Can believe there would be a company dumb enough to issue such a card let alone anybody dumb enough to get one.

There will be people coming out of the woodwork in a year saying they didn't understand it. The Sub-Prime thinkers.

In case you haven't noticed, there are people too dumb to know they should flush the toilet. Government should prevent greedy POS like this from taking advantage of stupid people. I hope the folks who are doing this die.

Government should....

#3 | Posted by danni

I respect you Danni, regardless of how you consider me. When you say shit like that, I want to tell you to STFU. Honestly, it drives me nuts.

You had your chance. You oldies, (with much respect,) should just collect your SS and STFU. You can't possibly contribute anything to our future debt so please, STFU.

and women who stay with drunk abusive husbands should just leave, the govt has no responsibillity to stop that.

--- Compassionate Conservatives

Wow. Close the doors of these assholes.

79.9% interest rate?

First Bank of Cosa Nostra?

Nice to see the mafia break out of their heroin and prositution businesses and get into this more lucrative albeit less moral venture.

So much fer credit card reform.

Someone needs to stop these usurious criminals.

Be Well.

Thanks to deregulation, there is no longer anything called usery.

This is just shameful.

You had your chance. You oldies, (with much respect,) should just collect your SS and STFU.

Fuck off. You don't like what is said here, feel free to mouth breathe over at Free Republic.

You can't possibly contribute anything to our future debt so please, STFU.

#4 | Posted by wurster at 2009-12-17 11:30 PM | Reply | Flag:

Now be nice. Danni was recently shocked when she learned that she might have to pay a tiny portion of her own health insurance. She's got the 'entitlement' mentality.

As she gets old and milks Social Security and Medicare and SSI, all she CAN DO is contribute to the future debt.

And what do you wanna bet that when the day comes she'll bitch that her benefits aren't rich enough?

I see no room for government in this equation other than a possible requirement that the bank be very up front with the fact that the interest rate is 79.9%. If someone wants this credit card, they should be able to have it. It's people like Danni who think they know what's best for others that have run this country into the ground.

Are credit cards exempt from usury laws?

These are the people our Representatives in Washington protect. You mean nothing to them, even though the politicians primary responsibility is to create the opposite appearance.

As i've said. The fact that the public hasn't forced its government to jail the entire banking mafia is a national embarrassment.

Anyone who would pay $256 for a $250 creditline is not going to mind paying 79.9%. This is a card for people who can't get cards, AKA "high risk loans".

The fact that the public hasn't forced its government to jail the entire banking mafia is a national embarrassment.

Ditto with the entire housing military....

Government should prevent greedy POS like this from taking advantage of stupid people.

#3 | Posted by danni

I thought that what schools were supose to do. Its called getting an education! And that ain't learning how to put a rubber on a ear of corn.

I see no room for government in this equation other than a possible requirement that the husband be very up front with the fact that he beats his wife. If someone wants wants to be beaten and chooses not to file charges, they should be able to do it. It's people like Danni who think they know what's best for others that have run this country into the ground.

#11 | Posted by JOE

FTFY

Its called getting an education! And that ain't learning how to put a rubber on a ear of corn.
#18 | Posted by Sniper

You inadvertantly deleted the next part of your statement, Snoops: "Because it's less abrasivethat-a way."

I'm generally not for government controls for most things but when businesses skirt the rules with crap like this they should just plain be sent to prison.

"You oldies, (with much respect,) should just collect your SS and STFU. You can't possibly contribute anything to our future debt so please, STFU"

I'll shut the fuck up the day I learn you've pulled your shit for brains head out of your ass. Let me help you STFU and suck on this.

If you don't spend more than you can afford to repay at the end of the month, you don't pay any APR.

Psyop. GS has its guns ready. Are you p/o'ed enough yet?

#13 "Are credit cards exempt from usury laws?"
KATIEBERRY
I don't know. But they should be.
QUESTION FOR THE BOARD: What do you consider usury? I'll say 15%. Anybody else?

What you need to realize is the target demographic for these cards is people with horrible credit. There are good people with bad credit due to some kind of uncontrollable, life-altering misfortunate incident. But mostly we're talking about people who borrow whatever money they can get their hands on, spend it on stupid shit as quickly as possible and then refuse to pay anyone back ever. These people are already thousands of dollars ahead in dealing with the credit card companies. Chances are a good number of them will use up the $300 and then the account default just like they did when they had real credit cards.

If the bank claimed it needs to charge 160% interest just to break even when dealing with these leaches, I wouldn't doubt it.

