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President Trump looking out for the little guy!
#5
(10-25-2017, 01:10 PM)Benton Wrote: Shouldn't have included banks. Regrettably, you can't operate a business or earn a livelihood without some involvement from a bank. But you can with credit cards. I have less of an issue with them being allowed to continue being shady and screwing you in the fine print.

It's like payday lenders or pawn shops. Legislation to clean up those industries is laughable, and many times people get the short end of the stick because they took out a high interest mini-loan they couldn't pay for. That's not the fault of the payday lender or the pawn shop, it's having an unrealistic expectation that your income is going to magically get better in a week or two. It's often the same with credit cards, where people get in over their heads because they didn't realistically plan for paying 20%+ interest rates.

I get credit card offers from obscure "banks" that offer me a $10,000.00 line of credit at 16% and have seen offers up to 36.6%.

36.6%!!!

What about that one loan company ran by Native Americans offer loans at over 100% interest about five years ago. In the commercial, they even said that they knew the rate was high but you're going to get your money.

Ultimately, it falls on the person to do what's best, not the person wanting to loan you money. I mean if you want me to loan you money and I tell you up front that you have to pay me back the amount plus whatever interest and you agree, how is that my fault?





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RE: President Trump looking out for the little guy! - Nebuchadnezzar - 10-25-2017, 04:02 PM

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