is it legal for dell to charge a finance charge of 35.80 a month?

Answer 1

Sadly, they can...This is why...

Information on Dell preferred accountshttp://www.dell.com/content/topics/segtopic.aspx/dpa_learnmore?c=us&cs=19&l=en&s=dhs&~ck=mn - see the "Rates & Fees" tab for current rates.
Sample :

Annual Percentage Rate (APR) (based on credit worthiness) As of February 28, 2007, APRs range from 17.24% - 29.99%. Your rate will be disclosed upon approval.
Variable-rate Information APR varies with changes in prime rate. DPA rates are based on outstanding balance if paid in full by due date each month.
Grace Period for Repayment of Balance for Purchases 25 days from billing date - No finance charges assessed on outstanding balance if paid in full by due date each month.
Annual Fees None
Minimum Purchase None
Minimum Finance Charge $2.00
Minimum Monthly Payment The greater of $15 or 3% of your account balance
Transaction Fee for Purchases None
Late Payment Fee $10.00 - $35.00 (depending on account balance)
Pay by Phone Fee $9.95 - $13.95
Check Return Fee $25.00
Online Account Management Fee None
Privacy Policy www.dell.com/dfsprivacy
Note: The Customers Rate is determined by a CIT bank computer program.
1) Looks at number of credit lines open.
2) Past Payment History
3) Income to Debt Ratio
Based on these factors, the computer determines what DFS can offer the customer; (the APR for the credit line and promotional offers). Remember that the APR range is set. Based on the values above 17.24 % is the best offer, currently

Answer 2

Did you read the contract you signed when you purchased the product ? I'd bet you good money that the finance rate was specified right in the contract. If you accepted it, of course it's legal.

Answer 3

of course! its called business. cc business is in biz to make money not help u. it's done on those who don't know. u don't know what u don't know. and what u don't know may hurt u. make a decision to get organized financially. u need to be debt free and learn to live on cash. and yes it's possible. get the beeok Total money make over by dave ramsey it will teach u how to do this on ur current income. also listen to his show. check dave ramsey dot com for ur local listings. it's an excellent top 10 ranked callin show about common folks finances who are tired of bien normal in america. and normal means living in debt broke and living paycheck to paycheck. sound familiar?

Answer 4

The question wasn't if it was smart or if it was nice, the question was it legal. Yes it is legal for them to charge you ANY AMOUNT that you agree to when you bought the item.

Answer 5

If so, then your credit really sucks. But, then again, no, this is ludicrous. The upcoming revolution will be against large companies stripping the average worker of their topsoil.