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Thread: Senate rejects limit on credit card interest rates

  1. #16
    Elite Member qwerty's Avatar
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    Do they not see that the American public is starting to buckle under high interest debt? They talk about protecting the markets now, what happens when people start defaulting on their credit cards en masse in the future due to the ongoing crap economy? How's the market going to react to that?

    I'm not sure what should be done to protect the market as well as the consumers but the current usurious system is not tenable in a over-leveraged, consumer driven economy like ours.

  2. #17
    Elite Member january's Avatar
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    I have great credit, but I accrued a pretty good amount of debt in the past few years due to unforeseen circumstances. It was not preventable. In my case, I have a love/hate relationship with my credit card - I know it saved my ass but I'm increasingly irritated by how much of our hard earned money is only going to pay off interest. At this rate, it will take me forever to pay off our credit card, even by paying a great chunk of money each month - I'm only seeing a very gradual decrease. I'm not an irresponsible consumer, but I do need some help. Its ridiculous that even a "fixed rate" is never a fixed rate. They are crooked and they do need to be regulated.
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  3. #18
    Elite Member Cali's Avatar
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    Quote Originally Posted by january View Post
    At this rate, it will take me forever to pay off our credit card, even by paying a great chunk of money each month - I'm only seeing a very gradual decrease. I'm not an irresponsible consumer, but I do need some help. Its ridiculous that even a "fixed rate" is never a fixed rate. They are crooked and they do need to be regulated.
    I couldn't agree more. I hate my credit card with a passion. They jacked my interest rate up from 7% to 25% because I was a few days late on ONE payment. I had been making regular, aggressive, on-time payments for 3 years straight, and one screw-up and I'm drowning in interest.

    I've tried numerous times to get them to lower my interest rate and they refuse.

  4. #19
    Elite Member KandyKorn's Avatar
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    I see McCain voted 'nay'...he would've made a GREAT president
    FFS, has the asshole even been in the state he represents to see WTF is happening?? The goddamn state looks like a trailer park yard sale.
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  5. #20
    Elite Member greysfang's Avatar
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    Well its quite obvious something needs to be done, though I'm not certain a 15% cap is they way to go.

    The basic fact of the matter is that credit cards are the ONLY contract in existence where one party has the power to unilaterally change the terms of the contract and enforce it, and if they can't enforce it they will make sure you never get a card with anyone else, or a house, or a car... Its a HUGE abuse of power, and basically illegal. I really don't know how they have gotten away with it for so long.

    I know that credit unions have a 15% interest rate cap, though I'm not sure that will work for the entire banking industry.
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  6. #21
    Elite Member cynic's Avatar
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    ...I guess I'm the lone holdout.....credit is a choice.....if you don't want to pay the rates the bank/credit issuer is offering....don't take the loan/use the credit card.....if the rates get high enough, maybe we will become a saver nation instead of a debtor nation.....

  7. #22
    Elite Member Sweetie's Avatar
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    As of right now I will never have a credit card. They are evil!

  8. #23
    Elite Member Grimmlok's Avatar
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    It's one thing to get a card at whatever agreed rate.. but then to have them jack it up 200% for no reason?

    That's usury.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  9. #24
    Elite Member Cali's Avatar
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    Quote Originally Posted by cynic View Post
    ...I guess I'm the lone holdout.....credit is a choice.....if you don't want to pay the rates the bank/credit issuer is offering....don't take the loan/use the credit card.....if the rates get high enough, maybe we will become a saver nation instead of a debtor nation.....
    True, its a choice. But that doesn't make it okay for them to automatically increase your interest rates to obscene levels for barely any reason. They really are blatantly taking advantage of people.

  10. #25
    Elite Member cynic's Avatar
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    ....so pay them off and don't use them....oh, wait....some people have too much debt to pay off within the next few decades?.......**sarcasm**...in that case, they are screwed, but they did it to themselves, don't blame the credit card companies because some refuse to live within their means.....somewhere in that contract they signed it listed the lender's option to raise their rates.....

    ....salespeople will always take advantage of their customers' stupidity....it's our job......

  11. #26
    Elite Member Grimmlok's Avatar
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    spending a couple grand to buy furniture you need and then having your rates jacked from say 10 to what.. 35 or 40% is absurd. Just paying the minimums will disallow people to make any headway on paying the balance off.

    Also, the whole "don't use credit cards" thing is silly, you need to build up credit. Using them responsibly but being jacked by the company anyway is usury. They're gouging. Oil companies get hauled in for that, but credit card co's seem to get a pass.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  12. #27
    Elite Member witchcurlgirl's Avatar
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    dick durbin told us all why this happens....
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  13. #28
    Elite Member cynic's Avatar
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    Quote Originally Posted by Grimmlok View Post
    spending a couple grand to buy furniture you need and then having your rates jacked from say 10 to what.. 35 or 40% is absurd. Just paying the minimums will disallow people to make any headway on paying the balance off.

    Also, the whole "don't use credit cards" thing is silly, you need to build up credit. Using them responsibly but being jacked by the company anyway is usury. They're gouging. Oil companies get hauled in for that, but credit card co's seem to get a pass.

    ...the whole "I deserve things because I need them" is the silly argument...if you cannot afford to purchase things including the interest charges....then you do not buy them.....your credit rating reflects how much you can actually afford, not what you think you deserve....

  14. #29
    Elite Member Grimmlok's Avatar
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    No, the "i have nothing in my domicile" argument, buying responsibly and paying off the balance + mins responsibly (that you've budgeted for) and then being fucked over by having your rate jacked 300% for spurious reasons out of the blue is usury and gouging.

    This isn't very hard to grasp.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  15. #30
    Elite Member Cali's Avatar
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    Quote Originally Posted by cynic View Post
    ....so pay them off and don't use them....oh, wait....some people have too much debt to pay off within the next few decades?.......**sarcasm**...in that case, they are screwed, but they did it to themselves, don't blame the credit card companies because some refuse to live within their means.....somewhere in that contract they signed it listed the lender's option to raise their rates.....

    ....salespeople will always take advantage of their customers' stupidity....it's our job......
    I haven't put a dime on my credit card in almost 2 years and I still can't get out from under the debt because of the massive interest rate.

    Quote Originally Posted by cynic View Post
    ...the whole "I deserve things because I need them" is the silly argument...if you cannot afford to purchase things including the interest charges....then you do not buy them.....
    that's just it: if you could afford the interest when it was 7% then you bought into that bargain. But you didn't know that the credit card companies would be doubling or tripling your interest rate. That's the whole issue. Its almost a bait-and-switch.

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