Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: should credit card interest rates have a hard cap?
yes, they need to be capped 23 56.10%
no, they do not need to be capped 17 41.46%
not sure 1 2.44%
Voters: 41. You may not vote on this poll

Reply Start New Thread
 
Old 10-29-2009, 06:03 AM
 
4,010 posts, read 10,181,835 times
Reputation: 1600

Advertisements

Quote:
Originally Posted by Icy Tea View Post
I'd rather have them limit the yearly fee. I don't carry a balance and don't use the card much so they don't make any money off me. Then I get a notice they're increasing the yearly fee about 100%. I went from no fee to about $25 to now $50. I'd switch cards but I'm afraid I'd just get the same treatment.
Go do business with a Credit Union. You won't have these kinds of fees to deal with.
Reply With Quote Quick reply to this message

 
Old 10-29-2009, 06:18 AM
 
12,867 posts, read 14,886,109 times
Reputation: 4459
here is a site for matching with a credit union in your area:
findacreditunion.com Search Page
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 08:41 AM
 
Location: Londonderry, NH
41,478 posts, read 59,660,138 times
Reputation: 24860
Good ideas about Credit Unions and, yes, Credit card (unsecured) loan rates should be capped at Fed rate + 8 to 10% and yearly user fees to $10. That will force the banks to only issue credit cards to qualified customers. Yeah, it will make poor people buy stuff with cash and probably destroy Wal-mart but that is not an entirely bad thing.
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 02:58 PM
 
77 posts, read 237,891 times
Reputation: 44
No need to cap. If you are responsible with your spending the interest rate should not effect you. Abiding to the terms of the contract i entered i have never been taken advantage of.
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 03:01 PM
 
2,888 posts, read 6,522,552 times
Reputation: 4653
If the risk is too high for a particular consumer - then the company shouldn't offer that consumer credit.

If someone already has a card and experience credit issues - shut down the card and lock it at the current interest rate. If they can't pay already - what's the point of jacking up the interest?
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 03:12 PM
 
Location: Alaska
5,193 posts, read 5,743,246 times
Reputation: 7676
Quote:
Originally Posted by tcrackly View Post
Yes, I like the way credit card financial agreements are contracts that allow themselves alone to be exempt from their own contract agreements. I'm usually very good about reading through the fine print of any contract, account terms, etc. But somehow I missed the clause that allowed all three of my credit card banks to "opt-out " of their fixed rate agreement to raise my rates. My spouse and I have felt comfortable carrying a balance since we always paid the minimum + the monthly +an overage to pay them down. Despite our great credit rating these ^%&***( still decided to penalize us for being good paying customers.


They need a cap if they are going to be allowed to chanbe their terms like they change their drawers.

LMAO - "change their terms like they change their drawers"

Love that phrase, mind if I use it my in conversations, etc.?
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 04:23 PM
 
Location: San Jose, CA
1,318 posts, read 3,549,236 times
Reputation: 767
I would be opposed to putting a hard cap on credit card interest rates. With a cap that is too low no-one without a credit history could get a credit card, I remember my first credit cards had interest rates of around 20%. If I hadn't been able to get these cards I would not have a credit history by the time I bought my first car, and wouldn't have been able to finance it. Sounds like there would be no way to establish a credit history except for expensive car loans. Such a cap would certainly make life a lot harder and costlier for a lot of people.
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 07:05 PM
 
975 posts, read 1,751,835 times
Reputation: 524
Quote:
Originally Posted by cardinal2007 View Post
I would be opposed to putting a hard cap on credit card interest rates. With a cap that is too low no-one without a credit history could get a credit card, I remember my first credit cards had interest rates of around 20%. If I hadn't been able to get these cards I would not have a credit history by the time I bought my first car, and wouldn't have been able to finance it. Sounds like there would be no way to establish a credit history except for expensive car loans. Such a cap would certainly make life a lot harder and costlier for a lot of people.
There's a real easy way around all of this, PAY CASH.

Seriously, I drove a car with no a/c, 135K miles, paint faded down to the metal, all the while driving 1 hr to and from work in Florida of all places. I did that for about 3 years and was making right about 100k a year. People thought I was nuts but now not so much

Recently I just bought a 2nd home. Didn't matter what my credit score was, they looked at my net worth and liquid cash position and tripped over themselves to get me to sign.

Stop using the GD credit credit cards and stop worrying about your GD credit score. Not you specifically, EVERYONE. It's all BS. Afterall, people lived just fine without credit cards for many, many decades. Really, they did.
Reply With Quote Quick reply to this message
 
Old 10-30-2009, 06:48 AM
 
2,888 posts, read 6,522,552 times
Reputation: 4653
Quote:
Originally Posted by Traderx View Post
There's a real easy way around all of this, PAY CASH.
. . .
Afterall, people lived just fine without credit cards for many, many decades. Really, they did.
Couldn't have said it any better! Cash is king.

We carefully borrow money to get a good credit score, so that we can borrow money at a later date.

If we put as much effort into saving money, we wouldn't need to borrow it!
Reply With Quote Quick reply to this message
 
Old 10-30-2009, 04:47 PM
 
48,505 posts, read 96,675,147 times
Reputation: 18304
Yes they need to be capped but they also need to limit who gets credit .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6. The time now is 02:07 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top