By using this site, you agree to our Privacy Policy and our Terms of Use. Close
txrattlesnake on 17 May 2009
Edit Thread
akuma587 said:
TheRealMafoo said:
txrattlesnake said:
What he needs to do though is put a retroactive clause in his bill that says that any rates that go into effect as a response to his plan will be immediately thrown out when the bill passes.

 

You can't do this. The interest rate is there revenue, and it's based on there costs. If Obama is going to change the rules, so there costs go up, you can't penalize them by not allowing them to adjust there income.

The interest rate is PART of their revenue.  There is a service charge for every transaction you engage in that goes directly to them, typically 1-2%.  There are also all kinds of little programs people enroll in (willfully or unwillfully, they enrolled me in programs before with me telling them NOT to cause they are dishonest pieces of shit) that make them money.

I find it just hysterical that you are defending the credit card companies who just raised your rates, and then turning around and blaming Obama for THEM raising your rates.  They were already raising rates on people across the board before this legislation even got out of committee.

 

 

      A lot of these credit card companies are the same banks that received multi-billion dollar bailout packages from the government in the past six to seven months.  That would seem like revenue to me.  I mean if I got a billion dollars from the government and had wasted most of it within six months flying to monaco or something, then I would think there was definitely something wrong with me.

  Yet, these companies like Citi Bank that received these bailouts are still calling up their credit card holders that can't pay their bills at least once or twice a week and demanding money or threatening lawsuits on people that can't pay.

   And whose fault is it these people can't pay?  Some of these companies are pre-approving people with minimum wage jobs for thousands of dollars of credit card money?  Would you pre-approve a maintenance man at a fastfood restaurant thousands of dollars in loans with them having no collateral?  Then raise rates and expect them to be able to pay?

Anyway, I think these companies are trying to double dip.  They're trying to get the bailout money from the government and and still trying to get the money back from those they loaned it to.  Such a practice is double dipping.  Teachers can't get teacher retirement and social security benefits too.  So what makes these companies any different.

I don't think the Founding Fathers of this country saw corporations rising up to be their own gestapos in a free society and I think they would have nipped it in the bud if they did.