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. #31
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    Re: Credit Cards

    Quote Originally Posted by Curious Cat View Post
    then couldnt we solve the problem by better educating the younger of society, such as myself?
    Partially. However, lots of education won't entirely solve the problem if the companies themselves go to Herculean efforts to obscure, omit and otherwise not disclose important information especially when people need credit. Think of it like the stock market. The smartest investor can't make good decisions when the financials of companies are fraudulent. At best, both the investor and the educated potential credit card consumer will simply not invest or get a card, but that does not help them in the long run.

    As I've always said, good information generally leads to better decisions and bad information leads to bad decisions.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #32
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    Re: Credit Cards

    Quote Originally Posted by creativedreams View Post
    I am referring to the interest rates charged on the loaned money.
    What makes you think they are illegal or that people are uninformed?

    But new research suggests that most payday borrowers are more rational and informed than critics believe. A January 2009 study by Gregory Elliehausen at George Washington University found that payday borrowers make informed choices. About half of the 1,173 payday borrowers he surveyed considered other credit alternatives -- such as bank, credit card, or personal loans -- before taking out a payday loan. Over 80% lacked sufficient funds in their bank accounts to meet their expenses, so by taking out a payday loan they avoided expensive checking account overdraft fees. Nearly 90% said they were either very or somewhat satisfied with the transaction
    Robert DeYoung Says Price Controls From Congress Will Make Payday Loan Difficult for Borrowers - WSJ.com
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  3. #33
    Advisor Burning Giraffe's Avatar
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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?
    No. That would only decrease our access to credit. Which, would be a good thing. However, I prefer to let the market handle this. When people tire of the 27% interest they are paying, then maybe they'll put more money in the bank and less money on their credit cards.

  4. #34
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    Re: Credit Cards

    Just be thankful it isn't serfdom.

  5. #35
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    Re: Credit Cards

    Quote Originally Posted by obvious Child View Post
    What makes you think they are illegal or that people are uninformed?
    That's the thing, the people who get payday loans know exactly what they're doing, it's been shown over and over, but these ridiculous liberal asshats think they know what's best for everyone so they're going to "fix" the "problem" that doesn't exist by harming the same people they claim to be helping.

    Years ago, I helped a friend set up one of those payday loan places and I had concerns about the customers, like a lot of people initially do, so I talked to people, hundreds of them, and without exception, they *ALL* knew what they were getting into. Not a single one of them felt used, abused, cheated or ripped off, they were all using a service that they needed and they accepted the costs as a part of life.
    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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  6. #36
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    idea Re: Credit Cards

    Quote Originally Posted by Makedde View Post
    credit cards should be banned altogether. They encourage people to spend money they don't even have.
    it is their own stupid fault and I have no sympathy for them at all, but no one can deny that these flimsy bits of plastic encourage people to spend.

    If you cant afford to buy something, that means you should go without. Save your money, then buy it.

    The only people who should be given credit cards are those with a high enough income that would ensure they can pay the bill, and the limit on a credit card should be based on that persons income.
    i AGREE completely! except that it would bring the economy down quite a bit... :/
    curiousity may have killed the cat but satisfaction brought me back

    and im 16, please dont bag on me if i dont think all the way through

  7. #37
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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?
    Interest rates have gotten rediculous at this point. My brother-in-law has had great credit for sometime but that hasn't stopped his credit card companies from jacking up his interest rates for no reason. Seriously, he pays on time every month and more than the minimum but most of his cards have raised the interest to 18 - 25%. He never uses his cards for anything other than emergancy room visits or car problems but they still see fit to raise his rates willy nilly for no other reason than because they can. This is the result of laws passed in the early Bush years when they also made it more difficult to file bankruptcy.

    There are also other tactics that credit card companies use to squeeze more money out of people. Like lowering a person's credit limit in order to charge over-limit fees. Tacking on last minute maintenace fees between statement due dates in order to charge late fees. Late fees are another thing, it doesn't cost creditors $30.00 if they get your payment 1 day late. If it did then they wouldn't sit on your payment for a week after they received it.

    Futhermore bad credit has created a shadow business. If you don't pay your bills for a length of time the original creditor will sell your debt to a collection agency most often for pennies on the dollar. The collection agency will attempt to collect but if you still don't pay, they sell your debt to another agency and the cycle continues. Then you start getting settlement offers asking for you to pay half the debt just to get it off the books. Or more likely so they can at least recover the money they bought your debt for.

    If I sounds like I'm speaking from experience, I am. I'm one of those Americans that had a lot of **** hit the fan and once you fall behind it's not easy getting back up. And it's not just me, everybody who has or had a spouse that lost their job is in the same boat. The reason that this has become such a big deal isn't really because of the way creditors issue credit but because of what happens when people have their lives turned upside down. One wage earner loses their job and the credit card becomes a suppliment for the missing income. People start buying food with them and use the 'real' money for bills like mortgage or rent.
    Last edited by Saboteur; 05-11-09 at 04:33 PM.
    “We must picture hell as a state where everyone is perpetually concerned about his own dignity and advancement, where everyone has a grievance, and where everyone lives with the deadly serious passions of envy, self-importance, and resentment.”
    ― C.S. Lewis, The Screwtape Letters

  8. #38
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    Re: Credit Cards

    Quote Originally Posted by Cephus View Post
    Years ago, I helped a friend set up one of those payday loan places and I had concerns about the customers, like a lot of people initially do, so I talked to people, hundreds of them, and without exception, they *ALL* knew what they were getting into. Not a single one of them felt used, abused, cheated or ripped off, they were all using a service that they needed and they accepted the costs as a part of life.
    While I agree, based on the evidence that payday loans aren't the evil people think they are, I'm not so sure about credit cards especially given the ignorance over how they work in the general population. I'd be for more disclosure in readable print about the specifics not to mention barring credit card firms from deliberately obscuring important information. If we don't let companies do this on their 10ks, why would we allow credit card companies to do it on their applications?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  9. #39
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    Re: Credit Cards

    Quote Originally Posted by obvious Child View Post
    While I agree, based on the evidence that payday loans aren't the evil people think they are, I'm not so sure about credit cards especially given the ignorance over how they work in the general population. I'd be for more disclosure in readable print about the specifics not to mention barring credit card firms from deliberately obscuring important information. If we don't let companies do this on their 10ks, why would we allow credit card companies to do it on their applications?
    We need to bring back usury laws and limit the amount of interest a credit card company can charge. If a customer's credit is so bad as to require them to pay 20% interest, they shouldn't get a credit card to begin with.

    But just wait until they stop issuing cards and everyone starts whining about how unfair it is. You can't win.
    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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