Why do Banks continue to RAPE people with high interest rates on credit cards and loans?

Lowest interest rate on a loan at my bank was 14%. What a RIPOFF!

Because unsecured credit cards aren't allowed to collect if you default. They send you all kinds of legalese sounding threats from collection agencies and attempt to get judgement but you never a contract with the bottom feeding collection agencies so ask them to provide your contract with them and get default judgement against them.

ummm - cuz they can ???

because WE,
the SHEEPLE,

allow it to happen;

we've really got the power;
we just don't know it

Cause allot of people are morons when it comes to personal finances. Complete imbeciles.

This, 100%

All credit and loans come from your birth certificate collateral the banks are the record keepers with fees. They lend you your own credit.

bank in south dakota made giving poor credit people credit cards with massive interest and yearly charges .. lawmakers finally capped the interest at 35 percent used to be liam sharks charging 1000 percent and they claimed it was a neede industry and they al closed up because of 30 percent cap many owners were from florida california indian reservations

made billions years ago Denny Sanford was big bank owner and now they have been building and buying up hospitals all over the place for decades, the guy has so much money he has to give it away making more billions in the medical industry,.

You need a higher credit score. Mine is not so great, but I stil get offers for credit cards 1 year 0% interest. Mostly they target the young people.

They shouldn't charge over 10% MAX!

There needs to be a law, capt ALL loans and credit card interest rates at a MAXIMUM of 10%!

My bank does me pretty good. They gave me a 3.5% on an auto loan. So that ain't too bad.

thank jimmy carter and democrats

Uh, because you are a total moran if you use a credit card as a loan instrument. People, only buy what you can afford. Simple, no?

Your rates are determined by your credit-worthiness - poor credit score, high interest rate; high credit score, low interest rate!

The interest rate doesn't really matter IF you make a habit of paying off your credit card balance in full each month. That way you're not charged ANY interest no matter what the rate.

Why would you want to pay your cards off in full each month? Lots of credit cards offer cash back on purchases! So, for example, if you get 5% cash back on groceries, using your card to make those purchases actually saves you money. The credit card companies pay you for using their cards. There are cards out there that pay up to 5% back on all fuel purchases, etc.

So, I use credit cards, but I don't pay them for using those cards, they pay me!

I made over $4000 off of my credit card use in 2018

ZERO paid in interest/fees

The Citi cash back card gives 2% cash back on all purchases.

So, I make $1000 for every $50000 that I spend. Buying inventory for my business I can spend over 200kper year.

Pfft, like I can afford to spend $50K

I am POOR, NOT a RICH-ASS!

I'm not rich either, not by a long shot! Still, if I put even as little as $400 a month on credit cards just buying everyday things like groceries and gas, I can earn anywhere from $48 per year at 1% cash back and as much as $240 per year at 5% cash back. Granted, it won't make me rich, but that's still some extra pocket change for Christmas and birthday gifts, etc.

Heck, you could even stash that pocket change away into a savings account and watch it grow over time!

So, you don't have to be rich to benefit from using credit cards on a regular basis!

People put up with it because of the arbitrary "credit score" they have enacted upon us. So, we allow usury because each person wants to be able to get a house or a car where nearly no salary allows people to buy these items outright.

So, you have to "build credit" to live a decent life.

The trick that comes with wisdom is to not use your credit card as "money" or think of it that way. It is only a tool.

Best thing you can do for your credit- get a credit card, use it only for gas or one specific thing. Have an app to your bank and connect your credit card so you can easily transfer money from your bank account to your credit card via smart phone.

When you purchase the gas; every single time- use the credit card then immediately transfer the funds from your bank account to pay the credit card charge. You build credit and you don't get charged interest. Use it as a tool. Only use your card for that specific purpose and never use it for anything else.

People's own stupidly rape them fucking selves


I have several credit cards with very very low rates but I pay them off every month anyway


No sympathy for people that treat credit cards like a free money tree then cry about it later

And for the record you will not find a person on this planet with more contempt and hatred of central bankers including the federal reserve than me

But many people are irresponsible as fuck all ... and then want to cry about it

Last Edited by The Patriot Mind on 02/15/2019 01:02 AM

This is a terrible idea in my opinion for most people. That requires incredible discipline not just a low level of discipline. The credit card companies offer these incentives so that you will get in over your head or slip up. They are banking on that. I think if you are buying your groceries with credit cards; you are lucky you haven't slipped up yet.

As soon as you have an unforeseen event which happens a lot more than people realize; you might miss a payment and now you are suddenly at 29.99% interest (which is what most cc's do if you miss a payment or are late) at that point your debt snowballs to where you can keep it under control and this was the cc company's goal from the beginning. They are sitting there like predators waiting to pounce. They go by the statistics and play the numbers. They know most people who use their credit card this way will eventually slip up and that's what they are waiting for

Why else would they offer these incentives? To give out free money? C'mon. I'd suggest you stop doing that and hell it might work for you forever but IMO in the least; you probably shouldn't advise others to do that

Bullshit, they can and will sue you in court and if you don't respond and fight it (either pay a lawyer of pro-se) they will get a default judgment (not judgement).

Once they get their judgment they can levy your bank accounts, garnish your wages, in some states seize certain possessions etc. They can drag you into court whenever they feel like if for an assets hearing to find out what you have and what income you have and have the court set up a "payment plan". Fail to make a payment could mean warrant for your arrest.

Now if you do fight the lawsuit yes, there's a chance they may not get a judgment against you but don't think for one minute the credit card companies of the collection agency can't and won't come after you for credit card debt because I assure you they can and do and the majority of people just ignore it and they know this and this is what gets them the default judgment.

And why is it 29.99% interest? Look at your terms. It's always 29.99% because that is the max before it is considered usury. Jesus taught us a lot about usury. He didn't get through to a certain group of non-believers obviously.

The max they can charge should be a hell of a lot lower in my opinion

Not everyone lives paycheck to paycheck. I buy everything I possible can with a credit card and even pay every bill I can pay with a credit card simply to maximize my cash back rewards.

No chance of slipping up when you have more than enough in the bank to pay off many years of spending. Yes, if you live paycheck to paycheck maybe it's not the best idea if you might not have the funds to cover your spending but don't just assume everyone is in the same financial situation.

Not sure what the fuss is all about I have only one credit card Chase Amazon card with a 7k line of credit

My Credit score is in the 800 range I have the card linked with auto pay to my debt account its that easy I pay my bills on time and get back free money in return so it's a win for me only the idiots with high ego max out cards

I say all this after already having been through it and rebuilding my credit. I got taken to court and now my credit score is great

They will come for the money. Don't believe you can beat them through some loophole of avoiding them or something.

Some people probably get away with this but not without ruining their credit. And most likely the credit card didn't pursue somebody because the debt was low and wasn't worth it or the person they were pursuing would never have the ability to repay because they are the type that will never work.

deregulation