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Reply #3: I don't know who Jessica Wheeler is... [View All]

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InsultComicDog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-04-06 06:18 AM
Response to Original message
3. I don't know who Jessica Wheeler is...
...other than to say that if she's claiming that the law is designed to keep credit card companies from making too much money, she's got to be incredibly naive.

I do think that for people not already caught in the trap of minimum payment hell (and I've been there and it isn't easy to get out of as it is), this will help prevent some customers from getting as deeply debt-entrenched.
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  -New Credit Card Law Judi Lynn  Jan-04-06 01:46 AM   #0 
  - I'm ready  bluestateguy   Jan-04-06 03:32 AM   #1 
  - I'm readier  tavalon   Jan-04-06 04:52 AM   #2 
     - Same here.  hippiechick   Jan-05-06 05:05 PM   #73 
        - Once I get this one paid off, I'm done with them forever.  kgfnally   Jan-06-06 12:09 PM   #91 
  - I don't know who Jessica Wheeler is...  InsultComicDog   Jan-04-06 06:18 AM   #3 
  - new 'credit card law' - aimed to help consumers (and hurt credit card cos)  salin   Jan-04-06 06:28 AM   #4 
  - A question: What do you consider "predatory lending"?  MercutioATC   Jan-04-06 08:05 AM   #5 
     - Going after very high risk lendees  salin   Jan-04-06 08:30 AM   #6 
     - To me, the lesson is "If you don't understand it, don't sign it".  MercutioATC   Jan-05-06 12:52 AM   #26 
        - Oh come on  redqueen   Jan-05-06 03:33 PM   #38 
        - What ISN'T readable by a 7th grader?  MercutioATC   Jan-05-06 03:56 PM   #45 
           - You know 7th graders that could read and understand those things?  redqueen   Jan-05-06 04:10 PM   #47 
              - What "legalese"? It's all plain English...  MercutioATC   Jan-05-06 04:14 PM   #50 
                 - If you really think people read contracts,  redqueen   Jan-05-06 04:16 PM   #52 
                    - Isn't that a consumer issue, though?  MercutioATC   Jan-05-06 04:20 PM   #56 
                       - Why is it their responsibility  redqueen   Jan-05-06 04:33 PM   #61 
                          - I'm not pretending that the banking industry is anything but a business.  MercutioATC   Jan-05-06 04:40 PM   #64 
                             - But I'm not saying it is.  redqueen   Jan-05-06 04:48 PM   #67 
                                - But the crux of the issue is consumer education, not greed.  MercutioATC   Jan-05-06 05:00 PM   #71 
                                   - We would not have the same problem.  redqueen   Jan-05-06 05:10 PM   #78 
        - Watch out for sounding like you are blaming the victim n/t  Zodiak Ironfist   Jan-06-06 02:21 PM   #103 
     - Credit card agreements  SOS   Jan-04-06 12:02 PM   #8 
     - But the consumer KNOWS that...  MercutioATC   Jan-04-06 05:18 PM   #11 
        - The point is, most consumers DON'T know that.  susanna   Jan-04-06 10:05 PM   #20 
           - If you don't understand a contract, why sign it?  MercutioATC   Jan-05-06 12:44 AM   #23 
              - The language in credit card agreements is written for obfuscation.  Gormy Cuss   Jan-05-06 11:40 AM   #33 
                 - All of the applications I've seen are written in plain English.  MercutioATC   Jan-05-06 03:28 PM   #37 
                    - I did read what I signed, and still totally did not expect what happened  conflictgirl   Jan-06-06 02:13 PM   #100 
     - I consider predatory lending to be  InsultComicDog   Jan-04-06 12:40 PM   #9 
     - I understand, but nobody's holding a gun to the consumer's head...  MercutioATC   Jan-04-06 05:20 PM   #12 
        - How about a right  FlaGranny   Jan-04-06 08:10 PM   #15 
        - The penalties for late payments are stipulated in the contract...  MercutioATC   Jan-04-06 08:40 PM   #17 
