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Reply #18: It's set by state law, but there ARE usury laws... [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
MercutioATC Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-23-09 04:09 PM
Response to Reply #14
18. It's set by state law, but there ARE usury laws...
...and credit card companies abide by them.

Are you suggesting that there's federal regulation that limits credit unions to charging no more than 15% interest? Got a link for that, because it's just not true...
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  -That's it? Obama wants clear CC bills and no "sudden" rate increases? cwcwmack  Apr-23-09 02:35 PM   #0 
  - "Retroactive rate ceilings?"  onetwo   Apr-23-09 02:44 PM   #1 
  - Deleted message  Name removed   Apr-23-09 02:46 PM   #3 
  - how sweet...  cwcwmack   Apr-23-09 02:49 PM   #5 
  - Credit cards are a luxury.  onetwo   Apr-23-09 02:59 PM   #6 
     - For many they were not a luxury, you musy know that  jbnow   Apr-23-09 04:33 PM   #24 
     - According to what barometer?  SanchoPanza   Apr-23-09 11:35 PM   #50 
     - Yes, to pay for medical expenses, food, utility bills, clothing for your children  LostinVA   Apr-24-09 12:23 PM   #73 
     - Credit cards USED TO BE a luxury  Raineyb   Apr-24-09 01:35 PM   #81 
     - jeez, I will remember to tell that to a friend who uses it to pay for  roguevalley   Apr-24-09 04:03 PM   #87 
     - Umm, people are using CC for things like  krawhitham   Apr-25-09 09:01 PM   #108 
     - Yes...but  ecstatic   Apr-28-09 08:22 AM   #142 
     - You could also define it as usury rather then luxury, and I think that would be more accurate  digidigido   Apr-28-09 12:30 AM   #137 
  - spoken like a true capitalist... n/t  cwcwmack   Apr-23-09 02:47 PM   #4 
  - Properly regulated capitalism is a beautiful thing.  onetwo   Apr-23-09 03:07 PM   #7 
  - LOL "properly regulated capitalism"  leftstreet   Apr-23-09 06:07 PM   #34 
  - LOL!  onetwo   Apr-23-09 11:04 PM   #44 
  - and what, pray tell, do you suggest? redistribution?  mkultra   Apr-24-09 11:28 AM   #67 
     - How about some serious government intervention/regulation  rpannier   Apr-24-09 10:19 PM   #98 
     - our predatory capitalist system isn't working very well either  avaistheone1   Apr-26-09 01:19 AM   #110 
  - I'm old and I've never seen properly regulated capitalism.  roguevalley   Apr-24-09 04:04 PM   #89 
     - Like America itself, it is still a work-in-progress. The fact of the matter is that  onetwo   Apr-26-09 01:17 PM   #125 
  - Do you think credit cards should be set at 0%?  Renew Deal   Apr-23-09 04:08 PM   #16 
     - Banks are getting taxpayer money for 0%. How dare they charge  avaistheone1   Apr-26-09 01:21 AM   #111 
        - Banks are not getting the bailout money for free. n/t  raebrek   Apr-27-09 10:16 AM   #129 
           - They're getting it for significantly cheaper than the  Raineyb   Apr-27-09 10:46 AM   #130 
              - Yes  raebrek   Apr-28-09 07:49 AM   #138 
  - horzeshit...  gmoney   Apr-23-09 04:47 PM   #29 
  - For the most part, prime banks become sharks when promises are broken...  onetwo   Apr-23-09 05:39 PM   #32 
     - Well, evidently you've had a reliable income stream your whole life.  gmoney   Apr-23-09 06:07 PM   #33 
     - You're concerned with the penalties.  onetwo   Apr-24-09 12:07 AM   #52 
        - banks can fuck themselves. they are usurious and people are  roguevalley   Apr-24-09 04:06 PM   #90 
     - That assumes you have the potential to do so  quakerboy   Apr-24-09 01:36 AM   #55 
  - Yet here we are with c/c companies changing their rates and rules  rpannier   Apr-23-09 11:24 PM   #47 
