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House votes to accelerate credit card rules

High on interest rates | 3:43 p.m. Nov. 4, 2009

Credit Card company sent me a letter stating they were raising my interest rate to 29.99% but that I could opt out if I wanted to. Needless to say I opted out, they closed my account and my credit rating took a dive.

jpc53 | 4:27 p.m. Nov. 4, 2009

Same thing happened to me. My FICO score dropped 50 points. Congress needs to address this or else the current financial situation will continue. People that opt out will see their credit scores plummet making them ineligible for loans. People that do not opt out will be paying such high interest rates on their current debt they will face the distinct possibility of falling behind and ruining their credit rating.

You're damned if you do and damned if you don't.

Anonymous | 4:47 p.m. Nov. 4, 2009

We have to work for money. Banks just scam it. We bail them out and do we get anything back in return for helping them. We get stabbed in the back. Who defends these banks?

I remember working with Microsoft ME and calling Dell. Dell assured me that Microsoft wouldn't release an operating system with bugs. Rush Limbaugh talked about Microsoft in glowing terms. ME was a bad operating system.

There is political group that wants us to worship businesses as the pentacle of America.

Wait. There will be comments about how you workers are wrong. You should be grateful beyond words that banks are increasing you interest.

How dare you, want the government to help you?

Comments continue below

Consumers need the law.. | 6:12 a.m. Nov. 5, 2009

It seems that most of corporate america, banks, and lenders don't think consumers should have any rights to fair lending or other consumer laws.

Sure, they will lose money, that's obvious, but at least they can't swindle consumers with abusive and corrupt lending with undisclosed terms and conditions upon application. Applications for loans and credit cards should not be allowed without full disclosure of terms and conditions on the application. Or better yet, separate application and approval to two documents.

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