Normally I wouldn't side with the credit card companies on anything but I used to have a job where I dealt with people like this and they are the fucking worst. Most of them had this bizarre sense of entitlement as if people should just keep funding them despite the fact that they proactively avoid paying anyone back.

And honest people end up paying higher rates on loans to offset the losses caused by such deadbeats.

"Because it's less abrasivethat-a way."

#20 | Posted by Doc_Sarvis

I guess YOU would know.

dok, do you ever have anything to say about the topic? All you ever do is insult people here on the dr.

"dok, do you ever have anything to say about the topic?"

Frequently, but given the state of your reasoning abilities I can see where recognizing that would be something of a problem.

"All you ever do is insult people here on the dr."

That, coming from a whining ignoramus like you, Snoops, merits a hearty BWAHAHAHAHAHAHA!

#25 sul
Of course that is the demographic.
But with 79.9, there is a 99% chance of default. No business model can sustain those odds.

It must be remembered that CC's are guarenteed loans to you. With the recent passing of the banking bills there is no longer bankruptcy protection for CC holders. Their debts are no longer wiped away.

Therefore, these loans from banks etal are 0 risk to the banks.

You either pay the debt or pay the debt.

Of course that is the demographic.
But with 79.9, there is a 99% chance of default. No business model can sustain those odds.

#29 | Posted by L_RContrarian

except for the fact that you can no longer default on CC bills if you fail the means test.

By the way, Snoops, you're the one who brought all of your barnyard mentality to bear on offering this bon mot: "And that ain't learning how to put a rubber on a ear of corn." Actually, I'm a pretty broad minded guy and what you do on your own dime, in the privacy of your own sty is none of my business.

"But with 79.9, there is a 99% chance of default. No business model can sustain those odds."

There's a 99% chance of default with these deadbeats anyway.

Lending to them at all is a stupid business model.

I was just saying the bank isn't really victimizing anyone here. If anything, the bank is setting itself up to be victimized.

If people really want to do something constructive here, they should do business with another bank offering fairer treatment, particularly taking their savings and other deposits with them. I've long said that the first bank that jacked up interest rates because some honcho got a wild hair up his ass should have been forced to close its doors for lack of business soon afterwards. People are being far too nice and subservient about this horseshit.

When my own VISA got jacked (perfect payment record, high score), I tried to negotiate a fairer rate, to no avail. I then concentrated on paying the card off, making no new purchases on it. Once the bank noticed what was going on, they asked me why I wasn't using the card. I told them their usurious interest rate was the reason, and asked again for a better rate, which I was told "can't be done." I then told them they might as well close the account. They said, "Well, we hate to lose you as a customer," to which I replied, "Obviously you don't hate it enough to treat me fairly."

There are very few things in life I want bad enough to pay such high interest on.

With the recent passing of the banking bills there is no longer bankruptcy protection for CC holders. Their debts are no longer wiped away.

Therefore, these loans from banks etal are 0 risk to the banks.

I knew there were some changes but I didn't realize it completely protected banks. look at this link, is any of this true? there appears to be some ways for banks to challenge a bankruptcy but there are guidelines listed for judges when deciding.

BTW

for single people the median income (here in SJ) is $60,000 for a couple it is $72,000

IN Philly the median income is $44K for a single person and $53K for a couple

Thanks TH.

Wow, this sounds like a thinly disguised idiot tax.

Wow, this sounds like a thinly disguised idiot tax.

#39 | Posted by ZombieHunter

Which may not be a bad idea.

I've long said that the first bank that jacked up interest rates because some honcho got a wild hair up his ass should have been forced to close its doors for lack of business soon afterwards.

----

Yep, there's always going to be things like this if there's a market for it.

Consumers need to educate themselves and then stand up for themselves.

As i've said. The fact that the public hasn't forced its government to jail the entire banking mafia is a national embarrassment.

#14 | POSTED BY SHAWN

We need to treat the banking mafia like the Chinese deal with corrupt business men.. public execution. Apparently laws do nothing to keep people from fucking over the public. The incentive for massive payback is too great.

This is a good thing. I weeds out the lesser knowledgeable investors post haste (with God's speed and all that.)

For every 3 fools that loose money I make a buck.

Like I always say, life's a beach!

Sad. People buying their way into slavery.

The Truth About Credit Card Debt

Myth: Aren't there positive uses of a credit card? Like rebates and airline miles?
Truth: Responsible use of a credit card does not exist. Credit card debt is a major problem in America.

