Bankers getting money at near ZERO and want to charge me 103% intrest

[Zebo]

This is hilarious. I have never been late except of course an "in house processing time" when they charged me $39.00 once even though I paid card two days before due online. But computers are slow. Pay all balances off each month in full. And I get a letter they are changing my interest rate to 103%. This is on top of my Advanta business card which was canceled. On top of a discover business card with $50,000 limit cut to $15,000. On top of our liquor distributor slashing lines and terms. This is normal with every business person I talk to and they wonder why we can't grow currently. The banks with their free fed money, borrowed at almost zero, would rather speculate in markets rather than screw with contributing to productive output.

Obama's credit card act did nothing as far as I can tell. Frontline agrees.

http://www.pbs.org/wgbh/pages/front...epage&utm_medium=proglist&utm_source=proglist

 

[MagnusTheBrewer]

Last I heard, >50% interest = usury.

 

[Craig234]

Zebo: Obama's credit card act didn't do nothing. After Congress said that they couldn't get the votes to pass it if it went into effect before February 2010, it passed and the companies are racing to gouge.

Unfortunately, they also couldn't get any interest rate caps in, in another indication of how Congress (most Repubs and too many Dems) are owned by the companies.

So Magnus, the usury laws are not in effect now for credit card interest. If we elect more progressive Dems, that'll change.

 

[highland145]

Last I heard, >50% interest = usury.

That is "allowing ones self to be used" by voluntarily signing on the line as opposed to "getting used" like in prison or some similar form of rape.

 

[MagnusTheBrewer]

I stand corrected. Such interest rates are clearly anti business and "payday loan" places give better rates.

 

[highland145]

Zebo: Obama's credit card act didn't do nothing. After Congress said that they couldn't get the votes to pass it if it went into effect before February 2010, it passed and the companies are racing to gouge.

Unfortunately, they also couldn't get any interest rate caps in, in another indication of how Congress (most Repubs and too many Dems) are owned by the companies.

So Magnus, the usury laws are not in effect now for credit card interest. If we elect more progressive Dems, that'll change.

I'm not sure what a progressive Dem is but it appears ALL the politicians have their hands out and the most $$ will win the day. http://contexts.org/socimages/2009/09/27/partisan-political-contributions-by-u-s-companies/

 

[highland145]

I stand corrected. Such interest rates are clearly anti business and "payday loan" places give better rates.

I wasn't trying to correct. Just noting the difference between voluntary vs. involuntary screwage. Paydays have their place with a LARGE dose of personal responsibility (which is in limited supply). Well, they won't have their place in my state after 2/1/10. They are being shut down.

 

[Thump553]

Craig234 is correct on the effect of the credit card reform bill. Some senators (particularly Dodd) are trying to pass reform legislation to roll back this pre-change gouging, but good luck with that.

If it's any consolation Zebo, you are not alone. I'm a small businessman on the East Coast who also pays all his bills in full on time (including credit cards) and Citi just raised my (formerly) main credit card to roughly 25-30%. On the principal of the thing I'm switching to a BOA card as my main card just so Citi doesn't even get the merchant fees-because of their gouging.

I've never heard of 103% interest on a regular credit card. Maybe on a payday loan, or a loanshark loan. Please elaborate.

I'm not a fan of big banks by far, but I've been very impressed by how Bank of America is handling this law change (at least as far as I'm concerned). They sent me disclosures actually written in clear English and didn't resort to one bit of gouging. Again YMMV.

 

[sciwizam]

I'm not sure what a progressive Dem is but it appears ALL the politicians have their hands out and the most $$ will win the day. http://contexts.org/socimages/2009/09/27/partisan-political-contributions-by-u-s-companies/

Solution to all the country's ills. Everyone knows this.

 

[BoberFett]

I'm not sure what a progressive Dem is but it appears ALL the politicians have their hands out and the most $$ will win the day. http://contexts.org/socimages/2009/09/27/partisan-political-contributions-by-u-s-companies/

Craig likes to pretend that his party is awesome except for the parts of the party that are not awesome, though which part that is can change from day to day. I've also heard rumors that Craig is the only true Scotsman.

 

[highland145]

Thump553- In S.C., borrow $100.00, pay back $115.00 in 2 weeks. That is 15% multiplied by 26 periods in the year=390%apr. Hot damn, we're rolling in it now. If they pay, that is.

 

[Zebo]

This is just another effect of merging investment banks with commercial banks. Investment banks don't screw around with main street never have other than mortgages slap AAA on them, dump em' and bet against us paying - main street is what commercial banks did. No more.

