Posted on 12/29/2008 2:26:43 PM PST by rabscuttle385
remember AMEX’s investment arm for the investor class was performing so poorly they changed the name in order to prevent the association with AMEX.
(blackstone I believe)
perhaps teh usury laws need updating.
if 30% is ok why not 50% or 100%?
given the fees upon fees for fees, it is essentially usury when the account finally is written off and deducted from their balance sheet.
According to one card contract that I have with Bank of America, the maximum interest rate is 99 percent.
given the fees upon fees for fees, it is essentially usury when the account finally is written off and deducted from their balance sheet.
The majority of credit cards are securitized and not on the banks' balance sheets at all. What caused the contraction in unsecured credit card lines during the past few months is the fact that the market for securitized credit card receivables dried up; the same thing happened in the student loan market. Now, new credit card lending shows up on bank balance sheets, more or less. As for most older credit card lending, the banks are essentially acting as loan servicers.
Why does the bustout amaze you? People’s paychecks are raided weekly by the federal and state thieves. The banks conspire to screw individuals and business customers by playing games with interest rates and credit lines whilst your taxes pay for their bailouts. I can understand why some people are tempted to give it back as good as they got.
Smart guy.
Frankly, we TAXPAYERS should be charging each of these financial institutions the same highest rate they charge their customers for any bailout money they receive.
For them to charge folks 20% - 30% and then get taxpayer money for free really frosts me.
That's what's going to happen to them if the screw with my credit limits! My balances are always less that a third of my available credit, and way less that that on all but one card I have now. Since it's zero interest until May, no sweat, no worries.
The sad fact is that 100,000 plus bank employees will be unemployed over the next 4-6 months. A bail-out with no workers protection? Real nice.
When your credit line is reduced, it looks like you have a higher debt to available credit ratio. That brings your credit score down, and makes it harder to get new credit.
They should have never criminalized duels, and debtors prisons!
The snow this weekend caused my car port to cave in:(. This means I have to build my garage;).\
So I go to a credit union and my bank. We own the property outright, no mortgage at all.
5 acres, souther exposure, cleared, and with a mountain view.
Could not get a loan.
Issue is the house is a double wide over ten years, and they are not loaning on these any longer. So much for the bail out softening loans.
Each one of us owes $12,000 to the government thanks to the bailout, I feel like sending the credit card company a bill for my loan to them, and telling them to $%^ ^&*(.
Basically credit cards provide a mechanism for financial institutions to take a 3% cut + a couple of months interest on a major fraction of the US economy for doing what is little more than a very expensive check clearing operation.
Remember, the credit card lenders got the bankruptcy laws changed a few years ago (at the expense of the secured lenders).
We use ours for reserving hotel rooms, rentals, buying on-line etc., never for paying monthly bills or running day to day ops.
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