Sen. Chris Dodd (D-CT),
By on Jan 9th, 2007 at 2:43 pm
Sen. Chris Dodd (D-CT),
the “new chairman of the powerful U.S. senate banking committee,” today “vowed to crack down on ‘outrageous’ credit card fees and unscrupulous lenders that target minorities and military families.”
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It's about time!
I bet DUMBYA is getting a call from his predatory lending cronies!
January 9th, 2007 at 2:46 pmCool Sen. Dodd, but now grow a spine and call for Pres. Bush and VP Cheney to be impeached!
January 9th, 2007 at 2:52 pmBecause if Dodd can't rip you off, no one should!
Actually is sounds good. Just that Dodd helped to destroy CT.
January 9th, 2007 at 2:52 pmHey, how are you IraqVet. Or should I say "Beaker the scientist"
ROTFL
January 9th, 2007 at 2:55 pmUnfortunately, he'll have to go up against Joe Biden's credit card constituents, to whom Joe bowed when the Bankruptcy bill came up. That is one reason why I hope Joe Biden doesn't get the nomination I like him, but he caved, so...tough.
January 9th, 2007 at 2:56 pmBetween the credit card companies' fees, the bankruptcy laws, and all the other economic factors that burden the poor and middle class while favoring the wealthy, this is a step in the right direction.
January 9th, 2007 at 3:04 pmLet's hope that these steps become a marathon run toward relief for the middle guy.
Should I know what you mean? I really don't have time for your IGNORANCE, so STFU and get lost!
January 9th, 2007 at 3:06 pmAmericaBlog is down, so Bush Regime is cyber attacking so be aware!
January 9th, 2007 at 3:06 pmThese assbites are preying on the military families who are having a hard time making ends meet.
January 9th, 2007 at 3:07 pmHere at Fort Lewis, the instant cash payroll foan lucks have a storefront every half a block.
it's pretty darn clear which party cares about people and public interest...
I'll give you a hint: it's not the republicans.
January 9th, 2007 at 3:07 pm... that's it, keep biting off more than you can chew, especially with a Republican President to veto that stuff ...
January 9th, 2007 at 3:08 pmlets just ban payday loan places from being within 10 miles of a school, church, park, retirement center or military base. that should do it.
January 9th, 2007 at 3:08 pmAhhh. What a wonderful world when you have politicians who put people before profits.
January 9th, 2007 at 3:14 pm#11 Jason M. Hendler
Even though it would be unfortunate for the well being of the citizens of this country for the President to be vetoing bills meant to be beneficial to the masses, it would be politically suicidal for the Republican Party going into the 2008 election cycle. Will give the Dems plenty of cannon fodder to throw back at the Republicans and make the 2006 Democratic gains seem paltry in comparison.
Politically for the Republicans, it would be beneficial for Bush to sign some populist legislation. Though Bush seems to care more about his own political position than that of his party. Also, I don’t think a pocket veto will be effective, the electorate is too aware for it to work.
January 9th, 2007 at 3:17 pmComment by Jason M. Hendler
What is this, just a game to you? A tennis match where you watch the balls being lobbed back and forth? Go away and let us do some good for America.
January 9th, 2007 at 3:19 pm… that’s it, keep biting off more than you can chew, especially with a Republican President to veto that stuff …
Comment by Jason M. Hendler
How is this more to chew. She is doing her job on the Bamking Committee. Oh you mean doing actual work....well that may have been more than the Repubs could chew but ain't it amazing seeing these committees starting to actual work? It seems like news when it should have been going on for years. If the Prez wants to veto it that is his decision to shoot down good legislation and hurt his party more. That should not stop the Dems from creating bills that will help their constituents. Does this make any sense to you?
January 9th, 2007 at 3:25 pmAndrea Mitchell and BO are going at it, or were earlier. Think we'll get a thread on it?
January 9th, 2007 at 3:26 pmIt's all talk at this point.
January 9th, 2007 at 3:27 pmlets just ban payday loan places from being within 10 miles of a school, church, park, retirement center or military base. that should do it.
Comment by Rick Brannon
Fair enough, but not enough. Educating the people who look to these lenders is the key to limiting the abuses. If folks were shown just how much the 'loan' cost them, they would think twice about it. Sometimes we do what we gotta do, and that's ok as long as everybody knows what the true costs will be.
