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HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES
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Bob™
User ID: 548228
 United States
11/10/2008 11:01 PM
Report abusive post | HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES
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This unbelievable story was front page news on USAToday:
Why banks are boosting credit card interest rates and fees
By Kathy Chu and Byron Acohido, USA TODAY
Tommy Newsom was shocked when his bank nearly doubled his credit card interest rate this year, to 27%, for no apparent reason. A customer rep told him the law allowed the bank to do so, and that was all the justification it needed.
"I never missed a payment," says Newsom, 63, of Mesquite, Texas, who owes about $5,000 on the card. "The bank is just looking for a reason to maximize profits."
In recent years, banks have sharply raised interest rates and penalty fees on credit cards. As the economy tanks and banks' mortgage-related losses balloon, some banks are stepping up such increases to boost revenue. Bearing the brunt are consumers for whom a jump in rates and fees can make it tougher to pay their bills at a time when household budgets already are being stretched.
Full story: [link to www.usatoday.com] |
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Anonymous Coward
User ID: 504235
 Australia
11/10/2008 11:07 PM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
and so the begining of the end is here ... batten down the hatches, hoard your porn collection and keep plenty of tissues and vaseline in your basement. |
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Anonymous Coward
User ID: 548241
United States
11/10/2008 11:21 PM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
They already hit me,the ones with low balance on them are getting chopped and the rest will only get min pmts for awhile. |
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ntisithoj
User ID: 543379
 Argentina
11/11/2008 5:39 AM
 | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
rates up to 70% (seventy) in Mexico
[link to kaput.com] |
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Anonymous Coward
User ID: 532272
 United Kingdom
11/11/2008 5:44 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
Don't know about America but in the UK we still 'free' banking and zero charge on ATM withdrawals for a credit balance.
I seriously doubt that will continue after Lloyds take over HBoS. Fuckers will be able to do anything they godamn please with no competition |
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Anonymous Coward
User ID: 269870
United States
11/11/2008 5:48 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
These stories are suspecct at best and bullshit at worst.
Anytime I hear or read some schmuck say "I never missed a payment" I know he's in the crapper, got multiple advese actions against him, high total revolving balances and running max credit debt:limit utiliztion.
Banks are going to separate the wheat from the chaff.
Credit score thresholds go up in risky times. I'm still getting offers but maintain a score of 800. |
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Anonymous Coward
User ID: 485145
United States
11/11/2008 6:13 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
thats a fix to the financial situation,enact usury laws limiting credit card interest charges. immediate injection into the economy! |
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Anonymous Coward
User ID: 548446
United States
11/11/2008 6:28 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I have a card that, if I use it, I pay the balance each month. They raised my rates, too. Thank God I don't owe them anything I can't pay for right now. |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 6:33 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I'm still getting offers but maintain a score of 800. Quoting: Anonymous Coward 269870
I don't believe this for a min. I know allot of rich and none have a credit score of 800.
I SAY  |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 6:38 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
thats a fix to the financial situation,enact usury laws limiting credit card interest charges. immediate injection into the economy! Quoting: Anonymous Coward 485145
The banks are SO stupid. When they raise interest rates to over 25% no one is going to be able to pay them off. So in the long run, they will get more money from this high rate, but will have 3 times the default.
The credit card interest rate should NOT be over 10% and each person should be given 10 days over due date to make payment before any fees should be applied. Fees that are applied should be at a minimum.
The way the credit cards system is now is a form of slavery and I thought that was abolished years ago. |
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Anonymous Coward
User ID: 532272
United Kingdom
11/11/2008 6:41 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
thats a fix to the financial situation,enact usury laws limiting credit card interest charges. immediate injection into the economy!
The banks are SO stupid. When they raise interest rates to over 25% no one is going to be able to pay them off. So in the long run, they will get more money from this high rate, but will have 3 times the default.
The credit card interest rate should NOT be over 10% and each person should be given 10 days over due date to make payment before any fees should be applied. Fees that are applied should be at a minimum.
The way the credit cards system is now is a form of slavery and I thought that was abolished years ago. Quoting: Anonymous Coward 359772
No. An agreement is an agreement. If you are late you pay. No one forces you to use a credit or store card. |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 6:44 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
thats a fix to the financial situation,enact usury laws limiting credit card interest charges. immediate injection into the economy!
The banks are SO stupid. When they raise interest rates to over 25% no one is going to be able to pay them off. So in the long run, they will get more money from this high rate, but will have 3 times the default.
