Comments on: Feds Push For Simpler Credit Card Mailings! http://www.0-apr-creditcards.com/blog/feds-push-for-simpler-credit-card-mailings.html A Credit Card Blog which explains how to better manage your credit and provides valuable insights into everything credit related. Mon, 15 Mar 2010 19:15:51 +0000 http://wordpress.org/?v=2.0.4 by: Rick http://www.0-apr-creditcards.com/blog/feds-push-for-simpler-credit-card-mailings.html#comment-54528 Fri, 05 Dec 2008 14:43:40 +0000 http://www.0-apr-creditcards.com/blog/feds-push-for-simpler-credit-card-mailings.html#comment-54528 Since the US has a government for the people, by the people and of the people, then the PEOPLE should benefit from the credit bailout especially if the government is using our hard-earned dollars to pay Citi's and the credit industry's ANTI-PEOPLE practices. The bail-out should impose major reforms on credit practices NOW. Here are some suggestions: 1) cap credit card annual interest rates to match mortgage 30-yr interest rates. 2) cap rate increases to no more than 2% over the life of ownership of a credit card. 3) cap non-payment or late-payment penalty fees to the greater of $10 or 0.1% of PAST DUE balance (only) 4) disallow charging of interest on all credit card purchases less than one month old. 5) following a non-payment or late payment by credit card user, disallow charging of interest on any purchase less than one month old. 6) disallow rate increases unless a credit card user provides written authorization to do so. 7) disallow credit card industry practice of issuing credit cards to individuals having a debt to earnings/assets/net worth ratio (or obligations to earnings/assets/net worth ratio) greater than 30% 8) disallow credit industry practice of approving loans to businesses with debt to earnings/assets/net worth ratio greater than 40% 9) cap mortgage and loan interest rate increases to no more than 2% over the life of the loan and only with written consent of borrower 10) allow businesses and individuals to pay off loans sooner by applying a larger portion of each payment to the prinicipal balance due on a loan. This is done by stopping use of the current formula used to calculate interest due on loans, mortgages and credit cards. New formula: based on an initial loan value, calculate the amount of interest due based upon the agreed to interest rate and agreed to number of payments, then divide the total interest amount by the number of payments to be made, then charge the portion of interest and portion of principal due for each payment. Since the US has a government for the people, by the people and of the people, then the PEOPLE should benefit from the credit bailout especially if the government is using our hard-earned dollars to pay Citi’s and the credit industry’s ANTI-PEOPLE practices. The bail-out should impose major reforms on credit practices NOW. Here are some suggestions:
1) cap credit card annual interest rates to match mortgage 30-yr interest rates.
2) cap rate increases to no more than 2% over the life of ownership of a credit card.
3) cap non-payment or late-payment penalty fees to the greater of $10 or 0.1% of PAST DUE balance (only)
4) disallow charging of interest on all credit card purchases less than one month old.
5) following a non-payment or late payment by credit card user, disallow charging of interest on any purchase less than one month old.
6) disallow rate increases unless a credit card user provides written authorization to do so.
7) disallow credit card industry practice of issuing credit cards to individuals having a debt to earnings/assets/net worth ratio (or obligations to earnings/assets/net worth ratio) greater than 30%
8) disallow credit industry practice of approving loans to businesses with debt to earnings/assets/net worth ratio greater than 40%
9) cap mortgage and loan interest rate increases to no more than 2% over the life of the loan and only with written consent of borrower
10) allow businesses and individuals to pay off loans sooner by applying a larger portion of each payment to the prinicipal balance due on a loan. This is done by stopping use of the current formula used to calculate interest due on loans, mortgages and credit cards. New formula: based on an initial loan value, calculate the amount of interest due based upon the agreed to interest rate and agreed to number of payments, then divide the total interest amount by the number of payments to be made, then charge the portion of interest and portion of principal due for each payment.

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