Comments on: Credit Card Changes: Five Ways to Protect Yourself http://www.moneyunder30.com/credit-cards-changes Simple, Honest Financial Advice Thu, 09 Feb 2012 22:53:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Banderman http://www.moneyunder30.com/credit-cards-changes/comment-page-1#comment-2692 Banderman Fri, 14 Aug 2009 14:44:55 +0000 http://www.moneyunder30.com/?p=2286#comment-2692 Unfortunately, Obama's plan is too little, too late. The credit card companies are furiously raising their interest rates and fees before the legislation kicks in. What is the point. Credit card companies are routinely raising interest rates for people with great credit history, great credit scores, and great stability to 14-16%. When this new legislation kicks in, the credit card companies will be grinning ear to ear; they have effectively beat the system before it ever had a chance to see the light of day. The best policy for young people is probably to keep credit card balances low, paying them off every month in full to avoid any interest rates. Keeping 5-7 credit cards is probably a bad choice as the 'system' is designed to catch consumers in the 'middle'; a damned if you do, and damned if you don't model. The Obama plan was too late, too little, and a political pandering gesture; at best. Unfortunately, Obama’s plan is too little, too late. The credit card companies are furiously raising their interest rates and fees before the legislation kicks in. What is the point. Credit card companies are routinely raising interest rates for people with great credit history, great credit scores, and great stability to 14-16%. When this new legislation kicks in, the credit card companies will be grinning ear to ear; they have effectively beat the system before it ever had a chance to see the light of day. The best policy for young people is probably to keep credit card balances low, paying them off every month in full to avoid any interest rates. Keeping 5-7 credit cards is probably a bad choice as the ‘system’ is designed to catch consumers in the ‘middle’; a damned if you do, and damned if you don’t model. The Obama plan was too late, too little, and a political pandering gesture; at best.

]]> By: M.Wanzer http://www.moneyunder30.com/credit-cards-changes/comment-page-1#comment-2690 M.Wanzer Thu, 23 Jul 2009 22:21:44 +0000 http://www.moneyunder30.com/?p=2286#comment-2690 I definitely think that credit card companies have a lot of shady tactics to get top dollar from their customers. At the same time I do feel like they also get a bad rap. Like you said in this article credit cards really arent bad if you pay them off at the end of each cycle. I think one problem is people get credit cards without propperly understanding how they work. While I know that there are a lot of people in credit card debt because of life events that just came up, such as bills or medical expenses; there are also a lot of people that are in debt because of over consumption and lack of restraint. While you can not help emergencies that can cause credit card debt, I do feel like over consumption can be helped, and I definitely think people need to read more sites like this and be propperly educated on credit card useage. Good Post, I defintely learned some things I did not know. I definitely think that credit card companies have a lot of shady tactics to get top dollar from their customers. At the same time I do feel like they also get a bad rap. Like you said in this article credit cards really arent bad if you pay them off at the end of each cycle. I think one problem is people get credit cards without propperly understanding how they work. While I know that there are a lot of people in credit card debt because of life events that just came up, such as bills or medical expenses; there are also a lot of people that are in debt because of over consumption and lack of restraint. While you can not help emergencies that can cause credit card debt, I do feel like over consumption can be helped, and I definitely think people need to read more sites like this and be propperly educated on credit card useage. Good Post, I defintely learned some things I did not know.

]]> By: Live for Improvement http://www.moneyunder30.com/credit-cards-changes/comment-page-1#comment-2689 Live for Improvement Tue, 21 Jul 2009 14:50:56 +0000 http://www.moneyunder30.com/?p=2286#comment-2689 I will hopefully be debt free in less then a year, and only then will I be elude the evil clutches of credit card companies. Great article on combating credit card companies. -Dan Malone- I will hopefully be debt free in less then a year, and only then will I be elude the evil clutches of credit card companies. Great article on combating credit card companies.

-Dan Malone-

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