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Credit card interest rates are out of control

It seems like credit card rates on average have increased dramatically over the last 10 years and this is contributing to the economic downturn

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    AdminMike Brown (Admin, Steel on Wheels) shared this idea  ·   ·  Admin →

    15 comments

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      • Travler4 commented  · 

        Now that the President has made his recess appointment of Cordray to the Consumer Financial Protection Bureau, they can begin working on protecting credit card customers from Banks that are charging rates that are higher than the loan shark down the street charge!!!!

      • erik66 commented  · 

        Chase jacked my interest rate to 26% from 12.4% after they bought WaMu!!

      • NHPJ commented  · 

        This speaks to FINANCIAL REFORM. Capping credit card rates WAS part of the Frank/Dodd bill. A newsletter from Rep. Peter Welch of VT (who was part of that committee) informed quite a few months ago that they attempted to cap credit card rates at 18% but that line got pulled from the bill. Again, banking lobbyists influence too strong in Congress.
        Write your congresspeople that Financial Reform has gone nowhere and urge them to get it in motion.

      • thatsuckingsound commented  · 

        Has anybody taken notice of the amount of credit card offers in their mail these days. First the financial industry creates the mess we're in. Next, they escape any kind of punishment or even responsibility. Now, they seek to capitalize on high unemployment, depressed housing prices and flat wages by luring these people into even deeper debt. Is this the strategy to get the country back on it's feet? When are people going to wake up and realize that the tactics their supporting are coming from people who while seeming to embrace them are reaching around for their wallets.

      • suri commented  · 

        The banks 'caught' everyone with high balances and no matter what their credit score or history jacked the rates skyhigh!! I fault the govt for allowing the banks to operate credit card scams out of states with no usery laws --- HUGE drag on economy as well as unjust. Especially with the fall out of housing and the perfect storm of unemp --- many in the middle class were, and STILL ARE, being forced into foreclosure and bankruptcy!! So much for placing any limitations or restrictions on banks to behave decently --- just continue to allow them free rein in the name of GREED!!!

      • Bob commented  · 

        1.Flat 10% tax, income under $250K/year. www.PeoplesParty.us
        2.Electric and Natural Gas cars are tax free and tax deductable over 5 years.Same for solar and wind energy.
        3.Term limits of 12 years for senators/reps.
        4. Publically traded companies belong to the shareholders. $1M Max salary
        5. Build secure double fence on south border.More guards/cameras.
        6. Medicare, Medicaid, V.A. merge into one healthcare system open to all.
        7. The Small Business Admin. actually gives out loans/grants for seed cap.
        8. One year time limit on fighting wars.
        9. Congressman must Balance the budget or lose half of salary.
        10. Get rid of electorial college for direct vote. Max campaig donation $10k.
        www.PeoplesParty.us

      • gi commented  · 

        people should learn to pay off the card every month at the due date. No interest is charged that way. There is absolutely no other way to successfully use a credit card.

      • Anonymous commented  · 

        credit card rates no more than bank rates

      • Anonymous commented  · 

        credit card rates no more than bank rates

      • Anonymous commented  · 

        credit card rates no more than bank rates

      • Real Solution commented  · 

        Stop purchasing beyond your means with credit cards. Banks finance as low as 1.9 to 2.9% for vehicles and 6.5 to 8.5 for home loans.

      • Don Peterson commented  · 

        A simple solution would be to limit the top interest rate to 12%. If 12% were the maxium,lending companies would then only lend money to people who coud pay it back.

      • PhxKenster commented  · 

        I heard it said recently that EVERY religion had verbiage on the sinfulness of USERY, charging too much interest on loans. Loan Sharks of yesteryear got less interest than many banks do today. It's criminal, flat out.

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