Credit Card "Rate Jacking"

[cool hand]

for it or against it?

[Rohirrim]

Don't care

Pay off your bills at the end of the month and you have no worries.

[cool hand]

then why have credit?

[BacktoBasics]

Don't care

Pay off your bills at the end of the month and you have no worries.I love it when they say this. People have no clue how easy it is to get fucked.

You do realize that most cards are allowed to change your due dates without telling you and that certain late payments can cause your rate to rise without them even having to inform you. Simply paying your card off each month isn't enough to fully protect yourself.

The intelligent answer would

"against it"

[cool hand]

then why do we need credit?

[cool hand]

fuck credit and watch the system fall into shit.

[Winehole23]

The issue isn't penalties for deadbeats as such, but unfair and deceptive practices, which seem to be legion in financial services.

Congress couldn't get it's act together, so regulators are finally starting to reel in the credit card companies:

http://www.bloomberg.com/apps/news?pid=20601213&sid=aLcRu7cXDOSw&refer=home

[Rohirrim]

I should have said pay off your bills before they are due and you have no worries.

Why have credit? I believe in business credit. It helps you get ahead.

Personal credit, I stay away from. I don't need anything I can't buy in the first place.

If credit card companies want to prey on the irresponsible, that's fair game. The responsible know how to keep these crooked credit card companies in check.

People try to over complicate this topic and act high and mighty finance guy but common sense trumps all. I've seen it work and it has worked for me.

[Wild Cobra]

I think it's terrible. Part of the reason we are in the crisis.

It personally doesn't matter to me. I only have some IRS debt. No other debts. I never believed in using credit cards except for business travel and emergencies. I have only had car payments and house payments. I almost always deal on paying now rather than on credit.

I had a solicitation call just a few days ago and I ripped into them. I'm on the do not call list, so the pitch was to the effect "We talked the other day about consolidating your debt."

Oh... I ripped a new asshole in that bitch and reported the number to the Attorney General, after telling her she was lying and I have no debt to consolidate. I'm happy making a few hundred a month to the IRS for past stock profits I screwed up on.

[Yonivore]

then why do we need credit?
We don't. Pay cash.

[cool hand]

We don't. Pay cash.

exactly, fuck the corporations. only buy with cash....watch prices plummet.

[BacktoBasics]

exactly, fuck the corporations. only buy with cash....watch prices plummet.:lmao

[doobs]

exactly, fuck the corporations. only buy with cash....watch prices plummet.

Fuck cash. Only barter goods . . .

[doobs]

i have a credit card for emergencies

Fuck your emergencies. We need to tear down the system and the corporate interests. You're so square.

[Aggie Hoopsfan]

then why have credit?

Cashback and frequent flyer miles :tu

I'm going to Whistler for a ski trip in January for five days and I'm going to be out of pocket all of maybe $20.

[PixelPusher]

"rate jacking"
I prefer the time honored term "usury".

[spurster]

First, you get financially ignorant people in debt. Then you raise their rates to keep them in debt, making sure the government no longer outlaws usury. You also get the government to make it more difficult for debtors to address their credit card debts in bankruptcy. Now you have a steady flow of payments that you can sell as top-rated investments. After all, what could possibly go wrong?

[smeagol]

First, you get financially ignorant people in debt. Then you raise their rates to keep them in debt, making sure the government no longer outlaws usury. You also get the government to make it more difficult for debtors to address their credit card debts in bankruptcy. Now you have a steady flow of payments that you can sell as top-rated investments. After all, what could possibly go wrong?

The next sub-prime crisis . . .

[exstatic]

The next sub-prime crisis . . .

I think he was being facetious with that last statement.

BTW, anyone who bought credit card debt as a high grade security needs to go out of business when the inevitable crash comes on the grounds of colossal stupidity. At least with mortgages, there is a physical asset behind the debt, even if it's worth less now. What are they going to do? Come in and take that 37" 720P plasma TV that you bought for $1500 three or four years ago? Good luck selling that at auction....

[smeagol]

I think he was being facetious with that last statement.

My comment was in that same line . . .