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Beware the credit card companies!
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<blockquote data-quote="Mattsmom277" data-source="post: 313243" data-attributes="member: 4264"><p>Read a huge article about this last week. Seems many banks and CC companies are getting obscene with the new rates they are springing on their customers. They are, as already stated, doing it now before the new legislation is passed. I don't know how it is regulated here in Canada. But i do know that even our payday loan places have a cap on interest and it is about what your CC company announced your new rate is going to be. CC's here don't carry absurd interest like that unless you fall behind in payments and the higher rate goes into affect. Or unless it is a CC given to someone with very bad credit who is attempting to repair their credit.</p><p>I have used only cash for years. I simply refuse to pay interest on purchases. I cannot afford to. If I can't afford the interest, I can't afford whatever I'd put on the card. That's the way I view it. I'd had one for "emergencies" only to realize that what seems a emergency at the time, often isnt actually worth the stress of paying down that high interest debt for such a long time. I have always found a way to figure things out since my only cash rule. I do have a prepaid Mastercard for online purchases. Still same as cash. </p><p>At this rate, CC companies and banks are soon going to have ONLY those customers who can't make ends meet already, as customers. They'll be flocking and courting those who are desperate for credit. In the end, it bites the CC company in the butt, since over time, people won't be able to sustain payments. I think many long term up to date customers who pay on time etc are going to be rethinking the waste of much needed (in this economy) dollars. Those who pay on time etc tend to be those who value their credit history and have money sense and responsability. Thus, why would they be naive enough to hand over 30% interest????? </p><p>I think Obama should set a federal law in this legislature you are all getting, setting a strictly enforced limit on interest rates. Not on raising the rates as he's doing, but also a mandatory maximum that can be charged. It is robbery.</p></blockquote><p></p>
[QUOTE="Mattsmom277, post: 313243, member: 4264"] Read a huge article about this last week. Seems many banks and CC companies are getting obscene with the new rates they are springing on their customers. They are, as already stated, doing it now before the new legislation is passed. I don't know how it is regulated here in Canada. But i do know that even our payday loan places have a cap on interest and it is about what your CC company announced your new rate is going to be. CC's here don't carry absurd interest like that unless you fall behind in payments and the higher rate goes into affect. Or unless it is a CC given to someone with very bad credit who is attempting to repair their credit. I have used only cash for years. I simply refuse to pay interest on purchases. I cannot afford to. If I can't afford the interest, I can't afford whatever I'd put on the card. That's the way I view it. I'd had one for "emergencies" only to realize that what seems a emergency at the time, often isnt actually worth the stress of paying down that high interest debt for such a long time. I have always found a way to figure things out since my only cash rule. I do have a prepaid Mastercard for online purchases. Still same as cash. At this rate, CC companies and banks are soon going to have ONLY those customers who can't make ends meet already, as customers. They'll be flocking and courting those who are desperate for credit. In the end, it bites the CC company in the butt, since over time, people won't be able to sustain payments. I think many long term up to date customers who pay on time etc are going to be rethinking the waste of much needed (in this economy) dollars. Those who pay on time etc tend to be those who value their credit history and have money sense and responsability. Thus, why would they be naive enough to hand over 30% interest????? I think Obama should set a federal law in this legislature you are all getting, setting a strictly enforced limit on interest rates. Not on raising the rates as he's doing, but also a mandatory maximum that can be charged. It is robbery. [/QUOTE]
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