Reply #29: I'm sort of an expert on the subject of credit cards (alas) so [View All]

[Colorado Blue]

I would like to add this observation:

Credit card companies that charge low interest to hook creditors, then raise the rate through the roof, should face legal penalties.

Ditto, for outrageous late fees, on which one then starts paying outrageous interest, which other creditors then begin charging, until one is in a vicious cycle and can't possibly get out of debt.

I'm talking about interest in the 25% range - that is usury, IMO, and ought to be ILLEGAL. I understand that certain predatory lenders are now offering credit for way MORE than that - to poor people of course. Frankly I think it's outrageous and somebody ought to sponsor a bill establishing legal parameters to protect borrowers.

Like others in this thread I got into debt for medical reasons, and trying to establish a business after I got sick and couldn't do the day job any more. In any case even with the best of intentions to repay the loans, with 25% interest there's no WAY - one is driven permanently into debt.

It ain't right.