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Hageman acknowleged that his credit isn't perfect, but he said it's about average. He said the pre-approved offer didn’t mention the actual interest rate on the card -- for that, he had to read the enclosed fine-print disclosure.
An excellent practice when signing your name to any contract. Read the fine print.
Don't worry..Congress enacted a law to stop those high rates. They just gave the banks times to prepare before it comes into effect.
I think sometime next year is when the banks "can't do stuff like that anymore".
By then CC rates will be high as the sky.
True, more of that socialist regulation stuff. Why arent you all riding to the defense of the poor credit card companies? They have a right to make a profit, too, while they can
"A spokesman with the Federal Deposit Insurance Corporation (FDIC) said interest rate limits on bank cards are set by the individual state and not on a federal level. According to information on the South Dakota Legislative Web site, there is 'no maximum or usury restriction.' In other words, the individual bank can set its own interest rate limits."
It is sick, but what would be wrong with letting people choose to reject it on their own, rather than creating a law against it? There's hundreds of other credit cards to choose from.
It is sick, but what would be wrong with letting people choose to reject it on their own, rather than creating a law against it? There's hundreds of other credit cards to choose from.
two words....
predatory lending.
When people feel at a loss and panicked they will make desparate choices. So many in this country feel desperate and for anyone to choose this road would only make things in this country worse.
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