  - yeah but the tooth fairy set the price with magic fairy dust  izzybeans   Apr-24-09 03:12 PM   #86 
     - Damned toothfairy  rpannier   Apr-24-09 06:39 PM   #95 
  - Banks shouldn't rely on the US taxpayer to guarantee their bad bets.  Romulox   Apr-24-09 08:58 AM   #62 
  - Not true -- price gouging is against the law, and usury used to be  LostinVA   Apr-24-09 12:21 PM   #72 
  - Legally, the government can step in to fight price gouging only during emergencies (eg Katrina)  onetwo   Apr-26-09 01:12 PM   #124 
  - You just broke my bull shit detector.  avaistheone1   Apr-26-09 01:30 AM   #114 
     - Exactly how did I break it?  onetwo   Apr-26-09 01:18 PM   #126 
  - ok  cwcwmack   Apr-23-09 02:46 PM   #2 
  - one shouldn't have a $999 LCD TV if you can't pay for it cash  asphalt.jungle   Apr-23-09 03:10 PM   #8 
  - Where do you buy a new CRT TV?  Leftist Agitator   Apr-23-09 11:26 PM   #48 
  - i see them in bjs all the time.  asphalt.jungle   Apr-24-09 12:25 AM   #53 
     - How needs a fricken tv anyway  mkultra   Apr-24-09 11:31 AM   #69 
        - some people didn't have credit card problems until the FUCKING  roguevalley   Apr-24-09 04:08 PM   #91 
           - well, far be it for me to come down on the less fortunate  mkultra   Apr-24-09 09:40 PM   #97 
  - so then credit cards just shouldnt exist  quakerboy   Apr-24-09 01:41 AM   #56 
  - So you don't see whining about credit card terms when you CHOOSE to buy luxury items --  asphalt.jungle   Apr-24-09 09:57 AM   #64 
     - I find the assumption that that is what credit cards have been used for  quakerboy   Apr-24-09 12:35 PM   #77 
        - other scenarios weren't discussed in the post i originally responded to  asphalt.jungle   Apr-24-09 12:49 PM   #79 
  - Who are you to tell peope what kind of TV they should or should not have?  Freddie Stubbs   Apr-24-09 11:29 AM   #68 
  - anyone who must listen to credit card debtors bitch, thats who.  mkultra   Apr-24-09 11:32 AM   #70 
  - if they are going to bitch about how unfair it is that it takes them years to pay it off  asphalt.jungle   Apr-24-09 12:31 PM   #76 
  - Irrelevant ...  Trajan   Apr-25-09 06:52 PM   #102 
  - The problem with arbitrary ceilings is that they are arbitrary. Low ceilings can hurt many of us...  onetwo   Apr-23-09 03:29 PM   #10 
  - And a pony! I WANT A PONY!  MercutioATC   Apr-23-09 03:48 PM   #12 
  - We used to have ceilings they were covered by usury laws.  Raineyb   Apr-23-09 04:02 PM   #14 
  - It's set by state law, but there ARE usury laws...  MercutioATC   Apr-23-09 04:09 PM   #18 
  - There need to be federal usury laws that apply to banks, not just credit unions. (nt)  w4rma   Apr-23-09 06:52 PM   #40 
  - .  mkultra   Apr-24-09 11:33 AM   #71 
  - You're wrong. State usury laws don't mean anything to the credit card companies  Raineyb   Apr-24-09 10:13 AM   #65 
     - wow  cwcwmack   Apr-24-09 10:36 AM   #66 
     - Thanks for that smack down  Trajan   Apr-25-09 07:02 PM   #103 
        - It is more than a bit disconcerting  Raineyb   Apr-26-09 02:53 AM   #117 
  - I agree with this. The usury laws that credit unions have to abide by, banks should have to also.  w4rma   Apr-23-09 06:51 PM   #39 
  - I want mine to be named "Tucker" I asked President Obama for it already. n/t  vaberella   Apr-23-09 04:14 PM   #20 
  - Then the raised rates should not be on people who  jbnow   Apr-23-09 04:42 PM   #27 
  - As per Skinner, "I want a pony" is now against DU rules  LostinVA   Apr-24-09 12:27 PM   #75 
  - It's a good thing that all I want is a tiny horsie!  Silent3   Apr-24-09 02:25 PM   #83 
