It is my understanding that banks are going to be required to take into account an applicants ability to repay a loan and will be denying credit to applicants that do not meet the required threshold.
All I kept thinking as I read it is that using a credit card will become sort of a status symbol again.....
Cash is king....but credit cards will be for show......
Stash the cash!..................but credit cards will have a cache that cash doesn't......people with less resources are going to have a harder time in the coming years......I was reading a lot of depressing financial artices today, but my mindset is starting to undergo a seachange...........
It looks like folks who are in serious trouble with credit now are not going to have an easier time coming up in the future getting credit.
I have a family member that works for a big department store here. The workers are all required to sign up so many credit cards a month or face termination.
I think it was a small step in the right directions, but they fooled around and let the companies do outrageous things before the bill was put into law.
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People are still free to choose not to spend money they cannot repay and not to buy things they cannot afford.
I agree with all your points.
My question is why credit card companies continue to do business with those that have demonstrated they cannot handle their debt.
It is my understanding that banks are going to be required to take into account an applicants ability to repay a loan and will be denying credit to applicants that do not meet the required threshold.
With all due respect, I'm not sure you read the article I posted the link to.
Personally I think the first thing this bill should have done was put caps back on the interest rates they charge!!
I think at one point the limit in WI was either 21 or 23%!!
All I kept thinking as I read it is that using a credit card will become sort of a status symbol again.....
Cash is king....but credit cards will be for show......
Stash the cash!..................but credit cards will have a cache that cash doesn't......people with less resources are going to have a harder time in the coming years......I was reading a lot of depressing financial artices today, but my mindset is starting to undergo a seachange...........
It looks like folks who are in serious trouble with credit now are not going to have an easier time coming up in the future getting credit.
Yes, littlebugs!
That is EXACTLY what I was talking about!! That is not just happening in ONE store chain but many of them!!
They can even get fired for NOT asking someone!!
I think it was a small step in the right directions, but they fooled around and let the companies do outrageous things before the bill was put into law.
Norma
"Patience is the best remedy for every trouble"- Plautus
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