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Post by magpie on Dec 16, 2003 0:20:22 GMT -5
recently on a tv show the reporter was celebrateing the fact that %rates have been so low for so long, but she dident mention creadit card rates and the way they have been gouging people, with rates as high as 19% while prime is something like 4 or 5% if unions or the mob charged that much they would have been held accountable a long time ago,  im all for making money and a free aconomy but this amounts to day light robbery, and the goverment allowes it!! i think % rates should be regulated by goverment, they regulate every thing else. gouging should not be allowed as well as rising or lowering rates on a whim which is another thing creadit card companys are good at. try paying of a card. it is part of the reason there is so much debt and bankrupsy. if the goverment wants to regulate debt then rain in creadit card rates, by stopping gouging and regulating rates the goverment would be exerciseing fair play in favor of the comsumers for a change. banks can do it and still make money.  |
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Post by MO on Dec 16, 2003 6:08:16 GMT -5
The only people that are paying 19% these days are credit risks or people who don't shop around for the best rates. The government has no right to tell lenders how much to charge for credit card debt loans. It is a private contract between the lender and the borrower.
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Post by magpie on Dec 17, 2003 18:25:39 GMT -5
the only reason it is allowed is because the goverment collects taxes on the money,  other wise it would be called loan sharking, they dont pay taxes thats why the goverment made it an offence, even though it is a contract between a lender and a borrower. The goverment is allready involved just way to late after the fact they dont mind people being gouged as long as they get there cut.  and it they can have people beleve they are not involved thats even better for them, just because something is legal dosent make it right. |
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Post by MO on Dec 18, 2003 15:23:52 GMT -5
The government makes money on all legal business transactions. Personally, I think spending a few hundred dollars on a brand name hand bag is price gouging, but plenty of people do just that. It's not the government's business how much a retailer charges for a hand bag just as it's none of the government's business how much a financial institution charges for loaning money. No where in the founding documents does it suggest that the government was set up to save us from our own stupidity. People paying high interest rates at a time of record low rates are too lazy to shop for rates or have proven to be credit risks. Either way, it amounts to being poor money managers. Poor drivers pay more for insurance. More government control in the form of price controls on lending institutions would just create more people who cannot get a loan of any kind. Price controls are a communist concept.
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Post by magpie on Dec 18, 2003 18:24:27 GMT -5
its just another example of goverment catering to big bussness going for the fast buck at the expense of the majority, it will turn a blind eye to what basicly anounts to loan sharking if the price is right. The money saved by creadet card holders will go straight back into criculation, to be taxed on a hundred diffrent purches including hand bags. but the money made by creadit card companys will lie in some bank. workers=live money and a healthy econamy and more tax revanue in the long term, big bussness= stale money, or hidden money in tax shelters. and as far as saveing us from our own stupidy yes the goverment has on more than one occasion taken it apon its self to save us from our own stupidity tobacco laws + anti drinking and driveing laws, just a few exampels of goverment saveing us from our own stupidy.
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Post by MO on Dec 19, 2003 1:46:15 GMT -5
Yeah, big business keyed my car, robbed my house and left with my lover.  History proves that price controls are never a good thing, in any industry. |
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Post by magpie on Dec 19, 2003 19:58:59 GMT -5
sorry to hear about youre car and house and im sure you will get an other lover  .i have no doubt you are a very nice person, some times life can be so unfair. try to keep the faith because things will turn around in time .I hope you have good ins,you may have a long waite if you need a brake from big bussnes or youre creadit card company, come to think of it include youre ins company in that mix. it could be worse, i suppose you could have lost youre job to, well once again good luck hope it all turnes out well if you are not offended by it i will rember you in my prayers. |
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Post by MO on Dec 19, 2003 22:57:07 GMT -5
;D
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im all for making money and a free aconomy but this amounts to day light robbery, and the goverment allowes it!! i think % rates should be regulated by goverment, they regulate every thing else. gouging should not be allowed as well as rising or lowering rates on a whim which is another thing creadit card companys are good at. try paying of a card. it is part of the reason there is so much debt and bankrupsy. if the goverment wants to regulate debt then rain in creadit card rates, by stopping gouging and regulating rates the goverment would be exerciseing fair play in favor of the comsumers for a change. banks can do it and still make money. 
other wise it would be called loan sharking, they dont pay taxes thats why the goverment made it an offence, 
and it they can have people beleve they are not involved thats even better for them, just because something is legal dosent make it right. 
.i have no doubt you are a very nice person, some times life can be so unfair. try to keep the faith because things will turn around in time .I hope you have good ins,you may have a long waite if you need a brake from big bussnes or youre creadit card company, come to think of it include youre ins company in that mix.