Fixing the Credit Card *Disaster*

[planet]

Re: Fixing the Credit Card *Disaster*

[GrayMatterWife]

Re: Fixing the Credit Card *Disaster*

In my opinion, there should be an absolute maximum interest rate that credit card companies can charge.

Every state does have a maximum. Unfortunately, it's usually the usury rate, which is always sky-high.

By the way, this technically isn't predatory lending or extension of credit. That's different. However, f**king around with crediting your account in order to run up fees and jack the interest rate could be FRAUD, which is criminal. Contact the State AG's office.

[Vishenka69]

Re: Fixing the Credit Card *Disaster*

I'm with Annie on this one. Credit cards and credit card debt is not a necessity, it's a choice. We can't expect gov't to bail us out every time it's convinient for us. We have also had our share of problems with various banks and cards and have been hopping around from card to card for years. The only one that we've had no problems with is Amex and it's the one we use the most. I've had problems with every single non-Amex card I've had (including Citibank). The only reason I have a MC is for stores that don't accept Amex.

The one main point that I agree with Annie on, is that for CC companies/banks to make money is to have enough customers who pay off their balance or most of it regularly. Even with 30% APR, they don't make much off $25 payments and bankruptcies.