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Senate Rejects Limit on Credit-Card Interest Rates
By CARL HULSE
Quote:
Despite complaints that banks and credit card companies are gouging customers by charging outrageous interest rates, the Senate on Wednesday easily turned back an effort to cap interest rates at 15 percent.
Come to your senses, and get debit cards. Debt is degrading. It's a big old pitchfork in the rump, and a dagger through the heart. If thousands of people cancel cards on one specific day all at once, the bank will wee wee. Feel the power !!! Don't fall into the debt sheeple trap. Show 'em who is boss !!!!!
I just got a notice they want to jack rates to almost 30%? I have over an 800 credit rating. screeee rewwww yoooouuu Citibank.
What is this going to do to all those people with thousands on cards? We bailed out the banks and now this? Where is Obama on this one?
Yeah, I know how you feel. JP Morgan raised my cards rate. Also have great credit. I streched and just paid it off three days after I got the notice.
Obama can't step in even if he wanted to. Right wing detractors would have a field day claiming that he's paying off deadbeat's bills, similar to the cash for clunkers program. Lose too much political capital.
No more credit cards for me and, after reading a post here, no more debit cards. Cash only. I am not going to allow these banks to profit from my purchases.
I just got a notice they want to jack rates to almost 30%? I have over an 800 credit rating. screeee rewwww yoooouuu Citibank.
What is this going to do to all those people with thousands on cards? We bailed out the banks and now this? Where is Obama on this one?
They tried to do the same thing to me. I called them up and told them that I knew my rights and that I had the legal right to reject that interest hike, that I wanted my interest rate to remain exactly what it was. They responded that that would be fine, but I would no longer be able to use my card. I said fine and put the card in a drawer. It will be paid off in three months. And then I will be closing my account.
There is no credit card interest limit because the Republicans in Congress refused to pass the "Credit Card Reform Bill" unless that limit--among other ones--were off the table. The truth. The other truth is that most Democrats are just as bought as most Republicans.
Credit is a de facto tax on the poor. They pay 20 to 30% to the bank for a cup of coffee or a tank of gas. Despite the liberal BS about companies paying no taxes, the banks actually pay billions in taxes to the government. When the sheeple reach a breaking point, the government rebates the taxes to the bank. Rinse and repeat.
This issue is common ground for all of us whatever our political affiliations are. Banks were given a lot of money by Bush and Obama to keep the credit markets flowing so people would continue to buy goods and services. Instead, they gobbled up weak financial institutions with the cash and refused to pass the money on to consumers.
They became tighter fisted than two bankers from Glasgow, holding on to the same penny. (that's how copper wire was invented, by the way .).
This issue is common ground for all of us whatever our political affiliations are. Banks were given a lot of money by Bush and Obama to keep the credit markets flowing so people would continue to buy goods and services. Instead, they gobbled up weak financial institutions with the cash and became tighter fisted than two scottsmen holding on to the same penny(that's how copper wire was invented, by the way .). (nothing against scottsmen, mind you)
That's why it's time to temporarily nationalize the Big Four banks. Break 'em up, and disperse the funds to community banks across the nation. France (and, I believe, Germany) did this, and their economy was up and running again in just a few months.
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Citibank.
.).