January 9th, 2007 at 3:28 pmRick Santorum has gone from junior senator to senior fellow: As of today, the Pennsylvania Republican is an employee of the Ethics and Public Policy Center, a Washington-based think tank. “I want to contribute to the world of ideas,†he says.
Thought this would give some giggles to most here.
January 9th, 2007 at 3:36 pmJMH
Bush doesn't do vetoes (only one in six years). It's too "legalegitimate" for him. He goes for the signing statement which you love so much.
January 9th, 2007 at 3:37 pmTom,
It is easy to sit back and judge; however, for some families the choice is more difficult. Still, I have seen these companies, and they charge anywhere between 10 - 50% on a short-term loan and they add outrageous fees to it.
No one is asking these companies NOT to charge fees; however, when they primarily prey on military soldiers (many of whom are stationed there and can be located), then why the outrageous fees? Plus many are doing this because of the certainty of the re-payment!
These are not people who can easily run away, because these companies can easily call the Company Commanders if they feel they were robbed! Yet, the extenuating circumstances involve people who have had to leave their jobs (which pay better), businesses, and contracts. Sometimes, they need that temporary assistance to pay the bills that would otherwise be paid, had it not been for this IDIOTIC war!
January 9th, 2007 at 3:43 pmDayum, and to think I already got rid of all those entrapment schemes!
January 9th, 2007 at 3:44 pm“I want to contribute to the world of ideas,†(R) Santorum
yeeeahhh, too funny! =)
Hey Jason wassup?
January 9th, 2007 at 3:47 pmHey I never did find that cup of wisdom to drink from you spake of.
Jason knows not to come here with that name anymore. Let alone show up at all.
January 9th, 2007 at 3:50 pmSo Jason, you are saying you approve of loan sharks that really are only profiting, with doing no real work, on somebody elses misfortune?
Isn't that kind of like adding insult to injury.
January 9th, 2007 at 3:51 pmThank you senator for giving a damn about the American people.
January 9th, 2007 at 3:56 pmDodd's been trying to do something about this for a long time and now he finally has the clout and the numbers on his side.
One of the problems he's been trying to deal with is that credit card companies can jack up your rates any time they want, as high as they want, for whatever reason or no reason at all. And, all they need to do is include something in your monthly statement in very fine print saying that if you don't agree with the rate increase, you must stop using the account and make sure every payment is made on time until the balance is paid off. If they want to suddenly raise your rates from 13% to 29%, they can do it. If you don't agree, you have 30 days to write back to them telling them you don't. Even still, if you're late with a payment by one day, you automatically jump to 29%.
To give you an idea how ridiculous the credit card companies can be, they've jacked up rates on people who have excellent credit ratings and have always been on time with their payments, and the only reason they had for doing it was that the borrower had accepted a credit card offer from another company. These are predatory business practices. I'm thrilled to see Dodd go after them.
You dumbass right-wingers don't even know why you're on the side of the credit card companies. You just feel it's your duty to side with rich, powerful, and corrupt assholes.
January 9th, 2007 at 5:00 pmI'll believe it when I see it in a real bill's language that also reigns in credit card companies abilities to change interest rates on a whim, protects them from debt resellers trying to collect twice on a delinquent debt, and reforms bankruptcy laws.
Once again, the only people the Payday/Title loan and credit card companies really hurt are the working lower through middle income classes who have no option many times but to use credit to pay for real living expenses. They also happen to be people who are disqualified under the new bankruptcy laws from a true fresh start under Chapter 7 because they make "too much income".
See, the Mega Corporations and the Republican's plan is to keep us running on the economic treadmill of "work-paybills-borrow-work til you drop" so we won't compete with the upper crust for jobs, higher education, or most importantly, political power.
January 9th, 2007 at 5:04 pm#20, dlet - I hope he flushes and thoroughly washes his hands after each contribution.
