Originally posted by chiponbothshoulders
And the biggest thing is your inability to realise what living within your means is,if you pay your bills on time,why don't you just use cash?...or maybe a debit card,like having the money you need to buy what you want when you go buy it?.that would solve your prob now,wouldn't it?.
Originally posted by Iamonlyhuman
I've just come from my credit card payment website and I am pissed off ROYALLY! My credit card bank is Bank of America.
First, a little background. I was reading this article written by Clark Howard who I've listened to for years and decided to go check out my APR on my card. I haven't checked it in a while because I have a very good credit rating and pay all my bills on time. I had just assumed everything was alright.
Well, bite my A$$, I've had a 6.99% APR for at least four years now and guess what it is now... you ready?.... 28.99%!!!!!!!!!!!!!!!! I felt sick and got dizzy.. seriously...
This has GOT to be ILLEGAL! If not illegal it DEFINATELY is IMMORAL! Not only do they get my tax dollars and possibly my pension money (as stated in another thread) but they get my bill money too!
EDIT to add - I don't recall BoA EVER contacting me to alert me to the change... I pay attention to those things and cannot remember getting anything from them... they just did it... sneaky like...
[edit on 13/2/2009 by Iamonlyhuman]
Originally posted by silo13
Ahh the beautiful sound of scissors meeting plastic!
A loan shark is a person or body that offers unsecured loans at high interest rates to individuals, often backed by blackmail or threats of violence.
In much of history, usury laws made loan sharks commonplace. Many moneylenders skirted between legal and extra-legal activity. In the western world in recent years, loan sharks have been a feature of the criminal underworld, but otherwise rare. Loan sharks are common in the Italian Cosa Nostra and Triads in China.
There are many registered and legal lenders that lend to people who cannot get loans from the most mainstream lenders such as large banks. They often operate in cash, whereas mainstream lenders increasingly operate only electronically, which means that they will not deal with people who do not have a bank account. Terms such as subprime lending and "non-standard consumer credit" are used for this type of lender. Payday loans are one example of this type of consumer finance. The availability of these products has made true loan sharks rarer, though some legal lenders have been accused of behaving in an exploitative manner.
Payday loan operations have also come under fire for charging inflated "service charges" for the service of cashing a "payday advance" — effectively a short-term (no more than one or two weeks) loan for which charges may run 3-5% of the principal amount. By claiming to be charging for the 'service' of cashing a paycheck, instead of merely charging interest for a short-term loan, laws which strictly regulate moneylending costs can be effectively bypassed.
Originally posted by Iamonlyhuman
You know, it just occurred to me that we should be able to deduct all loan and credit card interest from our taxes, not just mortgage interest. After all, we, the taxpayer, are bailing them out.
"On Oct. 22, 1986, President Ronald Reagan signed into law the Tax
Reform Act of 1986. Reagan called the 829-page, 33-pound bill 'the most
sweeping overhaul of the tax code in our nation's history.'
"The new code gradually phased out all deductions for interest paid on
car loans, charge-account purchases, vacations and anything else that
fell under what the law termed 'consumer loans.'