It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

No, You're Reading That Right 79.9 percent rate targets credit-challenged

page: 1
7
<<   2 >>

log in

join
share:

posted on Oct, 17 2009 @ 09:23 AM
link   

No, You're Reading That Right 79.9 percent rate targets credit-challenged


www.nbcsandiego.com

The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR.

Hageman acknowleged that his credit isn't perfect, but he said it's about average. He said the pre-approved offer didn’t mention the actual interest rate on the card -- for that, he had to read the enclosed fine-print disclosure.
(visit the link for the full news article)




posted on Oct, 17 2009 @ 09:23 AM
link   

The California Attorney General's office said there's nothing it can do about the cards since they are issued out of state and out of its jurisdiction.

A spokesman with the Federal Deposit Insurance Corporation (FDIC) said interest rate limits on bank cards are set by the individual state and not on a federal level. According to information on the South Dakota Legislative Web site, there is "no maximum or usury restriction." In other words, the individual bank can set its own interest rate limits.


Nothing really new here except that this is so outrageously preditorial (I hope that's a word). An 80% interest rate... and it's LEGAL. Of course they didn't put it in the main body of the offer, it's in the fine print section, the bank of course didn't comment and people will take them up on this offer. Insanity...

www.nbcsandiego.com
(visit the link for the full news article)



[edit on 17/10/2009 by Iamonlyhuman]



posted on Oct, 17 2009 @ 09:45 AM
link   
That's STEALING. Plain and simple. I think that bank should be robbed until it folds like a house of cards in a heavy rain. See how THEY like being robbed blind.



posted on Oct, 17 2009 @ 09:53 AM
link   
Perfectly legal, unless their collections department consists of two guys in pinstripe suits and wearing fedoras that come over to your house and break your legs as a reminder to pay your bill.

And speaking of the mafia, wasn't their loan sharking rate something like 30%? I guess if you are a registered financial institution it makes everything a "legitimate business transaction".



posted on Oct, 17 2009 @ 10:23 AM
link   
At the risk of bending the T&C rules... I think it's time EVERYONE started sending these banks a message. I think they need to be robbed, over and over and over. The money distributed to the poor (oh boy, shades of Robin Hood)- and if the banks are too stupid to catch on, a nice BIG blatant ad in like the NY Times to spell it out for their little minds.

I've just had ENOUGH. I am sick of being robbed, and hearing stories of people being robbed, and the people who DO the robbing smirking and hiding behind laws THEY put in place, because they spread a little around OUR govt WE tried to vote in. I really think it's time to take blatant, loud, unmistakable action, and no more 'wah wah wah' over a computer screen.



posted on Oct, 17 2009 @ 10:29 AM
link   
The bank charging that rate is actually pretty stupid. They're going to end up losing a ton of money on it as that ridiculous interest rate is going to cause a high number of defaults. Oh well. Serves 'em right.



posted on Oct, 17 2009 @ 12:58 PM
link   
reply to post by Iamonlyhuman
 

That is just staggering and disgusting. Star and Flag for bringing this to our attention.

I thought my own card's rate of 23.6% was bad enough, but I never use the thing anyway. I use my debit card if I have to use a card at all. But almost 80%? The word "greedy" does not do it justice.

Makes you wonder if the bankers who set up these things have any conscience whatsoever.



posted on Oct, 17 2009 @ 01:00 PM
link   

Originally posted by vor78
The bank charging that rate is actually pretty stupid. They're going to end up losing a ton of money on it as that ridiculous interest rate is going to cause a high number of defaults. Oh well. Serves 'em right.



Nope.

They will get any losses back plus much more when the next 'stimulus' rolls out.



posted on Oct, 17 2009 @ 01:04 PM
link   
Good! Credit cards are bad in general, and if you're too stupid to read the fine print you deserve a ludacris interest rate.

The government wants us to be in debt. Understand that, first.



posted on Oct, 17 2009 @ 01:39 PM
link   

Originally posted by badgerprints

Originally posted by vor78
The bank charging that rate is actually pretty stupid. They're going to end up losing a ton of money on it as that ridiculous interest rate is going to cause a high number of defaults. Oh well. Serves 'em right.



Nope.

They will get any losses back plus much more when the next 'stimulus' rolls out.


AND they'll be able to deduct any losses from their taxes.



posted on Oct, 17 2009 @ 01:48 PM
link   

Originally posted by fbnks
if you're too stupid to read the fine print you deserve a ludacris interest rate.


That's not a very helpful comment. But, your statement is what the banks are actually saying to consumers.

