Article

2009-05-19 Economy

Senate Approves Bill to Overhaul Credit Card Industry

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Posted by GolfBravoUSMC 2009-05-19 13:38|| || Front Page|| [1 views ] Top

#1 How long before credit for risky individuals starts drying up?

Posted by AlanC 2009-05-19 14:54|| 2009-05-19 14:54|| Front Page Top

#2 Or credit for just about everyone?

Posted by Seafarious 2009-05-19 14:57|| 2009-05-19 14:57|| Front Page Top

#3 How long before credit for risky individuals starts drying up?

Should be harder to get a card. I recall in the 70s it was extremely hard to get one. Then in the 80s, your dog or cat would get invites to have one. What happened is that banks discovered they could write off bad card debit by making the other card holders carry the losses. That way the banks never suffered a significant loss and had no incentive to do any real screening of applicants. When they failed to follow the drop of the Prime Interest rates [who's rise was the justification for their interest rates to reach 21%+], they became free targets for attention. Bush the Elder made a initial proposal to investigate and the banks dumped on the market the next couple days scaring the man off the issue. That was back round '90. It's red on red as far as I'm concerned. Credit is earned, not an entitlement.

Posted by Procopius2k 2009-05-19 15:59|| 2009-05-19 15:59|| Front Page Top

#4 There's a whole lotta ugly attached to this bill though. I don't have details, but I saw rumors of some gun-control language and huge borrowing authority increases for FDIC...

Posted by Seafarious 2009-05-19 16:02|| 2009-05-19 16:02|| Front Page Top

#5 It wouldn't surprise me in the least, Sea.

Too bad the federal Constitution doesn't have what the Virginia one does - each bill must be about ONE subject.

The General Assembly still introduces - and passes - some ~~stupid~~ ugly bills, but at least they can't sneak something nasty through in an otherwise innocuous bill.

Posted by Barbara Skolaut">Barbara Skolaut 2009-05-19 21:34|| 2009-05-19 21:34|| Front Page Top

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