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.
If Dodd wanted to actually help consumers what he would propose and insist be passed is a federal usury law that provided for a hard cap on interest rates.
if you can't make money as a bank on a ten percent spread between "borrow short, lend long" in a market-priced world for your assets you're either (1) an idiot and deserve to fail due to stupidity or (2) trying to force those who are responsible users of credit to pay for those who are deadbeats - that is, those NON-CREDIT WORTHY customers who you gave credit to ANYWAY, smug in the knowledge that you could rip SOMEONE off, whether it be the taxpayer or your other customers, to paper over your "decision."
so you are in favor of banks charging whatever they want in interest payments, and their ability to switch people from fixed rates to variable rates?
isn't that called kicking someone when they are down? the people who can least afford these interest rate increases are going to be the hardest hit segment, and this would lead to further instability in the credit system as more of those people default on their payments. of course, as long as you have a sorry government promising to make good on everything they are taking no personal risk, are they? the risk, as always, is shifted to the taxpayers while others profit short-term.
we are looking at 12.3 billion in debt auctions this week, which is an annualized rate of 6.4 trillion dollars.
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.
Yes, they need to be capped at 1000% per day to help ween our idiot population off the crack pipe. High rates may actually be a god send to lower income people.
explain to me how that helps the general population. the poor will just be delinquent and refuse to pay, thrusting that debt load onto the general population, since our idiot congress has effectively promised to hold americans accountable for any and all delinquencies. this would just place a greater burden on the working population, while rewarding the banks that engaged in usury.
Last edited by floridasandy; 10-27-2009 at 08:19 AM..
so it is okay to hold credit card holders responsible for banking whims but not bankers? these banks get the benefit of taxpayer funds and get to rip the taxpayers off at the same time with usurious interest charges? these same banks are now lobbying against ANY reform of the banking system after having ripped taxpayers off for billions of dollars and still engaging in risky behavior.
why is goldman sachs even allowed to be a bankholding company after paying back the TARP?
so it is okay to hold credit card holders responsible for banking whims/losses but not bankers? these banks get the benefit of taxpayer funds and get to rip the taxpayers off at the same time? these same banks are lobbying against any reform of the banking system after having ripped taxpayers off for billions of dollars.
Without higher interest rates to offset risk no bank would touch high default risk people.
I personally think it's dumb to get the loans, but people sign after reading the rates anyways.
Then they bemoan their fate why the world is unfair to them and try to blame some one else.
Some of us signed to terms that were reasonable from the start. We even changed lenders in favor of better rates only to have those banks renege and change their terms to a less favorable set.
Some of us are not high risk debtors but regularly paying customers with high credit scores.
The world is unfair when a legal contract can be broken by only the party with the larger assets.
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.
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.
