ccharles000
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Sun Jun-15-08 11:39 AM
Original message |
Poll question: Interest rates. |
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Do you support making it illegal for credit card companies to raise interest rates above a certain level? I don't think they should be able to go over ten percent.
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Greyhound
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Sun Jun-15-08 11:42 AM
Response to Original message |
1. I'd go far as to outlaw the collection and paying of interest altogether. |
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Edited on Sun Jun-15-08 11:43 AM by greyhound1966
It is wholly unnecessary except to support the industry that is, more than any other, responsible for the destruction of this nation.
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ccharles000
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Sun Jun-15-08 11:58 AM
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Occam Bandage
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Sun Jun-15-08 01:00 PM
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8. I'd rather not outlaw the economy kthx |
Greyhound
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Sun Jun-15-08 01:04 PM
Response to Reply #8 |
10. Another false premise. There is only one industry that exists from this theft, |
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and we would be far better off without it or it's practitioners.
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BlooInBloo
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Sun Jun-15-08 01:08 PM
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Greyhound
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Sun Jun-15-08 03:25 PM
Response to Reply #12 |
14. Care to elaborate as to Why? Is there some requirement of interest that I'm unaware of? |
Donnachaidh
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Sun Jun-15-08 12:32 PM
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3. I don't think they should be allow to go to anything in the double digits |
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And they should be watched for all the excessive FEES they charge. Both for credit cards and ATMs. Remember, electronic banking was touted as a FREE convenience being offered to patrons when it was first introduced. That promise didn't last very long, did it?
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jtrockville
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Sun Jun-15-08 12:49 PM
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I think it should be illegal to raise the interest rate on existing debt.
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TheFarseer
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Sun Jun-15-08 12:55 PM
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5. I thought they did that already? |
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I thought I remebered Congress doing that - although seems like it was still a high rate. Can anyone help me remember?
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AlCzervik
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Sun Jun-15-08 12:57 PM
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6. usury laws, i think the cap used to be 22% except for Delaware and Sioux falls? |
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which is why so many cc companies are located or were located in those places. Anyhow someone else will have all the info.
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BlooInBloo
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Sun Jun-15-08 01:08 PM
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11. They do. Payday loan places get around it by calling it a "fee".... |
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When you annualize it, it comes out to something like 1000% interest or something silly like that.
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lonestarnot
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Sun Jun-15-08 12:58 PM
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7. Judgment rate is 10%; why should they do any better! |
Occam Bandage
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Sun Jun-15-08 01:00 PM
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9. Agreed. Profit is one thing, predition is another. |
MercutioATC
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Sun Jun-15-08 02:16 PM
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13. No. I support usury laws but think they should index to other rates. |
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A fixed 10% (or whatever percent) rate isn't realistic. Credit rates are tied to different indexes..which fluctuate with economic conditions. Setting a maximum index rate might be reasonable, but setting an actual rate is ridiculous.
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DU
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Sat May 04th 2024, 07:15 AM
Response to Original message |