Keep your credit cards home when you decide to shop. Use cash and where you can use your debit cards or personal checks. Every person who decides not to use there Credit Card is putting a big gash into the wallets of the Credit Card issuers, they only make money when you use the CC. So don't use it, if you can avoid it.
Capital One is hurting big time, from less usage and from people who are defaulting on the rip-off interest rates of 25% to 30%. Their is a backlash from many people who paid on-time and viewed their interest rates rise from 5% to 20%+.
The less you use your card, the more hurt you put the the CC companies.
Continue to Twitter and write Congress to place a CAP of 10% interest on all credit cards. Twits growing in volumes globally to CUT THE CARD.
Joe
Go Phillies
Showing posts with label capital one. Show all posts
Showing posts with label capital one. Show all posts
Friday, June 19, 2009
Sunday, May 24, 2009
DEMAND A CAP ON INTEREST RATES AT 10%
President Obama may have signed the New Credit Card "control" legislation, but it doesn't go far enough. I won't break all down on this Memorial Weekend. But while your elected officials are home for the Holidays. Send them a message to present another law to the Credit Card legislation that will cap Credit Card Interest Rates to 10%.
My other suggestion is USE CASH.DON'T USE ANY CREDIT CARDS, ESPECIALLY CAPITAL ONE.
Joe
Go Phillies!
My other suggestion is USE CASH.DON'T USE ANY CREDIT CARDS, ESPECIALLY CAPITAL ONE.
Joe
Go Phillies!
Monday, May 18, 2009
IS THE SENATE GOING TO BE "PRO-CONSUMER?????"
COPIED FROM CNN (DOW JONES)
Will the Senate become "Pro Consumer" Do they have the Balls to CAP interest rates to 10%? I doubt it, Please read this article. At this time Tweets all over our small,blue marble are tweeting away at telling all to stop using "CREDIT CARDS" and to use CASH. CASH IS KING, ITS CHEAPER THAN CREDIT CARD USE. A CREDIT CRAD MAKES YOU A SLAVE TO THE BANKS, THE CREDIT CARD ISSUERS AND ITS DIFFICULT TO DIG OUT ONCE YOU GET INTO A SITUATION WHERE YOU CANNOT DIG YOURSELF OUT.
I urge all tweets, and all other concerned global citizens to 'PUT YOUR CREDIT CARDS AWAY IN THE DEEPEST DRAWER YOU HAVE' Request from your local shops to accept Paypal, accept layaways,they all accept cash.
Don't use the Department store credit cards. Only purchase what you need at the moment. You will find you really don't need the Doritos at $3.00 a bag, Use a couple more dollars and purchase a good Delmonico Steak or 1lb of Tilapia for $3.00.
Look for deals, Don't buy that Cereal at $4.19 a box, when you can purchase healthier foods for your children and make them a Pancake or Waffle breakfast less expensively.
Keep the SODA in the store, Make homemade ICED TEA & Homemade lemonade, remember when your parents did it. Keep the soda in the store.
Go online and find homemade recipes for "FREEEEEEEE!"
Shop Smart. We do. This economy has taught us to be wiser in our purchases.
Canned tuna used to be 6.5 oz now most brands are at 4.5oz to 5 oz and they cut the Olive Oil for Soybean Oil, tell them to keep it.
Cooking Oils has risen: NO real reason for it to rise. Just brands and supermarkets attempting to rip you off. Keep it on the shelf, bake leave the oil on the shelf.
Do more Barbecuing, it doesn't use household gas, stick it to the Utility company, tell them to lower the cost or you will cook less, or simply do it on the barby, Ahe.
Lets stick it to BIG OIL. TODAY I STARTED ONLY GETTING ONE GALLON OF GAS AT $2.19 A GALLON, If 3 to 6 cars in a line do it, it will send the gas attendants crazy, by slowing the line with only 1-gallon fill-ups, they may get the message. "Time is money." Most gas stations are owned by ARABCO, an Arab oil shiek, most are from the middle east or from south america, most are not citizens.
