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Reply #10: Definitely yes!!! [View All]

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Waiting For Everyman Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 02:09 AM
Response to Original message
10. Definitely yes!!!
Edited on Sun Sep-21-08 02:17 AM by Waiting For Everyman
Wholeheartedly agree!

And btw, until early in the 1970s ('72 I think), the LEGAL LIMIT on interest was 7%. No problems. It was called "usury" to charge more than that, and was ILLEGAL. Only criminal "knee breaker" types did that. There is zero reason for banks to pay 2% for money and for us to pay any more than 2% or so above that - fixed. That should be for anything, mortgages, student loans, cars, credit cards. Make the loan at that rate or not at all - as it used to be. This grossly sliding scale of gouging based on a history of ever being late on a payment for 20 minutes, is nothing but a giant "con". Their risk assessments are baloney or it would've told them the market was going to collapse and that most of the loans they made were dangerous. It did predict that though, did it? What use is it then?

And why should credit cards (and other creditors) be allowed to change the terms one-sidedly? What kind of contract is that? It's preposterous.
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