The credit card interest rate should NOT be over 10% and each person should be given 10 days over due date to make payment before any fees should be applied. Fees that are applied should be at a minimum.
The way the credit cards system is now is a form of slavery and I thought that was abolished years ago.
No. An agreement is an agreement. If you are late you pay. No one forces you to use a credit or store card. Quoting: Anonymous Coward 532272
BULLSHIT, I have many credit cards that the rates changed AFTER I got them.
Who are you a banker, grow up ..... |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 6:49 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
One more thing, there are RUMORS flying everywhere that the banks are looking for bail out for credit cards..
The raise in fees are probably their way of getting more people to default so when they do [and you know they will] request a bail out for credit cards the amount requested will be huge.. |
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Anonymous Coward
User ID: 532272
United Kingdom
11/11/2008 6:52 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
BULLSHIT, I have many credit cards that the rates changed AFTER I got them.
Who are you a banker, grow up ..... Quoting: Anonymous Coward 359772
Rates change all the time - look at the small print in the AGREEMENT you sign.
I'm no fan of the banks but christonapogostick some folk really do have shit for brains |
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Brwnstown
User ID: 526783
United States
11/11/2008 7:26 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
Simple dont use credit cards. If you dont have the cash dont buy it. |
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Anonymous Coward
User ID: 548459
United States
11/11/2008 7:28 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
They already hit me,the ones with low balance on them are getting chopped and the rest will only get min pmts for awhile. Quoting: Anonymous Coward 548241
If you only make the minimum payments, then you REALLY get screwed. You're paying that 27% interest, but you're not paying down the balance they're charging you the interest on. |
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Cat Man
User ID: 457876
United States
11/11/2008 7:53 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I cut up all my credit cards years ago and have never missed them. All I have used for the last ten years is my ATM card. As my dad told me when I was a kid, "If you can't afford to pay cash for it don't buy it". |
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Anonymous Coward
User ID: 547309
United States
11/11/2008 8:30 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
the answer is simple.
the credit card companies can do what ever they want.
It doesn't mean you have to pay them. They control us only as long as we want to be controlled.
There have been threads on here before talking about revolting against the banks. They spell out exactly how it can be done.
If everyone quit paying their credit card bills, things would change within a month. Look for some of the older threads.
I guarantee it. |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 8:42 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
BULLSHIT, I have many credit cards that the rates changed AFTER I got them.
Who are you a banker, grow up .....
Rates change all the time - look at the small print in the AGREEMENT you sign.
I'm no fan of the banks but christonapogostick some folk really do have shit for brains Quoting: Anonymous Coward 532272
Yea right you know it all now don't you. Shit for brains is anyone who stands up for banks. PLEASE!!!! |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 8:50 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
They already hit me,the ones with low balance on them are getting chopped and the rest will only get min pmts for awhile.
If you only make the minimum payments, then you REALLY get screwed. You're paying that 27% interest, but you're not paying down the balance they're charging you the interest on. Quoting: Anonymous Coward 548459
PS:
Let's see, there was a 700 billion dollar bail out that went to BANKS. Banks that didn't do their jobs right yet you come on here and side with them.
Fair is fair right? If banks got bailed out why shouldn't everyone?
Banks who did far worse then any credit card reception has, yet got bailed out.
PLEASE direct your remarks to where they should be at banks.
If what you say is true and you really believe this, then all those banks shouldn't have been bailed out. If we can't then they shouldn't have either. Did they read the fine print??????
If you have a business and can't make a go, what happens? You close it, FAIR IS FAIR......NO MATTER HOW BIG OR SMALL the business is.
Anyone with any economic sense knows you start at the bottom and work you way up, NOT at the top and TRY to work you way down.... |
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Anonymous Coward
User ID: 548459
United States
11/11/2008 9:03 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
They already hit me,the ones with low balance on them are getting chopped and the rest will only get min pmts for awhile.
If you only make the minimum payments, then you REALLY get screwed. You're paying that 27% interest, but you're not paying down the balance they're charging you the interest on.
PS:
Let's see, there was a 700 billion dollar bail out that went to BANKS. Banks that didn't do their jobs right yet you come on here and side with them.
Fair is fair right? If banks got bailed out why shouldn't everyone?
Banks who did far worse then any credit card reception has, yet got bailed out.
PLEASE direct your remarks to where they should be at banks.
If what you say is true and you really believe this, then all those banks shouldn't have been bailed out. If we can't then they shouldn't have either. Did they read the fine print??????
