"Credit Card Legislation" written by Janelle on estrip.org

05/21/09 12:53 - 76ºF - ID#48712

Credit Card Legislation

I've been waiting for a post from Vincent or Joshua or Jim on the credit card legislation, but I guess I'll go first.

A news article in the Buffalo News touched on the ups and downs of the legislation.

Bankers, apparently, are stating that they may be "forced" to initiate or raise annual user fees; take away bonuses; or otherwise develop practices that would be "damaging" to those individuals who use credit cards responsibly.

Well, bankers, I don't need your credit card. So if you plan on charging me an annual user fee or taking away my cash-back bonus, go right ahead. I have no "right" to a credit card with no annual user fee and a cash-back bonus. But I certainly have the freedom to cancel the card and rely solely on my debit card; cash; and checks (or in other words, I will return to a "pay as I go" system).

There is obviously a connection between the credit card industry and the healthcare industry given that a portion of people in significant credit card debt are paying healthcare related bills. I can imagine a scenario where the unintended consequence of a decrease in available credit is to put further and immediate pressure on our current health care system and our future approach to health care in our country.

joshua writes at 03:29:24 05/22/09 - Comment #48590: Yeah, what I've described actually has happened to a few people I know, but what alarmed me most was an NPR story on the subject last week or the week before. They had call-ins, and we're talking about people with FICO scores above 700, who have had their limits reduced, changing their debt ratios, thus trashing their credit rating and making them ineligible to refi, for example. One lady that called said she had a score of around 800 - I have to admit, it got me scared. Those accounting tricks are playing with people's lives... I can't handle that and it's wrong. But as you've alluded to, it's far more complicated than pinning it down on one transgression.

It is just one of several problems I have with the CC industry. Their marketing practices and interest rate gaming have been downright evil.

We have the same FU strategy! Truth be told, I don't use credit and I like it. I feel better about paying for everything up front; I know I'm living within my means and that my lifestyle isn't some ludicrous fraud.

I wish I carried very little in student loans. :(

janelle writes at 12:52:16 05/22/09 - Comment #48589: Your example of CCs hurting credit scores is interesting. I see your point that CC are hurting people's credit scores, but the way the scores are measured already may reflect negatively on financially responsible people's credit scores.

We have a so-so credit rating because we pay cash for cars; carry very little in student loans; and have had few credit cards on which we have never carried a balance. So we haven't "proven" that we can pay off debt. A person with more debt but pays it off will have a higher score than Drew and I who have made choices to avoid having debt.

janelle writes at 12:41:35 05/22/09 - Comment #48588: (e:Joshuaa) You're right about being victims in the since that Credit Card companies are hurting responsible people's credict scores.

I should have said that we don't have to continue to be victims of the credit card system. We can leave that system and we have other alternatives. So why just complain about being victimized? I am prepared to pay off my credit cards and cancel them if the credit card companies attempt to play games with me.

You're right that their response is scandalous. My FU response to them is to cease using their services.

joshua writes at 12:11:22 05/22/09 - Comment #48586: (e:janelle) - responsible credit card holders ARE becoming victims of the system, just as I've described with my example with the CC companies adjusting good CC holders' limits in wanton fashion, and the resulting dosediving of their credit score. It's been happening to good people for several months now - it is NOT just bad credit people having their limits being reduced. Beyond that, I would definitely consider the CC companies' reaction to the legislation as a form of consumer punishment - higher fees, less availability, etc. merely because the government is forcing them to act ethically. As far as I'm concerned, their reaction is a scandal.

metalpeter writes at 06:27:53 05/21/09 - Comment #48571: I can tell you about how credit cards are rip offs I have delt with them in the past. One day late and a huge fee. Here is another one Discover Card let me go over my limit by hundreds of dollars then they put what ever there percentage is on top of that, then every month you are charged that lets say $30 over the limit fee you are that much more over the limit. There was a time when I had the due date for a bill be on a Sunday or A saturday. Well guess what they are closed on that day so if it gets there Friday you are fine but saturday, sunday or monday (no mail on sunday) bang big late fee. The problem is that yes they gave out credit cards to freshmen who live at school or who comute. Yes there are a lot of people who get the credit card and only used it when they had to. But a lot of people didn't get that if you paid late once or twice in a row your Giant 0% that is all over everything in giant letters jumps to some much higher number and what that number means sometimes it was as high as 26%. Yes if you where smart you could play the credit card companies but I don't know to many Ok I know two people who did my Aunt and Uncle. They would get a credit card that gave you perks. They knew how much money they had in cash (like in a bank) and they would spend what they could on the credit card. They would then pay off the entire bill. They would then get the credit for what ever it was maybe sky miles I can't remember. When you pay off your entire bill then there is no interest. Interest doesn't start untill you have an outstanding balance. Or what about you fill out a form for a card for a free cool gift. You think you won't use it but you do, or after you fill it out you find out there is a yearlly fee, see that cool gift or team towel wasn't really free and you notice it is mostly hot girls at those stands. Well maybe this new law will make it better.

janelle writes at 02:11:03 05/21/09 - Comment #48561: I dislike the use of the phrase, "consumers are being punished" which a lot of people are using. It makes responsible card holders seem like victims of the credit card system. But responsible card holders, more than anyone, probably are the most likely to be able to walk away from the credit card system for an alternative system.

