Another Example of Coporate Greed gone wild!

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Originally Posted By: MarkC
Originally Posted By: tonycarguy
I don't see how 79% APR is corporate greed. Have you guys ever worked with perpetual deadbeats? These are the people with ficos in the sub 600 range. They have no sense of money management or morality. They will stiff you and disappear any chance they get.

If you don't believe me, why don't you lend money to them at 10% with no collateral, and we'll see how quickly you change your tune.


Pointing out the alleged stupidity, laziness, whatever of one party does not excuse the extreme greed of the other party.

Nor does it get the first party off the hook for its stupidity, laziness, whatever.

The references to crack dealers/addicts made throughout this thread (not by you) are very appropriate, but not for the reason people think. It may give a "warm/fuzzy" to blame the dealer, but the bottom line is that no one held a gun to the addict's head to take that first hit, whether it be the drug, or the loan that the deep-down, the person knew they didn't qualify for, so as un-PC as it may make me out to be, yes, I do blame the addict.

As I'm not going to convince the "we're all to blame" crowd, and they're not going to convince me, this will be my last post on this topic. I don't dig death-spirals.
49.gif
 
Ah ..my spider sense detects a "let the market determine the propriety of matters" proclamation.

Thank goodness there's enough scummy vendors for all the scummy customers. Matches made in ...
 
Originally Posted By: PT1
Originally Posted By: ZZman
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.


What is "fair"? and who promised you fair?


If it's NOT fair, then it's rigged.

And we can't ask people to better themselves, pull themselves up from their bootstraps, rise from poverty etc. as the system itself stands in their way, or at least makes it more difficult for those born to privilege.
 
How is 79% interest rate fair?

When 9/10 of the borrowers ran away with the money and the 1/10 pay for the mistake for sure, and the reason the 1/10 pay is because he was an honest guy scammed into it or threatened into it to begin with. If he wasn't, why would he sign up for these kind of credit card (maybe uneducated, but how is scamming uneducated people fair?)

I'd say ban it. Or else someone honest will fall into this trap by accident. Those who sign up intentionally shouldn't be given credit card to begin with anyways.
 
Originally Posted By: PT1
Originally Posted By: ZZman
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.


What is "fair"? and who promised you fair?


To me fair is: What would a reasonable person do? Would reasonable, honest people say 79% interest was fair?(Well at least 99% would say no)

True, no one promised fair. There will always be those who choose to prey on others. Isn't humanity grand?
 
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Originally Posted By: Gary Allan
Would you call yourself an honest person if you constructed mechanisms that were designed to be unfair ..and relied on fine print disclosure to say that you fully informed the unfairly treated?


I'm not sure what your point is. By law in the US, the APR and other fees have to be disclosed in big letters on a page, akin to the nutritional label on foods. The consumer has to sign the page before being approved for credit. There is no way you would miss the 79% if you even spent 30 seconds glancing at the page.
 
Why dont people show the same outrage to our lawmakers? Why isnt our government labeled as greedy?

When one considers the way they set up ponzi schemes like the social security system, or the way they set the rules for IRA's that catch the unsuspecting and steal their life savings. It would seem that people would be up in arms against the fraud they foist on us. But it's always private business that gets labeled as greedy, often by the same govt fools who rip us all off.
 
Originally Posted By: LS2JSTS
Why dont people show the same outrage to our lawmakers? Why isnt our government labeled as greedy?

When one considers the way they set up ponzi schemes like the social security system, or the way they set the rules for IRA's that catch the unsuspecting and steal their life savings. It would seem that people would be up in arms against the fraud they foist on us. But it's always private business that gets labeled as greedy, often by the same govt fools who rip us all off.


That is why I call them the Devil.
mad.gif


But this thread is going to lockdown in 3,2,1....
 
Originally Posted By: tonycarguy

I'm not sure what your point is. By law in the US, the APR and other fees have to be disclosed in big letters on a page, akin to the nutritional label on foods. The consumer has to sign the page before being approved for credit. There is no way you would miss the 79% if you even spent 30 seconds glancing at the page.


Some people don't understand that, and we need to protect them from themselves, don't we?
 
Originally Posted By: brianl703
Originally Posted By: tonycarguy

I'm not sure what your point is. By law in the US, the APR and other fees have to be disclosed in big letters on a page, akin to the nutritional label on foods. The consumer has to sign the page before being approved for credit. There is no way you would miss the 79% if you even spent 30 seconds glancing at the page.


Some people don't understand that, and we need to protect them from themselves, don't we?


Sometimes they have introductory 0% offer and 30% thereafter, then when you load up the debt, they change it to much higher. Literally a drug freebie that get you hooked then charge you a premium because they know you have nowhere else to go.

I think all kinds of offer like these should be banned, just an honest offer that is a fixed rate or at least 6 months notice.
 
Originally Posted By: PandaBear

I think all kinds of offer like these should be banned, just an honest offer that is a fixed rate or at least 6 months notice.


Then you're saying this 79% offer is perfectly fine because it's an "honest offer". They are not hiding anything. The fees and APR are disclosed on the standard disclosure sheet.

Really, all I see from this is that the government should mind its business. This is just another example of unintended consequences: If you regulate how much fees a bank can charge, as is being done here, then they will find other ways to recoup the money; in this case, it's with a higher APR.
 
One man's trash is another man's treasure..

Yeah, it's a rip off, but a lot of yapping done by people who can get better card's isn't helping someone who can't.

This card might just be the ticket for someone who can't get anything better for the time being. I've had to re-build my credit from [censored] to good. I'm not sure I would have taken a 79% credit card, but who knows?
 
Quote:
There is no way you would miss the 79% if you even spent 30 seconds glancing at the page.


Because it's not a 79% interest rate. It's a high interest rate with a fee for the right to pay it.


...but for those who like to support this sorta activity ..fully knowing that it will do much more harm than good, I hope that your children never fall into such things under your associates ..the ones that you justify here, will eat them alive and spit out the husk.

..but I guess it would be what they deserve so it's just.
 
Originally Posted By: uc50ic4more
Originally Posted By: LS2JSTS
What is the usery rate? Is it 24%/month that would be considered usery?


I am pretty sure that what (legally) constitutes usury is a state, not a national issue. Technically, all interest is usury, and is considered evil by most religious faiths. (http://www.biblebelievers.org.au/usury2.htm)

EDIT: http://www.lectlaw.com/files/ban02.htm lists the state limits.



Interesting stuff, thanks for the links.

Neat how the banks exclude themselves from these laws, must be nice to have friends in DC eh?
 
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