Credit card interest should be almost free

[BannedFromDU]

druidity33 (1000+ posts)        Thu Dec-18-08 02:36 PM

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Original message
EVERY Credit Card...
 Should have their rates cut to 4.99% fixed. No serious late fees or rate jacking.

Call it an economic stimulus.

Oh, and student loan debt should be forgiven or reduced... especially if unemployed.




Just a couple of things kickin' around in my brain.
 

Here's something kickin' around in MY brain: you're a *******ed idiot.

Let's review. For every dollar charged to a credit card, a chunk goes to Visa/MC. A chunk goes to account servicing. A chunk goes to cost of funds. A chunk goes to account management, marketing, credit policy, and other administration. The biggest chunk, however, goes to credit losses. Even the best tranches run at a cumulative loss rate of 3% or so.

But to a DUmmy, money is free. No one needs a return on their capital (except people in unions, of course, who each deserve a bronze statue), and the privilege of getting an on-demand, unsecured loan should be totally free.

Amazing, especially given the table-pounding over there. Freaking idiots.

[FlaGator]

I think he/she has been kicked in the brain... more than once.

[jukin]

Yep, druidity33 had an uncle that dropped it on it's head several times when young.

[TheSarge]

Original message
EVERY Credit Card...
 Should have their rates cut to 4.99% fixed. No serious late fees or rate jacking.

Call it an economic stimulus.

Oh, and student loan debt should be forgiven or reduced... especially if unemployed.

What we just learned about this DUmmie:

1) It has way too many Capitol One and Tribute Visa Cards with 19-24% interest rates.

2) It's got the Feds calling to collect on unpaid student loans.

3) It's unemployed.

4) Oh yeah and instead of getting up off it's ass and paying it's self incurred debts...it wants the Government to pay them for it at the expense of the company it ownes money too.

[Carl]

What we just learned about this DUmmie:

1) It has way too many Capitol One and Tribute Visa Cards with 19-24% interest rates.

2) It's got the Feds calling to collect on unpaid student loans.

3) It's unemployed.

4) Oh yeah and instead of getting up off it's ass and paying it's self incurred debts...it wants the Government to pay them for it at the expense of the company it ownes money too.

B I N G O

[DumbAss Tanker]

To some extent, issuing banks are squeezing the crap out of their CC holders to cover their losses elsewhere, and so their rates are extraordinarily high considering that their cost of funds is historically low.  But, that's pretty much how it is with credit cards, anyone with half a brain cell should know that going in.  If they get too greedy with it, the market will provide better alternatives, and it's not like anyone has a right to credit in the first place.