           - There should be no right to usury.  FlaGranny   Jan-04-06 09:07 PM   #19 
           - You know, FlaGranny,  susanna   Jan-04-06 10:10 PM   #21 
           - It's not usury...it's a penalty for violating the terms of the contract.  MercutioATC   Jan-05-06 12:48 AM   #25 
              - No, you can't call usurious interest rates a penalty.  FlaGranny   Jan-05-06 11:05 AM   #31 
              - Actually, the law says that's what they are....  MercutioATC   Jan-05-06 03:26 PM   #36 
                 - The law is wrong. The law was written  FlaGranny   Jan-05-06 03:44 PM   #41 
                    - Were were discussing definitions. These hikes don't qualify as "usury".  MercutioATC   Jan-05-06 03:54 PM   #44 
                       - So you're backing up a law  redqueen   Jan-05-06 04:14 PM   #49 
                          - Not endorsing it, I just don't see a problem with it.  MercutioATC   Jan-05-06 04:18 PM   #54 
                             - You don't endorse it, but don't see a problem with it?  redqueen   Jan-05-06 04:20 PM   #55 
                                - Would you be happier if they just used $250 late fees?  MercutioATC   Jan-05-06 04:22 PM   #57 
                                   - It was called usury before rethugs changed it.  redqueen   Jan-05-06 04:34 PM   #62 
                                      - I'm honestly interested. Would you be O.K. if they just charged high  MercutioATC   Jan-05-06 04:41 PM   #65 
                                      - I think so, yes.  redqueen   Jan-05-06 05:08 PM   #76 
                                      - I don't see the difference, but I respect your view.  MercutioATC   Jan-05-06 05:12 PM   #81 
              - You are mistaken  spotbird   Jan-06-06 02:58 PM   #104 
           - Credit card co's have been known...  AnneD   Jan-06-06 12:39 PM   #93 
        - They do, metaphorically...  Solon   Jan-04-06 10:31 PM   #22 
        - That's a separate issue (the gas company).  MercutioATC   Jan-05-06 12:47 AM   #24 
        - Ever get injured and lose income for a few months?  mbperrin   Jan-05-06 11:13 AM   #32 
           - Hey, they shouldn't have gotten sick,  redqueen   Jan-05-06 04:15 PM   #51 
           - Your car analogy doesn't work...  MercutioATC   Jan-05-06 04:26 PM   #58 
              - My car analogy does work, because it's a true story, and the  mbperrin   Jan-06-06 02:09 PM   #99 
        - That happened to me too.  ellie   Jan-06-06 12:05 PM   #90 
        - You might prefer to blame the victims  InsultComicDog   Jan-05-06 03:21 PM   #34 
        - Fair enough...we disagree.  MercutioATC   Jan-05-06 03:24 PM   #35 
        - Lenders have the responsibility to fully disclose  FlaGranny   Jan-05-06 03:52 PM   #43 
        - I think it's more of a consumer awareness issue...  MercutioATC   Jan-05-06 04:00 PM   #46 
        - That sounds a lot like the  redqueen   Jan-05-06 04:12 PM   #48 
           - I realize you were being sarcastic, but I agree with your statement.  MercutioATC   Jan-05-06 04:28 PM   #59 
              - So the uneducated shouldn't be granted cards.  redqueen   Jan-05-06 04:30 PM   #60 
              - Somebody incapable of understanding a contract shouldn't sign one.  MercutioATC   Jan-05-06 04:36 PM   #63 
                 - Think of it this way.  redqueen   Jan-05-06 04:46 PM   #66 
                 - Are you advocating a national IQ registry?  MercutioATC   Jan-05-06 04:52 PM   #69 
                    - They can't.  redqueen   Jan-05-06 05:08 PM   #77 
                       - So the poor shouldn't be granted cards?  MercutioATC   Jan-05-06 05:16 PM   #82 
                          - You must have misread.  redqueen   Jan-05-06 05:30 PM   #83 
                 - After reading all you responses I can only ask...  AnneD   Jan-06-06 01:03 PM   #97 
                    - And they have worked very hard to make the language  salin   Jan-07-06 05:59 AM   #114 
              - Where have I heard that before?  OldLeftieLawyer   Jan-05-06 04:58 PM   #70 
