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Thread: Senate rejects limit on credit card interest rates

  1. #31
    Elite Member cynic's Avatar
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    Quote Originally Posted by Grimmlok View Post
    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.
    ....which of us is more intelligent?....me without debt?...or you with?....grasp that, sweetheart.....I paid cash for everything and 20% down on my mortgage that will be paid off next year for a total of 10 years......

    Quote Originally Posted by Cali View Post
    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.


    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.
    ...if you signed a contract that included adjustable rates....then it is NOT a bait and switch.....you are having buyer's remorse....totally different concept....

  2. #32
    Elite Member Grimmlok's Avatar
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    Quote Originally Posted by cynic View Post
    ....which of us is more intelligent?....me without debt?...or you with?....grasp that, sweetheart.....I paid cash for everything and 20% down on my mortgage that will be paid off next year for a total of 10 years......
    Yeah, and you probably bought it a decade ago, probably have a job that pays more than what younger people can manage to get now.

    That's the thing: prices have gone up, wages haven't.

    ...if you signed a contract that included adjustable rates....then it is NOT a bait and switch.....you are having buyer's remorse....totally different concept....
    There's SOME adjustment, and then there's gouging.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  3. #33
    Elite Member january's Avatar
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    I absolutely HATE the mindset from some people that credit card debt must always mean irresponsible consumers. That is not correct. Try international and domestic moves, a medical crisis even with health insurance, a car accident, emergency dental work, etc. Many people have debt for reasons beyond their control, not because they have a shopping addiction. And I live in fear that despite having great credit and always paying my bills on time, that somehow my rate with be jacked so high that I'll be paying this off forever, instead of the year plan that I am on now. I'm glad you are debt free and I hope you never have emergencies that you will have to rely on credit for. Kudos, you are so much better than the rest of us, you deserve a pat on the back.
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  4. #34
    Elite Member cynic's Avatar
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    ..same crises happened to your grandparents' generation and they didn't end up in bankruptcy or foreclosure....it is called responsiblity for oneself and one's obligations.....and it is out of style.....sadly....do you think I haven't had my share of financial crises in 50 years?.....I live very frugally and deny myself most of my "wants".....

    ....and the estimated value of my house only increased marginally over the past decade, so it didn't have anywhere to drop to.....I bought it to live in, not as an "investment".....

  5. #35
    Elite Member Grimmlok's Avatar
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    you talk about want, and people buying houses an an investment

    we're talking need, like january said

    Not everybody goes out and blows credit on a big screen tv or flips houses, what absurd position
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  6. #36
    Elite Member greysfang's Avatar
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    I had a bank jack the interest on a credit card for (get this shit) non-use. How do you figure that one? I canceled it and my credit rating went down for about 9 months because I did. You're fucked no matter what you do.

    I only have one credit card now, mostly so I can rent a car when on vacation, and for the rare emergency I can't cover with savings.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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  7. #37
    Elite Member cynic's Avatar
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    .....I never said anything about what the credit was used for....I don't care....it doesn't make a difference to me.....if you agree to repay it under a flexible rate contract....then pay it and stop whining....who said that even your needs should be paid for if you can't afford to?.....everyone would like to give the homeless a place to live....but who is going to PAY FOR IT?......

    ...life isn't fair....figure it out.....and stop looking for others to take care of you.....or go and find a nice socialist nation to move to....oh, wait you already live in one.....so why are you in debt?.....

  8. #38
    Elite Member Grimmlok's Avatar
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    contrary to popular belief, socialist nations don't hand out houses and cars when you're born or at the border. You generally have to work for them just as hard.

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

  9. #39
    Elite Member cynic's Avatar
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    ^^WHAT?!?!? You who deserve and neeeeeeeed things? You who have been guaranteed that nothing bad will ever happen to you?.....surely not.....I am shocked, appalled and horrified.........you poor, poor thing having to buy your own stuff.....you bring tears to my eyes....where can I send you money?.....those damned Canadians for making you pay your own way.....how cruel....how heartless can they be!?!?!?!.....tell me it ain't so.....

  10. #40
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    Quote Originally Posted by cynic View Post
    ..same crises happened to your grandparents' generation and they didn't end up in bankruptcy or foreclosure....it is called responsiblity for oneself and one's obligations.....and it is out of style.....sadly....do you think I haven't had my share of financial crises in 50 years?.....I live very frugally and deny myself most of my "wants".....
    Considering our grandparents generation had access to loans, yes many of them did end up in bankruptcy or foreclosure.
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  11. #41
    Elite Member Cali's Avatar
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    Quote Originally Posted by cynic View Post
    ..same crises happened to your grandparents' generation and they didn't end up in bankruptcy or foreclosure....it is called responsiblity for oneself and one's obligations.....and it is out of style.....sadly....do you think I haven't had my share of financial crises in 50 years?.....I live very frugally and deny myself most of my "wants".....
    Oh come on! During my grandparents time, health care costs hadn't been gouged by massive million-dollar marketing campaigns and the cost of malpracice insurance. They were able to get basic medicines without absorbing the costs of million-dollar marketing campaigns, vanity research projects and crazy lawsuits. Every single time I pick up my refill for a drug that hasn't got a generic option, I KNOW I am funding their damn Viagra or Lyrica ads.

    The cost of medical care has risen to insane degrees, to where it isn't even proportional to the services provided. This was not the case for my grandparent's generation.

    And its a well-known fact that paying for medical care is the #1 reason for bankruptcies in the US today.

  12. #42
    Elite Member Beeyotch's Avatar
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    Quote Originally Posted by greysfang View Post
    I had a bank jack the interest on a credit card for (get this shit) non-use. How do you figure that one? I canceled it and my credit rating went down for about 9 months because I did. You're fucked no matter what you do.

    I only have one credit card now, mostly so I can rent a car when on vacation, and for the rare emergency I can't cover with savings.
    This is the same thing that happened to me. I paid down a $4k credit card debit aggressively because it was at an insane 23% rate. After I paid it off, I never used it and have been using my debit card exclusively ever since. This was about 3 years ago. As a result, my credit now SUCKS. Even though I did the responsible thing and paid off my debt, and now I don't buy beyond my means. They actually penalize you for that, and THAT'S what's fucked up about the whole credit industry. That and the fact that they have all the power in the contract, like greys said, they can fuck you over at will and it will be your fault in the end. They're just sanctioned criminals.

  13. #43
    Elite Member RevellingInSane's Avatar
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    Credit is meant to keep the public paying. Those who live cash only lives will find they have excellent payment histories, due to a mortgage perhaps, but the scoring looks very closely at your revolving credit history.

    If you have no credit cards, of any type, your revolving history is going to be poor. This can lower your overall credit rating. If you choose to have a credit card, one way or another, the bank is going to find a way to get revenue from you.

    Banks know this. For those who have revolving credit accounts, you will pay. The stories on this thread are not uncommon.

    As for the bait and switch, in many cases it is. If a contract is signed stating the interest rate will be prime plus a percentage, unless certain rules are broken that is a fixed contract amount. Here's the BS factor. One day, a notice is received in the mail. The bank has changed the terms, including the interest rate. You can either accept thechanges, keeping your account, or you can refuse, which means your account is immediately closed and if you owe anything on it, you have a very short amount of time to pay it OFF COMPLETELY, in most cases. Close the account? Take a hit on your credit.

    It is legalized robbery and anyone who defends the catch-22 the credit card companies have created is either naive or reaping the benefits of the thievery.



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