The co-signer rule is completely outrageous. I started building my credit at 18, completely independently. I don't know anyone who would have been willing to co-sign, and even if I had, everyone I know has lousy credit scores so I probably would have been rejected. At 22, I have a credit score in the high 700's and was able to buy a house last month. This wouldn't have been possible if this new law had been in effect when I was 18.
I don't understand why young adults between the ages of 18 and 21 are treated like children in this country.
This is crazy. It is the credit card companies money to lend anyway they see fit. If you don't like it, you don't have to carry their card.
It is not their fault people lose their job (for some reason i don't think that is why most people are in serious debt). This is not a socialist state, people must be allowed to fail.
Basically, the government will control the lending rules, and the companies will pass the "non-savings" on to the responsible consumers, so we will all be in an equally crappy situation.
I'm not a fan of the cosigner item. My husband purchased his first home at 20. He was able to do this since he had started building his credit at 18. There was no one who would have cosigned for him. I can see this being a impediment for responsible young adults.
I agree that these rules are needed. You are right about one thing. If, as one that pays her balance in full every month, I get zapped with an annual fee or interest charged from the moment of purchase, I will certainly ditch my card and find an alternative if one exists. I am sick of responsible behavior being punished and the label "deadbeat" applied to people who use their cards sensibly is just insulting.
I think these new rules are great. Unfortunately, in preparing for this to take affect, my credit card company recently raised my from 2.99% to 17.99% although I have never been late on payments with any of my bills. I called and the rep I spoke with says it was due to a check of our credit. I knew I had good credit, but just to be sure, checked anyway: our score is 760. So the only thing it could possibly be is that they are trying to make money before these rules take affect. And I've read that I am not the only one this has happened to.
I like this new law. Many people don't realize how expensive credit card debt is. At the same time, credit card companies pull all kinds of tricks on us. I remember that I went over the limit once and I was charged a fee. Fortunately I could argue well enough that the fee was taken off. What is the point of an "over the limit fee" anyway? I thought a limit was, well, a limit. Besides, if I can get over an established limit, at what point does a credit card company reject a charge? How do I know what that "real" limit is?
Although I see the point of those who drafted the age-restriction into the bill, it's not ethical. And it's basically a legal method of lengthening childhood. The majority of 18 year olds have parents who will provide some kind of financial advice, but have no interest in taking on debt should their adult-child not listen.
How many parents are willing, and more importantly, capable, of co-signing on a car? Will the credit cards still shaft the 18 year old with absurd rates, or will a parent's 750+ score get their kid a decent rate?
It's just going to force kids to wait even longer to build credit, thus being shafted into a position of waiting even longer to be eligible for better rates on car loans or their first mortgage.
I never like the idea of the government telling a private company how to conduct business. But with that said, many credit card companies have been taking advantage of their customers with unfair practices. Most of these new rules, including mailing the bill early, not raising rates on late day #1, not raising rates based on performance on other cards, notifying customers in advance of changing rates, disclosing payment amortization schedules, etc., are all common courtesy practices that the companies should have been doing from the beginning - then there would have been no need for the government to step in and take over the industry the way they're doing with everything else.
The one rule I completely disagree with is not allowing people under 21 to obtain credit - it's bordering on an infringement on civil rights. An 18 year old person is an adult by nearly all definitions - they shouldn't need to ask their parents for permission to get a credit card. This is government-sponsored age-discrimination, and should not be tolerated.
I'm 18, and I don't know anyone who is both willing to cosign (on a credit card or a student loan) and has good credit. This was a problem when I started college last year and couldn't obtain enough loans because I didn't have a worthy cosigner. I was forced to leave college after just one semester.
I recently obtained a credit card and have been using it responsibly to build credit so I can go back to school. If this law passes, then I will have to wait until I'm 22 to go to college because I won't be able to build credit until then.
This law will hurt students like me. Please, write to President Obama and ask him to amend the bill!
I had a hospital charge $6500 (full amount) on my $5k limit card after we agreed to $350/month. This led to my card being overlimit, getting an overlimit fee, and late fee assessed for not paying the overlimit fee (despite putting in writing I was contesting the overlimit fee before I ever got the statement).
To my knowledge it has all been cleared, but the bullet on not being assessed an overlimit fee seems like it would have prevented this whole mess. I can live without the card, but getting the fees cleared was a nightmare.
It seems, though, that the limit should not be breechable. It only seems as a line in the sand to rip a fee out of the card holder.