                 - Oh, I've erred in the past...and paid the consequences.  MercutioATC   Jan-05-06 05:05 PM   #74 
                    - You misunderstood what I wrote  OldLeftieLawyer   Jan-05-06 05:07 PM   #75 
                       - You REALLY feel that only a lawyer can understand a credit card app?  MercutioATC   Jan-05-06 05:11 PM   #80 
                          - I'm a good lawyer  OldLeftieLawyer   Jan-05-06 06:18 PM   #85 
                             - I didn't ask you for a feeling about a legal document.  MercutioATC   Jan-05-06 06:27 PM   #86 
                                - application or contract?  MindPilot   Jan-06-06 03:35 PM   #105 
     - See post #6, and  HypnoToad   Jan-04-06 07:16 PM   #14 
     - Aparently all the blame goes to the predated.  redqueen   Jan-05-06 04:17 PM   #53 
     - When I was a boy, I would at times go to my stepfather's work on Saturdays  KansDem   Jan-05-06 04:52 PM   #68 
        - There isn't any gray area...  redqueen   Jan-05-06 05:11 PM   #79 
           - Nobody's suggesting gratitude, just responsibility.  MercutioATC   Jan-05-06 06:50 PM   #87 
              - Yes, everyone should read every contract before they sign,  redqueen   Jan-06-06 11:22 AM   #89 
                 - But isn't that the CONSUMER'S fault?  MercutioATC   Jan-06-06 12:34 PM   #92 
                    - No, it isn't the same at all.  redqueen   Jan-06-06 12:42 PM   #94 
                    - You're changing the issue...  MercutioATC   Jan-06-06 12:56 PM   #95 
                       - Why does a subject need to be narrowed to one aspect?  redqueen   Jan-06-06 01:40 PM   #98 
                    - Most tire stores don't charge for rotation  MindPilot   Jan-06-06 03:41 PM   #106 
                    - Responsibility can fall to 2 persons  baby_mouse   Jan-06-06 03:51 PM   #107 
                       - I actually agree with that.  MercutioATC   Jan-07-06 03:25 AM   #112 
  - Let me guess.  screembloodymurder   Jan-05-06 03:34 PM   #39 
  - Does this compute?  pinniped   Jan-04-06 08:33 AM   #7 
  - It will mess some people up  InsultComicDog   Jan-04-06 12:42 PM   #10 
  - Ya think?? eom.  Hotler   Jan-04-06 07:09 PM   #13 
  - yes, this is the intention  northzax   Jan-04-06 08:48 PM   #18 
  - how, exactly, will it prevent that?  fishwax   Jan-05-06 01:22 AM   #29 
  - Heh. People who could pay more already are  high density   Jan-04-06 08:12 PM   #16 
  - It won't help people stuck on minimum payments  killbotfactory   Jan-05-06 12:59 AM   #27 
  - Who was behind this law?  OldLeftieLawyer   Jan-05-06 05:04 PM   #72 
  - designed to help consumers? I call BS  fishwax   Jan-05-06 01:18 AM   #28 
  - yes, that's the usual bullshit-'helpful', then you're sent an offer  katty   Jan-06-06 05:27 PM   #110 
  - CREDIT UNIONS offer credit cards  eridani   Jan-05-06 04:23 AM   #30 
  - They did a news blip on our local  catmandu57   Jan-05-06 03:41 PM   #40 
  - Just had that happen to me this week. A credit card  FlaGranny   Jan-05-06 03:48 PM   #42 
     - Paid my entire balance off in FULL  HockeyMom   Jan-05-06 06:16 PM   #84 
     - This happens to just about everyone once or twice.  barb162   Jan-06-06 02:15 PM   #101 
  - I don't think it will change much for me  alarimer   Jan-05-06 07:09 PM   #88 
  - gonna ask a really dumb question:  melm00se   Jan-06-06 01:01 PM   #96 
  - Because some people are in dire financial straits.  Bridget Burke   Jan-06-06 02:17 PM   #102 
  - at least SOME adolescents should get it  pretzel2   Jan-06-06 03:56 PM   #108 
  - as soon as I refinance my house payment  BlueCollar   Jan-06-06 04:23 PM   #109 
  - crunching the numbers  pretzel2   Jan-06-06 05:27 PM   #111 
  - Absolutely nothing wrong with credit cards, if one doesn't  0007   Jan-07-06 05:20 AM   #113 
  - Necessary to our Evil  michiganbuckeye1970   Jan-07-06 11:29 AM   #115 
 

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