C-SPAN2:Sen hearings on credit card industry practices, 8:30-11pm NY time

[AirAmFan]

Heads up.

I wonder whether recent industry actions to capitalize on its hard-won legislative victory will be covered:

--doubling minimum payments

--expansion of late fees

--elimination of grace periods

--more use of "universal default", under which a late utility bill payment leads to skyrocketing rates on unrelated credit cards, even on accounts on which no money is owed.

[Nikki Stone 1]

1. Thanks for posting this

:kick:

[indigo]

2. utility companies

It used to be the case that the utilities (gas, elec, telco) didn't report to the credit bureaus.

Lately I've been getting inserts w/ my phone bill from Verizon announcing that they report phone bill payment history. Does anybody know when they started this practice (I didn't see them on my credit report about 6 mos ago)? Do they report every month like CCs, or only if you don't pay?

[AirAmFan]

3. What I want to know is how do they get your Social Security number

in the first place? Utilitiy companies can't report anything to credit bureaus without that sensitive piece of info.

I was shocked when I called my cable company for service and was asked, not for the account number or my home phone number but for my Social Security number! Why would a cable company need your SS# for any legitimate purpose?

[indigo]

5. From you (us)

I remember Verizon (Bell Atlantic at the time) wanted mine when I got phone service in 1993. It wasn't an option.

[AirAmFan]

4. Avg 47 credit card soliciatations per household per year, RETROACTIVE!

interest rate hikes, and a list of other abuses were mentioned just now by one sharp witness.

The agenda-setters really buried him in the middle of hours of propaganda and boredom. Travis Plunkett, from the Consumer Federation of America, used his 90 seconds or do to hit the ball out of the park. But how many people were stilll watching?

[losdiablosgato]

8. I just canceled 2 cards today

I love living debt free.

[doodadem]

6. Watched this last night

It was quite obvious that Chris Dodd gets it, and Dianne Feinstein and Akaka do not. These last two are droning on about how there needs to be a statement on just how much we will owe and how long it will take to pay off if we continue to only pay the minimum required. Duh.
Chis Dodd talked about how the banks are WRONG in pulling these tactics. That yes, consumers need to be reponsible, but it's a two way street, and banks are being totally irresponsible. That they are trying to hook everyone into mountains of unending debt, from kids to seniors.
The worst is still this "Universal Default" provision, which says they can pull up your credit report, and if they find something they don't like, even though you have a great history with them personally, they can double or triple your payment. Then, when you get the offending thing straightened out or paid off, they never take your rate back to what it was.
Out of control.

[losdiablosgato]

7. My Grandpa once said, "More money has been stolen with a pen

then was ever stolen with a gun."