Overall, I'm really happy with the legislation too. I HATE seeing credit card companies on the campuses of universities.

I vacillate on the regulations related to individuals between the ages of 18-21. The legislation furthers a tendency in our society to further shelter young adults in that age bracket, when they may not want it and when it may not be desireable to do so. The adolescent years are beginning to stretch into the late teens early twenties so that you're not considered a young adult until 21 or after. I think we can protect consumers as a whole without targeting this age bracket.

joshua writes at 01:59:45 05/21/09 - Comment #48559: :) I'll summarize my thoughts -

It's a good law and I'm happy that credit card companies are finally being taken to task... they have been predators for a LONG time, particularly on college students. I really do hate the credit card industry.

But of course, just like with the repealing of breaks to the oil industry, credit card companies will answer by punishing us, the consumers, with higher out of pocket expenses. Not only that, but even people with sparkling credit will be targets for these people. They have no scruples whatsoever - in fact, they've already targeted credit cardholders in good standing by reducing credit limits with barely a comment, thus increasing their ratio and lowering credit scores. All that and you literally did nothing for the "pleasure!" Why did the credit cards do this? Because credit limits are often treated on balance sheets like any other asset or liability, and thus by doing so they have been able to make their balance sheets look healthier. Imagine if you were just about to apply for a home loan when your credit card company did that very thing. Their accounting magic renders your years of dutiful, responsible credit usage irrelevant. How is this legal in our country?

So yeah, credit will be harder to get and it will be more expensive to use, although it remains to be seen how far it will go. I can't believe that the banks will be willing to play chicken with the consumer for too long - after all, the credit card companies have a hell of a lot more to lose.

Personally, I think the idea of punishing consumers because the law isn't in your favor anymore is insanity - people like us are getting fed up with these idiots and consumers are already self-limiting credit usage anyway. Who loves bankers these days?

Permalink: Credit_Card_Legislation.html
Words: 221
Location: Buffalo , NY

05/15/09 07:59 - 62ºF - ID#48676

I hit the thrift store jackpot

Four fabulous looking tops (which made me do a happy dance in the dressing room) and one pair of pants. $21.00 That's a darn good night of thrift shopping.

I'm wearing one of the tops now. And it looks really good on me. Too bad Drew isn't here to admire me, but I still look good regardless of his presence or not.

Drew might be away, but I'm feeling cute, sociable and thirsty for a beer. I might wander down to The Place for a drink ... let me know if you would like to join me.

Permalink: I_hit_the_thrift_store_jackpot.html
Words: 95
Location: Buffalo , NY

05/07/09 07:31 - 52ºF - ID#48611

Pet Sitter

It's that time of year where we need a pet sitter. I'll email you the dates if you're interested.

We're hoping for a highschool or college student who wants to make a little extra money and will do a decent job.

They would need to stop by twice a day to feed and water the animals, let the dog out, scoop some litter and give eyedrops daily to the cat. We would also need the back and front gardens watered maybe 2-3 times during the week.

I hate to ask friends because it's a lot of work, I think, especially since most of our friends work and they would have to get up and come into our house before work.

If you know anyone who's reliable in this area and would like to make a little money, maybe around one hundred dollars, ... please let me know.

Permalink: Pet_Sitter.html
Words: 146
Location: Buffalo , NY

05/06/09 05:03 - 69ºF - ID#48604

Math fun at work

I needed to explain to people at work the differences between:

5:30 as in 5 hours and 30 minutes.

and

5.5 as in 5 hours and 1/2 of an hour.

An inability to distinguish between the two has led to a serious documentation error.

As in, they would take 5:14 (5 hours 14 minutes) and subtract a half hour of time by doing the following. 5.14 - .5 ending up with 4.64 which is not correct.

An inability on my part to adequately explain to them the difference between the two has left them with blank stares and me with a head that's going to explode.

We'll try again tomorrow.

Permalink: Math_fun_at_work.html
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Location: Buffalo , NY

05/03/09 05:27 - 62ºF - ID#48586

Free flowers

I have three lonely snapdragon flowers that didn't make it into my hanging flower baskets and nowhere else I really want to plant them. Three isn't many, but if you want them, e-mail me.

Permalink: Free_flowers.html
Words: 34
Location: Buffalo , NY

05/02/09 03:38 - 57ºF - ID#48573

Running races

I'm hooked.

I've only run three 5ks.

I'm not exceptional at it.

But I can't wait for the next run.

There's an internal drive to do the next race to get the faster time or to run a longer race and to keep physically pushing myself.

Somehow, improving my race times or running longer routes by myself isn't a legitimate feat unless I do it with a mass of sweaty people on a Saturday morning.

The free meal and beer is a motivating factor, too, I suppose.

Props to (e:James) who ran a spectacular 23 minute 5k today in the race!

Permalink: Running_races.html
Words: 101
Location: Buffalo , NY

04/20/09 01:06 - 44ºF - ID#48452

School Board

I've had some minimal exposure to the Buffalo public schools and those exposures have caused me concern.

