now I've seen everything... 79% interest credit card

Discussion in 'The Backstage' started by oldrockfan, Feb 12, 2010.

  1. oldrockfan

    oldrockfan Well-Known Member

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    and what is worse... it is totally legal! :angryfire: just makes my head want to explode. I think it is about time the people put a stop to the insanity!
     
  2. oldrockfan

    oldrockfan Well-Known Member

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  3. John J

    John J Active Member

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    The sad part is, according to the article, people are taking them up on the offer.
     
  4. oldrockfan

    oldrockfan Well-Known Member

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    like legal stealing is what it is. Take advantage of desparate people who can't get credit by any other means. I see it as no different than slime dogs who mark up goods during emergencies to cash in on desparate people.
     
  5. John J

    John J Active Member

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    I'm guessing that the South Dakota state legislature is owned by the banking industry. Seems to me that you'd be better off doing business with a loan shark. Anyone know what their going rate is these days?
     
  6. sgtbeefheart

    sgtbeefheart Well-Known Member

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    Off topic I know, but I'm reminded that in the '60s The Beatles were paying 96% income tax.

    I thought I'd also mention that a couple here on the other side of town just won 56million pounds
    on the Euro Lottery.
     
  7. Spunky

    Spunky Active Member

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    My GF who lives in Indonesia has only fair credit and her credit card is 2% interest.
    Compare that to people with good credit here and they pay a minimum of 17 to 19% interest.

    The difference is unfettered greed......

    Indonesia says NO...there is a maximum interest we will allow you to charge and the USA says charge whatever you can get away with.

    It is a failure of the Federal and State governments to just say NO....

    So I said NO in 2001 and cut up all my credit cards....

    I paid interest on my auto loan and I pay the auto insurance monthly so I pay interest there too. Everything else I buy, rent, or whatever is done with cash. What I find is that when you get ahead enough to do this cash only life, you don't pay interest anymore and you literally get a 20% boost in disposable income that you would have been giving to the banks.

    How many time have you heard about the guy that used to pay the Daughter's tuition with a credit card and pay it off during the semester with interest and repeat this every semester. Then one day he realizes how much $$ the interest adds to the cost of education and pays off the credit card. He saves his $$ and pays for the tuition up front with cash. The bank gets mad because they aren't earning $100.00 per month or more in interest from him so they cut his $20,000.00 limit to $500.00 and the interest rate from 13% to 21%. He has the same job and income and no other factor has changed except he is now fiscally responsible and the bank punishes him for doing so.

    I may not have great credit because I don't have a bunch of loans on my report but banks aren't lending for houses even if you have AAA credit and 20% down. They want 50% down and charge 6% or more if you have AAA credit now.
     
  8. nynvolt

    nynvolt Member

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    I have to admit, this doesn't bother me really. If you have bad credit, probably the best way to fix it is to get one of those cards you put money into an account and that becomes your credit limit. You have to choose to take the card, it's not like you get a decent rate and had them ninja hike it up while you had a balance.

    Personally I think we need to change the way we think about credit in this country. It should be an option not a primary way to pay for things.

    Next time you see one of those payday lone commercials check the fine print, it's like 199% interest. Yes they are praying on ignorant folks but if there was a law against it those same ignorant people would protest.
     
  9. John J

    John J Active Member

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    [quote author=nynvolt link=topic=20396.msg246461#msg246461 date=1266489538]

    Personally I think we need to change the way we think about credit in this country. It should be an option not a primary way to pay for things.

    Next time you see one of those payday lone commercials check the fine print, it's like 199% interest. Yes they are praying on ignorant folks but if there was a law against it those same ignorant people would protest.
    [/quote] I think you are probably right.
     

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