Federal money, our money, what banks borrow from based on reserve, is now almost entirely going into stock market I think. Look at crazy 150 P/E of S&P 500 makes no sense. You give investment bankers money they are going to do what they know.

 

[Zebo]

Craig234 is correct on the effect of the credit card reform bill. Some senators (particularly Dodd) are trying to pass reform legislation to roll back this pre-change gouging, but good luck with that.

If it's any consolation Zebo, you are not alone. I'm a small businessman on the East Coast who also pays all his bills in full on time (including credit cards) and Citi just raised my (formerly) main credit card to roughly 25-30%. On the principal of the thing I'm switching to a BOA card as my main card just so Citi doesn't even get the merchant fees-because of their gouging.

I've never heard of 103% interest on a regular credit card. Maybe on a payday loan, or a loanshark loan. Please elaborate.

I'm not a fan of big banks by far, but I've been very impressed by how Bank of America is handling this law change (at least as far as I'm concerned). They sent me disclosures actually written in clear English and didn't resort to one bit of gouging. Again YMMV.

TJ MAxx chase according to my wife. I havnt seen it I'm not at home.

 

[Zebo]

Zebo: Obama's credit card act didn't do nothing. After Congress said that they couldn't get the votes to pass it if it went into effect before February 2010, it passed and the companies are racing to gouge.

Unfortunately, they also couldn't get any interest rate caps in, in another indication of how Congress (most Repubs and too many Dems) are owned by the companies.

So Magnus, the usury laws are not in effect now for credit card interest. If we elect more progressive Dems, that'll change.

Just a sad waste of time. wag the dog and all that. I bet people think they got something out of this bill - clearer language how they are going to screw you is about it.

 

[MotF Bane]

So-called progressive democrats are as corrupt as any other politicians.

 

[marincounty]

Craig likes to pretend that his party is awesome except for the parts of the party that are not awesome, though which part that is can change from day to day. I've also heard rumors that Craig is the only true Scotsman.

Yeah, I'm impressed with all the laws Republicans pushed through regulating credit cards during their time in power, not.

Lots of Democrats are corrupt and in the pocket of the bankers, but not all. I've not seen one Republican stand up for consumers.

How comical is it that the one Senator standing up for consumers is the socialist Bernie Sanders?

And this law is being blocked by a Republican, Thad Cochran.

http://www.bloomberg.com/apps/news?pid=20601103&sid=anLrY48Lcd_g

Credit-card interest rates would be capped at 16 percent under legislation introduced by two Democratic U.S. representatives, Louise Slaughter of New York and John Tierney of Massachusetts.

The legislation would also limit “unreasonable fees,” providing relief to consumers facing interest rates as high as 30 percent, the lawmakers said in a statement today.

“We must do what we can to help people who are trying to make ends meet in the face of card rates that suddenly jump to 20, 25, 30 percent or even more,” said Slaughter, chairwoman of the House Rules Committee. “It’s time for Congress to put the needs of people ahead of banks and card issuers.”

The Rules panel will hold a hearing on the bill “as quickly as possible,” Slaughter said. The panel sets the daily floor schedule of the House. The Financial Services Committee would have to vote on the measure before it could advance, according to Rules Committee spokesman Vincent Morris.

The bill would also cap late fees and over-the-limit fees at $15.

When the Senate debated credit-card rules in May, it blocked a national 15 percent rate cap proposed by Senator Bernie Sanders, a Vermont independent. Sanders hopes to get a vote on another bill limiting rates, spokesman Michael Briggs said.

“It’s something he continues to hear a lot about from the people of Vermont, and it’s something he continues to talk about,” Briggs said.

Blocked Vote

President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure Act May 22. The law generally prohibits rate increases on fixed-rate accounts during the first year after an account is opened. It prohibits increases on existing card balances and gives consumers the right to reject rate increases and pay off balances at the current rate.

In the Senate, Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, supported legislation to freeze credit- card rates until the next phase of the law is implemented in February. Dodd’s attempt to pass the bill by unanimous consent was blocked by Senator Thad Cochran, a Mississippi Republican, Nov. 18.

 

[Zebo]

snip
If it's any consolation Zebo, you are not alone. I'm a small businessman on the East Coast who also pays all his bills in full on time (including credit cards) and Citi just raised my (formerly) main credit card to roughly 25-30%. On the principal of the thing I'm switching to a BOA card as my main card just so Citi doesn't even get the merchant fees-because of their gouging.
.

Yes it's not all bad I have a couple cards holding steady - but for how long? heh... point being is not everyone has multiple cards. Some don't pay off. Imagine the hardships some must be enduring. Not to mention stiffing growth in general for all business people. Have you tried SBA or sig/business loans lately? Those doors are almost completely shut.