I've been wondering how to get more involved or follow more closely the situation of schools in Buffalo. An opportunity became apparent when (e:Drew) and I found out that someone we know, Rebekah Williams, is running for school board. She told us that generally only 5% of eligible voters vote in the school board election!!

So I'm going to take the first steps in getting involved by 1) educating myself on the candidates and 2) voting in the election.

The election is Tuesday May 5th. And at the bottom of this article

is some information on upcoming debates so you can meet the candidates.

I'm probably going to the debate on the 27th. If anyone wants to come along, give me a holler!

libertad writes at 07:13:49 05/05/09 - Comment #48155: Thanks James. I figured it out. I was number 45 at about 3:30. We have the same polling place Janelle.

janelle writes at 05:03:02 05/05/09 - Comment #48150: I voted. At 4:45pm. And I was number 57. Now, I know that this is a neighborhood with families with children. How is it that I am number 57? Seriously.

james writes at 03:08:37 05/05/09 - Comment #48143: You can vote for a max of three people. There are eight columns and one row. You just click three people and pull the leaver.

libertad writes at 02:55:50 05/05/09 - Comment #48142: I am so confused. I wish I could see what the ballot will look like. I'm not even sure how many people to vote for? Oh well I am going now so I guess I will figure it out.

james writes at 10:16:32 05/05/09 - Comment #48138: If it helps the last guy, Fred Yellen, is no longer on the ballot.

libertad writes at 09:14:11 05/05/09 - Comment #48137: Not sure if you voted yet but I found this candidate questionnaire. I spent the AM going through whatever I can find on them and still am quite unsure. Licata definitely is a yes but I haven't decided on others. The time is ticking!

:::link:::

If anyone has any other last minute resources, I can check the site again before I go to vote.

james writes at 12:04:08 04/21/09 - Comment #47782: I neglected to mention that John Licata, Byron Macintire, and Ros Hampton are all great candidates as well.

james writes at 05:18:29 04/20/09 - Comment #47769: It is tough to see the difference though Jim when things are done by committee and not from the top down. ^_^

jim writes at 04:21:27 04/20/09 - Comment #47767: My mistake!

james writes at 03:35:23 04/20/09 - Comment #47762: I am not her quasi-campaign manager. I just do a lot of stuff for her.

janelle writes at 02:02:17 04/20/09 - Comment #47757: Wah, Buffalo is so fricking small. I had no idea James was her quasi campaign manager! Will he be at the debates?

jim writes at 01:39:45 04/20/09 - Comment #47756: Also, (e:james) is Rebekah's quasi-'campaign manager', or close enough, so supporting her supports him and makes all the time he spent away from me on my birthday worth it :)

Permalink: School_Board.html
Words: 145
Location: Buffalo , NY

04/16/09 08:59 - 37ºF - ID#48398

Relief from pain through pain

My sensitivity to smoke has drastically increased over the past year. It only takes small exposures to smoke now to convince my sinuses to produce gallons of mucus to stuff up my nose and drip down the back of my throat producing that lovely scratchy, throat clearing, coughing sensation known as post nasal drip. When my sinuses are stuffed and my head full of pressure, I walk through my days in a sort of fugue. It will take a solid week before I clean it out of my system through cup after cup of hot tea, hot showers, and lots of nasal irrigation.

The only real life from the condition, I discovered, is running. The 20 minutes I ran yesterday, my body was so absorbed by the good pains of running that the bad pains of post nasal drip faded away.

If only I can run 24-7 through the next week until it clears out.

Permalink: Relief_from_pain_through_pain.html
Words: 154
Location: Buffalo , NY

04/05/09 03:03 - 44ºF - ID#48299

Chicken Pho

Yesterday was a rainy cold day so it seemed like a perfect time to finally attempt chicken pho soup.

I spent yesterday afternoon buying the ingredients. And in the evening I put together the broth for the basis of the soup.

I couldn't find chicken necks/backs/etc... so I bought 2 chickens. One I chopped up to make the stock and one was cooked to make the chicken meat for the soup. The one that made the stock was falling apart tender at the end, and it's waiting in the freezer to be transformed into chicken noodle soup or egg noodles and chicken.

Today I finished off the broth by skimming the fat and pouring it through a sieve to strain off all the spices and what nots added for seasoning.

Then I put together the bowls of soup. Rice noodles in the bowl. Top with chicken, cilantro, diced scallions, and pepper. Pour 2 cups of broth in the bowl. Basil, mint, limes, diced chili peppers, fish sauce, and chili garlic sauce on the side to add as desired. Yum.

Permalink: Chicken_Pho.html
Words: 181
Location: Buffalo , NY

04/05/09 01:37 - 42ºF - ID#48298

Shopping Tip

Ever go to Wegmans looking for fresh herbs and wonder at the cost of them?

Go to An Chau International Market, a Vietnamese grocer, on Niagara St.

Get a large clump of basil in a baggie for $1.00.

Get a large clump of mint in a baggie for $1.00.

Get a bag with 20-25 thai serrano hot peppers for southeast asian cooking for less than $1.00.