Credit ripoff: How a $100 purchase turns into a $1,000 debt

The Congress should never have allowed the credit card issuers to charge these interest rates, arbitrarily charge unfair penalties, or to alter interest rates at will. It's a disgrace that the Congress allows the citizens to be victimized this way. At the moment, many lenders are barely one step above loan sharks.

Re: Credit ripoff: How a $100 purchase turns into a $1,000 d




Well, there you go...

people NEED . To. READ. their contracts.

You can not sign up with a company and assume anything when it comes to your money.
People are responsible for their own spending and knowing the rules of the loan.

But I agree.. these types of loans should be illegal.

It goes so far beyond that. You sign up with a credit card company offering 5.9% interest. You buy a few thousand dollars worth of products and pay every bill on time, then you receive a letter from the card company saying that for unspecified bad repayment history, your interest rate is changed to 25%. We're waaaay past the point where people not reading their contracts is the main problem.

I don't know anyone who reads those contracts. I know I don't. With only three credit cards, I get a new agreement about every six weeks. They are about seven inches X fourteen inches, and printed on both sides in 6 point type. The saving grace is that I pay them off in full every month and accumulate no interest charges. Also, I'm not dealing with companies that get the bill in the mail two days before the payment due date. Some of them do that, by the way.

If you cant afford it, don't buy it.

I've never needed a credit card, to me they seem to be an unnecessary financial "ball 'n' chain". I feel like a slave to the dollar enough already.

What is the purpose of credit cards?

If society requires its populous to use credit card loans to obtain the money needed to finacially survive, then one would have to wonder when the next central bank monetary recall is most likely to commence throwing all of us into the depths of societal depravity.

*packs bag, and heads for the hills*