We’ve been getting a lot of responses from people asking what to do with their credit card debt. Read what Dennis Santiago has to say:
- So would some good come
from redeploying credit card balances to place a larger fraction of it in smaller institutions? My personal worry is that over concentraing the market share among too few innovators might not be enough for such a national interest priority. Spreading the balances would tend to make finding business service quality and fraud management solutions even more urgent to more banks. Necessity still being the true mother of invention, this might accelerate the process as more banks explore alternative technology approaches to securing their credit cards. Ideally, it sparks a new contest for banks to retain credit card customers based on a new generation of more risk managed services solutions. That in turn means the cost of doing business lessens and puts increased competitive pressure on the system to pass those improvements on to consumers in the form of better interest rates and fee structures. I do believe this issue is strategically important enough that there’s merit in all of us trying some out of the box approaches to shake things up.
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I’m not interested in the banks point of view about spreading risk. The banks are charging 30% interest rate on credit cards. They are stealing money from honest hardworking people. What do you say about that?
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Thanks for this. We all love a bargain and your advice helps
As a result of the CARD Act reforms that went into effect on February 22, credit card companies are projected to incur $12 billion in annual losses. But we all know that credit card companies are far too imaginative to let this happen. The reforms require the credit card companies to give you 45 days notice before rate increases, and those increases cannot be applied to existing debt unless you miss payments for 60 days. In addition, there have been new restrictions placed on how they can market to college students under 21 years old. This all translates to nothing more than a bump in the road for card companies. Old methods of revenue generation will be replace by new ones in the form of lots of fee
Good share,you article very great, very usefull for us…thank you
Thanks for letting me know that I’m not the only one who is struggling with personal debt. I lost my job recently and have not been able to find anything in my field. I have stopped using all of my credit cards. And I now always pay cash for everything. I didn’t figure that I would ever get into this kind of a situation.