So when will interests rates come down and how much? /sarcasm.
>>>So when will interests rates come down and how much? /sarcasm.>>>
Exactly. This is great for the CC companies, let's see how long is takes for them to pass the savings on the consumer. Oh, what am I thinking??
You know that is one of the stupidest arguments have heard repeated by the bill supporters. There is nothing stopping a CC issuer right now from ratcheting up credit requirements and offering reduced rates (outside some short introductory offer that is not linked to credit worthiness anyway). I am not aware of any that do it, and they do not do it because the market forces do not reward them for it. People who use credit cards the wisest pay off the balance in full every month and do not incur interest. They are not who the cc companies profit from.
I have no problem with CC companies making money. Just don't use the government to reduce risk on billions of loans you already made.
I guess we shouldn't hold our breath...
Unfortunate that creditors can exact usurious interest rates, change the conditions of your contract after the fact, use your problem with another creditor (even if you are not at fault - guilty til proven innocent) to treble interest rates....
I do believe people need to repay their debts, but I also believe that there needs to be some consumer protection. And how 'bout they quit mailing us the dozen to 20 odd credit offers a week that jam up our mail. Not to mention the 'checks' we don't want - same checks that are dangerous in the hands of an identity theif.