I disagree with author on the point about delinquent borrowers being encouraged because it is for a short span (60) days that they get to ride without consequences. Illness or a temp. layoff could cause those but 2 months isn't too long to wait before punishing them. And the provision that the rates be dropped back to the original agreement is only fair if they do the extra work to catch up and maintain. I agree about the bill being unfair to people under 21. Perhaps a good compromise would be making their credit cards require a security deposit of 25 to 50% of the limit for the first year, as that would show some developing money management skills.
signed by all merchants who take credit cards has a clause that states the merchant cannot give a discount for cash or charge a surcharge for taking credit cards.
Those who offer a discount for cash are violating the agreement unless its only on their own company issued cards...like an Exxon card used at an Exxon station.
All the merchants are salivating at the idea of being able to charge a surcharge for taking credit and debit cards....there won't be a discount for cash...it will be a surcharge for using a credit card.
No different than the fees you pay for using an Out-Of-Network ATM.
Thanks for the tips. Witch Hazel is a great product.
A friend gave me this recipe for a great toner/exfoliant for blemishes or ingrown hairs. One part witch hazel to one part alcohol, then crush a few aspirins into the mixture. Shake before using.
This is the same chemical mix as Tend Skin and other expensive toners.
While I applaud the creativity of suggestions... #1 is highly irresponsible! It would take less the a second of accidental reflected exposure for that power of laser to permanently blind someone. Any high-gloss surface makes this a recipe for permanent disaster and tragic injury. Please DO NOT try this at home!!! EVER! Seriously, this is riskier then making pipe bombs and should not be tried. While it may seem cool to make your own "light saber" this is not worth the risk. Keep safe!
Can bon vivants (bons vivant? I wish my French were better) enjoy the free things in life? Rather than enjoying something tangible, is it possible to enjoy the intangible -- a peaceful summer afternoon in a hammock, cool lilac scented air coming through the open bedroom window, the liveliness of a public square full of happy people on a crisp autumn evening? Do bon vivants have to BUY stuff to enjoy life?
One thing everyone is overlooking is that credit card companies are charging their percentage ON TOP OF THE TAXES! That makes a big difference here in Ontario where PST/GST is 12% of the purchase.
So if someone buys a $1000 item, they pay $1120 with $120 going to the government. The retailer is paying the credit card company 2.5 % of the total price ($1120), not the original price tag. (So the retailer pays the credit card company $28.00 in total). Of the total purchase, the retailer only gets to keep $972.00.
However, if the buyer pays cash or debit, and they get a corresponding 2.5% off, the discount comes off the purchase price before taxes are calculated. So in total the buyer pays $1092.00 that's $975 (item with discount) + $117 (the 12% tax).
Ultimately, the retailer gets to keep $3.00 more. As noted in the comments, most retailers offer a better discount than the fees they're paying, so they might not keep any extra at all. However, the cash discount is probably a better deal for the buyer than whatever rewards they get on their card.
Bottom line: The government and the credit card companies win when you use your credit card.
So - I guess based on ALL of the negative comments about MLM (not to say that all MLM opportunities are good - but not all are bad either), the best alternative is to just find a normal job like everyone else & fulfill someone else's dream (the CEO & share holders, investors, etc of the company you work for). And just exist, pay taxes & hope for a better future & your small slice of the pie........and pray that our Social Security & Medicare funds (that we all paid 100's of thousands of dollars into over our life) are still around when we retire. If not - we'll unless you invested wisely & didn't have any type of crisis that occurred in your life that depleted every bit of savings you had (like getting laid off due to down sizing or companies going out of business, loosing your home, family emergencies, you know stuff that never happens to real people) you should be just fine. Course you can just decide to take a completely different street....one in which those who believe in themselves & always stive to have a better life (for family & friends) will ALWAYS find a way to be successful. Whether it is managing a business of their own or thru some other means - including MLM if it happens to be a viable option. Great leaders & successful people live with their eyes open & learn to completely avoid the streets with pot holes.
I appreciate these marriage tips so much. I have been married for about a year and a half and already my husband and I have made most of the mistakes you have listed here. I feel like I can share this list with my spouse and we can start improving our relationship. I found a book that has some good advice as well. It's called Why I Love Men: The Joys of Dating. It's funny and filled with great suggestions for married and single couples alike.
The co-signer rule is completely outrageous. I started building my credit at 18, completely independently. I don't know anyone who would have been willing to co-sign, and even if I had, everyone I know has lousy credit scores so I probably would have been rejected. At 22, I have a credit score in the high 700's and was able to buy a house last month. This wouldn't have been possible if this new law had been in effect when I was 18.
