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CreditCards to abolish grace periods

Discussion in 'U.S. Politics' started by asur, May 20, 2009.

  1. asur

    asur New Member

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    Now that Obama and the Democrats are patting themselves on the back
    for getting Banks to agree to offer lower interest rates to deadbeats, we need to observe one little catch.

    The Banks are also saying they will now have to
    abolish the grace periods given to those customers that pay their
    bills on time. They also will have to charge fees to all customers, to
    make up the difference, so to speak.

    Now think about it.
    Will this make customers more likely to use creditcards?
    Will people spend money like they did previously?
    Will it help the economy?

    PS. For you that voted for Obama, only spend
    an hour on each question. Note there is only one answer
    to all three and this is not a multiple choice test.


    It's getting ugly out there, and it's called CHANGE!
     
  2. Mare Tranquillity

    Mare Tranquillity Active Member

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    Maybe this change is for the good, perhaps people will spend less on credit since it will cost more. We, as a nation, should spend less with credit card companies.
     
  3. Pandora

    Pandora Well-Known Member

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    No grace period, so that means I pay interest from the moment I use the card instead of on anything I did not pay in full at the bill cycle?

    Ugh more change I can’t afford...

    I pay my visa in full every month to avoid interest fees, I guess Ill just stop using the card at all.
     
  4. pocketfullofshells

    pocketfullofshells Well-Known Member

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    yes of course you ignore all the things they cant do to you know, like double cycle billing and other sorry you where late a few days,,,,your interest on that 5000 is not 9.7 anymore, its 37...enjoy
     
  5. samsara15

    samsara15 Member

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    If you pay all your bills every month, and I do, then you never paid any interest, in the past, Pocket. This time, I agree with Pandora. I guess this means that from now on, I will only use my debit card, and will cancel my credit cards.
     
  6. Mr. Shaman

    Mr. Shaman New Member

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    Ah, yes.....an additional 9 months to Allow The Marketplace To "Regulate Itself".....a proud, "conservative"-tradition.....so to speak.

    Lemme guess......NOW, you'll be whining-about Change, delayed, right?

    :rolleyes:
     
  7. pocketfullofshells

    pocketfullofshells Well-Known Member

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    they make credit cards just for that type of use, that you pay off at end of month only. 95% use it for large purchases and things you need more then a month to pay off.
     
  8. Mr.Dysfunctional

    Mr.Dysfunctional New Member

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    still won't have me running up debt. Dave Ramsy is my hero. Cash is king. I will happily let my fico score drop to zero and find a bank that manually underwrites to get my loans through. The extra effort is worth not being "taxed" for an overly appreciated service.
     
  9. samsara15

    samsara15 Member

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    This is simply a bad bill. Those of you who call yourselves capitalists ought to be happy. It makes it still easier for banks to bankrupt the public with interest rates so high that they are not permitted elsewhere, at a time when the public is already reeling from the damage that the banking industry has done to the economy.

    Many places only accept MC and Visa, Pocket.
     
  10. Mr. Shaman

    Mr. Shaman New Member

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    bingo!!!!!!!!!!!!!!!!!!!!!!!

    [​IMG]
     
  11. pocketfullofshells

    pocketfullofshells Well-Known Member

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    there are visa and mc cards that do the same thing
     
  12. top gun

    top gun New Member

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    You come up with some silly deceptive stuff.

    Both Democrats & Republicans wanted to see credit card rules be in a more fair mannor.:rolleyes:

    So you're saying you thought it was a good thing that if your bill was late to one CC company another completely different company could immediately raise your rate on their card to some astronomical rate.

    So you're also saying that you think you'd like your CC rate raised by X 3 without any notice so you couldn't stop using that card before being hit.

    So you're saying even if you get completely caught back up in good standings with a CC company and hold it for 6 straight months you should still NEVER get back your previous lower interest rate.

    And there's still going to be the "credit" part of a "credit card". That's probably not what you're calling the "grace" period but that's kinda important information.

    Just face it... the only CHANGE America doesn't want is a change back to Darth Cheney and W. of the now infamous THE BUSH RECESSION... worst economic downturn on their watch since THE GREAT DEPRESSION.

    The BUSH RECESSION & 9-11... man if you just think about it those neo-cons really, really SUCKED!!!!!!!!!!!!!!!!!!!!!!


    [​IMG]
     
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