There is no positive side to credit card use. You will spend more if you use credit cards. Even by paying the bills on time, you are not beating the system! But most families don't pay on time. The average family today carries $8,000 in credit card debt according to the American Bankers' Association.

Now let's talk about the rebates. If you were using a credit card at 5%, you would have had to have spent $80,000 to get $4,000 rebates on new cars that lost $6,000 of value when you drove them off the lot. That is not a good deal!

from daveramsey.com on 04 Aug 2009

Cash vs. Credit Cards
When you pay cash, you can "feel" the money leaving you. This is not true with credit cards. Flipping a credit card up on a counter registers nothing emotionally. A study of credit card use at McDonald's found that people spent 47% more when using credit instead of cash. This is money you could have saved!

If you "have to" use plastic, I suggest a debit card. I use them for travel and the occasional convenience of ordering something over the Internet or phone. Other than that, I use cash.

Personal finance is 80% behavior. You need to cut out habits that make you spend more. You do not build wealth with credit cards. Use common sense. When you play with a multi-billion dollar industry and you think you're going to win at their game, you are naive. You cannot beat the credit card companies.

from daveramsey.com on 04 Aug 2009

"Truth: Responsible use of a credit card does not exist."

Bullshit. Paying cards off in full every month is responsible use.

"There is no positive side to credit card use."

More crap. If you use the right card, and pay it off every month, you're getting an interest-free loan, convenience, and rewards.

#46 | Posted by Danforth

Why am I not suprised this offended you.

"Why am I not suprised this offended you."

It's false. Doesn't it offend you too?

Don't get me wrong...I like Dave Ramsey and think he's almost always spot-on. But saying there is no way to beat the credit card companies is bull. I'm living proof: no annual fees, no annual interest, rewards, and a monthly interest-free loan.

No, it doesn't offend me. I don't know you personally. You may be the exception to the rule. The credit card companies wouldn't have the business they have if it wasn't true. Most people with tons of personal debt deny they have a problem.

"No, it doesn't offend me. I don't know you personally. "

I didn't mean my post, I meant the lies.

While it's true many have problems with credit cards, that doesn't mean some of us aren't responsible, or don't use them intelligently.

Occasionally, when I go into my bank, a teller will inquire how long its been since I last used my credit card. When I inform them that mine is used for extreme emergency purposes only, they smile and then inquire if I'd like to re-negotiate my current interest rate. I began to question if this was an implied threat and immediately increased the percentage of my take-home I earmark toward my 2K of card debt (dental work). When I finally scrub it all down to zero, I'm curious to see what effect it will then have on my interest rate.

Usury laws? We don't need no stinkin' usury laws. --Ronald Reagan

Your FICO score goes down the less you owe. I know people who, when they pull a credit score it comes back listing insufficient information. Not because they are broke. It's because they have gone more than seven years without borrowing money, for anything.

"Bullshit. Paying cards off in full every month is responsible use." - Danforth

While I see you point, Stirsmup's point is that you don't "use" the card responsibly. Meaning if you read his post, that people probably spend more than if they paid in cash, which I would tend to agree with. The less friction in spending the more people will spend. Concerning his lies, please enumerate them, he listed a study, I don't how you disproved his lie.

"Stirsmup's point is that you don't "use" the card responsibly."

Well, that's incorrect. I don't pay annual fees, I don't pay interest, I pay it off in full every month, I get a great breakdown of my spending, I get a 30-45 day interest free loan on whatever I buy, and I get rewards from the card issuer.

"Concerning his lies, please enumerate them"

Not Stir's, Dave Ramsey's. Anyone who claims there can be no good and responsible use of credit cards is wrong. I understand feeling that way if the only people you work with are ones who have debt problems, but don't paint the smart users with that same broad brush.

"Your FICO score goes down the less you owe."

What a misleading statement. The bride and I owe very little (mortgage only), and our FICO scores are right around 800.

What a misleading statement.

It isn't always the score. I had a very difficult time getting a refi on our house several years ago with a credit score of 820. After months of going back and forth, it was determined that I was getting rejected due to a lack of revolving credit. So because I wouldn't play the CC game, banks didn't trust us.

"So because I wouldn't play the CC game, banks didn't trust us."

Gee...you mean there are actually some benefits to using credit cards?

Gee...you mean there are actually some benefits to using credit cards?

#58 | Posted by Danforth

Gee...you mean what they are selling is debt and if you buy a lot of it, they will seel you more?