Who Wins in Credit Crackdown?

Who Wins in Credit Crackdown?
Don't make me laugh...that'd be the bankers and fianciers again.
I just got a statement for one of my rapidly shrinking pensions...
Yes, they've charged me for losing my money...
Whilst doubtless paying themselves fat bonuses and emplying their mates as non-executive directors.

Oh, but's let's blame it all on Joe Public, or Illegal Imigrants or AlQuaeda...anything to distract the gullible public from the perpetual feeding frenzy at the top.
<ctrl\R> Rant mode off.
Del

In this case the changes from what I read, seem to be an improvement over the situation that has existed.

In my own case I did at one time have a little money in a Union account coming from contributions made by Producers, according to Union Contracts.

Management fees sure ate that up.

Very well said Del!!!!!!!!!!!!!!!!!!!!!!!!!!

Spencer.

I think you've answered your own question.

The winners: people who carried balances month to month (overspent)

The losers: people who used CCs as a convenience, carrying no balance

Once again, the irresponsible are rewarded by the government. You could call it mortgage crisis lite.

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/credit-card-fees-going-up-again.aspx

Here is your answer in a nut shell, I am actually glad my bank PMO and I went to a credit union here in the states.

401k, annuities, savings, bah, I will by a new tool before I save again and just keep my money in my checking accounts.

No credit cards either, just pay in cash or save those "credits" up for a big purchase, amazing how much one can save.

The only problem with not having a credit card is trying to make travel reservations. I got rid of all the cards until I hit that snafu. Now I've got one just for travel. As Del pointed out the whole thing is stacked to make the bankers money. Now the government wants us to pay for the behaviour of the fools as well. I'm waiting for the double dip recession...that should turn my 201k into a 101k.

I have been finding that by calling hotels direct and making a cash deal, I am saving a lot of money, and I have also been able to get my clients to pre foot the bill for airline, rental cars, and hotels lately if I request it.

I carry a check card and all of the above service providers are drooling for biz, so this poses no problem with deposits anymore.

The local Rental Car franchise is ready to close as it is not generating any appreciable income.

I recently rented a Hilton site for about $82.00 plus taxes, included breakfast and internet. Trouble was, it was lonely, outside the lounge with all of the local trolls.

I bet there were not more than 30 guests in the hotel.

Here we have to use Carlson Wagenlit Travel so I'm kinda stuck. Sounds like you've got things worked out pretty well though!

I've gotten several notices of account agreement changes from credit card companies in the last several weeks. All the changes have included new fees and penalties designed to skirt the new regulations well in advance of the implementation date.

Anytime that Congress thinks they can level the playing field, they are already months, if not years, behind the brains in the credit market.

Hey, I've got an idea... What if Congress just takes over the American credit system? That oughta fix 'em. <joke, and a bad one at that>

Hooker <--- anti-gov't laissez-faire nut

If people can't manage their own credit, they should pay the price. Never had problem with my CCs. They lend me money for over a month for FREE! I did missed payment once in a while due to laziness, forgetfulness etc and paid the price or interest. With a no fee cash reward card, I'm getting even more then free.

There are no excuse to not pay your bills.

People need to be responsible for their own action. Government can't come in and baby sit everyone. Unless its a Communism government. Long live United State Republic.

In this life. Simple. Bankers.

Of course they are in for a real surprise later.

Years ago I saw on a TV show a study they had done with children about the ability to lie. Interestingly, the best liers were also the ones who tended to "take charge" of a group when left alone. Sadly, the professions of doctor, lawyer and banker are seen as paths to "getting rich". There are good people in ALL professions, but by and large people who pursue these careers think of making money, moreso than other careers. "Bankers" (inclusive of stock brokers, financial analysts, etc.) are probably the worst profession of the three in this regard. You have to ambitious to be successful in banking and I think the study I referred to above, indicates that the most amibitous people are also people who are more ready and willing to "bend the rules", lie, even cheat to achieve their means. Berni Madoff just got caught. I think this can also explain our poor track record of satisfactory elected officials.

In essence, the people who end up in the most powerful positions (i.e., the most ambitious) in society are generally, also, the least moral. There is a paranoia that goes along with all of this. Knowing that one is competing with others "like oneself" makes one even more cynical and mistrustful and "sneakier". So you have a war at the top between money-grubbers (sorry for the insulting tag) and the average Joe (not the Plumber) who goes to work, punches a clock, and goes home tired (and NOT wealthy) at night suffers the indiginities of the systems and processes brought about by this war.

I would say "rant off" as Del did, but this is no time in history to be mum. So keep it up Del!

(By the way, does anyone else here think that it is upside down logic to make someone who has a harder time paying debts pay a higher interest rate? In my gut, there's something not right about that. Some people are just down and out. Do you penalize them for that?? Oh well, I guess "Render unto Caesar...)