melm00se
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Jan-06-06 01:01 PM
Response to Original message |
| 96. gonna ask a really dumb question: |
|
the minimum payment amount went UP, so the overall amount interest paid goes down and the time until it is paid off is shortened.
How is this worse than being in debt basically forever with a 2% of the balance minimum payment?
|
| -New Credit Card Law |
Judi Lynn |
Jan-04-06 01:46 AM |
#0 |
 -
I'm ready |
bluestateguy |
Jan-04-06 03:32 AM |
#1 |
  -
I'm readier |
tavalon |
Jan-04-06 04:52 AM |
#2 |
| -
Same here. |
hippiechick |
Jan-05-06 05:05 PM |
#73 |
| -
Once I get this one paid off, I'm done with them forever. |
kgfnally |
Jan-06-06 12:09 PM |
#91 |
| -
I don't know who Jessica Wheeler is... |
InsultComicDog |
Jan-04-06 06:18 AM |
#3 |
| -
new 'credit card law' - aimed to help consumers (and hurt credit card cos) |
salin |
Jan-04-06 06:28 AM |
#4 |
| -
A question: What do you consider "predatory lending"? |
MercutioATC |
Jan-04-06 08:05 AM |
#5 |
| -
Going after very high risk lendees |
salin |
Jan-04-06 08:30 AM |
#6 |
| -
To me, the lesson is "If you don't understand it, don't sign it". |
MercutioATC |
Jan-05-06 12:52 AM |
#26 |
| -
Oh come on |
redqueen |
Jan-05-06 03:33 PM |
#38 |
| -
What ISN'T readable by a 7th grader? |
MercutioATC |
Jan-05-06 03:56 PM |
#45 |
| -
You know 7th graders that could read and understand those things? |
redqueen |
Jan-05-06 04:10 PM |
#47 |
| -
What "legalese"? It's all plain English... |
MercutioATC |
Jan-05-06 04:14 PM |
#50 |
| -
If you really think people read contracts, |
redqueen |
Jan-05-06 04:16 PM |
#52 |
| -
Isn't that a consumer issue, though? |
MercutioATC |
Jan-05-06 04:20 PM |
#56 |
| -
Why is it their responsibility |
redqueen |
Jan-05-06 04:33 PM |
#61 |
| -
I'm not pretending that the banking industry is anything but a business. |
MercutioATC |
Jan-05-06 04:40 PM |
#64 |
| -
But I'm not saying it is. |
redqueen |
Jan-05-06 04:48 PM |
#67 |
| -
But the crux of the issue is consumer education, not greed. |
MercutioATC |
Jan-05-06 05:00 PM |
#71 |
| -
We would not have the same problem. |
redqueen |
Jan-05-06 05:10 PM |
#78 |
| -
Watch out for sounding like you are blaming the victim n/t |
Zodiak Ironfist |
Jan-06-06 02:21 PM |
#103 |
| -
Credit card agreements |
SOS |
Jan-04-06 12:02 PM |
#8 |
| -
But the consumer KNOWS that... |
MercutioATC |
Jan-04-06 05:18 PM |
#11 |
| -
The point is, most consumers DON'T know that. |
susanna |
Jan-04-06 10:05 PM |
#20 |
| -
If you don't understand a contract, why sign it? |
MercutioATC |
Jan-05-06 12:44 AM |
#23 |
| -
The language in credit card agreements is written for obfuscation. |
Gormy Cuss |
Jan-05-06 11:40 AM |
#33 |
| -
All of the applications I've seen are written in plain English. |
MercutioATC |
Jan-05-06 03:28 PM |
#37 |
| -
I did read what I signed, and still totally did not expect what happened |
conflictgirl |
Jan-06-06 02:13 PM |
#100 |
| -
I consider predatory lending to be |
InsultComicDog |
Jan-04-06 12:40 PM |
#9 |
| -
I understand, but nobody's holding a gun to the consumer's head... |
MercutioATC |
Jan-04-06 05:20 PM |
#12 |
| -
How about a right |
FlaGranny |
Jan-04-06 08:10 PM |
#15 |
| -
The penalties for late payments are stipulated in the contract... |
MercutioATC |
Jan-04-06 08:40 PM |
#17 |
| -
There should be no right to usury. |
FlaGranny |
Jan-04-06 09:07 PM |
#19 |
| -
You know, FlaGranny, |
susanna |
Jan-04-06 10:10 PM |
#21 |
| -
It's not usury...it's a penalty for violating the terms of the contract. |
