Why is it taking so long to fix the credit card mess? These legalized loan sharks have preyed on consumers long enough. Why does the president have to get involved in order to get something done.Obama & the CEO's Obama says "The days of any time, any reason rate hikes and late fee traps have to end," Its about damn time somebody said that. We (the people) are getting screwed in all directions. The house has already passed a bill and now we are waiting on the senate, naturally the repubs have to be negotiated with, they wouldn't want us (consumers) to get too much.
Just pass the thing already and don't make us wait until next year to reap the benefits.
I'm sorry, but I don't quite agree with the "loan shark" statement. Yes, these companies offer loans at way to high percentage rates. But nobody has to accept these offers. Anyone who does is asking for trouble. You don't have to be very bright to understand that 16%, 18% or even higher interest rates will create a problem for you. If you accept such rates despite of that knowledge, it's your own fault, if you suffer.
ReplyDeleteBt, I think you missed my point. I agree that anyone who signs on the dotted line with the upfront knowledge of 15 or 20 % interest rate is gets what he or she deserves.
ReplyDeleteHere is what I'm talking about; the credit card companies promise one rate then at their discretion they change the rates with the consumer having no recourse. Here is my example. I had a credit card balance at 3.9% allegedly guaranteed for the life of the loan. At the beginning of the year they raised the interest rate to 9%, raised the minimum payment from 2% to 5% (of the balance) and started to charge a monthly $10 fee. (keep in mind that I had never missed a payment and had never been late which is the usual reason they raise rates.
When I called to get an explanation and protest I was politely told "that is the way it is" and they have the right to pretty much do as they please. I am not the only one that this happened to, it was an across the board policy to increase revenue at our expense. This is no different than loan sharking its just legalized!!
Okay, I see. I just hope that you will not use that specific CC again.
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