NATIONAL CREDIT CARD RATE FREEZE
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COMMENTS:
Yes, absolutely. Many of the rates the credit issuers(card and lines of), charge are bordering on usury. Their tact is that since so many people fail to pay back their loans, that they need to charge more to good customers to make up for it. Explain that logic to me? So in effect, they punish thier good customers? That's the most absurd logic I've ever heard of.
If they were smart, when they issue credit to someone or an organization with a less than ideal credit score, they should limit the line of credit and keep the interest rates at a reasonable level. If they pay it back on time and are consistent, then they can consider raising their credit line. But for customer's who pay on-time and are "good customers," why charge them high interest rates? Banks are horrible.
^exactly.
it's about time this comes to an end. especially these banks are now dependent on the government for their survival.
Obama has a lot on his plate. Hope he wakes up to this one.
by LCD on Wed Nov 04, 09 1:09pm
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We need a "public option", rhe government essentially guarantees a profit for these weasels and they really are not selling or making anything, except money off of the people... why can't I get money at 1% ? It's funny how they still managed to screw up and get rewarded with more taxpayer bailout money... a freeze ? There should be a rollback. In a natural disaster like Katrina, people are jailed for "price gouging" on items likes water pumps and plywood, why are banks allowed to literally do what they want (jack rates up to their limit at will even on good payers or people who have never paid them late)?
That's what I don't get about America. Absolutely there should be a limit.
Just like there should be a regulation on how much pharmaceutical companies can charge for medications.
thesoothsayer has a novel idea.
by LCD on Wed Nov 04, 09 5:43pm
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