View Poll Results: Should illegal loan sharking percentages be lowered

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  • yes

    15 71.43%
  • no

    5 23.81%
  • maybe

    1 4.76%
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Thread: Credit Cards

  1. #11
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    Re: Credit Cards

    Credit is slavery


    Matthew 10:34
    Think not that I am come to send peace on earth: I came not to send peace, but a sword.

  2. #12
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    Re: Credit Cards

    Quote Originally Posted by Reverend_Hellh0und View Post
    Credit is slavery
    If so, then it's an entirely self-imposed slavery, nobody makes you pull out the plastic to make a purchase, you do that to yourself.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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  3. #13
    Another day in paradise..
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    Re: Credit Cards

    Quote Originally Posted by Cephus View Post
    If so, then it's an entirely self-imposed slavery, nobody makes you pull out the plastic to make a purchase, you do that to yourself.


    This is true,


    Matthew 10:34
    Think not that I am come to send peace on earth: I came not to send peace, but a sword.

  4. #14
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    Re: Credit Cards

    Quote Originally Posted by Cephus View Post
    It ought to be very difficult to declare bankruptcy, the whole idea is to discourage it as much as humanly possible. I also think that people who declare bankruptcy shouldn't get off without having to pay, they still ought to be liable for the bills they run up, just at a slower rate, perhaps with no interest, but there's no way in hell they'll get any credit from anyone for a long, long, long time. Make it hurt a lot. That'll stop people from doing it.
    Difficult.

    Not impossible.

    And bankruptcy punishes the predatory creditor, also. Let's not pretend the companies offering $5,000 lines of credit to college freshmen don't know what they're doing here.

  5. #15
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    Re: Credit Cards

    Quote Originally Posted by Scarecrow Akhbar View Post
    Difficult.

    Not impossible.

    And bankruptcy punishes the predatory creditor, also. Let's not pretend the companies offering $5,000 lines of credit to college freshmen don't know what they're doing here.
    +1000

  6. #16
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    Re: Credit Cards

    Quote Originally Posted by Cephus View Post
    It ought to be very difficult to declare bankruptcy, the whole idea is to discourage it as much as humanly possible. I also think that people who declare bankruptcy shouldn't get off without having to pay, they still ought to be liable for the bills they run up, just at a slower rate, perhaps with no interest, but there's no way in hell they'll get any credit from anyone for a long, long, long time. Make it hurt a lot. That'll stop people from doing it.
    Actually... when you declare bankruptcy, you get credit offers almost immediately.

  7. #17
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    Re: Credit Cards

    Quote Originally Posted by rivrrat View Post
    Actually... when you declare bankruptcy, you get credit offers almost immediately.
    Yes and no. I have a friend who declared bankruptcy about 10 years ago and he says that yes, he did receive some credit card offers at the beginning, but they were all for secured credit. If people have collateral to put up against their credit, they wouldn't be bankrupt. Thereafter, he would get some unsecured offers for low amounts, simply because the banks knew he couldn't declare bankruptcy again for 7 years.

    However, that was when credit was cheap and easy to get, today I doubt you'd see that kind of thing.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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  8. #18
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    Re: Credit Cards

    Quote Originally Posted by creativedreams View Post
    Would it help america have a better economy if illegal loan sharking percentages were lowered to lever the credit cards down?
    If the loan shark percentages are illegal - how do you control them?

    In my experience, credit is still easy to get and that has nothing to do with percentages. The fact I don't take up my credit allowance or go anywhere near my credit maximum is that I try to be responsible and plan ahead.

    Also - over here, banks won't allow you certain services unless you have a credit card either. Mortgages for one example.

  9. #19
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    Re: Credit Cards

    Quote Originally Posted by Infinite Chaos View Post
    If the loan shark percentages are illegal - how do you control them?

    In my experience, credit is still easy to get and that has nothing to do with percentages. The fact I don't take up my credit allowance or go anywhere near my credit maximum is that I try to be responsible and plan ahead.

    Also - over here, banks won't allow you certain services unless you have a credit card either. Mortgages for one example.
    I am referring to the interest rates charged on the loaned money.

    Credit card scams are no different than the scenario of borrowing money from "Big Al" at 50-100% interest. The only difference is that card companies use slightly lower interest rates but target a huge portion of the population.

  10. #20
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    Re: Credit Cards

    Ah yes, a new winger wet dream, debtors prisons and we could even outsource it.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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