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(Opposing Views)   The average credit card interest rate matches the age by which people today are already in debt   (opposingviews.com) divider line 112
    More: Scary, interest rates, credit card interest rate, credit cards, cash advances, debts  
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1964 clicks; posted to Business » on 21 Apr 2014 at 10:09 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-04-21 09:35:58 AM  
0%?
 
2014-04-21 09:51:41 AM  
8.9?
 
2014-04-21 09:53:21 AM  
Capitalism FTW!
 
2014-04-21 10:20:54 AM  
debt = slavery.  What better way to control a population that would otherwise be free to do whatever they wanted.
 
2014-04-21 10:22:40 AM  
I had one card with a reasonable rate until the economy slumped and they jacked my rate to over 21%.  So I paid it off and never use it anymore.  I think they've noticed.  They just tripled my credit limit.  I intend to call them and ask that they readjust the rate to something sane.  Otherwise it's a pack of gum every month or so on that card.  Fark them.
 
2014-04-21 10:23:28 AM  
People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.
 
2014-04-21 10:29:03 AM  

jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.


That's one more reason I support the Fair Tax.  It will put a damper on excessive consumerism of the latest iCrap
 
2014-04-21 10:38:25 AM  

jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.


Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.
 
2014-04-21 10:39:18 AM  

jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.


img838.imageshack.us
 
2014-04-21 10:44:10 AM  

jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.


Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.
 
2014-04-21 10:44:32 AM  
I had a card that had 0 % if you pay it off and stupid rate if you don't.  For some odd reason I missed the payoff by about $31.  It took me 3 months to get the thing paid off since the interest on the payment didn't quite get it to $0.00.  It would have been cheaper to over pay them by $1 but I expect they have a fee if that happens.
 
2014-04-21 10:46:34 AM  
6.9% credit union, no annual fees.
 
2014-04-21 10:47:13 AM  

Explodo: Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.


If you've gotten to that point I have a feeling there were some sign posts along the way.
 
2014-04-21 10:49:52 AM  

Explodo: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.


Don't be a dumbass.  There are alternatives to using a credit card.  The first thing to do is act before you get in trouble.  The second is put aside the pride and ask for help.  You can repay it double later
 
2014-04-21 10:52:30 AM  

The Stealth Hippopotamus: Explodo: Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.

If you've gotten to that point I have a feeling there were some sign posts along the way.


It really can take only one bad thing happening, sometimes not even by their own hand, to break a person down to poverty and debt.
 
2014-04-21 10:55:30 AM  
Working and middle class folk have seen their wages stagnate for 30 years despite ever increasing productivity.

Rich people keep siphoning up more and more money, need someplace to invest their huge amounts of cash.

And that's where credit cards come in. In lieu of wages, we have credit. Credit cards are a nationwide form of scrip. (Thankfully, we have a bigger selection than the simple company store.)
 
2014-04-21 11:01:08 AM  
I'm not sure what the interest rate is on my cards. I have the one I don't use, and the one with 1-3% back that I pay down a few times a month so I never get hit with an interest charge. I also don't buy (too much) stupid shiat and I haven't gotten nailed with big unexpected expenses.
 
2014-04-21 11:11:00 AM  
I swear, the people who insist a credit card is a must are idiots with their finances.  I wised up to having a credit card about 10 years ago and the world didn't end.  I got back on track to sticking with a budget, keeping track of my cashflow, and no longer pay stupid tax (credit card interest).
 
2014-04-21 11:12:19 AM  

Kraftwerk Orange: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.



It's not though, this is about credit cards. People make bad choices, or sometimes don't have a choice. I wouldn't piss on the financial leaders if they were on fire and I had just drank a case of beer but people are mostly doing it to themselves. (aside from marketing purposefully to teens/young people knowing that they can't pay)

Student loans should be zero interest if you can demonstrate that your degree is preparing you for some sort of career.
 
2014-04-21 11:14:44 AM  

Gary-L: I swear, the people who insist a credit card is a must are idiots with their finances.  I wised up to having a credit card about 10 years ago and the world didn't end.  I got back on track to sticking with a budget, keeping track of my cashflow, and no longer pay stupid tax (credit card interest).


It is the easiest way to build credit and if you are responsible with your money it's also a way to effectively get 1-3% cheaper goods and services through CC points.

Not sure what interest rates I have on my cards, I have 5 that I use for variouspurposes and I haven't payed a dime of interest in almost 6 years now.
 
