Another Example of Coporate Greed gone wild!

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That's horrible. Seriously in the end its about money, they don't care if you can't pay it. They should care about you paying it though because they will never get their money from you.

Given the high interest rate it hurts those who can pay because of people who cannot pay. The few ruin it for the many or vice versa.
 
Why is the Bank's job to make money easy for people who have already proved they have terrible money skills?

Sorry, greed is a buzz word that gets people elected. What about the "greed" of the borrower, who has left banks and merchants with a loss because he walked?

Quote:
The terms are eyebrow raising, but First Premier targets people with bad credit who likely can't get approved for cards elsewhere. It's a group that tends to lean heavily on credit too, meaning they'll likely incur the steep financing charges.


I don't get some of you people. How were you raised? Why is it always a company's job to "help" people and why is the government's duty to rescue the people's sorry assets when the jkrap goes awry?

Borrowing money easily has screwed us up royally.

Quote:
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules.

Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card's credit line.


Totally predictable. The laws to "help" people and unintended consequences. Love the bias in the article too. Some people eat this stuff up.
 
Originally Posted By: Pablo
Why is the Bank's job to make money easy for people who have already proved they have terrible money skills?

Sorry, greed is a buzz word that gets people elected. What about the "greed" of the borrower, who has left banks and merchants with a loss because he walked?

Quote:
The terms are eyebrow raising, but First Premier targets people with bad credit who likely can't get approved for cards elsewhere. It's a group that tends to lean heavily on credit too, meaning they'll likely incur the steep financing charges.


I don't get some of you people. How were you raised? Why is it always a company's job to "help" people and why is the government's duty to rescue the people's sorry assets when the jkrap goes awry?

Borrowing money easily has screwed us up royally.

Quote:
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules.

Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card's credit line.


Totally predictable. The laws to "help" people and unintended consequences. Love the bias in the article too. Some people eat this stuff up.


Knock it off Pablo!
31.gif


Common sense and responsibility are things that are not tolerated.

Everyone needs to be a victim and blame others. Then we can go to people who's "job" is to "help" us....
20.gif


Right into the ditch.

Bill
 
Pablo:

I agree that it is greed all around that causes our issues today. But to have a company charge those type of rates is beyond any normal and reasonable sense.

If you want to penalize people at least make it a fair penalty.
 
You don't like it? Don't borrow money from them. Problem solved.

Not to be flippant, but it's not about "penalizing people". It's about staying in business. If people don't want those rates, the company may have to lower them. Imagine that.

I also think the new (left) thinking about "profit = greed" is hilarious.
 
I hereby nominate Pablo for president!

I for one am tired of people living beyond their means and then expecting demanding that I pay to help them live the lifestyle to which they've become accustomed.

If I can't pay for something, I do without. And yes, I've been out of work (for almost 2 years) and was uninsured so anyone who's going to come back at me with "you don't understand because...." can save it because I do understand....been there done that, and never even came close to losing my house and didn't need any sort of "loan modification". And I even have one of those terrible ARM's.

If one's credit is so bad that they can only qualify for an 80% rate, then maybe they need to re-evaluate their spending habits AND their sense of responsibility for following through with commitments to pay that they made in the past. Harsh words, I know, but I ain't your mommy.

[/rant]
 
Originally Posted By: cven
I will agree nobody is forcing them to borrow the money but If you want to talk about greed.... this is greed.

http://www.epi.org/economic_snapshots/entry/webfeatures_snapshots_20060621/


No it is not. How about you go and work hard, get a education and get one of those positions?

Then you can get the $$ that they earn. If they were not worth the money then the stockholders and board would not pay them.

Or they will be out of work sooner than later.

It is so easy to point at others.

"Greed" is what causes people to spend money for stuff that keeps us employed. If you work for the Government (like I do and my salary is paid via taxes) its the spending of money that creates jobs and then taxes are collected.

Taxing the "rich" will do only one thing. Lower the taxes collected and cause the "rich" (and others) NOT to spend money.

No money = no jobs.

Never seen a poor person create a job.

And if you want to talk about TRUE GREED, How about dieing and the Death taxes being 35% to 50%.

The "people" collecting the taxes sure earned it..

I guess it is all about being "fair".
37.gif


Bill

PS: Quoting a article from 2006 in today's economy you might as well quote the 1980s. In fact the 80's are closer to what we are experiencing than 2006.
 
Originally Posted By: opus1
I hereby nominate Pablo for president!

I for one am tired of people living beyond their means and then expecting demanding that I pay to help them live the lifestyle to which they've become accustomed.

If I can't pay for something, I do without. And yes, I've been out of work (for almost 2 years) and was uninsured so anyone who's going to come back at me with "you don't understand because...." can save it because I do understand....been there done that, and never even came close to losing my house and didn't need any sort of "loan modification". And I even have one of those terrible ARM's.

If one's credit is so bad that they can only qualify for an 80% rate, then maybe they need to re-evaluate their spending habits AND their sense of responsibility for following through with commitments to pay that they made in the past. Harsh words, I know, but I ain't your mommy.

[/rant]


+1

(Don't know about Pablo being President... I would hate to have to get rid of any rocks I have in my yard)
grin2.gif
 
Quote:
Why is the Bank's job to make money easy for people who have already proved they have terrible money skills?


There's nothing difficult about getting money from this outfit.

Quote:
Sorry, greed is a buzz word that gets people elected. What about the "greed" of the borrower, who has left banks and merchants with a loss because he walked?


Naivete, stupidity, wrong place wrong time ..following the market trends ..getting sucked into the aggressively promoted and (cough) supported last economic fad .. Not getting out to a comfort zone ...and providing fodder for the machinery.

Someone was profiting 100% of the way on their devolution. A party throw where the tab was known ..but the means to pay for it evaporated. A race to a cliff without a even a speed bump in the way.



Quote:
Why is it always a company's job to "help" people and why is the government's duty to rescue the people's sorry assets when the jkrap goes awry?


Why not keep the same laws for crack users ..but totally exempt crack dealers from prosecution?
 
You'd think at a certain point state usury laws or anti-loan shark laws would kick in.
 
Originally Posted By: kb01
You'd think at a certain point state usury laws or anti-loan shark laws would kick in.


How about being responsible and not needing SUBPRIME loans?
whistle.gif
 
Originally Posted By: Virtuoso
People with [censored] credit need to start rebuilding somewhere.


I hate to say it, but I don't see anything wrong with this card or it's rate. People who made bad choices...etc..but have learned their lesson, and really, really want to try to re-build, this is a life line other won't offer them.

As with most cards, there is probably a period where you don't pay interest on the balance. So you use it for small purchases, pay it off rigth away on time, and in a year or two you can probably move on to a better card. Even if you do have to pay this rate on the balance, if managed properly, it is a small price to pay for being able to fix your credit.

Nothing wrong here.
 
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