Democratic VP Worries Credit Card Industry
September 12, 2008 · Print This Article
The upcoming presidential election is giving the credit card industry cause for concern. Industry thinkers are worried about the impact of democratic presidential candidate Barack Obama’s union with Delaware Sen. Joe Biden.
Over the course of his political career, Barack Obama has been a vocal antagonist of the credit card industry. During a June meeting, the candidate has been quoted as saying, “for too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford.” If Obama becomes president, he is likely to push for increased government regulation over the activities of credit card companies.
Given these factors, the industry is especially troubled by Obama’s choice of running mate. Most credit card companies operate out of Delaware, largely due to its lack of state taxes and business-friendly laws. Delaware has especially permissive state regulation over the interest rates financial institutions are permitted to charge on various types of loans.
Some credit card analysts believe that if Biden were not chosen to be Obama’s running mate earlier this week, he could have continued to represent the interests of Delaware’s businesses in the US Senate. Biden could have been a source of support for Delaware-based credit card companies in the face of the federal pressure to regulate the credit industry that would most likely ensue if Obama were elected president. As Obama’s vice president, however, Biden will be unlikely to try to stop the probable spate of new federal regulations, these analysts claim.
However, Jared Seiberg, an analyst with the Stanford Group, pointed out earlier today that “credit card issuers were going to face an uphill battle if Obama won regardless of the vice presidential choice.”
Notably, a major credit card company, MBNA Corp, which has been owned since 2006 by Bank of America, has furnished Sen. Biden with one of his biggest financial contributions over the course of his vice-presidential campaign.
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[...] Democratic VP Worries Credit Card Industry [...]
I guess the “economic time bomb” did burst. Big time. Kind of freaky I saw this video a few years before it actually happened.
skimmer stoles the PIN too?
excellent movie guys
– found it funny 
. i found a copy at “bigmovies4free” – hope they make another 
..BUTT
Social media and you
The Sun Daily
A case in point: just a few years ago we refrained from buying online with credit cards but today we transfer funds and buy vacations using mobile phones. …
and more »
Speaking from experience, there are quite a few of credit cards that offer money back… I'm just not exactly sure if companies have varying names for these types of credit cards. The card I have is from Citi Bank and the card is called "Citi Dividends." The way mine works is that for each $100 that I charge I get $1 back. It isn't much, but there is no annual fee for this card either. Also, after the "dividends" is up to $50, you can call or go on their website to request that a check be cut. So, they'll cut you a check that you'll receive within a week or 2 for exactly $50… No taxes taken out or anything. =) Hope that helps!
These reforms are long overdue. Now they should be broken up into smaller pieces so this cannot happen again – — found a cool site; Balkingpoints ; incredible satellite view of earth
i love mythbusters the best show on tv =)
1. I have 5 or 6 credit cards, each has at least 5,000 limit. I use 3 of them regularly and pay the entire balance each month. The others I use very rarely. My credit score is around 810 and I have never been questioned about my revolved credit (I do own a home, I don't know if that makes a difference).
2. Close some of the accounts if you want, they'll eventually roll off. Just don't keep opening new ones and closing old ones (that gets harder these days with ID theft and all).
3. I personally use several of my cards regularly and others I have not used in months (maybe years). I do know that a low balance-to-limit ratio is good and if you close accounts that, in affect, raises your ratio since your limit went down even though your balance did not go up. Run your balance-to-limit ratio here…
4. It's always a good idea to check around for the lowest APR you can get.
5. 35% of your FICO score is based on paying all your bills on time. 30% is from Balance-to-Limit ratio. 15% is from the length of your credit history. 10% is from new accounts and recent "new" credit applications. And 10% is based on the mix of credit card and other loans.
Sounds you best chances for a higher FICO are improving the mix of credit card, retail cards and other loans plus getting some "new" credit like a retail card, but don't get too much new credit all at once. Maybe you could request higher limits on some of your cards and get rid of some of the lower limit ones. That would keep your balance-to-limit ratio low while reducing the number of open accounts.
It's all just a bit confusing. Good luck to you.
It enforces the behavior of charging things to satisfy instant gratification, so that you will continue to use credit cards in the future.
The real loser in the game is the referee. Both red cards are rubbish. Anyway, credit to both teams. Not good enough sayang
Bad Credit Cards and Prepaid Cards
msnbc.comThe Color of Money: Basic lessons on credit cards for studentsWashington PostEntering freshmen at colleges across the country will be the first class of regular-semester students to face credit card restrictions under the Credit Card Accountability, Responsibility and Disclosure Act of 2009. …Credit cards offer double benefitsFinancial TimesMurphy will talk about new credit-card rulesPoughkeepsie JournalStore-Brand Credit Cards BoomWall Street JournalCNNMoney -ABC News -FOXBusinessall 192 news articles » Continue reading
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Don't be fooled by "introductory" interest rates – they try lure you into it, then jack up the rate after three or six months. Get the one with the lowest interest rate.
Make sure you pay off your balance EVERY month. Don't get hooked by using credit, it's a never-ending cycle of horror….
My body feels relieved.. Both my credit cards are fully paid off for GOOD! Cutting both them up as I type
Fascinating read: 'How panhandlers use free credit cards' -
Money Mondays: Save money by boosting your credit score: Your credit score can include the number of credit cards …
As long as you don't 'rack up' a bunch of new debt, your credit rating should only be affected slightly from the credit inquiries. But this is only short-term– so not much to worry about. If you're looking for a new airline credit card, here's a good place to start:
Hope this helps! Good luck!
Ooo I forgot to tell u guys. I opened my first checkiin account today. Funny how I have 2 credit cards, but no checkiin. Hmmm
Credit card defaults fall to 15-month low
BusinessWeek
Defaults on US credit cards in July fell to the lowest level in 15 months, while late payments also declined, Fitch Ratings said Wednesday. …
Fitch: US Credit Card Defaults Fall to 15-Month LowPYMNTS.com
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