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Thread: Credit card rates

  1. #1
    Senior Member Array Feops's Avatar
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    Feb 2009

    Default Credit card rates

    So today I was walking home and listening to a radio show about credit cards. Most of it was feedback from listeners and their opinions on credit card regulation, as debt is a hot topic at the moment.

    What surprised me is that a lot, perhaps a majority, seems to have strong convictions that card rates should be capped at a much lower rate. Also favored were banks not having the ability to raise limits without consent, federally regulated absolute upper limits based on household income, and certain triggers (like maxed cards, or limit increases) eliciting credit counseling.

    Why do people want regulations so restrictive? Why intentionally limit your credit freedom in order to reduce the risk of going out of intentionally spending beyond your means? The people who go out and buy things they cannot afford, why can't we just let them sink for their poor decisions?

  2. #2
    ish red no longer *sad* Array nightning's Avatar
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    Apr 2007


    You'd think it's for social protection... but really it's self protection.

    Protecting yourself from stupid people declaring bankruptcy and not being about to pay for your service/goods etc.

    What goes around comes around... if lots of people defect, then prices will have to be raise for the rest of us to cover the higher chances of defect.
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  3. #3
    eating bugs out of hair. Array prplchknz's Avatar
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    Jun 2007


    I like credit cards but, I try not to spend money I know I won't have at the end of the month, unless I have to. See they're nice when something comes up unexpectantly, but I think too many people don't realize that they have to pay at the end of the month and just paying the minimum is ultimately putting you in worse debt. The way I see it is if you can't pay all of it (this has happened to me) pay as much as you can. And yes I agree with nightning that it is more for self protection. some things people buy that put them in debt they don't actually need. So I'm kinda like yeah you really needed that jet ski, didn't you? never mind you're credit's shit and you can't get a loan for the house but that jet ski yeah you had to have it. Ok obviously one jet ski wouldn't cause that but what if they did a lot of big purchases? it adds up. I know nothing.
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  4. #4
    Striving for balance Array Little Linguist's Avatar
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    Jun 2008


    Credit cards are kind of like God: It's nice to believe in them when you have trouble, but they usually let you down in the end because it's all illusonary.

    Fe-moment: Sorry to all the religious people out there - no offense intended - there might be a god, but if there is, this being is surely not as we portray he/she/it to be.
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  5. #5


    I do not recommend people getting credit cards unless you have a stable income, and you are able to pay the bill every month. Otherwise avoid credit cards with a passion.

  6. #6
    Senior Member Array ptgatsby's Avatar
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    Apr 2007


    Quote Originally Posted by Feops View Post
    The people who go out and buy things they cannot afford, why can't we just let them sink for their poor decisions?
    Quote Originally Posted by nightning View Post
    What goes around comes around... if lots of people defect, then prices will have to be raise for the rest of us to cover the higher chances of defect.

    Although this tend to be more neutral than it seems - the "prices will have to be raised" is actually the interest rates being so high. By putting cap on them, less people will get credit cards, but less people will default... but then less people are buying too, temporarily, until they max out (earlier - higher interest rates).

  7. #7
    I am Sofa King!!! Array kendoiwan's Avatar
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    Dec 2008

    "They the type of cats who pollute the whole shoreline. Have it purified. Sell it for a $1.25"

  8. #8
    Senior Member Array
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    Jan 2008


    I don't even know what my credit card interest rates are. I don't believe in paying it.

  9. #9
    insert random title here Array Randomnity's Avatar
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    May 2007
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    I wonder if everyone who wants lower credit card rates is carrying a debt on them.

    It might be a good idea to have a max limit though, to encourage other forms of debt. Don't think it's really necessary though. Credit counselling, I do like that idea. Should be available to everyone though and not forced.

    I use my credit card for absolutely everything possible, all my daily expenses, and pay it off monthly, which works very well for me. I get a lot of rewards from it (free groceries) and it's very convenient, as long as I watch what I'm spending money on...
    -end of thread-

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