2007-12-06 09:02:52 · 26 answers · asked by Zardoz 7 in Politics & Government ➔ Politics
My state has a legal rate of interest is 10%. Presently there is no
usury limit !!!! Credit cards are much more.
2007-12-06 09:14:53 · update #1
Mother - I agree
2007-12-06 09:18:03 · update #2
Richard_Guttman - I accept the nomination of your party.
2007-12-06 09:33:13 · update #3
He just wants to protect wealth investors.
2007-12-06 09:08:29 · answer #1 · answered by Holy Cow! 7 · 4⤊ 4⤋
Credit card interest rates are already by law limited. Sounds like you would like the Pres to lower those rates. It probably won't happen though. Just like the President doesn't control the price of gas. We live in a nation where capitalism rules. Democrats and liberals really want a socialist society where the government takes care of people so they don't have any responsibility or failure. However, the downside to socialism is that it leaves no room for success. But I suppose bottom feeders wouldn't care because they have no ambition to ever make something of themselves or be responsible. Socialism only looks good until the capitalism that actually funds it is gone, then all you have is a broke down system where everyone is equally in poverty and at the mercy of the government.
2007-12-06 09:47:18 · answer #2 · answered by amber s 4 · 2⤊ 0⤋
Why dont people understand even the most basic economic principles?
Credit card rates are high because they are non-secured loans. If you dont pay them back, they lose all of their money. Default and delinquency rates are much higher on credit cards then other types of loans. Thereofre, banks have to charge a higher rate in order to cover that added risk of loss. There is actually very little money to be made inc redit cards relative to other kinds of loans.
If rices were mandated to be lower, this would move supply and demand out of whack. Banks would offer less cards and borrowered would demand more, leading to a shortage. The reult would likely be that banks would only offer cards to the most wealthy and safe borroweres denying credit to average people.
The current bill in the house that is reviewing lending practices, if not written correctly will have just this effect and will cause more harm then good by denying credit cards to many people.
Its really sad and dangerous, that so many people dont understand basic supplly and demand and how markets work. Somehow people just think prices are just magically created to some arbitrary level.
2007-12-06 09:17:54 · answer #3 · answered by tv 4 · 2⤊ 1⤋
That would be an excellent idea and also limit the use of credit scores outside the world of credit, your credit score can cause your interest rates to increase even if you have a perfect pay record with the company that has your card, further the insurance companies are using credit scores to raise insurance rates even though you may have a perfect driving record and a perfect payment record with them.
2007-12-06 09:09:50 · answer #4 · answered by Anonymous · 2⤊ 1⤋
Credit interest rates are too high - lol.
Of course, Bush is mainly interested in helping rich people, getting rid of things like the so called "Death Tax", which has never really bankrupted anyone, because it is for only people with more than 1 million worth of property.
Well, don't elect a Repulican (althought I admit the Democrats aren't really better), and don't take loans on a credit card, or payroll loans, and you should avoid the worst of this.
2007-12-06 09:28:32 · answer #5 · answered by ch_ris_l 5 · 1⤊ 2⤋
HA! When people sign off to recieve their shiny new credit cards they should read all the fine print and they DON'T! So if they wonder why they are in the situation they are, they can just look in the mirror and point. Bush is not resposible for YOUR debt. You are borrowing money from a credit card company with promise to pay. If you don't they can do anything they damn please. I have no pity for people in drowning credit card debt
2007-12-06 09:30:01 · answer #6 · answered by boxjellÿ 5 · 1⤊ 0⤋
You should read the Constitution. That is not a power of any branch of the federal government. It is a state power, not a federal one, thus, Bush cannot limit credit rates.
2007-12-06 09:26:50 · answer #7 · answered by Content is another word for lazy 2 · 1⤊ 0⤋
How bout Americans help themselves and not get credit cards with high rates? We don't need bush trying to perfect life by making laws. A credit card company can set their interest any way they want and you don't have to go to them if you don't like it.
2007-12-06 09:10:20 · answer #8 · answered by Gonzo Rationalism 5 · 4⤊ 1⤋
Typical credit cards have interest rates between 6 and 36% in the USA, depending largely upon the bank's risk evaluation methods and the borrower's credit history.
As much as I am against Bush, I dont think he has the control over this. Who knows he is Satan, and I hear Satan controls a heck of a lot of stuff in our world today. hmmmm maybe he can step in now that I am thinking about it
2007-12-06 09:08:43 · answer #9 · answered by Grape Stomper 5 · 3⤊ 2⤋
People can help themselves by not spending beyond their means. I hardly use credit cards, because I don't buy what I can not afford. I am in debt enough with student loans, so I don't need more by buying a big screen TV.
2007-12-06 09:08:53 · answer #10 · answered by wichitaor1 7 · 3⤊ 0⤋
Congress is working on credit card billing practices, I for one think all lending needs to be looked at. The lenders don't ever want the debtors out of debt so they find ways to keep them in debt
2007-12-06 09:05:49 · answer #11 · answered by Tip 5 · 5⤊ 0⤋