2006-07-26 10:50:46 · 9 answers · asked by vcc_34145 2 in Business & Finance ➔ Credit
Because our politicians believe in protecting business interests more than its citizens. They call this land of the free. Remember that politicians and credit card companies combined together to make this happen. I saw it on PBS Frontline. When I see this type of greed in this country I get sick. Is this the type of "freedom" we fight for in our wars? Is this what we are fighting to protect? So credit card businesses (or any shady big business) can go into other countries and do the same thing? This type of stuff is blatant uncontrolled greed. And it is inexcusable.
2006-07-26 10:56:24 · answer #1 · answered by bootstrap 1 · 1⤊ 0⤋
As Dano stated, there is no national usury law. I was stationed in South Carolina for over 14 of my 24 years of Naval Service and saw many companies including financial loan companies charge up to and including 150% interest on their loans. I don't remember the exact title, but according to the state laws, they can charge you what they want to in interest. I live in South Dakota now and have for almost 7 years. I don't agree with these fly by night loan companies that say you can borrow on payday loans. They are just like the rest of the greedy people out there charging inflated interest rates.
If you really want to get out of debt and need short term help, ask a family member or a close friend and work out a payment plan with them, including a small interest rate it need be. Just pay them back and if necessary, see if they could borrow the money for you and you pay the payments through them. It helps you in the long run and can save you much money and financial trouble.
Just stay away from the payday loan companies, they will make your troubles worse then they are now.
2006-07-26 13:46:41 · answer #2 · answered by handyman 3 · 0⤊ 0⤋
There is no National usury law. Each state has their own limit and some states have no limits. South Dakota is a "lender" friendly state. Try getting a credit card from Texas, which is a consumer friendly state. You probably can't find a credit card out of Texas.
I'm also right with Bootstrap on what he says!
2006-07-26 10:55:21 · answer #3 · answered by Dano 2 · 0⤊ 0⤋
You don't have to have an account with them. If those are your terms, you signed an agreement at some point that disclosed that it could happen.
Pay bills on time and they won't be able to do it because other companies will offer you better deals.
Make late payments and you paint yourself unworthy of credit or very risky at the best... that means higher rates to the company to justify keeping an account with you.
2006-07-26 14:38:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The reason that credit card companies have moved to South Dakota is because of their lax usury laws that allow them to charge awful amounts of interest.
2006-07-26 10:53:01 · answer #5 · answered by kearneyconsulting 6 · 0⤊ 0⤋
They get away with it because YOU let them get away with it!
Why are you still doing business with this company, when there are hundreds of other credit card companies begging for your business, and ready to offer much lower rates?
Call these people and tell them to lower your rates or you will go elsewhere!
2006-07-27 05:10:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
OK intrest rates like that make me sick. i know alot of good people who pay that much, they pay there bills on time ect. and ended up late no more than 2 times and pay that interest. Chase i good for that. It is basically a loan shark deal. but S.D. has laws easy for them to do that. that is where there corp address it but most of there business centers are in big cities.
2006-07-27 04:39:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you agree to their credit card they can charge whatever they want, unless they told you so otherwise.
2006-07-26 10:54:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Usury.
Predator lending is par for the course when credit is poor.
2006-07-26 10:53:25 · answer #9 · answered by Captain Tomak 6 · 0⤊ 0⤋