I understand interest rates, but good grief, that is just outrageous. The mortgage on my house is only 5.75%. This can't be legal.
2007-02-23 06:48:04 · 10 answers · asked by Marc B. 3 in Business & Finance ➔ Credit
When I was an accounting student in the early 1980's, the definition of usury tax was interest rate of over 10%, which was deemed as illegal. I believe it related to an individual, not company, that was limited to charging 10% or less. There are banking and credit laws that probably dictate to them what their limits are. I do not know what they are at this time.
I believe that because inflation is low, the treasury rates are low, that the credit card and department stores should be forced to limit their up-charge to a percentage above the treasury rate and no further. In my opinion, they all can do sufficient profit these days at interest rates of 18% and there is no true need to go any higher than that. But I'm just a mere working joe, and what political pull do I have? Zero!
022307 3:55
2007-02-23 08:55:52 · answer #1 · answered by YRofTexas 6 · 2⤊ 0⤋
you would have the alternative of fending off the upward push by notifying the mastercard employer that you do not favor to proceed utilizing the cardboard. verify your superb print for the precise wording. you would ought to renounce utilizing the cardboard - completely. once you take advantage of the cardboard after the upward push date, your interest on the astounding stability will be recalculated from April 17, 2009 which could upload an significant quantity for your stability. who's next? actually everyone. mastercard debt is UNSECURED debt. it really is, there is not any collateral that the employer can take from you to cover your debt ought to you default. So, all mastercard holders ought to ante as a lot as make up for the losses created by the deadbeats.
2016-12-04 20:40:44 · answer #2 · answered by ? 4 · 0⤊ 0⤋
A couple years back our elected officials gave the financing companies a bonus...they can now legally charge you upwards of 40% interest.
Hey, we elected them.
When will Amercans wake up and demand real change in our government? It is America of the corporation, by the corporation, for the corporation.
Great isn't it?
2007-02-23 08:27:38 · answer #3 · answered by Gem 7 · 1⤊ 0⤋
Creditors can charge whatever they like for interest and it's perfectly legal. If you think 29% is crazy, check out www.cashcall.com Interest rates as high as 99%.
2007-02-23 06:56:11 · answer #4 · answered by Vakari 5 · 3⤊ 0⤋
Yes, it is bad. It is probably for people with low credit scores and some of the interest pays for the people who don't pay back what they owe (although I'm sure they still make more money than is reasonable).
2007-02-23 06:53:47 · answer #5 · answered by the Boss 7 · 2⤊ 0⤋
it's perfectly legal, you better pay it off asap. don't go over the limit or miss a payment. these are reasons for the rate to be so high. also, smaller companies that haven't been around long charge more than citi or amex. pay it off
2007-02-23 07:25:37 · answer #6 · answered by mrkramer5 4 · 2⤊ 0⤋
Oh it can be & it's outragious.
Most store cards are high. Major credit cards are lower & if you have good credit you can negotiate a low interest rate.
I would not use a card that high, so unless you are derparate don't.
2007-02-23 06:52:46 · answer #7 · answered by ♣Hey jude♣ 5 · 2⤊ 0⤋
Of course it is usury, but it is PERFECTLY LEGAL! Cancel the stupid card. Pay it off & stop borrowing money!
I follow this guy's plan & I haven't borrows a nickel since 2003 & never will again.
2007-02-23 06:54:09 · answer #8 · answered by Ryah B 2 · 2⤊ 1⤋
It's legal, and I feel sorry for the person with a high balance on it.
2007-02-23 06:50:36 · answer #9 · answered by Anonymous · 3⤊ 0⤋
you bet
2007-02-23 06:55:55 · answer #10 · answered by bprice215 5 · 1⤊ 0⤋