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go to http://www.fatwallet.com and do search about this in finance, you can get all the info you want with links, on any question you may have about this topic.

Originally posted by Diceman

Originally posted by James 3528
That is not the case. Unless you want to define what "ropped off" is?

Ropped off is once they take money out of your acct it is very hard to get it back. And if you authorized them to do it, but then something happened along the way and you dispute it, forget it. With credit cards, by the time you get the bill and it is due, you still have time to argue it and not pay it.
It happened to my daughter and she learned a good lesson from it.

It depends on what happened. You can dispute a debit just like a charge.

I have been missing a lot of sleep!

Originally posted by James 3528
That is not the case. Unless you want to define what "ropped off" is?

Ropped off is once they take money out of your acct it is very hard to get it back. And if you authorized them to do it, but then something happened along the way and you dispute it, forget it. With credit cards, by the time you get the bill and it is due, you still have time to argue it and not pay it.
It happened to my daughter and she learned a good lesson from it.

My credit card probably really hates me. Usually they owe me money. Typically I'll put money on the card a few days before I know I'll be ordering something (typically online). When they do owe me money it's usually only a couple of dollars, but I'm sure they dont' like it.

Ever notice how if you need more credit, it's just a phonecall away. even though you max out your card and are making minimum payments, they'll still give you more credit. And the rope for the noose gets longer.....

Do you think that is really the problem or solution? They raise the rate on late payers if they are late a few days and some charge what amounts to a fine. If that was the case, why are they charging 23%+ ?? . If they want to double the minimum then dammit make them reduce the % rate

My cousin works for Ford Credit. He told me at a meeting in Detroit he attended years ago that they said to make no mistake about it, we make money on people that can't afford their car. And a lot of people can't afford the balance they owe on credit cards.



Everyone yells about Exxon and the oil companies while Citi Bank is laughing.

Actually I've heard about the dbl payment law for a while.

The government did it form what I heard.

What the problem is, and I've been guilty of it myself, is that many people only send in the MINIMUM payment. Well the MINIMUM payment to the standards set would NEVER pay off your balance! It would JUST be enough to maybe pay your interest. ANd if you get a yearly fee, etc, you could wind up with a HIGHER balance after a year of paying the bill than what you had a year before. ALL while not being late, just paying the minimum.

So the law is to force people to pay enough so you pay the interest, plus a bigger chunk of principle on the balance.

In a way. It could HELP unless you're so starpped you can't pay the minimum payments as it is.

Originally posted by Diceman
Nope. Not as much recourse if ya get ripped off. With credit cards you can argue any payment and if anyone steals it or uses it somehow, they are stuck, not you.

I agree. Although some debit cards protect you like a credit card, just I don't think quite as easily disputed.

That is not the case. Unless you want to define what "ropped off" is?

Nope. Not as much recourse if ya get ripped off. With credit cards you can argue any payment and if anyone steals it or uses it somehow, they are stuck, not you.

Use a debit card.

I use cards but they are always paid in full by the due date. I must get 2-3 new apps for them every fricking day, they send em to my kids as well. They love to get college kids in debt, now with the new bankruptcy laws pushed through, it will get even worse.

I've got an attorney friend that deals with banks and credit card problems ALOT. He started talking to me one day about the banking system in this country cause I complained that I would occasionally get hit with a late fee when I knew that I had sent in my payment WAY before the due date.

He confirmed that some of the largest credit card companies/banks do this on a regular basis BUT they also jump you interest rate to almost double. The credit card companies know, by their own record keeping history, that most consumers will not look at, question or have any knowledge of their accounts.

I called both credit card companies and they cancelled the charges but months later they both did it again. I even have or had proof somewhere.

My attorney buddy said the banking industy is about as corrupt as can be and getting worse. They have been lobbying congress for years on this bill that is about to pass. Once passed they have the legal right to create a form of financial slavery we have never seen before.

Is it the banks fault? -- yea/maybe. But the fault lies with the consumers who don't question, who don't use their money correctly, who look the other way except for the people who really need some extra credit from time to time.

It's our fault the banking industy is this way and continues to get away with this highway robbery. Just ask anyone who uses a credit card what their terms are and I will bet they don't know. Or they don't know how much the use of their credit cards really costs them.

Do you know that minimum payment on just a $2,500 balance, as an example, will give you a payoff in about 30 years? Or that in most credit card agreements that if you are late with one ALL your creditors, including you car payments, can increase your interest rates?

So, learing his years ago I got rid of everyone of my credit cards and only operate off of one debit card. My life has improved greatly. If I don't have the money sitting in the (yuk) bank, I don't spend it. It's easier then you think to do this but it takes knowledge, willpower and disipline, which, in my experienc, has been lacking in our country for a good while now.

I would agree but there are a lot of people out there that do just that. Just seems kinda strange that I have not seen one headline about this happening.

If you are only paying the minimum payments on your cards, you got other problems besides them doubling.

Has anyone heard of this? A fellow worker brought this up, no one here had heard of it so I did a little research and turns out he was right. Some sources believe it is being kept quiet until after new bankrupcy laws are in place next month.