Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)
I am not an economist (none / 0)
But I don't think there's any reason for the usury rate to have been raised as high as it has other than pressure from credit companies.

by jarett on 08/01/2008 03:14:04 PM EST

Thom Hartmann (none / 0)
has said more than once (and I'd be curious to know more about it) that at one time in our history it was against the law to charge more than 10% interest.

Assuming that's true, man, have times changed. 30% interest is highway robbery, period, especially in the context of a simple, stupid honest mistake.

It's a trap meant to keep the cash flowing while digging the debt hole deeper and deeper and deeper.  Wouldn't our economy benefit more if people could spread out their saved money on other goods and services rather than the sinkhole of a handful of giant credit card companies?

by Tom Hanc on 08/01/2008 03:20:44 PM EST

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I always hear Thom say that (none / 0)
but I've never been able to find any info about it.  Someone with more e-skills then me should figure this out for us.

by Spencer on 08/01/2008 03:26:10 PM EST

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Big 3 (none / 0)
For the 3 people who voted that the credit card companies should be able to charge whatever they want, I'd like you to explain why.

Keep in mind that "personal responsibility" while valid is only part of the equation. For example, I refer you to the mortgage meltdown.

Did some people get in over their heads? Yes, of course. But do you really think that means we shouldn't have any rules to limit that from happening in light of the long-term disastrous financial consequences?

by Tom Hanc on 08/01/2008 03:52:49 PM EST

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Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)