Joke of the Day: Credit Card Reform

By Karen

Credit card offers choke my mail every day, but card issuers call me a “deadbeat” because I pay my balances in full and on time every month. They’d much rather extort fees and interest that would have the Mafia drooling.

And now Congress and Obama are trying to “fix” credit with their so-called “crack-down” on credit card companies.

Do I sound a tad bitter? Well, I am. It smells just like their faux healthcare reform, where they’re determined to keep private insurers rolling in profits even if it kills the rest of us — financially and literally.

Like health insurers, credit card companies know how to work the system. To compensate for lost monthly fees, which comprised 70% of their profits in 2005, more cards may have annual fees. And the interest clock may start ticking the moment a purchase is made, like it already does on some cash advances. Congress kow-towed to banks by failing to cap interest rates in its legislation, so the sky’s the limit.

Since I’d never piss away hundreds in annual fees to maintain a stable of credit cards, I’ll be forced to cancel many, and that could wreck my credit rating.

Congress’ new limits don’t become effective for 9 months, so they obviously want card issuers to have a nice big window to squeeze consumers as dry as they can. It’s the only reasonable explanation for such a delay, which will only lead to more defaults and bankruptcies. Banks have computers. If they can levy fees and raise interest rates on individual accounts in the blink of an eye, they’re fully capable of making global system changes within one monthly billing cycle to comply with new laws.

You’d think with a Democratic House, Senate, and president, the little guy would finally catch a break, but it’s a rare day when Congress and the White House don’t sell us out to Big Business and tell us they’re doing us a favor.

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5 Responses to Joke of the Day: Credit Card Reform

  1. Bob says:

    Well I know your pain. Canada is also in the middle of so called credit card reform.

    Up here the reform basically amounts to credit card companies “Educating” Victims, Oh sorry I meant customers of the need to pay more than the minimum payment, and detailing the interest rates and when they kick in for purchases and advances…

    Now given that credit card companies here earn somewhere north of 80% of profits off fees and past due accounts, how good is this “education” going to be.

    So just what is up with Tony anyways??? Is Ottavia slipping some happy pills into his Capt’n Crunch??
    First he goes easy on Rachel and now he puts on the kid gloves again for Alice Waters..

    In a perfect world who wouldn’t want to eat the freshest healthiest foods?? But realistically not everyone could afford this in good times let alone now when the bottom has fallen out of the economy in most parts of the western world. Now not having read a transcript of the debate its hard for me to comment but seems like Tony is losing his edge.

    For those of you following my Crutch Chronicles.. I got my Cast removed yesterday. What an amazing feeling air on skin and the ability to scratch what itches..WHOO HOOO…

    That lasted for all of a few seconds until the Dr decided to test the limits of my movement and proceeded to put my foot and knee in a number of stress positions… Long story short my Dr is a sadist, his motto for my recovery is “Let the PAIN be your guide” which I guess means if it hurts don’t do it bonehead..

    So I am in a removable brace now looking forward to a few months of poking and Prodding in Physio.

    Wish me Luck!!!

    Gimpy aka Bob

  2. Adele says:

    Well Bob, at least you have the cast off — and before the weather gets really warm. Sounds like you won’t be taking the gf out dancing any time soon, though. Be careful, go to physio, and heal fast.

  3. catsworking says:

    Bob, that’s what my doctor said when I tried to twist my ankle to show him what hurt. It’s still not 100% healed yet. He said it could take 6 months — or never.

    I agree with you on Bourdain. If he’s going to talk tough about people, he can’t turn to mush when he’s face to face. His fans will lose all respect for him, and he’ll come off looking like a weasel.

  4. Buddyfun says:

    Credit card reform is no reform, the only reform is to vote out all the losers who approved it including the BIGGEST loser Obama himself he is full on lipped smooth jelly mouth talk and no action on his part, the Boy is going to milk out his free ride until next election and he and all those creeps will be voted out. The demorots had there chance and they swished it down the toilet including our money in taxes. The socialized waffle party is what they should be known as.

  5. catsworking says:

    Buddy, Obama’s magic seems to have worn off both here and abroad. Getting kicked out of consideration for hosting the Olympics in Chicago on the first round was a definitive slap in the face.

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