PASS THE WORD. DON'T USE YOUR CREDIT CARDS, BUY WITH CASH, BE SMART, WRITE YOUR CONGRESSMAN AND DEMAND 10% CAP ON CC INTEREST RATES, TELL THEM YOU ARE VOTING FOR A NON-INCUMBENT, HOLD BACK YOUR CAMPAIGN DONATIONS. MAKE HOMEMADE DRINKS, LIVE FREE AND PROSPER.
ADVERTISE ON WWW.LUMBERKINGS.BIZ FOR ONLY $1.00 A DAY OR $365.00 A YEAR.
SEND YOUR CODE TO: FRONTIER22@AOL.COM AND MAKE PAYMENT VIA PAYPAL TO: FRONTIER22@AOL.COM.
Senate Credit-Card Legislation Could Crimp Issuers' Growth
Dow Jones
May 13, 2009: 04:58 PM ET
BOSTON -(Dow Jones)- Proposed credit-card legislation would put the brakes on the ability of issuers to raise interest rates and impose late fees - the very tools used by card companies to offset rising losses in the current economic slump.
The rules being debated in the Senate would not only deprive card issuers of crucial ammunition but also would threaten to crimp industry growth. One way companies may respond - raise costs for financially sound consumers. The legislation would also probably make card companies cut back on lending to less- creditworthy borrowers.
The new legislation comes at a time when card issuers - such as Capital One Financial Corp. (COF), Bank of America Corp. (BAC), Citigroup Inc. (C), Discover Financial Services (DFS) and American Express Co. (AXP) - are reeling from losses on souring credit-card debt amid rising unemployment and a slumping economy.
The proposed legislation makes "their business model less resilient," says Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods. "One of the best parts of this business was the ability to re-price rates based on risk, and that lever will no longer be available to card issuers a year from now."
The proposed legislation includes a bill that caps interest rates banks can charge credit-card users. Another would ban card issuers from raising rates on existing balances unless the consumer is 60 days late on payment.
An amendment also being debated would make it easier for retailers to give discounts to consumers who use cash, checks or debit cards rather than credit cards, depriving banks of lucrative fees associated with credit-card transactions.
The bill is tougher than legislation the House passed and goes well beyond new Federal Reserve rules curbing credit-card practices that will take effect July 2010. The amendments being pushed in the Senate would add even more restrictions on banks.
Senators so far haven't reached a final agreement on which amendments will be offered or a plan to move forward on the bill.
Peter Garuccio, a spokesman at the American Bankers Association, a trade group, said the legislation "represents a fundamental change in the way card companies conduct business."
Restrictions on raising rates take away the issuers' ability to manage risk related to borrowers with patchy credit.
Moreover, in an effort to make up for lost revenue, card issuers could begin charging annual fees and raising rates on foreign exchange transactions, which would affect even the most sound borrowers. Card companies might also scale back lending to those with shaky credit, as the risk of defaults would outweigh gains if the card issuer can no longer raise rates to compensate for the additional risk.
"People who have good credit may have to compensate for people with bad credit," says KBW's Sakhrani. "People may also find credit cards not economically viable."
To be sure, card issuers have moved quickly to hike rates ahead of July next year, when the Federal Reserve's new rules on credit cards kick in.
Top card companies, including JPMorgan Chase & Co. (JPM), Citigroup, Bank of America, Capital One and American Express, are already "raising interest rates on a larger portion of customers than usual and increasing the number of fees they impose," Joshua Frank, a senior researcher at the Center For Responsible Lending, said in a research note Monday. Many cardholders have seen increases of as much as 10 percentage points or more over their existing rate, notes Frank.
But there is concern that card issuers acting hastily in an effort to lessen the impact of the regulation could cause damage.
"If they re-price too fast or too hard," KBW's Sakhrani says, "card issuers could tip over struggling borrowers."