January 9th, 2007 at 5:06 pmFour years ago I lost my job, returned to school and we now live on my husband's otherwise excellent income of 70K (we live in a pretty low cost of living area in the southwest). We have four kids, including one in college who doesn't qualify for need-based grant aid because we are "too rich", so both of us go ahead and take the max on student loans in order to help with family finances. Before, when I was working, I had no idea how completely impossible it is to function as a middle class family without credit. Kid break's his glasses and you don't have 200 bucks in the bank to slap down on a new pair? He squints and goes without until payday. Tires on your only decent family vehicle wearing down to the bare threads? Hope you make it to tax refund season. Not enough money for both your husband's $50 blood pressure medicine and your daughter's field trip fees? Let's just say massage works wonders for stress reduction.
As for how out of control credit fees and interest impacts the middle class: We found it harder and harder to be on time with bills, etc. a couple of years ago, and had one credit card outright cancelled because of our credit rating changes, not because we were late. Because we can't get more credit with our current debt load, and the credit cards we still have are maxed out to pay for gas this summer, and our minimums are often increased by 35-50 dollars when they are even a day late. I have no idea what the interest rates are up to at this point. We ended up using title and payday loans three times this fall as a last resort to having our electric disconnected and to buy Christmas presents. On one hand, the interest is outright ridiculous, but on the other hand, they were literally all we had to put food on the table before payday.
I hope Senator Dodd solicites public comment on his legislation, just so we can publically humiliate these bastards if anything.
January 9th, 2007 at 5:23 pm#31 lmg
January 9th, 2007 at 6:03 pmYour story is nearly identical to someone in my family.
We are helping out our family member when some urgent needs as you describe arise. I wish you well for the future. I only hope we can continue to keep our member afloat.
#32--Thanks Marie. I failed to mention the many ways my parents and in-laws have also come to the rescue for us, also. It took a long time for us to let anyone in our families know how hard things were, though, so I suspect this problem may be way more common than many people realize, because of the shame and guilt factor those of us experiencing it feel. Your kind words are valued.
January 9th, 2007 at 6:20 pmI teach, so I don't get an August paycheck. I used a credit card check to finish paying August bills for 1100.00. When I got the bill in September, not only was there charge for using the check which I knew about, but an interest rate of 37%. I have excellent credit and I was SHOCKED! Fortunately, I was in a position to pay that card off, but I can't believe that this is legal and I feel so badly for people who can't.
January 9th, 2007 at 7:38 pm#34
That's what I mean. The credit card companies are getting away with that because of GOP congressmen who take campaign donations from them and Democratic congressmen who happen to be from the same state as one of the companies. Delaware is one of those states. Joe Biden voted for the bankruptcy reform bill without giving it a second thought.
January 9th, 2007 at 11:32 pmCITIBANK now rewards its best customers with SHORTENED billing cycles. If you pay off your CITIBANK statement, according to the customer service I got... "they don't think that you need so much time to pay your bill.". WTF? Well by golly I surely don't... bill sent asap and certified since the billing date was Dec 7 , I rec'd the statement on Dec 13 and the bill was DUE Dec 27!!!!!!!!!!!!!!!!
January 10th, 2007 at 6:34 amYeah I cancelled the credit card I have had for over twenty five years , since college since they are now making my decisions for me too.
CITIBANK LIES CHEATS AND STEALS>
If the government tells card companies what they can charge, than companies will find it is not profitable to market to lower-middle class people and they will not be able to obtain credit. Less credit available to these people would mean less money flowing through our retail economy and less capital available to them, should they try to improve their standing in life and start a small business. It would mean less profit for the banks, which would translate to less jobs... All in all, these restrictions would hurt our economy and the poor "victims" that it seeks to protect.
Do me a favor, Senator, let the market decide what prices lenders establish. Credit cards are not nessecary. No one needs to get a card, they want to get a card. There is no monopoly on cards. Hundreds of banks offer them with a variety of terms. If a person doesn't want to risk paying a high default rate, look for a card that has more favorable terms before borrowing money.
Big Gov can stay out of this.
January 26th, 2007 at 12:02 pm#19 Tom makes a great point. The key is educating people about the costs of the loans/credit cards. Not regulating them. If people refused to borrow money at 24%, then the market will lower the rates to adjust.
January 26th, 2007 at 12:08 pm#22, IraqVet... It's called the Soldiers and Sailors Relief Act. Look into it. Military members are not being unfairly targeted and they do have protection from that even if they were.
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