OT: Credit Card Rates To Double!

[Atrocities]

Some radio adds have been point this out for a few days now. None of the banks or credit unions have posted any info about it nor do they seem to know. I did some checking and discovered that the Controller of the Currency, is mandating a 100% increase in the minimum payment on credit cards by the end of the year. This is big news if you have large out standing balances on CC's.

Link

[ToddT]

Yes i'm aware of it, the reason for it is because the minium payment rate the CC companies are using now is a marketing gimick to get ppl to charge more, so the CC companies can rake in more money. the result has been far to many ppl accumulating far to much debt. the downside of this is alot of those same ppl probably can't afford the increseased minimum. (under the right circumstances the current minium can actully result in you going further in debt every month with out buying a thing, neat, huh)
One reason i'm thankful i'm what the CC compaines call a dead beat, i carry no balances.

[Suicide Junkie]

Thus it is NOT the rate going up.
Its the maximum screwage allowed going down slightly.

Of course, if you aren't paying it off in full each month, you're going to be screwed either way...

[Slynky]

Suicide Junkie said:Of course, if you aren't paying it off in full each month, you're going to be screwed either way...

That's the way I do it...the only way to do it. Of course, sometimes, Murphy has another plan to mess up your finances and put you in that Credit Card Blackhole. Thankful I've never been in that hole.

[Atrocities]

You know, they put the mob out of business so the CC companies could go into business. CC are nothing more than plastic loan sharks.

The thing is there are no strong comsumer protection laws in place that protect consumers from CC companies. Universal defualts, bull [censored] late fees, over the limit fees, and unannounced interest rate hikes. Oh ya, the always famous unknown - yet oddly always approved - charges for such things as credit protection plus, thimbal collections - that you never get, map assist, road guide, and other wonderful things that you never use and never signed up for that always seem to push your limit over the top costing you even more money.

When you know your in trouble and ask the CC companies to lower your rate, they refuse. You then fail to make the payment and what do they do? They raise your interest rate to 29% and start calling and harrassing you.

Yet if you go through a credit counseling service, they always lower your rate.... WTF?

The credit card industry makes their own problems and dead beats by not working with people and by employing what should be considered illegal tactics to rip you off. And when you try and complain, you find that there is nothing you can do since the Controller of the Currency is funded by credit card companies. Go figure. If that is not a conflict of interest, no punn intended, then I do not know what is.

CC Companies = Mob
Control of the Currency (CotC) = Bought off Pigs!

[ToddT]

Naw, its the payday loan compaines who are the real sharks, effective interest on a payday loan hits near 600%.
the CC companies are over gown leaches.

[Sivran]

Interest rate? What's that? --What people should be saying, rather than paying the minimum.

If a credit card company signed me up for something I didn't want, they would either refund me my money or face a BBB complaint, along with the cancellation of my account, and possibly more.