Posted on 10/11/2008 9:48:19 AM PDT by roughman
Just what we need — more government regulation in the free market. Folks could just move to N. Korea where you wouldn’t have to worry about credit cards at all. That would leave some of us with freedom.
Just two different examples of socialism.
Yeah, and why not add a general price freeze while he’s at it. And a rent freeze. And free health care. If you want to see how well all this works, head ninety miles due South from Key West, Fla.
Wow , I,m getting hammered. I don’t think its socialism to reign in unfair rates. There are people that are getting nailed with 25% interest and up.What if your car loan was allowed to do that? BTW I have one credit card, through a credit union, fair rate, no problems. Socialism is taking from one group and giving it to another, theft if you will.
Credit card companies are allowed to get away with loan sharking. In a perfect world , yeah go to another credit card or pay off monthly, but the next credit company just does the same. Just a thought, don’t take it personal.
“pay it off before the due date and the rate is 0.00%—”
I usually pay from -1 to -5%; rebates!
“Taxing the rich” destroys jobs and REDUCES GOVERNMENT INCOME!!!
McCain must discredit the “trickle down” pejorative!
The multiplier effect is real.
The pretense that government giveaways are a better policy is a lie.
‘Just two different examples of socialism.”
That was kinda my point. The credit card industry is not a free market. They all use the same measure to determine your credit worthiness. A measure they created but which is easily used fraudulently to steal your money. Once you get a credit card the company can change any of the terms anytime they wish. Their only required to notify you in legal jargon that you need a magnifying glass to read.
They spend gazillions marketing how you can use that card to pay for your next dream vacation. Disregarding the cost but promising the experience will be ‘priceless’.
I say screw the banks, they know what they are doing. If they can’t make money at a capped interest rate perhaps they should stop offering credit to the unworthy.
I only have a very simplistic answer for that. People have been duped into thinking that happiness comes from things....rather than from what is far more profound. Let’s be honest....a good chunk of our culture has promoted that notion and the media carries it worldwide.
FreeRepublic has it's full share of trolls - people who push extreme liberal ideas hoping they can pull in some useful idiots. Glad to see we all understand this one. And yeah, you're right Onerom99 - it is one of the dumbest ideas...
FreeRepublic has it's full share of trolls - people who push extreme liberal ideas hoping they can pull in some useful idiots. Glad to see we all understand this one. And yeah, you're right Onerom99 - it is one of the dumbest ideas...
Why not just ban credit cards? It gets to the ultimate result a lot quicker.
No dumber than preventing people from discharging unsecured debt in a bankruptcy.
Oh but the banks liked that idea.
FOR EVERYBODY!!!
I think banning stupidity would be more helpful. ;O)
You're right.
But judging by the abuses clearly rampant in the financial community, a socialist country may be an improvement.
There is something instinctively bad about predatory interest when ALL the issuing banks seem to march in lockstep.
To add insult to injury, if I have a dispute with an obviously crooked bank or business and refuse to pay, another bank whom I have no problem with can arbitrarily jack up my rates. The same bank that issued bad mortgages to illegals, and expects me to make up its losses.
I would be happy if the RICO laws applied.
Reading comprehension alert...
This thread is about interest rates, not food, not gas, not rents, not anything else.
It's really not that hard to distinguish. Really.
my Dad always told me: let the buyer beware.
the durn things are a bad idea for 80% of the population. for the other 20% , they are a convenience, ala American Express.
Many of the folks in this country have never known bad times, never known what a bear market was. They only knew that you invested, and you won, you made money, gobs of it. No gamble there. It was a sure thing, right ?
That will now change and should commence directly. The lessons learned will be life changing.
and there will be a whole heck of a lot of folks with very bad credit.
Watched a video of the heads of credit card companies at a congressional hearing a while back.
They simply read their statements and then it was disclosed that there was an agreement beforehand that no questions could be asked of them. Go figure..
Wow you sure are..not everybody who has a credit card is out of control...there are times when life happens...What has happened to FRP? Serious discussion used to be the norm with consideration given...now it seems jumping on the nasty bandwagon is the theme.
I agree these should be capped...You do realize some folks just had their life savings wiped out...As I said life happens and these days it is going to get tougher. Just my 2 cents...flame away.
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