Anybody See The Dateline Special On Credit Cards Last Night?

[Crafty Angler]

Pretty frigging disgusting...

It'll probably be on again on CNBC for those of you who have cable - you have to watch it.

We just paid off the last of our credit cards - closed the accounts and destroyed them.

The part that angers me the most - like everything else with the economy right now - is the fact that Congress was the enabler throughout this whole process when they deregulated (there's that word again) the credit industry.

You know, until lobbying and PAC's are outlawed, nothing is going to significantly improve in the long term for the people who actually work for a living......and still have difficulty making ends meet.

[Duke41]

You are right on the money. No one represents the public at the Federal Level. Everyone of those guys with the possible exception of the President is brought and paid for by lobbyists. Lets throw everyone of them out of office and start over. Term Limits and no lobbyists allowed.

[spence]

I remember the flap over this under Bush and the word was that the Dems were pinko socialists for thinking that a person should be able to run up 100K in medical bills (because they don't have insurance or they can't get coverage) and go bankrupt. Yea, Biden did vote for it but he does represent Delaware.

How many credit cards has your dog or underage kid received?

We've been credit card debt free for many years. Pay them off every month.

-spence

[Mike P]

Every state I know of has a criminal usury law, which typically sets any interest rate above a percentage in the low 20s as a criminal offense.

How credit card companies can get away with charging some customers a 30% interest rate is a mystery to me.

[Crafty Angler]

Originally Posted by Mike P

Every state I know of has a criminal usury law, which typically sets any interest rate above a percentage in the low 20s as a criminal offense.

How credit card companies can get away with charging some customers a 30% interest rate is a mystery to me.

Exactly, Mike - in fact, that's precisely what I discussed with my wife this morning over coffee - if memory serves, wasn't - or isn't - anything over somewhere around 18 or 19% in RI considered usury?

They said that credit cards have pretty much put loan sharks out of business - and the consequences are almost as bad given the behavior of the unregulated collection agencies who buy the bad debt for mere pennies on the dollar.

I used to joke with my wife about the rates charged for late payments saying that it would be cheaper to get the money from a 'shark. Not too far from the truth anymore...

BoA, Citi, et al. will kill ya with the vig alone on outstanding balances - and that's the point that everyone misses...

[Swimmer]

If you need a card it should be paid at the end of every month. I use a card but only for monthly expenses that we set aside cash for to pay the bill.

[justplugit]

Something like 3 trillion is owed on credt cards, and with building defaults with the bad economy i see it as the next economic debacle

When the economy was slow back in the early 70's the government
actually allowed the same deduction for credit card interest as your mortgage
interest.

Paying a rewards card off every month on time is a good deal, otherwise
it's an albatross around your neck.

[5/0]

Im CCD free & loving it