[dfwgator]

Take a look at your bills folks. If you’re one hour late paying your bill, you will be charged a “late”, “penalty”, or some other version of a fee, related to your tardy status. Generally that’s a $25 to $35 dollar fee. The credit card company doesn’t have to hire more staff to have this facilitated. It’s computers do the task for it. If you’re paying 7% interest and you’re a day or two late, the $35 fee more than makes up for any loss. One could say yes, but that’s just for one account. They loose gazillions if everyone is late. Yes, and they gain gazillions by charging everyone $35 because they are late.

Fine. Don't like it, cut up the cards. A market-based solution that doesn't need to government to get involved. But people are too damned lazy to take matters into their own hands, so they call on Uncle Sugar.

[DoughtyOne]

When the credit card companies simply raise the rates to 30% arbitrarily, it is wrong. If you can’t grasp that, don’t talk to me on the issue.

The government already regulates these industries. It’s an abdication of oversight to allow this to continue.

These rates are userous. There’s no other term for it. It’s surpases the level of loan sharking.

I can’t believe you would defend this, and yet your come back is, well cut up your credit card. And then pay out for thirty years under these terms? Are you nuts?

Something needs to be done about this.