These are the comments make by the Credit card industry on the Credit Card Reform bill passed yesterday.For the entire AP article Click Here

The practice of charging higher rates and fees to cardholders with risky credit was devised as a means to protect lenders against the risk of default while keeping costs low for consumers who paid their bills on time, said Edward Yingling, president and CEO of the American Bankers Association, which opposes the legislation.

Yingling says the new rules will limit the card companies' ability to price according to risk. The result, he says, will be that every card holder will have to pay a higher interest rate to cover the cost when other customers default. Lenders also will be more reluctant to issue cards in general, he adds.

"Less credit will be available generally, which means some consumers and small businesses will not be able to obtain credit cards at all, particularly younger people and startup small businesses," Yingling said.
Dodd, who championed the bill, said this argument is absurd and "a little like Chicken Little."
Higher interest rate and fees have only meant one thing and that is more profit for the Credit card Companies. We know that may have protested this practice in the past. The research shows that they target high risk consumer (example college students) in mass. They can market them with low introductory rate and when they use the credit and fail to pay the late fee and interest rates start to rise. You see what they are actually lending is credit, your credit. They loss nothing but receive the power that your sweet, labor and tears bring them. BUT NO, they are not satisfied with ripping this risky credit group. They cover their “losses” by adding higher fees and interest rate to customers who have been paying on time. Just read the last statement from this prospective. Aren’t young people and startup small businesses HIGH RISK!

It is not a little like chicken little but the master talking to the slave “yes sir boss man, yes sir”!

This is an ethical, moral and completely legal program to show you how to get out of the spiraling clinches of “Credit Card Hell” and take back your credit worth reputation. This is NOT-- Debt Consolidation, Debt Settlement, Arbitration or Credit Consumer Counseling. Don’t even think about considering the stigma Bankruptcy would carry for you—and the additional expense that goes with it… Visit us at Credit Card Rest In Peace or call us at (949) 240-7401

We look forward to getting you back in control of your financial future!

Check out my blog at Eliminate-Credit-Card-Debt-Options

Has Your Credit Card Company Novated You - What is that?

Novation is a term used in contract law and business law to describe the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party. In contrast to an assignment, a novation must be agreed upon by all the parties to the original agreement.[1] The obligee, the person receiving the benefit of the bargain, must only be given notice. The obligor, the party making the novation, must only make the new obligor aware and receive consent from the new obligor. A contract transferred by the novation process transfers all duties and obligations from the original obligor to the new obligor. Complete Wikipedia Definition – Click Here
Novation -

As defined above, Novation is the substitution of a new contract for an old one; or the substitution of one party in a contract with another party. I one sentence it is the replacement of existing debt or obligation with a new one.

Credit Card Company exercises this practice to change card holder agreements. When you get a notice of an update in the terms and conditions, and then use the card after you received it, you have agreed to the terms of the new agreement. Your act of using the credit card serves as your acceptance to the new agreement.

You can use the same process to enter into a new agreement with your card company, which it can accept with an act, such as cashing a check. When the credit card company accepts and cashes your check, they have agreed to the terms and conditions of your Novation contract.

Your Novation contract to the creditor must:

A. Your contract is supported with adequate and sufficient consideration in the form of a check made to your credit card company for an amount between $25.00 and $100.00;

B. You detail with clear language the consequences of the card company accepting your offer.

C. You declare the legal basis for claiming zero liability for the account or for any debt alleged through a prior agreement once your offer is accepted; and,

D. You state the adverse consequences to the card company of any collection activity that does not contain sworn verified proof of your obligation as a debtor.

Nice theory, but will it actually work?

Just on face value, there are a couple of things that must occur. First and foremost would be if the original creditor will even "act" by cashing your check. Secondly, is there anything in your original contract with your creditor that states that you cannot change the terms of the contract?

Credit Card Novation - Fact or Fiction

This is an ethical, moral and completely legal program to show you how to get out of the spiraling clinches of “Credit Card Hell” and take back your credit worth reputation. This is NOT-- Debt Consolidation, Debt Settlement, Arbitration or Credit Consumer Counseling. Don’t even think about considering the stigma Bankruptcy would carry for you—and the additional expense that goes with it… Visit us at Credit Card Rest In Peace or call us at (949) 240-7401

We look forward to getting you back in control of your financial future!

Check out my blog at Eliminate-Credit-Card-Debt-Options

The Law is on your Side! Are willing to be the frog that jumps out of this pot of boiling credit card debt.

So you thought you would refinance after improving your credit and that you would get a better rate. But with the mortgage market in turmoil after the default rates soared nationwide, lenders have raised their standards. Your mid-score in the 600s, isn't good enough to get a prime mortgage with a rate of about 6.5 percent. The banks want at least 700. Even worse, the value your home is slipping

Can you see it? It’s time to pull out all the stops. The Banks, the Corporations and you know all the other players are not living up to their responsibility to their customer. Fight back!

We will show you how to make them financially responsible. We are still a Nation of Laws! Make no mistake about it. The Law is on your side, you just have to be willing to be the frog that jumps out of this pot of boiling debt.

Credit Card Debt Audit

When you hire us to take over this matter for you, this unique program is offered through a Consumer Law Firm in our network, which combines elements of debt settlement and debt validation to eliminate or substantially reduce your debt. Because this firm actually disputes your debt, the creditors cannot report to the credit bureaus during the dispute process. They cannot sue you during the dispute process either. Additionally, letters are sent to creditors to keep them from calling you. All calls are directed to the law firm.

Most debt settlement programs will only accept you if you have $10,000 or more in unsecured credit card debt. The law firm will accept as little as $2,500. Keep in mind that you MUST BE BEHIND in your payments. If you are in collections, you are the ideal candidate for this program.

