how can credit card companies charge over 32% interest rates on cash loans?

Question

I took out a loan for a totat of 5000$ at 5.99 % interest, missed one payment, and am now being charged 32.3%.

Answer 1

read the fine print. They are loaning you money, they can set the terms however they want. They should, however be required to be more open about this.

Most people know that when you get a card with a low rate, this is how they work.

Answer 2

I am sorry that you are having these difficulties. I think that the government just lets the free market system work itself out. In theory, a new credit card company should enter the market with a much lower interest rate for seniors if in fact they the rates being charged do not match the risk that the credit card companies are taking on. (Also, part of the increase is due to the government raising rates, but that is a small piece of it) My recommendation is that you talk to a financial consultant who would probably recommend that you consolidate your loans with a load on your home (if you own one). Interest rates on homes can often be around 6% or 7% vs the really high rates the credit card companies charge. If you don't own a home, there are specialist that can work with the credit card companies for you, often getting the monthly payments reduced. I hope this helped.

Answer 3

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RE :How can credit card companies charge over 32% interest rates on cash loans?
I took out a loan for a totat of 5000$ at 5.99 % interest, missed one payment, and am now being charged 32.3%.
Follow 6 answers

Answer 4

Fine print and greed.

I'm sure somewhere in the huge set of fine print that comes with your loan there was a fee/penalty that could be exercised on the event of aa late payment or a missed payment.

Answer 5

It is possible to instanly receive an advance payday loan up to $1000 by using site: http://loans.servermatrix.org I managed to get the payday loan despite the fact that I had a very bad credit history.

Answer 6

This is usually in your terms when you sign. Being late or missing a payment usually results in a "penalty rate" being applied. That is, 20-30% in most cases!

Answer 7

read FINE PRINT that is where the snakes state how you get the legal shafting.
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