Credit Card Holiday

d-ray657 · #1 01-14-2010, 10:03 PM

So the credit card companies - the banks - those institutions of unearned multi million dollar bonuses - makes the rules for credit cards. When they don't like them, they change them. Congress might try to regulate them if they can find a majority who aren't bought and paid for. But what power does the little guy have. You know, those of us who they can make pay more than double what we were paying before, or charge us the cost of a nice dinner out (if we could afford one) if our payment doesn't arrive in time to post on the due date.

How hard would it be to organize a holiday for credit card payments? Organize consumers to withhold their payments for one month to show the banks that we are parties to these deals too. Do you think with enough planning 10% would participate, 24% 50%? How much of an impact might that have. I mean, if there was over 50% participation could the banks administratively handle calling all of those accounts. Would they want to?

Just a thought. If Congress is going to remain for sale, maybe the PEOPLE can engage in some self help. Any ideas?

Regards,

D-Ray

Boreas · #2 01-14-2010, 10:11 PM

I'm not so sure how hard that would hit them, D-Ray. Sooner or later folks would have to pay and when they did they'd be paying a late fee too. Plus the CC companies would probably jack their rates because of slow pay.

I hate to be negative about this but I don't think it would accomplish anything we'd want it to.

John

finnbow · #3 01-14-2010, 10:13 PM

Do you mean withholding payment of your credit card bill or refraining from credit card purchases? I think the latter might have some impact (though I'm doubtful that many would participate. Shit, my wife would revolt). The former would just provide the means for them to put the screws in deeper.

Actually, I've never carried a balance on a credit card, so I don't much care about the rates. I'm more interested in what type of "rewards" they offer and the quality of service provided.

Quote:

Originally Posted by d-ray657

How hard would it be to organize a holiday for credit card payments? Organize consumers to withhold their payments for one month to show the banks that we are parties to these deals too. Do you think with enough planning 10% would participate, 24% 50%? How much of an impact might that have. I mean, if there was over 50% participation could the banks administratively handle calling all of those accounts. Would they want to?

Just a thought. If Congress is going to remain for sale, maybe the PEOPLE can engage in some self help. Any ideas?

Regards,

D-Ray

Writewing · #4 01-14-2010, 10:14 PM

I dont care

Boreas · #5 01-14-2010, 10:19 PM

Quote:

Originally Posted by Writewing

I dont care

For someone who wants to be known as "Writewing" you sure as hell can't.

d-ray657 · #6 01-14-2010, 10:33 PM

Quote:

Originally Posted by finnbow

Do you mean withholding payment of your credit card bill or refraining from credit card purchases? I think the latter might have some impact (though I'm doubtful that many would participate. Shit, my wife would revolt). The former would just provide the means for them to put the screws in deeper.

Actually, I've never carried a balance on a credit card, so I don't much care about the rates. I'm more interested in what type of "rewards" they offer and the quality of service provided.

I admire your discipline sir. I could make a lot of excuses for our participation in their racket, but would be better served by learning more discipline. Oh well, next year our college boys will be junior and senior, so maybe there is light at the end of the tunnel.

I agree that a credit card spending holiday of about a month would cost them a ton of fees, but it would hurt a lot of businesses. But - make it a two month moratorium. Put aside a little cash for each purchase you don't make on a credit card, and buy with case the next month. That would be good for the businesses then, because they would get the sales without the fees. Too complicated for a mass movement though.

Dammit! I just want to fight back. I'm open to all ideas.

Regards,

D-Ray

Writewing · #7 01-14-2010, 10:44 PM

Quote:

Originally Posted by Boreas

For someone who wants to be known as "Writewing" you sure as hell can't.

I knew at some point you would be funny, I never stopped believing in you!

Fast_Eddie · #8 01-15-2010, 12:40 AM

Just a couple of thoughts. I don't think you could ever get that many people organized, and even if you did it wouldn't get you anywhere.

I couldn't tell you the last time I paid a dime in credit card interest. I pay them every month. Yeah, it's not so tough now, but when I was younger it was hard. At one time I had about five grand in credit card debt. I know there are people who have a lot more than that. But it sure seemed like a lot to me at the time. Once I got a better job it was priority one to pay that off. Never carried a balance again- at least not for more than a month maybe.

Man I hate credit cards. They're a terrible way to get a loan. Always have been. But people got comfortable with them. Figured if they jacked the rates the could always just get a different one... again. Guess it's harder to do that now. Actually, I don't really know that for sure and don't intend to find out.

I'm weird that way. Never had a car loan in my life either.

merrylander · #9 01-15-2010, 07:41 AM

That is the way we operate here, pay it in full every month and like Pat, look for the one with the best rewards. Because we were screwed about with over a check we now use the card for everything. I can go online at anytime and see what the balance is and the award points build up like mad, we got over 2000 points when I bought the new generator and Northern Toll gave me a $100 gift card for buying it. Between what we save at the grocery store (Florence does her own scanning and bagging in reuseable bags), plus coupons, plus food for free useing award points we saved over $1400 last year. Because we put so much on the card they would kiss my rear before anything else.

d-ray657 · #10 01-15-2010, 08:28 AM

Quote:

Originally Posted by merrylander

That is the way we operate here, pay it in full every month and like Pat, look for the one with the best rewards. Because we were screwed about with over a check we now use the card for everything. I can go online at anytime and see what the balance is and the award points build up like mad, we got over 2000 points when I bought the new generator and Northern Toll gave me a $100 gift card for buying it. Between what we save at the grocery store (Florence does her own scanning and bagging in reuseable bags), plus coupons, plus food for free useing award points we saved over $1400 last year. Because we put so much on the card they would kiss my rear before anything else.

But Rob, you and we all know you're extraordinary. I just wonder what effect the credit card fees have on retail prices. As long as mafia analogies have bee thrown around here lately, it seem like the credit card companies/banks get a piece of the action on most anything that gets sold. It certainly is more convenient to carry a debit card around than it is to carry a checkbook, but the more we get addicted to convenience, the more the Godfather gets his slice.

Regards,

D-Ray