MercutioATC |
Jan-05-06 12:48 AM |
#25 |
| -
No, you can't call usurious interest rates a penalty. |
FlaGranny |
Jan-05-06 11:05 AM |
#31 |
| -
Actually, the law says that's what they are.... |
MercutioATC |
Jan-05-06 03:26 PM |
#36 |
| -
The law is wrong. The law was written |
FlaGranny |
Jan-05-06 03:44 PM |
#41 |
| -
Were were discussing definitions. These hikes don't qualify as "usury". |
MercutioATC |
Jan-05-06 03:54 PM |
#44 |
| -
So you're backing up a law |
redqueen |
Jan-05-06 04:14 PM |
#49 |
| -
Not endorsing it, I just don't see a problem with it. |
MercutioATC |
Jan-05-06 04:18 PM |
#54 |
| -
You don't endorse it, but don't see a problem with it? |
redqueen |
Jan-05-06 04:20 PM |
#55 |
| -
Would you be happier if they just used $250 late fees? |
MercutioATC |
Jan-05-06 04:22 PM |
#57 |
| -
It was called usury before rethugs changed it. |
redqueen |
Jan-05-06 04:34 PM |
#62 |
| -
I'm honestly interested. Would you be O.K. if they just charged high |
MercutioATC |
Jan-05-06 04:41 PM |
#65 |
| -
I think so, yes. |
redqueen |
Jan-05-06 05:08 PM |
#76 |
| -
I don't see the difference, but I respect your view. |
MercutioATC |
Jan-05-06 05:12 PM |
#81 |
| -
You are mistaken |
spotbird |
Jan-06-06 02:58 PM |
#104 |
| -
Credit card co's have been known... |
AnneD |
Jan-06-06 12:39 PM |
#93 |
| -
They do, metaphorically... |
Solon |
Jan-04-06 10:31 PM |
#22 |
| -
That's a separate issue (the gas company). |
MercutioATC |
Jan-05-06 12:47 AM |
#24 |
| -
Ever get injured and lose income for a few months? |
mbperrin |
Jan-05-06 11:13 AM |
#32 |
| -
Hey, they shouldn't have gotten sick, |
redqueen |
Jan-05-06 04:15 PM |
#51 |
| -
Your car analogy doesn't work... |
MercutioATC |
Jan-05-06 04:26 PM |
#58 |
| -
My car analogy does work, because it's a true story, and the |
mbperrin |
Jan-06-06 02:09 PM |
#99 |
| -
That happened to me too. |
ellie |
Jan-06-06 12:05 PM |
#90 |
| -
You might prefer to blame the victims |
InsultComicDog |
Jan-05-06 03:21 PM |
#34 |
| -
Fair enough...we disagree. |
MercutioATC |
Jan-05-06 03:24 PM |
#35 |
| -
Lenders have the responsibility to fully disclose |
FlaGranny |
Jan-05-06 03:52 PM |
#43 |
| -
I think it's more of a consumer awareness issue... |
MercutioATC |
Jan-05-06 04:00 PM |
#46 |
| -
That sounds a lot like the |
redqueen |
Jan-05-06 04:12 PM |
#48 |
| -
I realize you were being sarcastic, but I agree with your statement. |
MercutioATC |
Jan-05-06 04:28 PM |
#59 |
| -
So the uneducated shouldn't be granted cards. |
redqueen |
Jan-05-06 04:30 PM |
#60 |
| -
Somebody incapable of understanding a contract shouldn't sign one. |
MercutioATC |
Jan-05-06 04:36 PM |
#63 |
| -
Think of it this way. |
redqueen |
Jan-05-06 04:46 PM |
#66 |
| -
Are you advocating a national IQ registry? |
MercutioATC |
Jan-05-06 04:52 PM |
#69 |
| -
They can't. |
redqueen |
Jan-05-06 05:08 PM |
#77 |
| -
So the poor shouldn't be granted cards? |
MercutioATC |
Jan-05-06 05:16 PM |
#82 |
| -
You must have misread. |
redqueen |
Jan-05-06 05:30 PM |
#83 |
| -
After reading all you responses I can only ask... |
AnneD |
Jan-06-06 01:03 PM |
#97 |
| -
And they have worked very hard to make the language |
salin |
Jan-07-06 05:59 AM |
#114 |
| -
Where have I heard that before? |
OldLeftieLawyer |
Jan-05-06 04:58 PM |
#70 |
| -
Oh, I've erred in the past...and paid the consequences. |
MercutioATC |
Jan-05-06 05:05 PM |
#74 |
| -
You misunderstood what I wrote |
OldLeftieLawyer |
Jan-05-06 05:07 PM |
#75 |
| -
