Thread: Credit Card interest rates, uPPPP!!

Originally Posted by Birchtree

Yes, but you could also be living in a very nice 4,000 sq.ft. home as a subprimer. Don't worry about that mortgage payment - Obama to the rescue.

Will 'The One' help me if I live in a condo, own a CIVIC, am paying down my credit debt, and still have a job?

Or, will he tax me?

Taxing me will help my family, my charities, my city, and my state so much…

Living middle class in shamblin' California puts me in a tax bracket substantially below the $250,000 limit - but, as with everything stated during "The One's" campaign, all promises come with an expiration date

Anyway, President Obama, bite that lower lip and tell me I've got to dig deep to fund the 'Big Dig' in Boston. I will accidentally commit more assets to my 401(k) account. In spite

Originally Posted by nnuut

Years ago there was a limit on the intrest rates that Banks, Credit Unions, Title Pawn SHARKS could charge!! What happend to that?// Who changed the law to allow this crap? Attachment 7666

Two things you HAVE to read:

1. http://www.creditfyi.com/Creditpedia...egislation.htm

"In 1978, the U.S. Supreme Court heard the case of Marquette National Bank of Minneapolis v. First Omaha Service Corp. The court found that the National Banking Act of 1864 allowed a bank to charge its credit card customers the highest interest rate permitted in the bank's home state, regardless of where customers lived.1 In other words, "lex loci," or local law, ruled.

Credit card lenders began moving their base of operations to those states, notably Delaware and South Dakota; in South Dakota, where plans were already afoot to eliminate usury laws to stimulate the local economy, the governor welcomed these moves because they provided thousands of jobs.2 Not wanting to lose tax revenue, individual states began lowering their own usury rates in a bid to keep lending institutions from leaving. Ultimately, the entire market became deregulated in this fashion."

and

2. http://www.pbs.org/wgbh/pages/frontl...more/rise.html

An excerpt:

"In recent years, however, the credit card industry has found -- and aggressively exploited -- yet another rich vein of profits: penalty fees.As with interest rates, an obscure ruling by the U.S. Supreme Court, this one in 1996, cleared the way for higher fees.
Duncan A. MacDonald, a former general counsel of Citibank's credit card division, spearheaded the case. "We were working this thing here for a good cause, free-market pricing,'' he said in an interview. "The late fees that were common across the industry, up until [the Supreme Court ruling], were in the $5 and the $10 range. And the economic thinking was that there had to be flexibility to allow up to $15.'' Instead, Mr. MacDonald said, the decision "took the lid off,'' as fees quickly shot up from $15 to $29 to as high as $39.

"I certainly didn't imagine that someday we might've ended up creating Frankenstein,'' he said.

"It's been very dramatic,'' said Robert B. McKinley, founder and chairman of CardWeb and Ram Research, a payment card research firm. "A lot of banks didn't even charge an overlimit fee at that time."

Last year, penalty fees alone generated $12 billion in revenue. "

Read the whole thing of both those articles for a good perspective on how we ended up here.

http://www.markfiore.com/political/watch-credit-card-reform-action

Originally Posted by James48843

Two things you HAVE to read:

Thanks Jim, now I know how the CROOKS get away with this crap!
Now, who is at fault? One guess, is our Repersentives in DC, who else regulates the economy? FIRE THEM ALL!!

Originally Posted by Scrappy

http://www.markfiore.com/political/watch-credit-card-reform-action

This is sadly true and could get worse.

Originally Posted by James48843

New Credit Card with an interest rate of
79.9% APR.

Yes, that's rightl 79.9% APR.

http://finance.yahoo.com/news/Credit....html?x=0&.v=4

What is the worst thing about a credit card with an APR of 79.9% ?

THERE IS A MARKET FOR THAT--THAT'S WHAT. THERE WILL BE PEOPLE WHO USE IT.

Is that a card for people trying to charge their crack purchases? There must be some crack dealers accepting credit cards.

I know some one who had paid, with credit card before!

Originally Posted by Callme_CO

I just paid off car 2 looking to pay off two loans in the next 3 months. After that I have Car 1 which should take probably 1.5 years from now and then i'll be debt-free but the house. I wish i had taken a financial literacy class before i left highschool i was financially an idiot before i found Dave Ramsey.

Dave Ramsey is a man for the times. He is helping so many gain a basic understanding of how to be stewards. I hope the card and loan sharks don't put out a "hit" on him.

Originally Posted by SkyPilot

Dave Ramsey is a man for the times. He is helping so many gain a basic understanding of how to be stewards. I hope the card and loan sharks don't put out a "hit" on him.

good to see you again skypilot. I think he's reach enough people that even if they did his word would continue on

Consumer Debt down!!! Isn't that surprising since the banks have raised rates, fees, and lowered limits??? Maybe consumers are smarter than they think.

"Consumers shed credit debt like crazy
The Federal Reserve says outstanding credit debt fell by the largest amount ever in November. The biggest declines were in credit cards.
Posted by Charley Blaine on Friday, January 8, 2010 6:04 PM
Consumer credit outstanding fell a greater-than-expected $17.5 billion in November from October, the Federal Reserve reported today.

That was larger than the analyst estimate of $5 billion and follows a revised $4.2 billion decline in October. "

Hello Fellow TSP'rs, Called my credit card company today re decrease in interest rates. Suggest calling customer service number but ask for "account retention specialist" . They are higher up the food chain and generally have more authority to make the requested changes (decreases). Was first offered 7.99% for 6 months, then 5.99% for six months, and then 0% for 12 months. The specialist wouldn't or couldn't offer any fixed rate options but suggested taking the short-term low rate and calling back in a few months. As always, you may have better luck with companies you have a long-term relationship with. There seems to be more competition and better interest rates to be had.