Posted on 04/19/2009 4:17:44 PM PDT by zaphod3000
Some cards have rates as high as 29%.
While I think that the gov should stay out of the credit business, I am not averse to an interest rate cap that’s less usurious. While a high interest rate can insure a creditor “gets their money back”, it can make it difficult to pay off a card. In a way too high a rate I think can defeat the purpose and increase the risk of default.
Same here. BOA sent out global rate increases to most customers. Mine would go from 9 to 15%. I’m never late, and I have a history going back to 1998. I called and they switched me over to a different card with a 9% rate.
I’m sure, though, that in 6 months, that card will get a rate increase, too.
my credit card has 2.9% been paying it for years.. and get offers about twice a week from Chase for 3.90 interest to transfer balances.. I hope he does not mess mine up..but I have never missed or been late on a payment ....
Don’t forget they make merchant fees on every transaction, they make money off of your charges. Imagine if we went back to paying with cash, they would be the ones SOL.
>> I think the worst abuse by credit card issuers is to send out checks to existing card holders, offering to loan big chunks of money at ultra-cheap rates.
I discovered the strangest thing!
If I shred these checks in my trusty ol’ paper shredder, no harm comes to me.
WTF happened to personal responsibility? You sound like a liberal. “Government, save me from my own stupidity!”
Ok, I did not know that, wow!
What rates??? I pay mine off every month and 29% of zero balance is ... uh.... ZERO!!!
Next, bailout the parasites who do not pay their credit cards. Socialism is destroying our nation.
I just checked last week, and was told it was 7%. I checked because I was thinking of buying a car and they told me the interest rate was 8.9%, so I decided I could put it on my credit card. I didn’t get the car just walked away because they refused to deal.
Hussein needs to butt out of private businesses. Auto makers last week, credit cards this week, next week will be your locally own mom and pop stores.
Maybe thats what the difference is, I pay the balance every month, so the reality is its a moot point. But at 2.9% you have better interest rate than a car loan.
It is always where does it end with any left wing liberal initiative. This will end up with bailing the parasites who cannot pay their credit card bills even if they get zero interest.
If you’ve ever read the terms on a credit card basically they have carte blanche to do whatever they want, whenever they want, regards the terms and without necessarily letting you know in a timely manner. Seems the only thing they keep up with is the “privacy notice” and that’s only because they have to.
I recently discovered that those loan offers you mentioned (from local finance company branches I’ve never set foot in) were showing up on my credit report as some sort of weird no balance due/no payment due amounts. In other words at first glance it looks like I had a loan I paid off.
Which reminds me I need to get them off my record. I found out when I signed up for LifeLock and got copies of all my credit reports. BTW I highly recommend LifeLock. Very personal and excellent service.
I seriously doubt that will happen.
More evil bourgeois capitalist financial companies screwing the unwitting proletariat. This certainly justifies full nationalization of all financial services firms. Or at least force them to offer credit to deadbeats at 4% PA.
In which case you should either a) get rid of said card or b) make sure you pay a week before the due date. Problem solved -- and without government involvement, too!
Let's see what his proposals are...
>> Or at least force them to offer credit to deadbeats at 4% PA.
RIGHT ON! Yeah! What could POSSIBLY go wrong with relaxing credit standards and lowering interest rates so everyone can have the credit they by God DESERVE, without regard to race, creed, cmployment, intelligence, or ability to repay?
It's all about him, and for him.
Also, I wouldn't be surprised if the CC will be forced to keep precise records of where we spend our money.
He did represent Delaware where most of the companies are headquartered.
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