I don't understand why young adults between the ages of 18 and 21 are treated like children in this country.
This is crazy. It is the credit card companies money to lend anyway they see fit. If you don't like it, you don't have to carry their card.
It is not their fault people lose their job (for some reason i don't think that is why most people are in serious debt). This is not a socialist state, people must be allowed to fail.
Basically, the government will control the lending rules, and the companies will pass the "non-savings" on to the responsible consumers, so we will all be in an equally crappy situation.
I'm not a fan of the cosigner item. My husband purchased his first home at 20. He was able to do this since he had started building his credit at 18. There was no one who would have cosigned for him. I can see this being a impediment for responsible young adults.
Thanks for some new ideas and uses for this product!
I agree that these rules are needed. You are right about one thing. If, as one that pays her balance in full every month, I get zapped with an annual fee or interest charged from the moment of purchase, I will certainly ditch my card and find an alternative if one exists. I am sick of responsible behavior being punished and the label "deadbeat" applied to people who use their cards sensibly is just insulting.
you are cute !!!
I think these new rules are great. Unfortunately, in preparing for this to take affect, my credit card company recently raised my from 2.99% to 17.99% although I have never been late on payments with any of my bills. I called and the rep I spoke with says it was due to a check of our credit. I knew I had good credit, but just to be sure, checked anyway: our score is 760. So the only thing it could possibly be is that they are trying to make money before these rules take affect. And I've read that I am not the only one this has happened to.
I like this new law. Many people don't realize how expensive credit card debt is. At the same time, credit card companies pull all kinds of tricks on us. I remember that I went over the limit once and I was charged a fee. Fortunately I could argue well enough that the fee was taken off. What is the point of an "over the limit fee" anyway? I thought a limit was, well, a limit. Besides, if I can get over an established limit, at what point does a credit card company reject a charge? How do I know what that "real" limit is?
Although I see the point of those who drafted the age-restriction into the bill, it's not ethical. And it's basically a legal method of lengthening childhood. The majority of 18 year olds have parents who will provide some kind of financial advice, but have no interest in taking on debt should their adult-child not listen.
How many parents are willing, and more importantly, capable, of co-signing on a car? Will the credit cards still shaft the 18 year old with absurd rates, or will a parent's 750+ score get their kid a decent rate?
It's just going to force kids to wait even longer to build credit, thus being shafted into a position of waiting even longer to be eligible for better rates on car loans or their first mortgage.
I never like the idea of the government telling a private company how to conduct business. But with that said, many credit card companies have been taking advantage of their customers with unfair practices. Most of these new rules, including mailing the bill early, not raising rates on late day #1, not raising rates based on performance on other cards, notifying customers in advance of changing rates, disclosing payment amortization schedules, etc., are all common courtesy practices that the companies should have been doing from the beginning - then there would have been no need for the government to step in and take over the industry the way they're doing with everything else.
The one rule I completely disagree with is not allowing people under 21 to obtain credit - it's bordering on an infringement on civil rights. An 18 year old person is an adult by nearly all definitions - they shouldn't need to ask their parents for permission to get a credit card. This is government-sponsored age-discrimination, and should not be tolerated.
I'm 18, and I don't know anyone who is both willing to cosign (on a credit card or a student loan) and has good credit. This was a problem when I started college last year and couldn't obtain enough loans because I didn't have a worthy cosigner. I was forced to leave college after just one semester.
I recently obtained a credit card and have been using it responsibly to build credit so I can go back to school. If this law passes, then I will have to wait until I'm 22 to go to college because I won't be able to build credit until then.
This law will hurt students like me. Please, write to President Obama and ask him to amend the bill!
I had a hospital charge $6500 (full amount) on my $5k limit card after we agreed to $350/month. This led to my card being overlimit, getting an overlimit fee, and late fee assessed for not paying the overlimit fee (despite putting in writing I was contesting the overlimit fee before I ever got the statement).
To my knowledge it has all been cleared, but the bullet on not being assessed an overlimit fee seems like it would have prevented this whole mess. I can live without the card, but getting the fees cleared was a nightmare.
It seems, though, that the limit should not be breechable. It only seems as a line in the sand to rip a fee out of the card holder.
I disagree with author on the point about delinquent borrowers being encouraged because it is for a short span (60) days that they get to ride without consequences. Illness or a temp. layoff could cause those but 2 months isn't too long to wait before punishing them. And the provision that the rates be dropped back to the original agreement is only fair if they do the extra work to catch up and maintain. I agree about the bill being unfair to people under 21. Perhaps a good compromise would be making their credit cards require a security deposit of 25 to 50% of the limit for the first year, as that would show some developing money management skills.
signed by all merchants who take credit cards has a clause that states the merchant cannot give a discount for cash or charge a surcharge for taking credit cards.
