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No, they aren't charging fees the consumer agreed to pay. The banks simply ignored the interest rate agreed upon by the consumer, and arbitrarily hiked the rates. Try to keep up.
The response was in regards to check cashing companies,
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Originally Posted by fungame
Yes but there is a limit that should be imposed. In ohio we did this with the check into cash type places.
Quote:
Originally Posted by pghquest
yeah, and how many of them are closing down? I know, I see the empty storefronts, and I also heard someone just yesterday complaining they cant get a loan anymore..
boo hoo hoo, they are charging me fees I agreed to pay...
No, they aren't charging fees the consumer agreed to pay. The banks simply ignored the interest rate agreed upon by the consumer, and arbitrarily hiked the rates. Try to keep up.
credit cards are not bought at fixed rates it is not a mortgage. The company is handing you an unsecured loan. This is all disclosed to the customer when they apply for the card.
Oddly enough, I think the message is loud and clear that if limits are put on the credit cards, then less people will have them, harming only the poor..
I think you misunderstood the OP's post. They are talking about the limits on credit cards raising interest rates at the drop of a hat.
I think you misunderstood the OP's post. They are talking about the limits on credit cards raising interest rates at the drop of a hat.
Actually no I didnt.. If they cant raise interest rates on poor payors, then people with bad credit will not be extended credit cards.. thats the way it is.. Rather than take the risks, they will just deny more individuals or cancel the cards when the risk isnt worth the limited reward..
No way. 28-30% interest on a credit card is usury. Plain and simple.
As for the consumer charging a 46" plasma on their credit card: Most people don't have a few thousand dollars collecting dust in a savings account. And most people who buy that plasma on their credit card make their payments, and make them on time. The banks just decided--by hiking the rates to an outrageous level--that that same consumer would now be paying interest, rather than the principle, almost indefinitely.
says who? The consumer signed up to receive a variable rate unsecured loan. There are no current laws saying 28-30% on an unsecured loan is usary.
yeah, and how many of them are closing down? I know, I see the empty storefronts, and I also heard someone just yesterday complaining they cant get a loan anymore..
boo hoo hoo, they are charging me fees I agreed to pay...
Not a one in my ton has closed down, and people can't get loans now because there is a credit crunch...so I don't know what that has to do with anything. Of all 45, yes 45, check into cash type places in my town of 20k, not a one has closed down.
No, you're wrong. They are doing it to EVERYBODY. BOTH Bank of America and Citibank did it to me--arbitrarily hiked the interest rate from 9.9% and 11.9%, respectively, to 27%--and I have never been late on a payment, and my credit rating is very high.
Same here. I keep zero balances and believe in cash-back only cards.
Anyway, I wonder if "the people" could send them a note (like they do to us) with fine print increasing the bailout ROI expected of them. Afterall, banks are virtually bankrupt and need to pay us the same high rates they charge "risky" people.
yeah, and how many of them are closing down? I know, I see the empty storefronts, and I also heard someone just yesterday complaining they cant get a loan anymore..
boo hoo hoo, they are charging me fees I agreed to pay...
They are NOT charging fees you agreed to pay, they are running up the minimum payments and interest rates like loan sharks AGAINST what you agreed to pay in your fine print. I think you are misunderstanding the gist of this entire thread.
credit cards are not bought at fixed rates it is not a mortgage. The company is handing you an unsecured loan. This is all disclosed to the customer when they apply for the card.
Actually, they are. My credit card interest rates were guaranteed for the full balance, until paid.
They are NOT charging fees you agreed to pay, they are running up the minimum payments and interest rates like loan sharks AGAINST what you agreed to pay in your fine print. I think you are misunderstanding the gist of this entire thread.
Not at all, I think your crying over credit card rates rising is clouding your eyes.
Dont like the interest rate.. get rid of the card. If a bank can not charge higher interest rates to people with poor paying history, poor credit, or simply to make a profit, they will stop issuing credit. Thats a fact, and you dont need to look any further than the mortgage industry for proof...
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