-By Aparajita Saha-Bubna, Dow Jones Newswires; 617-654-6729; aparajita.saha- bubna@dowjones.com
(Jessica Holzer contributed to this report.)
(END) Dow Jones Newswires
05-13-09 1658ET
Copyright (c) 2009 Dow Jones & Company, Inc.
Will the Senate become "Pro Consumer" Do they have the Balls to CAP interest rates to 10%? I doubt it, Please read this article. At this time Tweets all over our small,blue marble are tweeting away at telling all to stop using "CREDIT CARDS" and to use CASH. CASH IS KING, ITS CHEAPER THAN CREDIT CARD USE. A CREDIT CRAD MAKES YOU A SLAVE TO THE BANKS, THE CREDIT CARD ISSUERS AND ITS DIFFICULT TO DIG OUT ONCE YOU GET INTO A SITUATION WHERE YOU CANNOT DIG YOURSELF OUT.
I urge all tweets, and all other concerned global citizens to 'PUT YOUR CREDIT CARDS AWAY IN THE DEEPEST DRAWER YOU HAVE' Request from your local shops to accept Paypal, accept layaways,they all accept cash.
Don't use the Department store credit cards. Only purchase what you need at the moment. You will find you really don't need the Doritos at $3.00 a bag, Use a couple more dollars and purchase a good Delmonico Steak or 1lb of Tilapia for $3.00.
Look for deals, Don't buy that Cereal at $4.19 a box, when you can purchase healthier foods for your children and make them a Pancake or Waffle breakfast less expensively.
Keep the SODA in the store, Make homemade ICED TEA & Homemade lemonade, remember when your parents did it. Keep the soda in the store.
Go online and find homemade recipes for "FREEEEEEEE!"
Shop Smart. We do. This economy has taught us to be wiser in our purchases.
Canned tuna used to be 6.5 oz now most brands are at 4.5oz to 5 oz and they cut the Olive Oil for Soybean Oil, tell them to keep it.
Cooking Oils has risen: NO real reason for it to rise. Just brands and supermarkets attempting to rip you off. Keep it on the shelf, bake leave the oil on the shelf.
Do more Barbecuing, it doesn't use household gas, stick it to the Utility company, tell them to lower the cost or you will cook less, or simply do it on the barby, Ahe.
Lets stick it to BIG OIL. TODAY I STARTED ONLY GETTING ONE GALLON OF GAS AT $2.19 A GALLON, If 3 to 6 cars in a line do it, it will send the gas attendants crazy, by slowing the line with only 1-gallon fill-ups, they may get the message. "Time is money." Most gas stations are owned by ARABCO, an Arab oil shiek, most are from the middle east or from south america, most are not citizens.
PASS THE WORD. DON'T USE YOUR CREDIT CARDS, BUY WITH CASH, BE SMART, WRITE YOUR CONGRESSMAN AND DEMAND 10% CAP ON CC INTEREST RATES, TELL THEM YOU ARE VOTING FOR A NON-INCUMBENT, HOLD BACK YOUR CAMPAIGN DONATIONS. MAKE HOMEMADE DRINKS, LIVE FREE AND PROSPER.
ADVERTISE ON WWW.LUMBERKINGS.BIZ FOR ONLY $1.00 A DAY OR $365.00 A YEAR.
SEND YOUR CODE TO: FRONTIER22@AOL.COM AND MAKE PAYMENT VIA PAYPAL TO: FRONTIER22@AOL.COM.
Senate Credit-Card Legislation Could Crimp Issuers' Growth
Dow Jones
May 13, 2009: 04:58 PM ET
BOSTON -(Dow Jones)- Proposed credit-card legislation would put the brakes on the ability of issuers to raise interest rates and impose late fees - the very tools used by card companies to offset rising losses in the current economic slump.
The rules being debated in the Senate would not only deprive card issuers of crucial ammunition but also would threaten to crimp industry growth. One way companies may respond - raise costs for financially sound consumers. The legislation would also probably make card companies cut back on lending to less- creditworthy borrowers.