Interest rates are based on the riskiness of the loan. This bank obviously views these consumers as very, very risky. So, that begs the question - should they be lending to them in the first place? Afterall, they have a fiduciary responsibility to their stockholders. If I were a stockholder in this bank, I would be raising hell. This kind of lending is what got us in this situation to begin with.

I really wish people (and the banks) would stop saying things like this. The reason I say that is because we all know for a fact that there will ALWAYS be people who will borrow more than they can pay. Using them to justify doing this is a deflection of responsibility - plain and simple.

[edit on 17/10/2009 by Iamonlyhuman]



posted on Oct, 17 2009 @ 02:35 PM
link   
Hopefully one day soon, people will see the light and rip up their cards...take their money out of banks...form or join local credit unions or something....and then watch these rubbish institutions fold, as they now deserve to do. Greedy, greedy, nasty people who should be demolished and their profits should be ruined, just as they try to ruin others.



posted on Oct, 17 2009 @ 04:38 PM
link   
You all are keeping in mind how the idea of credit started, right? That alone should be enough to never want a credit card.



posted on Oct, 17 2009 @ 05:24 PM
link   

Originally posted by oneclickaway
Hopefully one day soon, people will see the light and rip up their cards...take their money out of banks...form or join local credit unions or something....and then watch these rubbish institutions fold, as they now deserve to do.


I totally agree. (I starred your post!)

People (corporations) are going to take advantage of people as long as there are people willing to be taken advantage of. Yes, this 80% interest rate is outrageous! It's robbery as some have said. But when the consumer signs on the line that they willingly enter into the agreement, who can you blame, really?

These corporations are getting richer and richer selling people the ability to live outside their means! That's insanity!

Does anyone think there should be restrictions imposed? Or is educating of the masses the only hope?

We own credit cards, but only use them for convenience and pay them off every month. If we can't afford it, we don't get it.



posted on Oct, 17 2009 @ 05:36 PM
link   
HAHAHA!! I got the same credit pre approval thing for must be the same bank and saw the 79.9% interest thing and I laughed and laughed; not only will I never get ANY credit card, But I sure as Hell would never give someone with that interest rate the time of day...I only wish I could have mailed a response to the company stating " What do you take me for? I probably have a higher IQ then your whole company combined!" LMAO...Oh how I wish I coud have sent them that letter!!!! What nubs!



posted on Oct, 17 2009 @ 06:14 PM
link   
I'm not telling people to do this, but they'd be put in their place pretty quick if everyone were to get a bunch of cards, charge them to the limit and then tell the banks to take their payments out of the taxpayer provided bailouts they received.

The government is not there for we the people. Allowing the banks to operate the way they do is just one example of many.
Now we find the governments idea of an investigation on the banks is requiring about three percent of them to answer questions Re tarp funding. What kind of trash is that?


We the people have been screwed again.



posted on Oct, 18 2009 @ 12:46 AM
link   
Today's word of the day is "Usury"


In the United States, usury laws are state laws that specify the maximum legal interest rate at which loans can be made. Congress has opted not to regulate interest rates on purely private transactions, although it arguably has the power to do so under the interstate commerce clause of Article I of the Constitution.

.



posted on Oct, 18 2009 @ 01:24 AM
link   
Ok, I saw this a few hours ago, and had I posted, or replied in this thread at the time I would have cursed up a storm so bad that it would have got me a one way ticket to being banned from ATS. Usury pisses me off to no end! This is BEYOND USURY, this is theft outright, and it is the reason we should NEVER, EVER bailout banks and then prop them up indefinitely even as they're stacking up losses, because this is what they do.



posted on Oct, 18 2009 @ 02:13 AM
link   
This is totally ridiculous, even from the bank's point of view.

They MUST realize that even if people agree to this, almost nobody who takes out credit at that rate will EVER be able to pay it back. So you will have massive defaults, which will ruin the banks.

I guess they are getting free money from the government so they don't really care. Maybe the thinking is: "Toss it here, toss it there, who gives a flying ****? Uncle Sam will come to the resucue again, just like in autumn '08, right? Maybe we can squeeze one or two payments out of the chuckleheads before they default anyway, so we might as well jack up interest rates as far as they will go."

Inflation crazytrain, free money for all. Whooooo-eeee!



posted on Oct, 18 2009 @ 02:36 AM
link   
reply to post by Ahabstar
 


What don't you guys get... the government essentially IS a mafia at this point, rates have gone up.



new topics




 
7
<<   2 >>

log in

join