the feds trying to help the economic with lowering the intrest rate and bailing out the banks thats all great!! but alot of the problems in the credit crisis is that people are running out of money at the end of the month,with all the expense that they have to pay out just to live with today%26#039;s price%26#039;s and taxes.there are alot of people in america that can either pay there mortgage or credit cards not both right now . people need help more with credit card debt than anything else. at 28-32 %intrest rate on credit cards no body can pay that to get out of debt. this is why the credit system is messed up,you can get a fixed loan for 30yrs at 6-8% but not for credit cards!! the gov should put a cap on the rates these credit card companies charge,this would help millions of people out there right now!!!
cap at 10%
The feds trying to help the economic!!?
It would help more if people didn%26#039;t use the credit cards in the first place. Comparing credit cards to mortgages is incorrect. It has to start with the individual: don%26#039;t borrow what you can%26#039;t repay.
The feds trying to help the economic!!?
Its a good theory,but there are higher risks involved with a credit card because they are unsecured debt ,thus making it riskier for the card lender,. Now with a home loan they have collateral to get atleast something back if they default,thus resulting in a lower risk and better rates.32% should be considerd fraud. Its stupid how they increase ones rate and tag on fees when the person cant pay in the first place!
The feds trying to help the economic!!?
You are not alone in noticing that credit card issuers are jacking up rates for everyone. I remember reading about a law professor asked to interpret the %26quot;fine print%26quot; of a credit card agreement. The only thing the professor could be sure of was that the company had the right to change the terms at any time for any reason. Recent Senate hearings were one-sided due to Republican members intimidating consumers slated to appear by demanding they make their personal economic info open to the media. See 2nd link. Nonetheless, many unfair, and predatory practices were shown evident. See 1st link.
The credit crisis referred to in the news and the selling of Bear Stearns is considered to be vastly different from the problems of the lowly consumer. Bear Stearns had lots of assets, but no business. So, it had no liquidity- no money in its pocket, if you will. The government move to fix this is a bandaid on the excesses of unfettered capitalism.
The Senate and House were controlled by Republicans from 1995 until Nov 2006. During this time, but especially during President G. W. Bush%26#039;s term, many rules that used to prevent extreme economic risk were dismantled. Indeed when state attorneys general attempted to investigate predatory lending by banks, the Bush administration used the Office of the Comptroller of the Currency (O.C.C.) to prevent this. The O.C.C. simply said the states had no right to investigate national banks. See 3rd link.
Tax payers were lied to again, and again. We went from a so called Tax-and-Spend government to a Borrow-and-Spend government. The multitude of government agencies involved in overseeing our economy were ineffective, or incapable of doing the job. So, now our country is at the beginning of a recession. The attempt to prop up the stock market is also an attempt to prevent investment capital from fleeing to commodities. The recent rise of oil prices is due mostly to speculative investment rather than demand or supply issues. Americans ought to find higher interest rates on their CDs, but the Fed is more concerned about the big players. So, while we earn less on our money, and pay more on expenses, the big banks and financial players will receive all the help.
The feds trying to help the economic!!?
Credit card companies are snakes.
Don%26#039;t play with snakes and you won%26#039;t get bit!!
The feds trying to help the economic!!?
It would help if the 60% of the people who pay interest on their credit cards would pay them off. The other 40% of the people who pay on time each month, like me, don%26#039;t pay any interest.
Live below your means and start saving, you%26#039;ll be happier and stress-free.
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