  - Yes -- he said it in his big GD thread  LostinVA   Apr-24-09 02:45 PM   #85 
  - That is not the understanding I got from the thread. n/t  lumberjack_jeff   Apr-27-09 10:49 AM   #132 
  - if people are such a risk cut them off and let them pay the balance  roguevalley   Apr-24-09 04:11 PM   #92 
  - Total payment ceiling = higher minimum payments  high density   Apr-23-09 03:49 PM   #13 
  - The next outrage, coming right up...  alcibiades_mystery   Apr-23-09 03:11 PM   #9 
  - What took it so long?  FrenchieCat   Apr-23-09 03:33 PM   #11 
  - I was just about to say. ~sigh~ n/t  vaberella   Apr-23-09 04:11 PM   #19 
  - Yup...  jberryhill   Apr-23-09 06:56 PM   #41 
  - 15 BILLION DOLLARS  cwcwmack   Apr-23-09 04:03 PM   #15 
  - Why are you so angry at people that pay late?  Renew Deal   Apr-23-09 04:09 PM   #17 
  - True, irresponsible borrowers shouldn't get sympathy. However...  onetwo   Apr-23-09 04:25 PM   #23 
  - I think it's wrong.  cwcwmack   Apr-23-09 04:33 PM   #25 
     - Right on  mvd   Apr-23-09 04:35 PM   #26 
     - Yes and no  joeglow3   Apr-23-09 04:44 PM   #28 
  - I had to fight two late charges,  Autumn   Apr-23-09 04:14 PM   #21 
  - It's a good start. Hopefully not all Obama pushes for  mvd   Apr-23-09 04:25 PM   #22 
  - Imagine if there were a ceiling on auto insurance premiums.  onetwo   Apr-23-09 05:16 PM   #31 
     - I don't agree at all  mvd   Apr-23-09 06:41 PM   #37 
        - If you already have credit and your rates are sky-high, a ceiling sounds like a splendid idea.  onetwo   Apr-23-09 11:55 PM   #51 
           - Hmmm.. sometimes the banks will make you think there's a good deal when there isn't  mvd   Apr-24-09 01:08 AM   #54 
           - Not too long ago 25% interest would be loan sharking.  The Wielding Truth   Apr-24-09 04:18 AM   #61 
           - While your economic logic makes sense, it's a question of the size of each effect  Hippo_Tron   Apr-26-09 04:55 AM   #118 
              - You're right. HOWEVER. (2 points)  onetwo   Apr-27-09 01:51 PM   #135 
                 - When limited to the simple supply and demand model price floors and ceilings are inefficient  Hippo_Tron   Apr-28-09 12:11 AM   #136 
  - Same tired old disclosure platitudes  depakid   Apr-23-09 05:03 PM   #30 
  - I am beginning to find the moniker of "New" Democrat very repugnant  avaistheone1   Apr-26-09 01:42 AM   #115 
  - A reasonable rate ceiling would be great  andym   Apr-23-09 06:16 PM   #35 
  - Retroactive anything is going to be off the table. Retroactive punitive taxes, retroactive pay  EmilyAnne   Apr-23-09 06:40 PM   #36 
  - Congress wants a cap, so that's leverage for better behavior. Still need to make a  MarjorieG   Apr-23-09 06:45 PM   #38 
  - hopefully  cwcwmack   Apr-23-09 07:12 PM   #42 
  - Actually, Obama DID tell them to quit the sudden rate increases  HopeOverFear   Apr-23-09 07:29 PM   #43 
  - Those are two of the main complaints. When they raise rates, they do it so  Honeycombe8   Apr-23-09 11:21 PM   #45 
  - How about a link? I'm sure I can provide one, but you should, seeing  babylonsister   Apr-23-09 11:23 PM   #46 
  - Do you read your credit card junk mail? I received notices from 2 card  NoSheep   Apr-23-09 11:32 PM   #49 
  - I think Obama should make everything free. If he doesn't, he has betrayed us.  BlooInBloo   Apr-24-09 02:59 AM   #57 
  - How about looking to the prevailing practices prior to deregulation and widespread abuses?  depakid   Apr-24-09 03:37 AM   #58 
     - Ah. I didn't realize there were price ceilings prior to deregulation. Thanks for the info!  BlooInBloo   Apr-24-09 03:41 AM   #59 
