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  • Credit Card Catastrophe: Congress Can't Help [View article]

    The poster was stating that 20% of credit card revenues received are FROM fees, not that the processing fee is 20%.

    On May 04 05:46 PM doubleguns wrote:

    > One quick question. my business pays about 3% in fees to accept credit
    > cards. How did you get to the 20% fee. I can not figure how we pay
    > 20% unless you are including what charges business' pay to use the
    > business credit card to make purchases.
    May 04 20:01 pm |Rating: +2 0 |Link to Comment
  • Credit Card Catastrophe: Congress Can't Help [View article]

    Philip,

    The easiest way to poke the banks in the eye is to transfer all of your depository business to a credit union. Now that nearly all CU's participate in their ATM consortium, you don't have to pay foreign ATM fees when you travel.

    Credit unions mostly lend the money you deposit locally, and they typically do it with a higher degree of due diligence and social commitment than do banks.

    And they usually pay a little higher interest. Nothing to get excited about mind, but something. What's not to like?

    On May 03 11:10 AM philipmax wrote:

    > God article. I see more blogging on the subject of credit cards than
    > on most any other financial subject. this is true because all of
    > America is hurting from the pernicious practices of the card companies.
    >
    > This is where I digress from your analysis. You lay the blame on
    > the stupid greedy card user. While it is true that the individual
    > user who gets himself in a financial bind is certainly responsible
    > for his actions, he was deviously maneuvered into the corner with
    > highly sophisticated psychological tools that he/she may never prepared
    > themselves for.
    >
    > As you well stated, Washington is not about to help the little guy.
    > It is too caught up in the machinations of highly paid lobbyists
    > and the notion that consumer spending is good for the economy, even
    > when this "spending " ends up to be usury interest transferred to
    > these card issuers.
    > I see what is happening and I can't stop it.
    >
    > What I want to know is, how do we, the ordinary citizenry, take control
    > of our elected officials so that they start to represent our interest
    > instead of big business?
    >
    > How can we get this populist President to institute real reforms
    > to the banking industry to stop the abuses?
    >
    > How do we stop the Belt-Way lobbyist from perverting our democracy?
    >
    >
    > How do we get back to sanity in government?
    May 04 19:58 pm |Rating: +3 0 |Link to Comment
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