Why Credit Card Companies are so Mean

[viper37]

Even when they are no longer children?
Why end it at 21?

21 is the age of majority for many US states and you can't get a drink until you're 21.

Imho, in your case, the provision for having paren't permission before 21 is justified.  It wouldn't be in Canada, as the legal age of majority is 18, and anyway, parents consider their children to be infant until they start taking care of them at the nursing home.

The age of majority in the US is 18. At that point you can enter into contracts, get drafted, get married, etc., etc., etc. The only thing you cannot do is buy booze in some places.

And apparently, now, get a credit card. You can enter into every OTHER kind of legal contract though.

then Obama should reduce the legal drinking age to 18, and let credit card companies make regular offers to 18y.o.

[Caliga]

I am: talented

I drove the van with the spare drivers on a few runs for somebody I know.

The side shit I've done would pad my resume nicely.

So y'all had duplicate keys or something?

[Ed Anger]

I am: talented

I drove the van with the spare drivers on a few runs for somebody I know.

The side shit I've done would pad my resume nicely.

So y'all had duplicate keys or something?

Not that I know of. The deadbeats usually give up the keys, especially once they realize their car is going no matter what. They gots the notices, they knew it was coming. If they don't, the truck comes and gets it.

Would I want to do that full time? Not a chance.

[Caliga]

Man, I'd be afraid of being shot or otherwise attacked in some manner.

[DGuller]

over the long term, they will simply lose their customer base as they shift to an honest insurance company.

Doesn't work like that.  First of all, you won't know you're dealing with crooks until you need your claim paid, at which point it'll be too late.  Second of all, insurance as a product is based on trust.  Crooked companies undermine the concept of insurance, and hurt every insurance company.

[Ed Anger]

Man, I'd be afraid of being shot or otherwise attacked in some manner.

Worst I saw was crazy bat guy, and after the cops came and smacked him around, the car was repoed.

[jimmy olsen]

Man, I'd be afraid of being shot or otherwise attacked in some manner.

Worst I saw was crazy bat guy, and after the cops came and smacked him around, the car was repoed.

Bat boy moved to Ohio after he grew up? I guess West Virginia was just too civilized for him.

[Ed Anger]

Man, I'd be afraid of being shot or otherwise attacked in some manner.

Worst I saw was crazy bat guy, and after the cops came and smacked him around, the car was repoed.

Bat boy moved to Ohio after he grew up? I guess West Virginia was just too civilized for him.

*groan*

[crazy canuck]

over the long term, they will simply lose their customer base as they shift to an honest insurance company.

Doesn't work like that.  First of all, you won't know you're dealing with crooks until you need your claim paid, at which point it'll be too late.  Second of all, insurance as a product is based on trust.  Crooked companies undermine the concept of insurance, and hurt every insurance company.

Agreed.  Insurance is a different animal.  Hopefully most of us will never have to test whether our insurance policy will be honoured or not.  Its not like credit card companies where we have a lot of interactions to inform us whether we are getting screwed or not.

As a result of this special kind of relationship insurance companies have with their customers the law imposes a very high duty of fairness on insurance companies when they deal with people making claims.

[Berkut]

over the long term, they will simply lose their customer base as they shift to an honest insurance company.

Doesn't work like that.  First of all, you won't know you're dealing with crooks until you need your claim paid, at which point it'll be too late.  Second of all, insurance as a product is based on trust.  Crooked companies undermine the concept of insurance, and hurt every insurance company.

Agreed.  Insurance is a different animal.  Hopefully most of us will never have to test whether our insurance policy will be honoured or not.  Its not like credit card companies where we have a lot of interactions to inform us whether we are getting screwed or not.

As a result of this special kind of relationship insurance companies have with their customers the law imposes a very high duty of fairness on insurance companies when they deal with people making claims.

The weird thing about this debate is that there seems to be this presumption that the credit card industry NOW is somehow unregulated - like this would be the very first regulations ever imposed on the businesses.

Of course it is already very regulated.

Which I don't have a problem with, to be honest. My libertarianism has always been pretty weak and ready to bow to simple practicality. But none of these proposed changes will solve any of the problems people keep citing, and there has not even been a token effort made to show how each specific change will somehow reduce the "lots" of people being "broken" that the "actual data" has shown is a result of the practices the legislation is supposed to counter.

[alfred russel]

My opinion is that the consumer "abuses" with insurance primarily come from the sales side, not claims adjusting. The potential for abuse is well known and heavily regulated.

There are a number of life insurance policies that are written on children or for young adults with no dependents that a sales person talked someone into that are clearly not in that person's interest. Plus life insurance often contains a very large commission--often 50% of the policy. What is happening is sales people are capitalizing on an ignorant public and a vague notion that "life insurance is good" to push as much product as they can.

[Malthus]

over the long term, they will simply lose their customer base as they shift to an honest insurance company.

Doesn't work like that.  First of all, you won't know you're dealing with crooks until you need your claim paid, at which point it'll be too late.  Second of all, insurance as a product is based on trust.  Crooked companies undermine the concept of insurance, and hurt every insurance company.

Agreed.  Insurance is a different animal.  Hopefully most of us will never have to test whether our insurance policy will be honoured or not.  Its not like credit card companies where we have a lot of interactions to inform us whether we are getting screwed or not.

As a result of this special kind of relationship insurance companies have with their customers the law imposes a very high duty of fairness on insurance companies when they deal with people making claims.

Come on - you *know* you want to use the Latin tag - just let it out. 

Uberrimae fides

[Caliga]

My opinion is that the consumer "abuses" with insurance primarily come from the sales side, not claims adjusting. The potential for abuse is well known and heavily regulated.

You're almost certainly correct.  Most sales organizations are staffed with people who are incredibly greedy and unscrupulous.  That's the only type of person drawn to sales, really.

[crazy canuck]

My opinion is that the consumer "abuses" with insurance primarily come from the sales side, not claims adjusting. The potential for abuse is well known and heavily regulated.

There are a number of life insurance policies that are written on children or for young adults with no dependents that a sales person talked someone into that are clearly not in that person's interest. Plus life insurance often contains a very large commission--often 50% of the policy. What is happening is sales people are capitalizing on an ignorant public and a vague notion that "life insurance is good" to push as much product as they can.

Assuming the worst case scenario, how do you regulate against that kind of stupidity?  How do you stop people from buying products they dont really need or more importantly should the State regulate against that kind of stupidity.  If so where do you draw the line.   I see lots of people buying lots of things they dont need.  Our modern economy is built on such excesses.

[crazy canuck]

Uberrimae fides

I save the big words for demand letters.