PostHeaderIcon Why doesn’t the government put a interest rate limit on credit card companys?


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People need some type of loan at some point in there life, home, auto, medical, schooling, etc. We would not have all of these foreclosures, bankruptcy cases, Consolidation company’s, repo’s, or worse divorce, insurance fraud, suicides, etc if debt was not a constant up hill battle. I believe this is one of our biggest problems and I don’t understand why it has not been resolved.
I don’t really feel like I’am getting a thurough answer…..I grew up asking questions like this and always recieved the same “thats just the way the world works” answer which is in a way what I hear in these answers. If someone has no choice but to barow money I believe our government should do something to make sure were not being royaly scre#!
I don’t really feel like I’am getting a thurough answer…..I grew up asking questions like this and always recieved the same “thats just the way the world works” answer which is in a way what I hear in these answers. If someone has no choice but to borrow money I believe our government should do something to make sure were not being royaly scre#!

5 Responses to “Why doesn’t the government put a interest rate limit on credit card companys?”

  • Judy says:

    They would just start closing peoples accounts.

    Can you imagine if you were a credit card company and could not UP the interest rate on a high risk user? Would you take the risk?
    Once a person starts paying late and using more than 30% of available credit you would start worrying too.
    /

  • Brenda M says:

    Plastic coming into our lives (back in the 70′s) was a marketing plan by the banks and by all counts the marketing and business plan has worked really well ~ for the banks.

    I’ve used cards since the 70′s and NEVER paid a cent of interest to them. The banks have literally played on the insecurities of people and the marketing of the notion by retailers that you need that thing NOW has manufactured a beautiful mess as we all know.

    Have a listen to James Martinez’s interview on Conscious Media Network (under the interview tab) ~ James speaks very clearly about what has happened with most people. Surely they are marketing casualties.

    It is in the best interest of BIG business to have people spend more than they make and find themselves enslaved to the banks. My best advise is don’t bite. Live your life well within means ~ spend some, save some and give some away all of the time and you’ll be on the other side of this story.

    We are coming into times now when a lot of people are going to need a lot of help. Hopefully you’ll be able to help when you are called upon to do so. Please take care of yourself and all the rest will work out ~ people will see what you are doing and hopefully do the same.

  • the d says:

    there was at10% until that moron jimmy carter changed it.

  • imrickastley says:

    Because we are not europeans. No but really it is not really the government’s role to do so. That would give less incentive to issue credit.

  • src50 says:

    All that would do is further restrict the availability of credit. It’s up to the borrower to use it wisely.

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