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. #1
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    Credit Cards

    Would it help america have a better economy if illegal loan sharking percentages were lowered to lever the credit cards down?

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    Re: Credit Cards

    The outrageous rates are NOT illegal.
    They should be higher, and far more creative/innovative than they are now....The idea is to force people to think and plan before spending..
    The bankruptcy laws are way too "soft"; people, governments who spend on an irresponsible basis should pay back 100%, except for excessive interest rates

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    Re: Credit Cards

    Not only would it not be better, it would be much worse. The problem is, a lot of people who run up huge balances on their credit cards ought not have the cards to begin with. They are horrible credit risks, they are late payers, and more likely to go bankrupt and default on their obligations.

    There are two ways to solve the problem. The first is to allow credit card companies to jack up interest rates sky high on the worst payers. This would likely lead to more charge-offs and bankruptcies, but at least those people could no longer get credit. The second, and probably best, would be strict usury laws which control how high credit card companies can raise their interest, which would have the side benefit of making them look a lot closer at the people who they are giving credit to. The less credit-worthy would never get a card.

    That's how it ought to be.
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    Re: Credit Cards

    Personally? I think if you cannot pay your credit card debt? You should have your kneecaps busted.

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    Re: Credit Cards

    Quote Originally Posted by earthworm View Post
    The outrageous rates are NOT illegal.
    They should be higher, and far more creative/innovative than they are now....The idea is to force people to think and plan before spending..
    The bankruptcy laws are way too "soft"; people, governments who spend on an irresponsible basis should pay back 100%, except for excessive interest rates
    I certainly agree about the bankruptcy laws...when ever someone files bankruptcy the bills all roll over to affect every american in ways of higher prices added for products and services to cover the sales loss of payments.

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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?
    How about we just don't evernevererverever take a credit card....like ever...pay cash, live below your means...oh wate I'm making sense, my bad

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    Re: Credit Cards

    Quote Originally Posted by Jerry View Post
    How about we just don't evernevererverever take a credit card....like ever...pay cash, live below your means...oh wate I'm making sense, my bad
    Actually this would make sense but unfortunately it would keep the flow of money and tax down so our country could not have grown a powerfull military and technology gains would be slower.

    The snowball effect of people living well beyond their means only to pass away in debt helps roll the bills forward to raise inflation and in turn tax revenue. This cycle builds the economic balloon that can only grow untill government intervention is necessary. Then we just start the callapsed economy and depression cycle all over again.
    Last edited by creativedreams; 03-30-09 at 07:11 PM.

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    Re: Credit Cards

    No. The lender writes a contract, the borrower signed it.

    Bankruptcy is the proper option for people who can't pay back the creditor.

    Don't pass laws making it ever more difficult to go bankrupt, as Joe Biden has, but don't make it easy, either.

  9. #9
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    Re: Credit Cards

    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.
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    Re: Credit Cards

    Credit cards are a bad idea in a society that has no self-control.

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