How Did Credit Card Companies Respond To The Credit Card Reform Act 2009?

[Vinnie From Indy]

Chase Bank immediately began jacking the rates of interest on their cardholders en masse to 29.99%. Now the very taxpayers that kept the executives at Chase in their $2000.00 dollar suits are being robbed in response.

The failure of Congress to address THE CURRENT practices of Chase and other banks will undoubtedly cause millions of Americans to face incredible hardships or go bankrupt. It was probably no accident that the legislation passed by Congress would not become law until AFTER these banks had six months to lock in sky high rates on existing customers. As far as I know, the Credit Card Reform Act of 2009 doesn't address maximum interest rates that these banks can charge.

The current practices of Chase and others is the dirty little secret that never gets discussed in the media. I guess we are all supposed to be wildly grateful that Congress only stopped a few of the banks gangster practices.

Ever wonder why gas prices seem to be free of market conditions? It is because Goldman-Sachs and other hidden players in the opaque energy markets are manipulating the price at their whim.

[KT2000]

1. Caps on interest rates

was in a separate bill and it was voted down. My Dem Senators were nay votes which I will remember when they call asking for money. Congress is patting themselves on the back for the credit card bill but they screwed us all royally.

The financial sector knows there is money out there they have not gotten their hands on so they will be busy. It's funny how the non-existent money they called derivatives disappeared from so many institutions except the bonuses and salaries of the pooh-bahs.

[checks-n-balances]

2. This is a big issue, largely hidden from public consciousness

The public was largely unaware of this legislation at the time. Even those who were seemed apathetic because the economy wasn't showing blatant signs of imploding at the time. It will soon dawn on them that nearly all safety nets were written out of our laws (e.g. changes in bankruptcy laws) just in time to send millions of middle class people into despair.

Too bad those who make the laws don't feel the pain, don't listen, and don't respond to reason. They are only compassionate when it comes to their contributors - a situation which was created decades ago by legislative changes as well (and also unnoticed, for the most part, by the public at the time).

[Triana]

3. My rate is 35%! Bank of America -yea they jacked it up, recently added fees...

My payment record - stellar - pay the damn thing off every month. What'd I get for it? SCREWED.

[Sherman A1]

4. If you pay it off every month

what difference does the rate make to you? You are not paying any interest, so how does that affect you?

[Triana]

7. If ever I'm unable to pay off the balance, it'll affect me worse than otherwise - and..

...it's just a rediculously high rate - no excuse for rates that high. Except GREED. Whether or not it affects me NOW or not, its unreasonable.

[Sherman A1]

8. I agree that it is a very high rate, but you have the choice of

moving to another card or not charging more than you believe you can pay off during the month.

[MrSlayer]

5. Don't pay them.

If you stop paying them they'll try to work out a deal with you. I stopped paying mine when I was unemployed and they were quick to drop the interest rates, late fees and penalties in exchange for picking up where I left off when I went back to work. They're as desperate as everyone else. I know a few people who stopped paying and worked out lump sum deals with them for less than half of what was owed on the cards. You only think they have you by the balls when actually it's the other way around.

[Fire1]

9. The ones they have by the balls are those who care about their

credit rating. Otherwise, you're right.

[pinniped]

6. Some of these creeps, Chase included, had a head start on the rate jacking.

Many started jacking rates the last half of last year.

Either this impending reform bill was being discussed back then or they were tipped off.