Speaking of credit
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#1 Oct 2, 2008
You are 100% correct. If "regulation" is the order of the day for Wall Street and we're responsible for bailing them out, then credit card companies should be included and their regulations federalized instead of being under each state's control. I've seen credit card rates of 34%, more than any loan shark ever dreamed of making.
#2 Oct 2, 2008
I seem to remember that, few years ago, the credit card industry admitted that for every $5.00 that they advanced they expected to get back only $4.00 of the principal. That means, in order to make up for the 20% "loss" in return of principal, they have to charge a horrific amount of interest.
Get it? That means that the credit card industry is using you and me to fund the "bailout" of people who don't even deserve to have credit cards! The credit card companies live with the "loss" because they (initially) get interest on most of these accounts, and other card holders will make up the difference with their interest payments!
The most infuriating part of this is that the credit card industry knows that a 1 out of 5 people, to whom they grant credit, don't deserve the credit! These are people who, usually, will pay interest for quite a few months (or years) before they realize that they cannot afford the debt, then go into default. The credit card company collects many $$$ from them before they go into default, then the credit card company ends up writing off much/all of the debt, and can claim a loss, THUS JUSTIFYING THE GIGANTIC INTEREST RATES!
What a system! They can justify their "greed", and our state/federal legislators/regulators BUY IT!
Write to your state senator and representative. Write to your federal Senator and Congressman. Write to your state banking commissioner. Demand that they open their eyes to this "smoke cloud", and demand legislation that stops this legal thievery! Don't be surprised, however, if the banking lobbyists have more influence than you.
#3 Oct 3, 2008
Absolutely right, Kredit Kid. If only every Congressman and Senator on both the state and federal level wasn't in the pockets of the Wachovia and Bank of America and Capital One and all the others. My wife had a card from "Juniper Bank" that started off at 9%, we never missed one payment, were never late, and one day they notified us her rate was going to 34.9%. We sent them a letter saying we would not accept the change and they were legally required to continue billing us at 9% until we paid off the card under the original terms. We just couldn't charge with it anymore, and who'd want to.
#4 Mar 26, 2014
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