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  1. #1
    Feelin' FiNe speculative's Avatar
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    Default 79.9% Credit Card Interest Rate

    In a recent mailing for a preapproved card, First Premier lowers fees to just that limit -- $75 in the first year for a credit line of $300. But the new law doesn't set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.
    Credit card's newest trick: 79.9 percent interest - Yahoo! Finance

    "How can I be, all I want to be,
    When all I want to do is strip away these stilled constraints
    And crush this charade, shred this sad, masquerade"
    http://www.youtube.com/watch?v=qGeq5v7L3WM

  2. #2
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    oh, my the question is who's dumber? The managers that made that decision? or the idiots that take it?

  3. #3
    Feline Member kelric's Avatar
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    Hey, I'll loan you $300 if you give me $75 and $260 a year until you pay me back .


    - should I be laughing (okay, I admit I chuckled, just a little) or crying that this is actually happening? I mean, this is either preying on people's ignorance or desperation (or both). Good grief. Unless they're just trying to make some sort of "screw you" statement in protest of a regulatory law. Which if they didn't actually go through with it would be sort of funny, in an "I disagree with your usurious excess anyway" sort of way.


    As I say this... one of those awful Robert Wagner "Reverse Mortgage" commercials is on TV. *Sigh*.
    [SIGPIC][/SIGPIC]

  4. #4
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    The Reverse Mortgage is Wall Street's next big fleecing.

    This type of stuff is crazy, and over the past year have canceled all except for one credit card, that I have through a credit union. Closed the bank accounts. I've got about two years worth of car payments to accelerate, and after that. F* those people.

    Debt = Slavery

    I'll pay cash or go without.

  5. #5
    Senior Member Jaguar's Avatar
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    Greedy bastards.

  6. #6
    Senior Member sofmarhof's Avatar
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    Eh... an incentive to not carry a balance?

  7. #7
    Your time is gonna come. Oom's Avatar
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    Quote Originally Posted by sLiPpY View Post

    I'll pay cash or go without.
    I've got the same philosophy. This stuff is getting rediculous.

  8. #8
    . Blank's Avatar
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    Does no one watch the obligatory credit card sitcom episodes?

    Thanks to your dumb ass, Mike Seaver, I will not be in credit card debt.
    Ti = 19 [][][][][][][][][][][][][][][][][][][]
    Te = 16[][][][][][][][][][][][][][][][]
    Ne = 16[][][][][][][][][][][][][][][][]
    Fi = 15 [][][][][][][][][][][][][][][]
    Si = 12 [][][][][][][][][][][][]
    Ni = 12 [][][][][][][][][][][][]
    Se = 11[][][][][][][][][][][]
    Fe = 0

    -----------------
    Tiger got to hunt, bird got to fly;
    Man got to sit and wonder why, why, why;
    Tiger got to sleep, bird got to land;
    Man got to tell himself he understand

  9. #9
    Senior Member Feops's Avatar
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    Curious. Why is the common conception that companies are greedy?

    If people are fully aware that they're going into an 80% APR agreement when they loan money then that's their business. Anyone forced to accept such a rate is a very high risk to the company doing the loaning. They will expend a lot of effort on people who cannot/will not pay. This will not impact people who are responsible with their money.

    Debt in general is very punishing and the common person should understand this by now. Living beyond your means is a good way to live poor.

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