President Trump looking out for the little guy!

[Benton]

(10-25-2017, 04:02 PM)Nebuchadnezzar Wrote: 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?

Pretty much my thoughts. Sure, it makes them horrible people to loan someone money at 37% interest... but no one has to take them up on it.

(10-25-2017, 04:38 PM)bfine32 Wrote: So are folks wanting to sue companies that they freely signed an agreement with and who held up their end of the agreement or am I missing something?

That's my understanding, for the most part. I believe it does extend to arbitration over things like fees issued in error. If I remember right, US Bank had to refund tens of millions several years ago over charging people a fee for services they never used. I believe this would extend to that, also. Doesn't mean you can't get it fixed or resolved, you just can't go public with the settlement.

A big part of this is protecting banks from class action suits, which isn't necessarily bad. The only one who wins those is the lawyers.