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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (530121)	11/18/2009 2:20:12 AM
From: i-node	1 Recommendation Read Replies (1) \| Respond to of 1575557

I am appalled at how you defend the indefensible. I pay a 19-21% rate on some of my credit cards and my credit rating is really good. Why don't you simply lay down and let them walk all over you. Why don't you talk to Joe Biden about it. Biden, taking money from the Delaware credit card companies, is the guy who installed the anti-consumer changes to the bankruptcy law and gave the credit card companies the iron fist they now rule with. I'm as much against over-regulation as the next guy, but Biden, more than any person in Congress, was responsible for eliminating the opportunity for people to hold credit card companies responsible for THEIR actions of pursuing people who are weak and apt to get into credit card trouble, then hammering them with 29% interest rates. Joe Biden.

To: tejek who wrote (530121)	11/18/2009 5:23:14 PM
From: TimF	Read Replies (1) \| Respond to of 1575557

I pay a 19-21% rate on some of my credit cards and my credit rating is really good. I pay 5% to 12.9%. My credit rating is pretty good, but not outstanding. It would seem you don't make enough effort to bring your costs down. Also no one forced you to borrow at those rates, at least the credit card companies didn't. They lent you money on certain terms and you agreed. Those terms include the ability to raise rates (which has affected me, with my highest rate debt going from 9% to 12.9%), and that's a questionable practice, but still I agreed to it when I signed up, and presumably you did as well. The issue of the 29% rate is not increasing rates after your borrow without default, late payments, or increase in general market rates, hit on the borrowers credit rating, or other cause (which I have now commented negatively on twice just in this conversation), but rather offering credit at 29% rates (probably not advertised as such, but when you get the card the rate is in the paperwork you get. If the cardholder's credit is horrible then that might actually be a good deal, or even too low considering how much of a risk the borrower is. Capping the rate, like other forms of price control (interest rates are price controls on how much is charged for money), reduces supply. In this case supply is reduced only to those with poor credit ratings (at least if the cap is fairly high). You would in effect be denying them credit, denying them the choice of whether to pay this high of rate or to refrain from borrowing. True some might be irresponsible with the credit, but who are you to say they shouldn't be able to borrow? And if their that irresponsible, they may just go to actual loan sharks, or some other source with worse rates and policies.