The new legislation comes at a time when card issuers - such as Capital One Financial Corp. (COF), Bank of America Corp. (BAC), Citigroup Inc. (C), Discover Financial Services (DFS) and American Express Co. (AXP) - are reeling from losses on souring credit-card debt amid rising unemployment and a slumping economy.
The proposed legislation makes "their business model less resilient," says Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods. "One of the best parts of this business was the ability to re-price rates based on risk, and that lever will no longer be available to card issuers a year from now."
The proposed legislation includes a bill that caps interest rates banks can charge credit-card users. Another would ban card issuers from raising rates on existing balances unless the consumer is 60 days late on payment.
An amendment also being debated would make it easier for retailers to give discounts to consumers who use cash, checks or debit cards rather than credit cards, depriving banks of lucrative fees associated with credit-card transactions.
The bill is tougher than legislation the House passed and goes well beyond new Federal Reserve rules curbing credit-card practices that will take effect July 2010. The amendments being pushed in the Senate would add even more restrictions on banks.
Senators so far haven't reached a final agreement on which amendments will be offered or a plan to move forward on the bill.
Peter Garuccio, a spokesman at the American Bankers Association, a trade group, said the legislation "represents a fundamental change in the way card companies conduct business."
Restrictions on raising rates take away the issuers' ability to manage risk related to borrowers with patchy credit.
Moreover, in an effort to make up for lost revenue, card issuers could begin charging annual fees and raising rates on foreign exchange transactions, which would affect even the most sound borrowers. Card companies might also scale back lending to those with shaky credit, as the risk of defaults would outweigh gains if the card issuer can no longer raise rates to compensate for the additional risk.
"People who have good credit may have to compensate for people with bad credit," says KBW's Sakhrani. "People may also find credit cards not economically viable."
To be sure, card issuers have moved quickly to hike rates ahead of July next year, when the Federal Reserve's new rules on credit cards kick in.
Top card companies, including JPMorgan Chase & Co. (JPM), Citigroup, Bank of America, Capital One and American Express, are already "raising interest rates on a larger portion of customers than usual and increasing the number of fees they impose," Joshua Frank, a senior researcher at the Center For Responsible Lending, said in a research note Monday. Many cardholders have seen increases of as much as 10 percentage points or more over their existing rate, notes Frank.
But there is concern that card issuers acting hastily in an effort to lessen the impact of the regulation could cause damage.
"If they re-price too fast or too hard," KBW's Sakhrani says, "card issuers could tip over struggling borrowers."
-By Aparajita Saha-Bubna, Dow Jones Newswires; 617-654-6729; aparajita.saha- bubna@dowjones.com
(Jessica Holzer contributed to this report.)
(END) Dow Jones Newswires
05-13-09 1658ET
Copyright (c) 2009 Dow Jones & Company, Inc.
Tuesday, April 28, 2009
MAHONEY HR627/SCHUMER S.235 FALL SHORT OF CAPPING INTEREST RATES
Congress-women Carolyn Mahoney #HR627/Schumer S.235 Credit Card legislation falls short in many ways, most importantly is a CAP on the INTEREST CHARGED. I faxed the letter below to Congress women Mahoney with my thoughts:
Congress-Women Carolyn Mahoney (14th) NY
202-225-4709
Hello Ms. Mahoney:
I attempted to email you, but your website would not allow me too.
I don’t live in your district.
I have copied and pasted my message below:
YOUR BILL HR627/ S.235 SCHUMER
Your bill doesn't go far enough.
• We need a CREDIT CARD INTEREST RATE CAP OF 10% on all credit cards. A cap on late fees, surcharges to not more than $10.00 per payment period.
• We need a 14-day window to pay the bill beyond the actual due date
• We need to restrict credit card offering to those with a FICO score under 600 to not more than $300.00 to $600.00 until the individuals score rises above FICO 725.
