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Would it help america have a better economy if illegal loan sharking percentages were lowered to lever the credit cards down?
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
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 :doh
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.
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.
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.
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.
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 :doh
Having credit cards isn't a bad idea. It's carrying a balance that is stupid.
You expect what never has and never will be. The public is not educated properly by our liberal stalinist public education system to survive in a capitalist society. They are taught multiculturalism and Kumbaya.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
You expect what never has and never will be. The public is not educated properly by our liberal stalinist public education system to survive in a capitalist society. They are taught multiculturalism and Kumbaya.