Credit card rates at record highs near 15%

[fettpett]

I know a better place for it, the Bank of Fett I will use any money deposited to pay off bills...there is not interest, no fees, but you get no return on your investment


At lest you know where your money is going...if your going to piss it away on credit cards, why not piss it away on something worth while, me :D

[Starbuck]

Lots of anger at the banks expressed here. I hate 'em too.
But we do it to ourselves. As Dave Ramsey has been preaching, you have got to become financially independent; have to find your own best return for your money; have to make a plan and stick to it.

Banks will charge whatever they can get away with. And the uninformed or careless masses let them get away with a lot.

[Wei Wu Wei]

So many banks were deemed Too Big To Fail, so they got tax-funded bailouts, something totally against Socialism and Libertarianism.

They got bailed out, because they were Too Big To Fail, but no one asked the important question: Does this mean we need to make them smaller?

the answer is yes.

We had a financial collapse following this crisis that led to bailout out major institutions that were Too Big to Fail, and today those very institutions are still operating independently and they are even BIGGER.

We could have broken them up or put strict rules in place or even just nationalized them but nope. We just wrote them a blank check and said "please find it in your heart to not do that again, evne though you benefitted from it immensly and got super rich and then had the tax payers bailout your failure"

[Rockntractor]

So many banks were deemed Too Big To Fail, so they got tax-funded bailouts, something totally against Socialism and Libertarianism.

They got bailed out, because they were Too Big To Fail, but no one asked the important question: Does this mean we need to make them smaller?

the answer is yes.

We had a financial collapse following this crisis that led to bailout out major institutions that were Too Big to Fail, and today those very institutions are still operating independently and they are even BIGGER.

We could have broken them up or put strict rules in place or even just nationalized them but nope. We just wrote them a blank check and said "please find it in your heart to not do that again, evne though you benefitted from it immensly and got super rich and then had the tax payers bailout your failure"

Bullshit, you want one bank, owned by "the people".

[lacarnut]

Lots of anger at the banks expressed here. I hate 'em too.
But we do it to ourselves. As Dave Ramsey has been preaching, you have got to become financially independent; have to find your own best return for your money; have to make a plan and stick to it.

Banks will charge whatever they can get away with. And the uninformed or careless masses let them get away with a lot.

I am no fan of big banks either. We got a screw job on the TARP bailout. Several should been allowed to fail.

If you have good credit, USAA is the best one I have found. I do not know of a bank where a customer with a good paying record can miss a payment and not be charged a penalty. Pay them off at the end of the month and interest rates are not a problem.

The increased number of customers that have defaulted on their credit card debt is one reason why rates have increased.

[Calypso Jones]

This wasn't the CC companies fault THIS time. Warren meddled in this and like everything else this bunch does, they don't think it through, they don't understand HOW it works so what they decide to do to make it 'FAIR' only makes it worse for those WITH bad credit, new credit card applicants and the rest of us.

Matter of fact, nothing this whole bunch does is actually helping anyone but them.

[Gingersnap]

Lots of anger at the banks expressed here. I hate 'em too.
But we do it to ourselves. As Dave Ramsey has been preaching, you have got to become financially independent; have to find your own best return for your money; have to make a plan and stick to it.

Banks will charge whatever they can get away with. And the uninformed or careless masses let them get away with a lot.

Exactly. We do it to ourselves. When Mr. Snaps and I bought our first house we had 2 things in mind: could either of us make the payments if one us was unemployed and could we get to work without a car? Both those things happened.

Had we looked for aesthetics, location, or "curb appeal" we would have lost the house when ugly things happened to us (and ugly things always happen).

We don't have financial problems because we have impulse-control and because we don't respond to consumer peer-pressure. Therefore, we don't need to borrow money because "we deserve it".

[Novaheart]

This wasn't the CC companies fault THIS time. Warren meddled in this and like everything else this bunch does, they don't think it through, they don't understand HOW it works so what they decide to do to make it 'FAIR' only makes it worse for those WITH bad credit, new credit card applicants and the rest of us.

Matter of fact, nothing this whole bunch does is actually helping anyone but them.

I disagree. I think that the credit card companies are very much to blame for most of the losses they find themselves with.

The credit card companies went on a virtual money printing spree in the 1990's , expanding credit lines based on very little in the way of credit worthiness. If you had a ten thousand dollar limit and hadn't missed any payments, they made it twenty thousand.

Then rates got really competitive and people started doing balance transfers. Then banks started sharing databased and swapping customers and "portfolios" which had the effect of trapping people in limited time offers which were due to explode in their faces, and no place to transfer the debt to escape the increase in interest rates.

You also had the due date manipulations and what from the inside or outside was exactly what it looked like: a minefield designed to break the special offers and turn ten thousand dollars at 3% into ten thousand at 23%.

Yes, there were some people who had behaved irresponsibly. Others did what appeared to be smart moves. It was smart to pay off a car financed at 9% with a credit card check at 4.9% life of the loan. But those credit card companies didn't really want to honor those life of the loan specials, and they pulled some serious shit to break them, including doubling the payments and making payments late.

[lacarnut]

I disagree. I think that the credit card companies are very much to blame for most of the losses they find themselves with.

The credit card companies went on a virtual money printing spree in the 1990's , expanding credit lines based on very little in the way of credit worthiness..

Damn straight....credit card companies sent cards to people that had no job and no income. Easy credit and no credit checks were the order of the day just like on those home mortgages. On many of them, not a penny was paid on the note or credit card.

[Tecate]

Thanks to all the whores in Congress who sell us out to banks and insurance companies.

This is one thing you can count on them to do in bipartisan fashion.