• We need to eliminate the $15.00 to $30.00 charge when a person phones in a payment. We need to eliminate the $39.00 late fee, that is charged and much more.
YOUR BILL IS SHORT ON MANY POINTS. I NOTICED YOU COLLECT BIG BUCKS FROM THE REAL ESTATE, FINANCIAL AND INSURANCE LOBBY.
YOUR BILL APPEARS TO BE PRO CREDIT INDUSTRY BILL ALONG WITH SCHUMERS THAT WILL BE WATERED DOWN EVEN FURTHER.
I have 1-million plus Fellow Tweets spreading the word globally to stop using credit cards by Capital One, CITI, and others. They will know about your bill and S.235 in moments. 10:38 AM.
Joe
______
What is your thoughts. You can Fax Cong. Mahoney at: 202-225-4709
PASS THE WORD TO YOUR FELLOW TWEETS. STOP THE LEGISLATION ABOVE. IT IS PRO-BANKING INDUSTRY. IT ONLY SLAPS THEIR HANDS, IT DOESN'T RESULT IN REAL CHANGE.
Go Phillies
Congress-Women Carolyn Mahoney (14th) NY
202-225-4709
Hello Ms. Mahoney:
I attempted to email you, but your website would not allow me too.
I don’t live in your district.
I have copied and pasted my message below:
YOUR BILL HR627/ S.235 SCHUMER
Your bill doesn't go far enough.
• We need a CREDIT CARD INTEREST RATE CAP OF 10% on all credit cards. A cap on late fees, surcharges to not more than $10.00 per payment period.
• We need a 14-day window to pay the bill beyond the actual due date
• We need to restrict credit card offering to those with a FICO score under 600 to not more than $300.00 to $600.00 until the individuals score rises above FICO 725.
• We need to eliminate the $15.00 to $30.00 charge when a person phones in a payment. We need to eliminate the $39.00 late fee, that is charged and much more.
YOUR BILL IS SHORT ON MANY POINTS. I NOTICED YOU COLLECT BIG BUCKS FROM THE REAL ESTATE, FINANCIAL AND INSURANCE LOBBY.
YOUR BILL APPEARS TO BE PRO CREDIT INDUSTRY BILL ALONG WITH SCHUMERS THAT WILL BE WATERED DOWN EVEN FURTHER.
I have 1-million plus Fellow Tweets spreading the word globally to stop using credit cards by Capital One, CITI, and others. They will know about your bill and S.235 in moments. 10:38 AM.
Joe
______
What is your thoughts. You can Fax Cong. Mahoney at: 202-225-4709
PASS THE WORD TO YOUR FELLOW TWEETS. STOP THE LEGISLATION ABOVE. IT IS PRO-BANKING INDUSTRY. IT ONLY SLAPS THEIR HANDS, IT DOESN'T RESULT IN REAL CHANGE.
Go Phillies
Thursday, April 23, 2009
DOES ANYONE KNOW OF BILL S.392?
Senator Robert Menendez has introduced Senate Bill S.392 "The Credit Reform Act of 2009." I could not find any specifics in the outline of the Bill, when I visited govtracks.
It's time to cap interest rates on Credit Cards to 10%.
Don not issue credit cards to anyone with a FICO score below 600 and if a card holder has limited FICO score, limit credit line to $600.00 with a cap of 10% on the balance of their credit card. Limit all fees total to not more than $10.00 per statement.
End the bait and switch tactics of the credit card issuers and banks.
Pass the word for the MONTH OF MAY, BOYCOTT YOUR CREDIT CARD COMPANY. USE CASH ALL MONTH OR USE PAYPAL OR YOUR DEBIT CARD. SPREAD THE WORD THAT MAY IS BOYCOTT CREDIT CARD MONTH. LETS START THE MOVEMENT RIGHT HERE IN SOUTHERN NJ. LETS DO IT BEGINNING ON FRIDAY MAY 1,2009.
