COMMENTS:
no, its an APR (adjustable percentage rate). With the exception of some credit card companies (household finance, Orchard bankcard) all the information you need is on the contract that says if you default your rate goes to 22%, or your rate is fixed at ___ until ___.
If you don't like the way that have it set up, you dont have to accept the card offer, dont sign for it.
Though I wish that it could be. I had a Visa with a nice 6.0% APR, and I missed two payments in a row (because I was in the hospital and flat-out forgot to pay), and that 6.0 went UP to 27.2%. So much for my credit rating...
It should be illegal for the government to interfere in the economy.
There should be some regulation.
While one can say "If you don't like it, don't sign up for it," the reality is that life in teh US demands credit and if all the companies collude to establish usurious policies and rates, people are screwed.
"if all the companies collude to establish usurious policies and rates, people are screwed" Cathexis
Fortunately, this isn't a problem because Credit Card companies are greedy whic makes them cometitive with each other which means they all keep their rates pretty low.
Voted : Yes
In my opinion some information is not absolutely true, but in general very good site.
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