Click Here To
here the Podcast

On Your Mortgage..

The simple truth is that borrowers are victims of predatory lending and don't realize they've been taken advantage of...I am sure that is not NEWS to you. Curtis Sweet Marketing Director of Mortgage Violation Watchdog was my guest and we talked in detail about his service. You will hear how borrowers are legally turn the tables on predatory lenders resulting in Substantial Monetary Awards.

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Do You Have Violation in Your Mortgage? FREE Consultation Truth-In-Lending Audit.
The simple truth is that borrowers are victims of predatory lending and don't realize they've been taken advantage of...Mortgage Crisis Solutions

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Call us at (949) 240-7401 0r (800)587-9046 Ext 6060

We look forward to getting you back in control of your financial future!

Check out my blog at Eliminate-Credit-Card-Debt-Options

TURKEY LURKEY, HOLIDAY HAM OR A GOOSE FOR OUR GANDEROUS HOLIDAY CREDIT CARD DEBT "HANGOVER?" NO MATTER WHAT WE CALL CONGRESS…. THEY'VE JUST SERVED US UP ON A PLATTER FOR ANOTHER HOLIDAY DEBT FIASCO. LET US SHOW YOU HOW TO ELIMINATE THE CREDIT CARD DEBT CYCLE—ONCE AND FOR ALL!

As we prepare our shopping lists and check them twice, race around like the proverbial "chickens with our heads cut off" and prepare for the holiday season of joy with family and friends… Let us reflect… on Congress.

A little over a year ago the Bankruptcy Reform Act went into law. This law affected the lives of every American facing serious credit card debt. (If you are not there yourself, one of our family members, or friends--probably are.) We, Americans are not deadbeats, spendthrifts or irresponsible---as the new law implies. We are hard
working American's that may have fallen on some hard times and are in most need of credit protection from the Bank Card Companies. We may have fallen deeper into debt and needed to rely on our credit cards for a variety of reasons---Perhaps, it was the burden of overwhelming medical bills, job loss or divorce. It could have been a number of life's unforeseen tragedies that befall all of another, or us-- at one
time.

What congress didn't do last year was regulate the continued deceit and corruption of the banking industry. Credit Card Companies encourage debt and make it worse for the average American to ever, "get out of debt". Congress has continued to allow Bank Card Companies to ruin our financial future by standing by and allowing, interest rates to sky rocket, minimum payments to---DOUBLE, and late fees to not only penalize us, but are at a all time high---ALL IN THIS PAST YEAR. Only God knows, what the future will hold in 2007 or how the laws will continue to change… However, I do know of one sure thing that can help you gain back your financial future by putting an end to the relentless Credit Card Bills controlling your life. Yes, you can zero out your Credit Card Bills—Legally, ethically and morally!

No, this is not one of those "insider secrets". It is certainly underexposed, and discretely swept under the carpet and out of your view. IT IS COMPLETELY LEGAL! We will teach you how to regain control of your CREDIT REPORT and "The Big Brothers 3" EXPERIAN, TRANSUNION and EQUIFAX.

We've helped over 8,000 extremely satisfied customers reclaim their lives without, DEBT CONSOLIDATION, WITHOUT DEBT NEGOTIATION OR SETTLEMENT. DON'T EVEN THINK ABOUT CONSUMER CREDIT COUNSELING OR THE STIGMA OF BANRUPTCY! If it sounds unbelievable, it's not. Allow us to show you how at www.creditcardrip.com
if you prefer, pick up the phone and call now, ask for Richard Garcia (949) 240-7401. We'll get through
this together. We know what the laws are and exist to assist you in ELIMINATING YOUR CREDIT CARD BALANCE once and for all.

Our proprietary debt reduction/elimination process was developed by our parent company; North American Educational Services It can reduce and in most cases eliminate more than 75% of your unsecured credit card debt. You will be well on your way to being bankcard debt free in 2007. Yes, it is possible and achievable—if you start today! In the past 8 years we have reduced or eliminated well over $200
million in credit card debts on behalf of our clients. The process is 100% legal and is certainly moral and ethical. Our program follows existing laws, Supreme Court rulings, Legislative Acts and the "Fair Truth and Lending Law". We will show you what options you have and how to make the law work for you—Just as it should for every American.

You'll want to start now while there is still time in 2006 to make sure you and your family have the "HAPPIEST NEW YEAR" and begin it with a clean credit slate in 2007. We'll show you how simple it is to put the law on your side. Visit us at: www.creditcardrip.com Please don't wait until the laws change once again and we can't help you. The law can and will work for you to get you out of credit card debt
without bankruptcy, if you act now.

Looking forward to hearing from you and answering all your questions.
Richard Garcia
Founder
www.creditcardrip.com
(949) 240-7401

P.S. Don't let congress or the unregulated credit card companies "Goose" you again this year. Take charge of your financial destiny. It's your right to put the law to work for you, and you don't need a bankruptcy attorney to play "Christmas Past". We'll go to work for you today, with a team of specialist that not only knows the law, but also know the credit card companies and their mistruths all too well. You
certainly will find this will be one of the best calls you've ever made to protect you, your family and your financial future.

Are The Credit Card Wolves at your door?

Are you way over your head and fear that you won’t be able to meet the credit card companies recent increases in minimum payments, then I urge you to take a serious look at these issues regarding Credit Card Debt Elimination.

Listen to detailed overview of how Credit Card Companies fund the "Debt", how the law can be used to Eliminate the debt and what you can expect on becoming a client.

Podcast at: http://quikonnex.com/channel/item/24831