Go Phillies
Monday, March 30, 2009
I & YOU ARE ROCKING THE BOAT.
TAKE A LOOK AT THIS:
Today's News
Date Posted: 03/30/2009
Senator Sanders
Credit Cards Vermont’s independent Sen. Bernie Sanders is the main sponsor of the bill to limit credit card interest rates to 15 percent. Times are tough, says Sanders, and some consumers cannot get out from under their credit card debt. “While people are really finding themselves in economically desperate circumstances, one of the reasons is they’re paying 25 percent, 30 percent interest rates on their credit cards.” The bill, introduced earlier this month, has attracted five cosponsors. While some states limit borrowing rates, there’s never been any such national law, CNN Radio reported. AUDIO
Senator Bernie Sanders has picked up and listened to my cause and thanks to all your TWITTER Followers of my blog and my TWITTS. Spread the word.
WE WANT A 10% CAP ON ALL CREDIT CARD INTEREST RATES. IF THE BANKS REFUSE TO AGREE,
THEN USE CASH. CASH IS KING. CUT UP YOUR CAPITAL ONE CREDIT CARDS AND SEND THEM TO:
MR. RICHARD D. FAIRBANK
PRESIDENT
CAPITAL ONE
1680 CAPITAL ONE DRIVE
McCLEAN, VA 22102-3401
Tell him Joe Sent You. and tell him to recycle the plastic into something good.
tell him and any other credit card company that its 10%, or you will use cash or PAYPAL.
visit my blog at: jotronics.wordpress.com titled: JOE EMPTY WALLET
GO PHILS
Today's News
Date Posted: 03/30/2009
Senator Sanders
Credit Cards Vermont’s independent Sen. Bernie Sanders is the main sponsor of the bill to limit credit card interest rates to 15 percent. Times are tough, says Sanders, and some consumers cannot get out from under their credit card debt. “While people are really finding themselves in economically desperate circumstances, one of the reasons is they’re paying 25 percent, 30 percent interest rates on their credit cards.” The bill, introduced earlier this month, has attracted five cosponsors. While some states limit borrowing rates, there’s never been any such national law, CNN Radio reported. AUDIO
Senator Bernie Sanders has picked up and listened to my cause and thanks to all your TWITTER Followers of my blog and my TWITTS. Spread the word.
WE WANT A 10% CAP ON ALL CREDIT CARD INTEREST RATES. IF THE BANKS REFUSE TO AGREE,
THEN USE CASH. CASH IS KING. CUT UP YOUR CAPITAL ONE CREDIT CARDS AND SEND THEM TO:
MR. RICHARD D. FAIRBANK
PRESIDENT
CAPITAL ONE
1680 CAPITAL ONE DRIVE
McCLEAN, VA 22102-3401
Tell him Joe Sent You. and tell him to recycle the plastic into something good.
tell him and any other credit card company that its 10%, or you will use cash or PAYPAL.
visit my blog at: jotronics.wordpress.com titled: JOE EMPTY WALLET
GO PHILS
Friday, March 6, 2009
DON'T USE YOUR CREDIT CARDS!!!
Hello Again:
How are things going. Do you best not to use your credit cards. (1) You save money, (2) You deny the banks dollars on high(loan-shark) interest rates (3) Cash is Golden. I stopped using my credit cards, I am using PAYPAL for online orders. Don't rent money anymore.
By not using your credit cards, the Bank Issuers will have to eventually give in and lower the interest rates and offer deals. I cut up my Capital One Card, sent it to the "recycle bin!"
How are things going. Do you best not to use your credit cards. (1) You save money, (2) You deny the banks dollars on high(loan-shark) interest rates (3) Cash is Golden. I stopped using my credit cards, I am using PAYPAL for online orders. Don't rent money anymore.
By not using your credit cards, the Bank Issuers will have to eventually give in and lower the interest rates and offer deals. I cut up my Capital One Card, sent it to the "recycle bin!"
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