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4月23日 Consumer Protection Legislation for Credit Card CompaniesObama met with credit card company executives on the heals of legislation passing the House. The new law, a little late in coming, will go into effect in 2010 and will limit fees and prevent arbitrary interest rate increases. The very thing companies have been doing to consumers for the past several months -- raising rates, adding fees. Millions of consumers have been affected since this practice began in late 2007, making the credit card companies BILLIONS of dollars in additional revenue from the increased fees.
For instance, I have an account with Wells Fargo I use for emergencies. When I got the account, the selling point was that the interest rate was based on the prime rate. Meaning, if the prime rate went up, so could my interest rate for my card. I have excellent credit and the interest rate was a good rate. When the banking system dumped last year and the prime rate went down, I got a letter from Wells Fargo telling me that they were changing their terms and raised my interest rate 4%. The prime rate went down. Not up. My interest rate, per my agreement with Wells Fargo, should have went down as well. Needless to say, I payed off the small balance I'd been carrying and closed the account. Their loss.
I'm in a fortunate situation though. Many Americans aren't. I was able to pay the account off and tell them to shove it. Many Americans can't do that. I heard of one consumer who called their credit card company to complain about the doubling of their interest rate. In retribution, the company reduced their credit limit to the current balance, effectively wiping out the credit line. The reduction of credit appeared on their credit report, affecting their credit score. I guess it's a negative thing to have your credit limit reduced -- even when it's done to punish a complaining customer.
I applaud the current administration for taking action, but it's like closing the gate after the cows get out. It should have been passed as an emergency with a provision requiring companies to revert everyone back to where they were. By the time the new law goes into effect, more credit card holders will see major increases in interest rates and fees. Some customers have reported interest rates doubling, not only on new purchases, but on existing balances for purchases made under the old rates.
I guess we can hold out for hope. Maybe the credit card companies will grow a conscience and realize that they're screwing the socks off of their customers. Maybe they'll feel bad about it and voluntarily reduce rates and fees back to where they were when the credit card was issued to the consumer. Oh wait. These are the same companies that took OUR bailout money to save their companies and then gave themselves bonuses for a job well done.
Nevermind.
2月3日 Michael Phelps has been a verrry baaaaad boy!So, who gives a shit!
Young Mr. Phelps has since apologized for his activity and, for the most part, his apology has been accepted by most of the public, the Olympic committee, and the companies he endorses. Well, ‘cept for one jerk in in the Richland County Sheriff’s office. Apparently, Lt. Chris Cowan intends to capitalize on this photograph and get his name in the paper. Cowan has launched a full-scale investigation into the illegal-doings of Mr. Phelps. What a way to spend tax payer dollars Mr. Cowan! It’s not like half the folks wearing tin stars in Richland County didn’t take a toke or two during their younger days, or last week for that matter. So, Mr. Cowan, get a life and leave the young people at the college alone. I’m sure there’s an old lady jaywalking across the road right this minute, a danger to society. You should use your resources to apprehend her. Michael? If you’re gonna toke on a bong, make sure there’s not some idiot pointing a camera phone at you. 1月22日 Two days and Major Changes in Washington D.C.We told Obama that we were ready for change, I hope we meant what we said. It’s been a couple of busy days for Barack and his staff.
And, he week’s not over. I’ll have to admit, it’s a little strange to see YouTube video clips on the White House web site. But, I say “welcome to the 21st century!” The new web site even has a blog. Who could ask for more? I also welcome dismantling the “good ole boy” network that has plagued our government for way too long. Some of the old cronies should be a little worried! Now: let’s get to work on this economic crisis. Maybe he’ll accomplish that next week. 1月18日 Is the media is playing the race card?Throughout the presidential election, Barack Obama did his best not to use the race card. He did his best to not to make the election about the color of his skin. He did his best to make the election about bringing change to our government and to the United States. As we get closer to inauguration day it appears that the media is playing the race card. Focus is being drawn away from the many challenges we still face – the worse economic downturn since the depression, two wars, and an ever increasing budget crisis. Barack keeps bringing those challenges up when he speaks, and the media quickly diverts that attention to the fact he’s black. Like we didn’t notice that? Don’t misunderstand what I’m trying to say here. This election was historic. But, the reason Barack was elected wasn’t because he was a black man. If you voted for him because of his color, shame on you. Barack wasn’t elected because we needed to pay back a segment of our population for the wrongs of our ancestors – all democracies have a history of inequality and struggle. Barack was elected because he was the best man for the job. Nothing more. I’m ready for a change in our government. I believe Barack Obama can do that. But, the color of our president’s skin won’t be what brings change. I voted for Barack because he has the abitlity to bring people together and because I believe he's an intelligent man with a drive to make our country a better place for our children. I realize it’s too late for the media to change how they’re reporting this event. Those wheels are in motion. But, after the inauguration becomes historical record, I hope we can move past it and focus on what’s important – stability of our future. |
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