Latest Rant - Credit Card Rates

SkiDork · Aug 13, 2008, 2:50 PM

Quote:

Originally Posted by andyzee

I have a balance of a littel more than 1000, I typically pay over the minimum but since the interest rate on this card hasn't been bad, I don't rush to pay it off. Now it will be paid off this month.

So in other words, you were already paying interest monthly due to an existing balance but because you were late with a couple of payments they boosted the interest rate?

andyzee · Aug 13, 2008, 2:55 PM

Quote:

Originally Posted by SkiDork

So in other words, you were already paying interest monthly due to an existing balance but because you were late with a couple of payments they boosted the interest rate?

Correct, except, I was late with one payment by 1 or days, depends on how you look at it. It was paid one day online, posted the next. Not a major deal, got rid of the credit card, will pay balance this month, case closed. I just fine it outrageous what CC companies are getting away with these days.

SkiDork · Aug 13, 2008, 3:14 PM

1 more question: What rate were they charging you prior to boosting it up?

andyzee · Aug 13, 2008, 6:11 PM

Quote:

Originally Posted by SkiDork

1 more question: What rate were they charging you prior to boosting it up?

Somewhere between 8 and 9%

madskier6 · Aug 13, 2008, 6:58 PM

I completely agree that the rates charged by credit card companies are outrageous. I %*&#ing hate credit card companies & their tactics & business practices.

Unfortunately they get away with it because they hire good lobbyists & the rates they charge are generally legally exempt from the usury laws that limit the interest rate a lender can charge. The answer is not that they put the rate into the agreement & so they get around the usury laws. That would still be usury. It's not usury because many of the statutes specifically exempt credit card rates from the definition of usury.

Their lobbyists are very effective, which is why they were able to have the bankruptcy rules tightened to make it harder to file bankruptcy. It sucks.

riverc0il · Aug 13, 2008, 7:28 PM

Pay off your balance on a monthly basis and you never need to worry about credit cards. Get loans for big ticket items. I am 29 and have never held a credit card balance, even in college. And I am and have never been by any means rolling in the dough. I live within my means and avoid debt like the plague. Credit card companies should be able to charge what ever rates the market will bear. Consumers have a choice. Both a choice on how to change and when to pay and also which company and card to use. Cardholders should be an informed consumers and know the rate on the credit card and not use the card if you don't feel comfortable with the rate. Just my two cents on the topic, but I don't see any problems with high interest rates when there is so much consumer choice in the market place.

cbcbd · Aug 13, 2008, 7:41 PM

Quote:

Originally Posted by riverc0il

Pay off your balance on a monthly basis and you never need to worry about credit cards. Get loans for big ticket items. I am 29 and have never held a credit card balance, even in college. And I am and have never been by any means rolling in the dough. I live within my means and avoid debt like the plague. Credit card companies should be able to charge what ever rates the market will bear. Consumers have a choice. Both a choice on how to change and when to pay and also which company and card to use. Cardholders should be an informed consumers and know the rate on the credit card and not use the card if you don't feel comfortable with the rate. Just my two cents on the topic, but I don't see any problems with high interest rates when there is so much consumer choice in the market place.

Although I can't speak for everyone's financial situation, +1.

If you want credit cards to work for you there are a lot of tools, especially online, to compare and CC shop. The better your credit rating, the more options you will have and you'll have better deals available.

SkiDork · Aug 13, 2008, 9:16 PM

Quote:

Originally Posted by andyzee

Somewhere between 8 and 9%

thats a serious boost. Like some previous posters have said though, if you can at all avoid carrying any kind of balance on your cards by all means do.

Marc · Aug 13, 2008, 10:34 PM

Quote:

Originally Posted by andyzee

ahole

Correction-

Handsome ahole.

Just Andy's way of saying he loves me. And in a totally platonic, non NAMBLA way.

Hawkshot99 · Aug 14, 2008, 12:05 AM

Quote:

Originally Posted by Marc

Just Andy's way of saying he loves me. And in a totally platonic, non NAMBLA way.

Are you a little boy?

Aug 13, 2008, 6:58 PM	#35 (permalink)
madskier6 Having fun in the Northern Greens Join Date: Jun 2005 Location: Western Mass Posts: 651	I completely agree that the rates charged by credit card companies are outrageous. I %*&#ing hate credit card companies & their tactics & business practices. Unfortunately they get away with it because they hire good lobbyists & the rates they charge are generally legally exempt from the usury laws that limit the interest rate a lender can charge. The answer is not that they put the rate into the agreement & so they get around the usury laws. That would still be usury. It's not usury because many of the statutes specifically exempt credit card rates from the definition of usury. Their lobbyists are very effective, which is why they were able to have the bankruptcy rules tightened to make it harder to file bankruptcy. It sucks. __________________ Jeff

Aug 13, 2008, 7:28 PM	#36 (permalink)
riverc0il Ari Join Date: Jul 2001 Location: Ashland, NH Posts: 7,080	Pay off your balance on a monthly basis and you never need to worry about credit cards. Get loans for big ticket items. I am 29 and have never held a credit card balance, even in college. And I am and have never been by any means rolling in the dough. I live within my means and avoid debt like the plague. Credit card companies should be able to charge what ever rates the market will bear. Consumers have a choice. Both a choice on how to change and when to pay and also which company and card to use. Cardholders should be an informed consumers and know the rate on the credit card and not use the card if you don't feel comfortable with the rate. Just my two cents on the topic, but I don't see any problems with high interest rates when there is so much consumer choice in the market place. __________________ -Steve TheSnowWay.com "Skiing is not a sport, it is a way of life." - Otto Schniebs 1

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Aug 13, 2008, 3:14 PM	#33 (permalink)
SkiDork Join Date: Apr 2004 Location: Merrick, NY Posts: 1,432	1 more question: What rate were they charging you prior to boosting it up?

Aug 13, 2008, 2:50 PM
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