Latest Rant - Credit Card Rates

[tree_skier]

Originally Posted by ComeBackMudPuddles

How does the cap work? Can Vermonters get out-of-state credit cards that are not subject to the cap?

Yes vermonters have a hard time getting a card subject to it as all the card compainy needs to to is set up out of state, ie deleware, to get around it. ie incorporate in de set up a po box with forwarding back to a processing center and viola delaware rules not VT.

[andyzee]

Originally Posted by Beetlenut

The real driving force behind these steep interest rates, is all the Bankruptcies that are occurring. Forcing the credit card companies to eat a lot of debt. Which they in turn pass on to you in the form of higher interest rates. It's social capitalism at its finest!

Beetlenut, I think your avatar fits this thread nicely

[Beetlenut]

Originally Posted by andyzee

Beetlenut, I think your avatar fits this thread nicely

Ha! Guess we're all chickens!... Effin rabbits!

[GrilledSteezeSandwich]

Originally Posted by andyzee

I have a very good credit rating. I have one card a GM Platinum Mastercard that I very rarely use, as a matter of fact, I don't even carry it with me. I have a balance of a little over $1000 on it. The payment date on this card is a little differnt then my other cards, it's either on the 15th or right before the 15th. I always pay on time, however, due to the payment date and things in my life being a littl hetic latey, I was a day or two late with my payment in the past couple of months. Well today I decide to take a look at my statement and see that I am now being charged 30.99%. I imediately called up the company to cancel this card. To me this is highway robbery and I let them know my feelings. They agreed that I have been card holder in good standing for the last 6 years and it was one indescretion. they were nice enough to make me an offer, if I pay on time for 6 months, they would lower my interest rate. I told them what they can do with their card and asked how they could possibly charge such a rate. I asked how this is any differnt then loan sharking. The managers answer was that this would be an inappropriate discussion for her to get into and that she couldn't answer. Bottom line, I can't believe what credit companies are getting away with these days. How can they possibly charge such high rate? Why is this not against the law? How is it differnt than loan sharking?

Pay your bills on time and you will keep a low rate...I think my rate is 11.9 percent because I've never had a late payment. I'm not a very organized guy but when it comes to my bills I'm very organized..and the credit card companies can get away with raising the rates if you don't follow the rules. If you do it right...credit cards are a major convenience and essentially an interest free 30 days loan.

[Beetlenut]

Originally Posted by GrilledSteezeSandwich

Pay your bills on time and you will keep a low rate....

You have a keen sense of the obvious!

[Moe Ghoul]

It's a lot harder to get CC debt discharged thru bankruptcy these days, if at all, since Congress let the banking industry rewrite the laws. Meanwhile, they're collectively writing off 100's of billions of dollars in worthless junk and getting bailed out by us, the taxpayer. It's madness.

[bvibert]

Let's try to keep this thread politic free please.

[wa-loaf]

Originally Posted by GrilledSteezeSandwich

Pay your bills on time and you will keep a low rate...I think my rate is 11.9 percent because I've never had a late payment. I'm not a very organized guy but when it comes to my bills I'm very organized..and the credit card companies can get away with raising the rates if you don't follow the rules. If you do it right...credit cards are a major convenience and essentially an interest free 30 days loan.

Problem is they keep changing the rules to trip people up. Changing due dates, cutting grace periods, mailing bills late, anything they can do to force penalties and raise rates.

11.9% is kinda high, you need a new card sucka.

[ski_resort_observer]

The banking industry is in the toilet right now, as are other business sectors. They are desparate for income so they have come up with many additional hidden fees and charges they can get you with. It's legal cause it's included in the small print on the CC agreement.

It's one thing to charge $39 if your late with your payment but 30% interest , that's harsh. It could be worse, you could have a $10,000 instead of $1,000 balance.

[Beetlenut]

Originally Posted by ski_resort_observer

The banking industry is in the toilet right now, as are other business sectors. They are desparate for income so they have come up with many additional hidden fees and charges they can get you with. It's legal cause it's included in the small print on the CC agreement.

It's one thing to charge $39 if your late with your payment but 30% interest , that's harsh. It could be worse, you could have a $10,000 instead of $1,000.

Yes, but the banks have been playing their games long before the economy went into the toilet. Since the days of massive deregulation, they have systematically milked the middle-class dry! Hail corporate America!