Do You Think Credit Card Universal Default Rates Are Unfair?

Question

Is you haven't heard the term, lets say your a little late on your electric bill this month. You would think it be between you and them but some banks have made it their business if they find out. raising interest rates to as much as 29.99% and before you know it your over your credit limit so they charge another $29 credit limit charge and when the payments are too much they charge a $29 late fee. So you're getting screwed three ways.
List the banks you know that are using this predatory business practice. One I can mention is Chase bank.
I rather do business with "Vinny the loan shark".

Answer 1

This is one reason I avoid credit all-together. Credit companies are out there for one reason, make money. They don't provide a service or product. They only exist to give you a few bucks and take more back from you for being impatient. Of course it's unfair, but it's still legal. So if a company wants to treat me like that, I say I will take my money elsewhere. I own a business to make money, but also because I enjoy what I do and provide something that people really want and enjoy (custom furniture). Nothing wrong with capitalism, it's just the people who abuse it, like creditors.

Answer 2

i trust your calculation is faulty. $one hundred and eighty is per chance the completed finance costs charged (interest, over the reduce value, and probably previous due value) seeing that that's fifty 4% APR and maximum banks charge a maximum of about 29.ninety 9% APR and some go as severe as 40-one% APR. Banks are allowed to charge countless costs of interest on charge playing cards.

Answer 3

All banks do this. When you signed their contract you agreed to their terms and conditions. Did you read them before you signed?

If you are being charged these fees, it's because you are at fault not the bank. Quit whining and pay your bills as agreed and you will not have this problem.

Answer 4

Name the bank's that DON'T have 'Universal Default'. The list is shorter. I'm aggressively paying of EVERYTHING. once that's done, the rates don't matter.