This is in the back drop of bonused banker bailouts. Virtually free money for bankers from fed.

Smells.

 

[marincounty]

The voting on the Sanders interest rate cap is very telling. One Republican Senator voted for it, all of the rest voted against it or didn't vote. Thirty-two Democrats voted for the cap.
http://senate.gov/legislative/LIS/r...fm?congress=111&session=1&vote=00191#position

 

[Nemesis 1]

Usury is a sin against God, The decievers created usery . Thats why I said I went from zero debt to running it up . I have No intention of repaying . If you know the beast God allows you to do this . God is very clever. Simply don't pay its that simple .

 

[Nemesis 1]

When you sign an agreement it is for that stated interest . The fine print be damed

 

[Red Dawn]

Usury is a sin against God, The decievers created usery . Thats why I said I went from zero debt to running it up . I have No intention of repaying . If you know the beast God allows you to do this . God is very clever. Simply don't pay its that simple .

Lithium is a hell of a drug!

 

[Zebo]

The voting on the Sanders interest rate cap is very telling. One Republican Senator voted for it, all of the rest voted against it or didn't vote. Thirty-two Democrats voted for the cap.
http://senate.gov/legislative/LIS/r...fm?congress=111&session=1&vote=00191#position

Republicans talk a good game about free markets but what they really mean is free market at the bottom. They never saw economic intervention they didn't like as the "mercantile" party of big business and aggressive foreign policy for their buddies in MIC. Consider the effective subsidies to the pharmaceutical, continued sugar, banking and steel industries just under Bush. Not to mention that fundi at blackwater and the like.

Democrats are similar just less so but at least understand those at the bottom need a hand every one and awhile too. The progressives are few and far between almost to be as irrelevant as Goldwater Republicans.

Bottom line we have corporatism very little populism and I don't see how it can change without voters waking up in both parties and voting for the guys who arnt presented to you by TPTB.

 

[Craig234]

I'm not sure what a progressive Dem is but it appears ALL the politicians have their hands out and the most $$ will win the day. http://contexts.org/socimages/2009/09/27/partisan-political-contributions-by-u-s-companies/

You don't know what a progressive Democrat is?

See my sig for a flavor of their views. They support policies that are more pro-people - against unnecessary war, for programs that help people where it makes sense. They're the only major political faction who seem to have not been taken over by the corporate dominance. When you see the bills that are corrupt for the corporatocracy have votes where maybe 20% or 30% vote no and lose, those are usually the progressive Democrats. They have a House Caucus, where you can see who they are.

Progressives include members of Congress such as Dennis Kucinich, Barbara Lee, Alan Grayson, Robert Wexler, John Conyers, Pete Stark, Bernie Sanders and Barbara Boxer.

They are one faction of Democrats, the other main faction is the corporatist faction, linked closely to the DLC. Bill Clinton and, unfortunately, Obama are pretty much in that faction.

Some talk about the 'blue dogs', but I don't recall much of any progressive blue dogs - blue dogs means 'Democrat able to get elected in a more Republican district' and that usually is pro-corporate.

Your chart really doesn't show anything about the progressives.

I'd encourage you to check out the reference info in my sig to get more info. Try the Common Dreams web site with many progressive columns.

WHen y ou look for how to get a political movement going against the corporate corruption of our Congress (and presidency), the Republicans, DLC Dems, and third parties are not much help.

The only major faction who seems to fit the 'public interest' against the corportocracy is progressive.

 

[MotF Bane]

When you sign an agreement it is for that stated interest . The fine print be damed

No, you signed the whole agreement, that INCLUDES the fine print.

 

[Craig234]

The voting on the Sanders interest rate cap is very telling. One Republican Senator voted for it, all of the rest voted against it or didn't vote. Thirty-two Democrats voted for the cap.
http://senate.gov/legislative/LIS/r...fm?congress=111&session=1&vote=00191#position

That's a very good example of what I was just talking about with the progressive Dems and Republicans.

Some people say "that bill lost because of corporate corruption, and the Democrats are in charge, so it's the Democrats' fault" - and my even vote Republican.

But what it shows is 100% less one corpratist vote for Republicans, and over half the Democrats voting the right way, almost half also corrupted.

The message there isn't 'screw the Democrats', it's 'we need more progressives like the 32 or so who voted the right way to replace the Republicans and the corporatist Dems.'

What else is there, armed revolution? But so many here are brainwashed and see the word progressive and ignore how right they've been - on war, on deregulation, on healthcare, and so on.