Posted on 02/14/2010 2:04:43 PM PST by tfbcowinafog
If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.
The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.
(Excerpt) Read more at finance.yahoo.com ...
People who have been getting dropped or turned down on most common interest rate cards must be those jumping on these offers. The new generation of loan sharks?
It's about time bad habit's of individuals are payed for by "bad habit individuals" exclusively!
I got two cards like that once. Didn’t read the fine print. When I saw the fees on the first bill, I promptly didn’t send a payment in. I still haven’t paid the bills and the issuer can kiss my rosy red big toe. Been getting letters and payoff offers for years from them. What a shame they are past the statute of limitations.
parsy, who knows how to deal with usurers
Charge fees to the ones who pay off their monthly bill, I heard. Am I wrong? Afterall this is another day.
How Honorable. /s
Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.
I haven’t had a credit card in 15 years and I’m still alive.
The article states “interest rate will only affect revolvers — people who do not pay their entire balances off each month”. High interest rate in lieu of annual fees, you might say.
I think I’m doing the Lord’s work. Just a good ‘ol boy sticking it to a bunch of Yankee bankers. Plus, they’re corporations so it ain’t like they are real people. And if the stockholders want to invest in usurious business, then ZAP! to those greedy b*stards. Serves ‘em right.
parsy, who ain’t in the least bit ashamed of it
Most places there is a 3 to 5 year statute on credit card bills. Now the time usually runs from the date of last payment. That is why people get letters off of 20 year old credit card debts asking just for $1 to show the debtor is honest. BUT, this re-opens the time period.
parsy, who knows a lot about skinning the usurers
I have absolutely no problem with this.
If your credit is so abyssmal that you have completely destroyed your credit ratings, be glad you have a credit card at 80% annual interest.
This time, make your monthly payments and don’t welsh or go bankrupt.
The card holder is providing a service to losers who have totally ruined their credit. You now have a chance to rebuild your credi ratings.
So whose fault is that that you did not read the fine print? You used the card, therefore agreeing to the fine print. You need to own up and pay them.
Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.
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After 7 years it’s uncollectible. Credit card companies have been prepackaging quantities of debt in advance of the debt being charged by their customers in CDO’s ... The big wallstreet banks may be your actual lender and not the credit card issuer (or it may be the buyer of the CDO) ... The credit card issuer may never have had it’s capital at risk as most often the CDO instrument was sold prior to the debt being placed on your account. Chances are if you are sued for collections by a card issuer that they will be unable to prove that they are the actual lender and that they have standing.
Never heard anybody say that stealing was God's work before. Sounds like you'd be in favor of shoplifting too. Just make sure you can figure out how to get away with it.
How do you get a rental car or buy an airline ticket?
He didn’t charge anything ,, just opened an account that wasn’t used... he should have called them as a courtesy but never using the card and not paying the account opening fees should just eliminate the account ... The bank has nothing in the deal but a $0.25 piece of plastic and a first class stamp...
Great Conservative values there.
I’m oh so impressed.
No you are not doing the Lords work. You purchased product with the card you owe the money. You are no different than those that got loans on houses they could not afford and then refused to pay on them.
In the Lord’s eye you are a thief. But He can forgive if you repent.
RB
How do you get a rental car or buy an airline ticket?
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debit cards work fine for both.
Well, there’s laws against stealing property. OTOH, not paying your bills is an old and honorable tradition. And not criminal. No debtor’s prisons in America! Look up Solon and the Great Shaking Up.
parsy, who will try to find the Olde fraudulent conveyance language on the net. Hilarious.
Well, there’s laws against stealing property. OTOH, not paying your bills is an old and honorable tradition. And not criminal. No debtor’s prisons in America! Look up Solon and the Great Shaking Up.
parsy, who will try to find the Olde fraudulent conveyance language on the net. Hilarious.
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