The Conservative Cave
Current Events => The DUmpster => Topic started by: franksolich on February 20, 2009, 03:07:58 PM
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http://www.democraticunderground.org/discuss/duboard.php?az=view_all&address=389x5088008
Oh my.
Mother Of Four (1000+ posts) Thu Feb-19-09 07:44 AM
Original message
Got another advertised credit offer- Ohmyfreakinghell....
No wonder people are so over their heads...I started shredding the offers over two years ago when the default rate in the information section was 21+ for the "Send a card offer every week" people.
Now the default rate on this last one was 30.99?
Let me repeat that....THIRTY POINT NINE NINE!
Out of morbid curiosity, I punched into a calculator how long it would take to pay off a balance of 1000.00
Would you belive the first few calcs I tried wouldn't even go to 30.99? They capped at 30.
At 30%, "By only making minimum payments it will take 292 more payments or 24.3 years to pay off the remaining balance. Interest will amount to $3,726."
24 years.
Oh...and the 30.99 is variable as well.
Freaking vipers.
Greyhound (1000+ posts) Thu Feb-19-09 07:53 AM
Response to Original message
1. Americans pay a wide variety of "I can't do math" taxes.
It's one of Wall Street's most effective tools.
Uh-huh. And it works especially well with primitives.
daninthemoon (1000+ posts) Thu Feb-19-09 07:57 AM
Response to Original message
2. it's not just the default rate. some of my cards have arbitrarily jacked up my rates with no apparent reason except that they could. I suspect that the mortage crisis has an almost equally devistating cousin in these predatory credit card companies.
personally, my mortage is ok, but I could use a card bailout, and i suspect that most Americans could also. I understand that the first priority needs to be trying to keep people and families in their homes, but this needs to be adressed as well. citibank got bailout money, then jacked up my interest for no reason.
The President needs to cap these rates as part of bailout conditions. we're all getting hit twice. what kills me though, is that if citibank went under, I'm sure my debt would somehow be bought up by another bank. all these bank bailouts and I'm still on the hook no matter what.
And why shouldn't one still be on the hook no matter what?
I mean, one got the goods, got the services.
Atman (1000+ posts) Thu Feb-19-09 08:04 AM
Response to Reply #2
3. My card played a sneaky one...they didn't lower my limit or raise my rate...
Instead, I noticed on my last statement that my "available cash" balance, usually the same amount of available credit, was reduced to about a quarter of my credit limit. I never use my credit card for cash advances anyway, so it really doesn't impact me. But apparently the card issuer is concerned enough about people just taking all the cash available on their cards and then walking away from the debt.
Again, Playboy Pedro unwittingly reveals more than what he thinks he reveals.
Ho-hum.
And then we get this nice little argument among the ever-race-conscious primitives:
lazer47 (1000+ posts) Thu Feb-19-09 08:09 AM
Response to Original message
4. There are laws presently on the books that deal with "shy locking" (excessive interest), if you are a bank it is over looked if you are a private individual doing it, you can go to jail for 5 to 10 yrs, we used to put mafia type folks in prison for doing the same thing.
MattBaggins (1000+ posts) Thu Feb-19-09 08:47 AM
Response to Reply #4
11. Shy locking?
Perhaps that word doesn't mean what you think it means?
That is not an acceptable term to use. It may represent over charging interest but derives from a derogatory term for Jews; coined by Shakespeare.
Oh dear.
MattBaggins (1000+ posts) Thu Feb-19-09 09:01 AM
Response to Reply #12
14. It's past is fuzzy
Shylock was the Jewish character in "The Merchant of Venice" who was a stereotypical loanshark. Shakespeare tried to portray him as a normal human being but unfortunately his name only became synonymous with "jewish loanshark". Shylock is and should be a taboo word since it has been used historically as a code word for the stereotype of Jews as loansharks.
One wonders what the primitives would think about "niggardly insterest rates."
lazer47 (1000+ posts) Fri Feb-20-09 07:52 AM
Response to Reply #11
17. Acceptable to who??? Me, DU, or Shakespeare,,????
If it personally offends you, I am sorry for that, however it is an accepted term used in referring to "the pound of flesh" that most banks now charge.......
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DUmmies,let me say this so even you might understand..
Read the damn credit agreement before you sign and apply for the credit card!
Sheesh...imbeciles.
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I wonder what kind of credit rating the DUmmies have.
I continue to get CC offers in the mail typically with an APR around 12 - 13%. Many are offers to transfer balances at < 1% for the first year or 3.9% until the balance is paid.
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I paid off a mortgage two months ago. Two years ago when I paid off another my mailbox was stuffed to the gill with offers...to go back in debt. I have received ZERO offers...ZERO. Quite refreshing.
Therefore, no SO and zero bongs.