Posted on 05/28/2009 9:10:17 AM PDT by library user
That’s been one of my biggest peeves about this, the idea that decent people could be caught in this snare. I’ll be honest. I can’t believe this isn’t a criminal act.
I’m glad you can get out from under it. I am very sorry for the folks who can’t.
It certainly seems criminal. The terms of the contract are that the terms can change at any time. That doesn’t seem much like a contract to me.
The absurdity of it is this. If they can quadruple the rate on a whim, why shouldn’t you be able to cut the amount owed by three quarters on a whim?
Both sides should be required to follow the rules of common decency. There’s no way in hell 30% interest rates are reasoned or amount to something akin to common decency.
I have nothing to gain by seeing credit companies go under. We need them. They need us. I think they suck people in, get them to borrow money, then push the rates up to 30% to consummate the “cash cow” model.
That is wrong. There’s no question it’s wrong. It is not unreasonable to seek to get that sort of thing eliminated.
Greed has gotten millions of people into trouble with their credit card debt...again...how did their greed benefit their self interest. It didn't and the greed of the CC company didn't create wealth either. They both lose, again.
Greed has not, has not, created wealth. It has created corruption of the capitalist system. Essentially everyone around has no wealth, they may have stuff and pieces of paper claiming wealth...but they have no wealth.
In a few short weeks we may very well see the depths of our debt system of greed. The dollar in your pocket will not buy the loaf of bread to feed your family, it represents the debt and greed of the nation.
Greed works against the capitalist system. Self-interest works within the system to preserve, protect, and create prosperity that leads to wealth. One must ask why a greedy person would do something against their own self-interest? Like purchases they don't need, can't afford, etc. And why a business would support such actions, which work against their own profits? If you can't see the difference, then perhaps it is you who doesn't understand the capitalist system.
So, if you don't like it, don't sign the contract.
call me crazy but it would never occur for this fraudulent occupation of the WH to question the practices of Experien,TransUnion and the other one(can’t remember the name) those are the BIG GUYS , the Credit Card Co’s answer to them , am I not right on this one?
Kinda sorta think this might be appropriate to our discussion: http://usabig.com/autonomist/moneyspeech.html
It's not necessarily that simple. For one thing, if you need a mortgage to buy a house to live in, your credit rating is a huge factor in determining how much interest you pay. If you close all your credit cards, your credit rating goes down, way down. In addition, insurance companies and employers rely on credit ratings.
I am not saying that everyone who works for a credit card company is evil. Some credit card users are also irresponsible. Dave Ramsey said, While I think it would be unfair to think of the people employed in credit card companies as "snakes", I think that consumers would do well to think of credit cards as something that can bite them.
It’s safe to say the credit card companies are out of control, and those who abuse the system from the other end are also out of control.
I will say that some people who get into trouble do so without realize they are doing so. They experience a divorce or some other negative event, and have little choice but to pay off loans in a very slow manner, or simply declare bankruptcy.
If people are trying, I respect that.
I agree that it isn’t as simple as cutting up credit cards either. Like you say, you do need credit accounts open to achieve a credit history.
Did you notice that Biden was absent when Obama signed the credit card bill? Hmmmm... Delaware....credit cards....
Too bad, he might have made one of his precious remarks.
How does ole Dave suggest people establish credit, so they can purchase a car or finance a home later on?
And the way they calculate your score is based on your available credit. So even if you have a good credit score, if they start charging a yearly fee on all your cards, or try to scam you in some way, and you cancel them, guess what?
LOL...
Biden and for that matter Obama too, personify the Dan Quayle, George Bush, et al, dumb people (according to the left) that the Democrats always said they were afraid of.
And they’re happy as pigs in mud right now. Go figure...
Agreed.
I thought Ramsey's "snakes" comment was appropriate in a way, but I am not claiming that everything he says is practical for everyone. For a mortgage, he says, "Since you aren’t “building your credit” you will need to find a mortgage company that does actual underwriting. That means they are professional enough to process the details of your life instead of using only a Beacon score (lending for dummies)." That actually may turn out to be very good advice if the whole credit system goes ape in the future.
For buying a car, I would guess he would say go to your credit union (which may not work, because they pull your credit score too), or pay cash. I believe Ramsey's advice will work for some, but not all folks.
Ramsey has some good ideas. One thing I like is when somebody asks him how he is doing, he replies, "Better than I deserve!"
I didn’t mean to trash him overall. I’m just not sure how practical his advise there was. I try to listen to what people say, because you can learn some things from just about anyone. Still some folks do try your patience, as I’m sure I try others. ;-)
I appreciate the interesting response. Thanks.
I think the irony was quite lost on you.
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