If you have a business and can't make a go, what happens? You close it, FAIR IS FAIR......NO MATTER HOW BIG OR SMALL the business is.
Anyone with any economic sense knows you start at the bottom and work you way up, NOT at the top and TRY to work you way down.... Quoting: Anonymous Coward 359772
Whoowie
All I was saying is, that if you only make the minimum payments, then all you're paying is the interest, not the balance. You could pay the minimum payments for the rest of your life, and never even make a dent in the original bill.
This is what the credit card companies call "profit".
Citibank would just love it if you did that. Especially at 27%.
If you think that's "defending" the credit card company, then I can understand why they're screwing you. You're dumb as a rock. |
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Anonymous Coward
User ID: 255704
United States
11/11/2008 9:14 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
Let's say you buy a simple 32 inch $700 HDTV on credit. With a 30% interest charge, and you take 3+ years to pay this off... you'll end up paying over $1200 for that TV.
Many people pay thousands of dollars yearly just on interest on their credit balances... free money to the bank. |
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Anonymous Coward
User ID: 542553
United States
11/11/2008 9:16 AM | |
Sireen-reborn
User ID: 547681
United States
11/11/2008 9:18 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I've got a fixed rate on my Credit Union credit card...they can't up it if they wanted to.
My others are already maxed out at 29.999%.
If they raise it beyond that...I will no longer pay on them.!
anything after 'but' is bullshit!
[link to www.myspace.com]
"Once you open your mind to the possibility of conspiracy, you then see conspiracy in everything." [link to deadbydecember-sireen.blogspot.com] |
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Anonymous Coward
User ID: 548459
United States
11/11/2008 9:26 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I've got a fixed rate on my Credit Union credit card...they can't up it if they wanted to.
My others are already maxed out at 29.999%.
If they raise it beyond that...I will no longer pay on them.! Quoting: Sireen-reborn
Good cripes. They used to have to put chains on their slaves.
Now they just give them plastic, and let the slaves buy their own chains. |
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Anonymous Coward
User ID: 530223
United States
11/11/2008 9:29 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
Easy solution:
Cut up the cards and throw them in the trash.
Don't buy anything that you don't have the cash to buy.
Only buy things you need; not things you want.
The only way to hit back is to hit them in their wallets buy not falling for materialism.
It's sick how you can turn your tv on and there are more infomercials than there is regular programming. They wan't us in debt. That's how they keep us controlled. |
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Witness_ 
User ID: 395788
United Kingdom
11/11/2008 9:33 AM
 | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I've got a fixed rate on my Credit Union credit card...they can't up it if they wanted to.
My others are already maxed out at 29.999%.
If they raise it beyond that...I will no longer pay on them.!
Good cripes. They used to have to put chains on their slaves.
Now they just give them plastic, and let the slaves buy their own chains. Quoting: Anonymous Coward 548459
LOL!
That's brilliant! |
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Anonymous Coward
User ID: 527870
United States
11/11/2008 9:35 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
File bankruptcy protection before they outlaw it!!!!! I did last year... ha ha ha ha |
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anonymous
User ID: 548493
United States
11/11/2008 9:39 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
many sacrifice to stay out of debt..second hand clothing, cook from scratch..public trans..tiny apt....eat at home, or pack a lunch and drinks..second hand goods ...it works .. |
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Anonymous Coward
User ID: 534523
United States
11/11/2008 9:47 AM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I'm still getting offers but maintain a score of 800.
I don't believe this for a min. I know allot of rich and none have a credit score of 800.
I SAY
I am sorry to bust your bubble but you are wrong. I work in the Credit Card dept. of a Nat'l bank. I pull credit scores all day long. While not the majority, there are a good number of people who have credit scores ranging from 800 to 900, since they revamped the credit scoring system. I am not that high on the score but it does exist. |
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Anonymous Coward
User ID: 359772
United States
11/11/2008 12:45 PM | | Re: HEADS UP: NEXT MAJOR DISASTER: CREDIT CARDS DOUBLE INTEREST RATES | Quote |
I'm still getting offers but maintain a score of 800.
I don't believe this for a min. I know allot of rich and none have a credit score of 800.
I SAY
I am sorry to bust your bubble but you are wrong. I work in the Credit Card dept. of a Nat'l bank. I pull credit scores all day long. While not the majority, there are a good number of people who have credit scores ranging from 800 to 900, since they revamped the credit scoring system. I am not that high on the score but it does exist.
Ok so IF you really do work in the Credit card dept. of a National bank, what percentage of people have credit rating of 800+ and what income range do they have? |
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