Those who offer a discount for cash are violating the agreement unless its only on their own company issued cards...like an Exxon card used at an Exxon station.
All the merchants are salivating at the idea of being able to charge a surcharge for taking credit and debit cards....there won't be a discount for cash...it will be a surcharge for using a credit card.
No different than the fees you pay for using an Out-Of-Network ATM.
Bend Over.
Thanks for the tips. Witch Hazel is a great product.
A friend gave me this recipe for a great toner/exfoliant for blemishes or ingrown hairs. One part witch hazel to one part alcohol, then crush a few aspirins into the mixture. Shake before using.
This is the same chemical mix as Tend Skin and other expensive toners.
While I applaud the creativity of suggestions... #1 is highly irresponsible! It would take less the a second of accidental reflected exposure for that power of laser to permanently blind someone. Any high-gloss surface makes this a recipe for permanent disaster and tragic injury. Please DO NOT try this at home!!! EVER! Seriously, this is riskier then making pipe bombs and should not be tried. While it may seem cool to make your own "light saber" this is not worth the risk. Keep safe!
I've used this product for years, not only is it cheap, but effective for many of the reasons suggested.
I also like Bag Balm. A can lasts me for 3/4 years.
Older products have some good value in them! Try Witch Hazel for blemishes, zits, acne, you will not be disappointed.
Can bon vivants (bons vivant? I wish my French were better) enjoy the free things in life? Rather than enjoying something tangible, is it possible to enjoy the intangible -- a peaceful summer afternoon in a hammock, cool lilac scented air coming through the open bedroom window, the liveliness of a public square full of happy people on a crisp autumn evening? Do bon vivants have to BUY stuff to enjoy life?
One thing everyone is overlooking is that credit card companies are charging their percentage ON TOP OF THE TAXES! That makes a big difference here in Ontario where PST/GST is 12% of the purchase.
So if someone buys a $1000 item, they pay $1120 with $120 going to the government. The retailer is paying the credit card company 2.5 % of the total price ($1120), not the original price tag. (So the retailer pays the credit card company $28.00 in total). Of the total purchase, the retailer only gets to keep $972.00.
However, if the buyer pays cash or debit, and they get a corresponding 2.5% off, the discount comes off the purchase price before taxes are calculated. So in total the buyer pays $1092.00 that's $975 (item with discount) + $117 (the 12% tax).
Ultimately, the retailer gets to keep $3.00 more. As noted in the comments, most retailers offer a better discount than the fees they're paying, so they might not keep any extra at all. However, the cash discount is probably a better deal for the buyer than whatever rewards they get on their card.
Bottom line: The government and the credit card companies win when you use your credit card.
Almost forgot......what Connie & Lori said
Still a Believer
So - I guess based on ALL of the negative comments about MLM (not to say that all MLM opportunities are good - but not all are bad either), the best alternative is to just find a normal job like everyone else & fulfill someone else's dream (the CEO & share holders, investors, etc of the company you work for). And just exist, pay taxes & hope for a better future & your small slice of the pie........and pray that our Social Security & Medicare funds (that we all paid 100's of thousands of dollars into over our life) are still around when we retire. If not - we'll unless you invested wisely & didn't have any type of crisis that occurred in your life that depleted every bit of savings you had (like getting laid off due to down sizing or companies going out of business, loosing your home, family emergencies, you know stuff that never happens to real people) you should be just fine. Course you can just decide to take a completely different street....one in which those who believe in themselves & always stive to have a better life (for family & friends) will ALWAYS find a way to be successful. Whether it is managing a business of their own or thru some other means - including MLM if it happens to be a viable option. Great leaders & successful people live with their eyes open & learn to completely avoid the streets with pot holes.
A Believer
I appreciate these marriage tips so much. I have been married for about a year and a half and already my husband and I have made most of the mistakes you have listed here. I feel like I can share this list with my spouse and we can start improving our relationship. I found a book that has some good advice as well. It's called Why I Love Men: The Joys of Dating. It's funny and filled with great suggestions for married and single couples alike.
...then index funds are good enough for me. Why pay extra for something that doesn't deliver?
Perhaps, I should literally strive hard to become a true bon vivant. Apparently, I want to live a good life.
I'd add THE STORE CIRCULAR, so you can plan your weekly menu bases on what's on sale rather than buying full priced food that meets your menu plan.