my credit-card loan got pulled? Why am I being charged a higher rate?’”
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December 18th, 2008 at 1:40 pm
Our rights, freedoms, and clean water and food are all being taking away by these devils… They will be punished. They know deep down they are sick and easily manipulated satanic sheeple.
Grow your own fruits and veggies, and the less you put your foot in the Gov’ts world the better off you are.. JAMAICA HILLS KINGSTON THANK JAHHHHHHHHHHHHHHHHHHH
December 18th, 2008 at 2:38 pm
My only debt is a reasonable mortgage debt. HAHAHAHAHAHA!!!
Sucks to be you!
Jason
December 18th, 2008 at 2:51 pm
Too bad you can’t be sent to a debtors prison for a lack of integrity, humility, humanity, and empathy…. u giggling bitch.
December 18th, 2008 at 3:28 pm
meh im only in debt like 1100 dollars
December 18th, 2008 at 3:49 pm
Kiss my Ass private non Federal Reserve.
Credit is something banks create our of thin air then loan to you at interest. I hate Washington DC.
December 18th, 2008 at 4:06 pm
Okay, so maybe it’s time to get rid of those cards.
Who told you to ramp-up so much debt?
Credit cards are SUPPOSED to be for building credit towards making purchases that you can’t afford in the SHORT TERM.
NOT for paying your mortgage, car payment, dress shoes off.
Anyone that doesn’t know the difference, should probably just not have a credit card. The cards are scams, and many people are NOT responsible spenders.
And, if credit card companies are worried about getting their money, they should be more scrutinous of who they loan money to.
It’s just as simple as this: http://mediacondom.com/?p=403
December 18th, 2008 at 7:00 pm
Civil unrest is just another way of saying the nations political populations been awakened.
This is the best youtube I have ever seen about the bail-out and coming economic crash, starring lots of Ron Paul. Watch and Rate!!!
http://www.youtube.com/watch?v=8PIEGK0IbA4
December 18th, 2008 at 7:42 pm
Hey #7!! Most people have had to use their credit cards to buy necessities like food, you know, because of increased job loss. Are you just now coming out from under the rock you’ve been living under for the past five years?
December 18th, 2008 at 7:44 pm
This whole system is a sham cc/loans ect. We have mostly all bought into it at some level. I’m in biz and they make it so you have to borrow to keep going- another scam and I’m pissed. To get ahead just borrow just like the ships on the sea and stores letters of credit and bills of laiden. I dont think it will matter in the long run. Those in debt more may be the first on the trains and get the blame for the collapse then the next lesser evil. They will try to seperate us by groups divide and conquer at all levels colors ect. Everybody is to blame one by one off to the safety area or camps depending on the situation. By no means critisize the prez because you will be concidered racist. If you are or not by uninformed upstanding american people?
December 18th, 2008 at 8:53 pm
I SUPPORT THE NEW WORLD ORDER
all you morans CHOOSE to use credit – nobody FORCES you to take loans, mortgages, CC’s, and student loans – credit is a mouse trap that is set for a lazy rat – AKA YOU!
You think cheese just appears out of thin air? Well don’t be surprised when natures iron bar deals you a DESRVING death-blow!
Arbeit macht frei or WORK BRINGS FREEDOM – the famous sign on the Nazi Death-Camps. Perhaps you sheep should have listened.
I personally SUPPORT the New World Order… It is the ONLY solution for a planet full of needy, greedy, irresponsible, SHEEPLE that are addicted to placing blame on anyone and everything OTHER than THEMSELVES.
LOOK IN THE MIRROR you Jones worshiping SHEEP.
ALL HAIL THE NWO.
December 18th, 2008 at 11:15 pm
If you say so Kano.
December 19th, 2008 at 12:27 am
The biggest tool the NOW has is our own compliance.
Just stop paying your credit cards!!! Very rarely will they do anything but call you a lot (screen your calls) and they really can’t take anything unless you are stupid enough to leave all your money in the bank. If they take you to court be “judgment proof” as the judge will not take your house. They may garnish your wages but so what? Make money off the books and don’t pay taxes OR your credit cards. Freedom is easy!
December 19th, 2008 at 12:45 am
Hey Kano, I had a credit card for emergencies. We had an emergency, and never failed to pay alot more than the minimum payment. The card had a rate of 6.9%, and guess what they did??