You REALLY feel that only a lawyer can understand a credit card app? |
MercutioATC |
Jan-05-06 05:11 PM |
#80 |
| -
I'm a good lawyer |
OldLeftieLawyer |
Jan-05-06 06:18 PM |
#85 |
| -
I didn't ask you for a feeling about a legal document. |
MercutioATC |
Jan-05-06 06:27 PM |
#86 |
| -
application or contract? |
MindPilot |
Jan-06-06 03:35 PM |
#105 |
| -
See post #6, and |
HypnoToad |
Jan-04-06 07:16 PM |
#14 |
| -
Aparently all the blame goes to the predated. |
redqueen |
Jan-05-06 04:17 PM |
#53 |
| -
When I was a boy, I would at times go to my stepfather's work on Saturdays |
KansDem |
Jan-05-06 04:52 PM |
#68 |
| -
There isn't any gray area... |
redqueen |
Jan-05-06 05:11 PM |
#79 |
| -
Nobody's suggesting gratitude, just responsibility. |
MercutioATC |
Jan-05-06 06:50 PM |
#87 |
| -
Yes, everyone should read every contract before they sign, |
redqueen |
Jan-06-06 11:22 AM |
#89 |
| -
But isn't that the CONSUMER'S fault? |
MercutioATC |
Jan-06-06 12:34 PM |
#92 |
| -
No, it isn't the same at all. |
redqueen |
Jan-06-06 12:42 PM |
#94 |
| -
You're changing the issue... |
MercutioATC |
Jan-06-06 12:56 PM |
#95 |
| -
Why does a subject need to be narrowed to one aspect? |
redqueen |
Jan-06-06 01:40 PM |
#98 |
| -
Most tire stores don't charge for rotation |
MindPilot |
Jan-06-06 03:41 PM |
#106 |
| -
Responsibility can fall to 2 persons |
baby_mouse |
Jan-06-06 03:51 PM |
#107 |
| -
I actually agree with that. |
MercutioATC |
Jan-07-06 03:25 AM |
#112 |
| -
Let me guess. |
screembloodymurder |
Jan-05-06 03:34 PM |
#39 |
| -
Does this compute? |
pinniped |
Jan-04-06 08:33 AM |
#7 |
| -
It will mess some people up |
InsultComicDog |
Jan-04-06 12:42 PM |
#10 |
| -
Ya think?? eom. |
Hotler |
Jan-04-06 07:09 PM |
#13 |
| -
yes, this is the intention |
northzax |
Jan-04-06 08:48 PM |
#18 |
| -
how, exactly, will it prevent that? |
fishwax |
Jan-05-06 01:22 AM |
#29 |
| -
Heh. People who could pay more already are |
high density |
Jan-04-06 08:12 PM |
#16 |
| -
It won't help people stuck on minimum payments |
killbotfactory |
Jan-05-06 12:59 AM |
#27 |
| -
Who was behind this law? |
OldLeftieLawyer |
Jan-05-06 05:04 PM |
#72 |
| -
designed to help consumers? I call BS |
fishwax |
Jan-05-06 01:18 AM |
#28 |
| -
yes, that's the usual bullshit-'helpful', then you're sent an offer |
katty |
Jan-06-06 05:27 PM |
#110 |
| -
CREDIT UNIONS offer credit cards |
eridani |
Jan-05-06 04:23 AM |
#30 |
| -
They did a news blip on our local |
catmandu57 |
Jan-05-06 03:41 PM |
#40 |
| -
Just had that happen to me this week. A credit card |
FlaGranny |
Jan-05-06 03:48 PM |
#42 |
| -
Paid my entire balance off in FULL |
HockeyMom |
Jan-05-06 06:16 PM |
#84 |
| -
This happens to just about everyone once or twice. |
barb162 |
Jan-06-06 02:15 PM |
#101 |
| -
I don't think it will change much for me |
alarimer |
Jan-05-06 07:09 PM |
#88 |
| -
gonna ask a really dumb question: |
melm00se |
Jan-06-06 01:01 PM |
#96 |
| -
Because some people are in dire financial straits. |
Bridget Burke |
Jan-06-06 02:17 PM |
#102 |
| -
at least SOME adolescents should get it |
pretzel2 |
Jan-06-06 03:56 PM |
#108 |
| -
as soon as I refinance my house payment |
BlueCollar |
Jan-06-06 04:23 PM |
#109 |
| -
crunching the numbers |
pretzel2 |
Jan-06-06 05:27 PM |
#111 |
| -
Absolutely nothing wrong with credit cards, if one doesn't |
0007 |
Jan-07-06 05:20 AM |
#113 |
| -
Necessary to our Evil |
michiganbuckeye1970 |
Jan-07-06 11:29 AM |
#115 |
Printer-friendly format
Email this thread to a friend
Bookmark this thread