        - There were caps to interest- and you didn't see a whole host of exhorbitant late fees  depakid   Apr-24-09 03:57 AM   #60 
        - Yes, that is why we used to have Usury laws to protect the public  avaistheone1   Apr-26-09 01:25 AM   #112 
        - One fails to realize many things  Bluenorthwest   Apr-24-09 09:16 AM   #63 
  - Very dissappinting -- at the very least, anti-usury laws should have been passed  LostinVA   Apr-24-09 12:24 PM   #74 
  - Agreed - but I never expected Obama to suggest anything so bold.  Political Heretic   Apr-24-09 12:36 PM   #78 
     - True & true!  LostinVA   Apr-24-09 01:50 PM   #82 
     - Hope I'm not naive here, but maybe if he proposed..  mvd   Apr-24-09 02:33 PM   #84 
     - banks are cutting their own throats making credit debt too hard to  roguevalley   Apr-24-09 04:15 PM   #93 
        - I agree with you  mvd   Apr-24-09 04:27 PM   #94 
           - getting smaller amounts over a reasonable time is better than the defaults  roguevalley   Apr-25-09 12:05 AM   #100 
     - Well at least Obama did say the Wall St bankers were naughty.  avaistheone1   Apr-26-09 01:28 AM   #113 
     - "Bold" isn't the word I would use. "Sensible" perhaps  Lorien   Apr-28-09 08:01 AM   #139 
  - Deleted message  Name removed   Apr-24-09 12:50 PM   #80 
  - Now we'll know exactly how we're getting reamed.  rucky   Apr-24-09 04:03 PM   #88 
  - how f'ing useless  nickinSTL   Apr-24-09 07:30 PM   #96 
  - Oh, by all means, lets give free money to everyone in debt. yeah, right, spend my money on it.  NYC_SKP   Apr-24-09 10:33 PM   #99 
  - Since when is considering a proposal insufficient to solve a problem considered whining?  Raineyb   Apr-25-09 06:25 PM   #101 
  - .  NYC_SKP   Apr-25-09 07:33 PM   #104 
     - As to the business practices of the credit card companies your complaints are  Raineyb   Apr-25-09 08:02 PM   #105 
        - And I'm not paying for other peoples' mistakes. I am willing to bust the CC companies, however,  NYC_SKP   Apr-25-09 08:13 PM   #106 
           - You're already paying for other people's mistakes  Raineyb   Apr-26-09 02:46 AM   #116 
  - We'll see how long you can keep it up if you lose your job.  Hello_Kitty   Apr-25-09 08:49 PM   #107 
  - Can we wait until we know for sure what was discussed in this meeting...  Tarheel_Dem   Apr-26-09 01:16 AM   #109 
     - Pony?  cwcwmack   Apr-27-09 01:17 PM   #134 
  - We certainly learned our lesson after going bankrupt. Of course, we mainly used the cards  GreenPartyVoter   Apr-26-09 08:22 AM   #122 
     - It is a tough and an awful situation.  NYC_SKP   Apr-26-09 10:06 AM   #123 
  - With financial institutions being one of the top five donors to Obama's campaign  MadHound   Apr-26-09 07:24 AM   #119 
  - What happened to personal responsibility?  empyreanisles   Apr-26-09 07:29 AM   #120 
  - What does this have to do with the credit card companies business practices?  Raineyb   Apr-26-09 06:30 PM   #127 
  - Call me a capitalist, but plenty of people opt out of credit cards  ecstatic   Apr-28-09 08:17 AM   #140 
  - What does that have to do with usuary laws and predatory practices?  LostinVA   Apr-27-09 12:30 PM   #133 
  - exactly. I agree with you and I actually had a situation with my  ecstatic   Apr-28-09 08:18 AM   #141 
  - Cap them at 15%  harun   Apr-26-09 07:30 AM   #121 
  - When there are a lot of typical right wing responses in support of the credit card  Skwmom   Apr-27-09 09:23 AM   #128 
  - It certainly does.  Raineyb   Apr-27-09 10:47 AM   #131 
  - well, they should be able to have rate increases. not 30% though.  ejpoeta   Apr-28-09 08:44 AM   #143 

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