Comments on CreditMattersBlog.com: National Addiction To Easy Credit Remains Consumer...

Good post mate hope you wll write something on mor...

2009-06-19T05:58:44.699-04:00

Good post mate hope you wll write something on mortgage too in near future.

Not so much a credit addiction as a "keeping up wi...

2009-05-09T14:41:00.000-04:00

Not so much a credit addiction as a "keeping up with the Jones" addiction. The credit is just a means to an end.

Although, over the last decade or so its been a bit more complicated.

that needle photo is freakin' me out, haha

2009-05-07T19:16:00.000-04:00

that needle photo is freakin' me out, haha

There is no true solution to all of this. We are a...

2009-05-07T17:08:00.000-04:00

There is no true solution to all of this. We are a credit-based economy full of bargain-minded consumers, plain and simple. Irresponsible lending and borrowing will always be part of our culture, so the best we can do is mitigate the fallout. This requires a combination of sensible legislation and consumer responsibility. Now where's my credit card? I need to buy this flatware set from QVC.

BD, I appreciate the "on the ground" comment. Alwa...

2009-05-07T15:23:00.000-04:00

BD, I appreciate the "on the ground" comment. Always nice to see what's really going on.

"BD, you talking about charges that take the custo...

2009-05-07T14:47:00.000-04:00

"BD, you talking about charges that take the customer over the limit? Is your comment in reference to the "pray" comment that Singletary makes?"

Yes, I rarely see "praying" that something will go through. I haven't seen an increase in declined cards. It's the huge jump in debit card use that's noticeable.

Some Americans overuse some products and services....

2009-05-07T13:58:00.000-04:00

Some Americans overuse some products and services. I may eat too much fried food, or spend too much on my cable instead of putting money in my child's college fund. These are problems, but is Congress, or legislation generally, really the solution to anyone's problems?

I agree with the WP columnist that the credit card...

2009-05-07T12:58:00.000-04:00

I agree with the WP columnist that the credit card companies need to be reined in and am willing to accept a certain chilling effect on credit availability. I also sympathize with those who will still get ratejacked when they are the most vulnerable. I think she goes too far, however, in "nannyizing" the credit card industry to protect the relatively few people who can't control their credit

ER, scary indeed. We'll be watching!

2009-05-07T12:42:00.000-04:00

ER, scary indeed. We'll be watching!

Note that variable rates are a sleeper rate-jack. ...

2009-05-07T12:41:00.000-04:00

Note that variable rates are a sleeper rate-jack. My USBank card just bounced to 16%, no problem for me since I pay in full. I'm a great customer with a $20K limit, so the ratejack is a surprise. Tied to prime today, near three --
not 20-plus like I recall from the 1980's.

So wait until the economy revs up again: "Good" prime-based rates could jump past 20 percent.

Yeah. I would need clarification there. My guess i...

2009-05-07T11:15:00.000-04:00

Yeah. I would need clarification there. My guess is they're talking about rates floating with LIBOR or Prime.

That would be one heck of a loophole. Might as we...

2009-05-07T11:14:00.000-04:00

That would be one heck of a loophole. Might as well add "or any card silvery in color".

Clutch, that's a good catch. You're referring to t...

2009-05-07T11:02:00.000-04:00

Clutch, that's a good catch. You're referring to the creditcards.com story (for those following along). The way that story is written, it would appear that variable rate cards would allow for hikes. However, I need to see what "hikes" means. It must be defined some place in the rules.

"Those rules limited interest rate hikes on existi...

2009-05-07T10:55:00.000-04:00

"Those rules limited interest rate hikes on existing consumer credit card balances to four circumstances: when a cardholder is more than 30 days late paying a bill, when an introductory APR or teaser rate ends, if a card has a variable interest rate or after the first annivesary of a new account. Issuers must give 45 days' "

I assume this means after the legislation. I guess what I'm

BD, you talking about charges that take the custom...

2009-05-07T10:48:00.000-04:00

BD, you talking about charges that take the customer over the limit? Is your comment in reference to the "pray" comment that Singletary makes?

As a merchant who accepts credit cards, I find the...

2009-05-07T10:45:00.000-04:00

As a merchant who accepts credit cards, I find they're rarely rejected. If customers are getting dinged for going over, I'm not aware of it. This is from my hobby store crowd.

What I *am* seeing is what you reported a few posts ago, the huge switch over to debit cards. In most cases, this is cheaper for the merchant, so I'm happier.

Also, this is off topic, but the recent

The credit-card wars http://www.philly.com/phill...

2009-05-07T10:39:00.000-04:00

The credit-card wars

http://www.philly.com/philly/opinion/44345047.html

Clutch, would clarify your comment a little more? ...

2009-05-07T10:10:00.000-04:00

Clutch, would clarify your comment a little more? You talking currently or after the legislation is implemented?

Regardless, variable-rate cards fluctuate with the peg that your card follows (LIBOR, Prime).

But hiking rates that are not tied to those pegs is what "hike on existing balances" refers to.

So wait, interest rates can be hiked on existing b...

2009-05-07T10:03:00.000-04:00

So wait, interest rates can be hiked on existing balances if the card is a variable rate? Even I noiced that loophole.

Feds: Close rate-hike loopholes in credit card rul...

2009-05-07T09:54:00.000-04:00

Feds: Close rate-hike loopholes in credit card rules

http://www.creditcards.com/credit-card-news/credit-card-federal-rules-interest-loophole-1282.php

:)

2009-05-07T09:48:00.000-04:00

Haha. Happy thoughts, Clutch.

2009-05-07T09:38:00.000-04:00

Haha. Happy thoughts, Clutch.

I pray every time I use a bank issed card, but it ...

2009-05-07T09:33:00.000-04:00

I pray every time I use a bank issed card, but it has nothing to do with me being anywhere near my credit limit.