Raised the rate without notice or reason. The rate was raised out of the blue to 31.99%. That’s just a rip off!! Not one late payment, not one payment that was even close to be so low it was even near the minimum. WTF!!??
Another card we had, we paid off every month, as soon as we got the bill. Then we noticed we were being charged late charges. We called to ask why, the person we spoke to could barely speak english but, they said they hold all payments until they clear the bank. So, even though we were sending the money the day after we received the bill, we were constantly late, because they were not crediting our account until after the check cleared the bank. Because of that, our credit raring was ruined.
Anyone who refuses to pay their credit cards, I don’t blame them at all!! GO for it!! I won’t make another credit card payment. After-all one good f--- deserves another!!
December 19th, 2008 at 1:06 am
damn alex why you block my posts mane I thought you was my homeboy
December 19th, 2008 at 1:27 am
I fail to see the rationale in all this. Without mass-driven credit banks cease to grow.
December 19th, 2008 at 1:44 am
Message to kano: You better re-think that. Study what the NWO is going to do to you and your rights and your sovernty! It isn’t just Mr. Jones who speaks about the NWO its many other authors, scientists, philosiphers and economists. They all tell us not to follow it and to get out of their traps. You better listen while you have time. Do some research. Read a book or two on it. WAKE UP!
December 19th, 2008 at 1:50 am
don t run a balance on any credit card
pay off all loans
don t take any loan with an adjustable rate
deal with as few corporations as you can
stock up on food, guns, ammo, kerosene or wood heat
December 19th, 2008 at 2:28 am
Are people #$%#@ stupid or what?
Stop using your cards. Stop trying to get more credit.
Operate with cash while you still can. Bring all the bastards down who
are robbing us. This entire country pays on a credit cards.
If the bankers really make you sick, then stop using your $%#& cards.
December 19th, 2008 at 4:20 am
#23, Sorry but I disagree.
People should use their cards; I mean a lot.
Now, about paying them; Don’t.
People who have cards and no work have too.
Like couple of earlier posters said, tit for tat.
There is no one greedier than a banker charging interest, for money made out of thin air, Period.
December 19th, 2008 at 5:53 am
a Xmas card for the truthers and seekers
http://ca.youtube.com/watch?v=SPTRtbLi_yc
December 19th, 2008 at 7:55 am
I know that this isn’t the article in which to be placing this comment, but I felt that is was important nonetheless. I was listening to Alex yesterday when he was interviewing Tex Marrs. They arrived at the subject of luciferian hand signs and the Codex Magica. It was stated that world leaders and corporate CEOs often give this certain hand sign. I also know that Alex and many of us are Ron Paul supporters. However, I did a little investigating, and Mr. Paul flashes the same hand sign over and over. Here is the proof. http://www.youtube.com/watch?v=_x6inINzThw I would like Alex to address this fact.
December 19th, 2008 at 11:34 am
Hey Anom, I”m boycotting youtube for the next week; maybe re post later. I’m sure a lot of Alex’s readers are boycotting today at least for sure.
Does that mean we shouldn’t click into any embedded videos posted here that are linked to youtube??? Are they linked to youtube or stored on Alex’s servers?
December 19th, 2008 at 11:52 am
Doesn’t matter any more. Those Americans who voted democrats or republican for the last twenty years deserve what they get. What you sow you shall reep. I will pay for my mistakes until I die and now democrats and republicans will too.
December 19th, 2008 at 2:39 pm
http://en.wikipedia.org/wiki/Interest
December 19th, 2008 at 3:42 pm
I see that Bloomberg is again putting the slave-propoganda out that the “bailout” was 700 billon dollars. LOL!
December 19th, 2008 at 5:01 pm
I don’t have credit card debt. If I can’t pay the card in full every month, I don’t use the card and I don’t buy anything. I buy food, bottled water, kerosene, and I am putting in a 10Kw wind generator that besides lights will power a hydorgen fuel cell to generate gas for a furnace and water heater. I will be energy independent in 6 months.
December 19th, 2008 at 8:39 pm
YES MR JONES……
Please take a minute to ask Ron Paul why he does “the handshake” and the sign of the devil.
http://www.youtube.com/watch?v=_x6inINzThw