Have you considered how the usurious credit card companies are currently impacting the economy?
Many credit card companies, prior to the implementation of Dodd/Frank (which outlawed many, but not all, CC bad practices) had systematically trapped existing credit card holders into accounts with rates at near 29% rates and basically have refused to lower the rates, even when consumers make payments on-time for years. I hear lots of concerns about consumer demand, homeowners but rarely hear about those of us unlucky consumers. This is definitely sucking money out of my consumer spending.
What can be done? How is it legal to charge 29% interest when these banks can borrow at 0%? What happened to usury laws?
rotophonic42 karma
Have you considered how the usurious credit card companies are currently impacting the economy?
Many credit card companies, prior to the implementation of Dodd/Frank (which outlawed many, but not all, CC bad practices) had systematically trapped existing credit card holders into accounts with rates at near 29% rates and basically have refused to lower the rates, even when consumers make payments on-time for years. I hear lots of concerns about consumer demand, homeowners but rarely hear about those of us unlucky consumers. This is definitely sucking money out of my consumer spending.
What can be done? How is it legal to charge 29% interest when these banks can borrow at 0%? What happened to usury laws?
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