First Premier Bankcard drops interest rate from 79.9% to 59.9% -- what a deal!
source: http://abcnews.go.com/Business/credit-card-interest-rates-wild/story?id=12865714
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- SocialImaging
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So, the strategy is punitive and the motive is remedial: You've got bad credit, we'll be generous and lend you $300 at 60%... THAT ought to teach you to spend responsibly!
It's called Fee Harvesting and it's legal, apparently. Check cashing places do it for people whose bank accounts would be garnished otherwise. At this point, how many of us HAVEN'T gone through foreclosure or defaulted on a debt of some kind? And that makes you a bad person, right? So you should be punished like a little child by being forced to pay high fees and high interest rates on loans to the bank (surrogate parent) of your choice.
Is there an alternative lifestyle for people with bad credit? Can basic needs be met some other way than by patronizing these banks that are out to rip you off? Is borrowing for non-essential items a treatable addiction? Or maybe we need to change our focus.
One serious problem with our economy right now is the engagement of professionals in money-making schemes that don't increase our national productivity. Banks have stopped lending to businesses, which means they are not investing in people who make something useful that we can sell to foreign markets and use to sustain ourselves at home. This is a type of fraud on the American people. Any ideas on how to stop it?
It's called Fee Harvesting and it's legal, apparently. Check cashing places do it for people whose bank accounts would be garnished otherwise. At this point, how many of us HAVEN'T gone through foreclosure or defaulted on a debt of some kind? And that makes you a bad person, right? So you should be punished like a little child by being forced to pay high fees and high interest rates on loans to the bank (surrogate parent) of your choice.
Is there an alternative lifestyle for people with bad credit? Can basic needs be met some other way than by patronizing these banks that are out to rip you off? Is borrowing for non-essential items a treatable addiction? Or maybe we need to change our focus.
One serious problem with our economy right now is the engagement of professionals in money-making schemes that don't increase our national productivity. Banks have stopped lending to businesses, which means they are not investing in people who make something useful that we can sell to foreign markets and use to sustain ourselves at home. This is a type of fraud on the American people. Any ideas on how to stop it?
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- groups:
- Community, Money, Greatest Depression, NEOCapitalism, 1 more
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- tags:
- Credit Cards, Rip Off, high interest rates