2014-04-21 11:19:17 AM  
I don't really care about the credit card stuff. It's student loans that private lenders and government lenders dangle in front of 17 and 18 year old young people that I have a beef with.  You wouldn't approve these kids for a $1200 auto loan but your going to approve them for a $12,000 a year student loan?
 
2014-04-21 11:23:50 AM  
img.fark.net

Fark knows the answer!
 
2014-04-21 11:25:28 AM  

nocturnal001: Kraftwerk Orange: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.


It's not though, this is about credit cards. People make bad choices, or sometimes don't have a choice. I wouldn't piss on the financial leaders if they were on fire and I had just drank a case of beer but people are mostly doing it to themselves. (aside from marketing purposefully to teens/young people knowing that they can't pay)

Student loans should be zero interest if you can demonstrate that your degree is preparing you for some sort of career.


How would you demonstrate that? It took me ten years to get my degrees. When I started, the economy was great. Jobs were there and being posted. When I finished, not so much. And I still very much want that career but its been elusive.
 
2014-04-21 11:25:50 AM  

jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.


I concur.

Personally I just have a debit card. I can shop online just like everyone else, I just can't overdraw. And I don't want to either.

If I needed money, I'd ask my bank for a loan. Otherwise, if I don't have any money, then it's a sign I shouldn't purchase any unecessary shinies.
 
2014-04-21 11:26:52 AM  

Explodo: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.


yeah, that's how you run úp a 9k credit card debt.

Right. Point taken.
 
2014-04-21 11:27:16 AM  
I was once offered a 36.99% card.

I'm pretty sure the Mafia doesn't even charge that much interest.
 
2014-04-21 11:32:05 AM  

Gary-L: I swear, the people who insist a credit card is a must are idiots with their finances.  I wised up to having a credit card about 10 years ago and the world didn't end.  I got back on track to sticking with a budget, keeping track of my cashflow, and no longer pay stupid tax (credit card interest).


How do you build credit without paying the tax?

Oh, you don't?  But, then how do you get a good rate o your mortgage?

Oh, you don't?  But, then how do you get a house?

Oh...

Anyway, I have a 7% crapone card, and a six-months-no-interest-if-you-buy-a-lot amazon card (22% normally).  They're not putting me in the poorhouse.
 
2014-04-21 11:32:57 AM  

Diogenes: I had one card with a reasonable rate until the economy slumped and they jacked my rate to over 21%.  So I paid it off and never use it anymore.  I think they've noticed.  They just tripled my credit limit.  I intend to call them and ask that they readjust the rate to something sane.  Otherwise it's a pack of gum every month or so on that card.  Fark them.


Having a credit limit that's much higher than your amount of outstanding debt is a good thing, as it improves your credit score.  As long as they didn't tack on an annual fee or something like that, I'd just accept the limit increase and keep my spending habits exactly the same.
 
2014-04-21 11:34:19 AM  

raerae1980: nocturnal001: Kraftwerk Orange: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.


It's not though, this is about credit cards. People make bad choices, or sometimes don't have a choice. I wouldn't piss on the financial leaders if they were on fire and I had just drank a case of beer but people are mostly doing it to themselves. (aside from marketing purposefully to teens/young people knowing that they can't pay)

Student loans should be zero interest if you can demonstrate that your degree is preparing you for some sort of career.

How would you demonstrate that? It took me ten years to get my degrees. When I started, the economy was great. Jobs were there and being posted. When I finished, not so much. And I still very much want that career but its been elusive.


Well I admit the details won't be released until I am elected dictator for life, but I'd say you need some way to not let kids borrow a ton of money for an education that won't offer any benefits. Doing so would be just like issuing them a credit card.

/don't have a solution, just noting a problem
 
2014-04-21 11:37:59 AM  

Explodo: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Yep...nobody ever had to choose between food or shelter or just charging it until payday....nope, never happened.


Exactly. They chose to sell themselves into slavery. (If you believe the laughably idiotic 'debt=slavery' nonsense).

So did those people who didn't go into debt for food/shelter, but rather for unnecessary items, whom I'd suspect outnumber your borrowing for food example 1,000 to 1.
 
2014-04-21 11:38:38 AM  

raerae1980: How would you demonstrate that?


Simple.  Anything from either the School of Management or the School of Engineering qualifies.

Nothing else is useful.
 
2014-04-21 11:39:51 AM  

LograyX: I was once offered a 36.99% card.

I'm pretty sure the Mafia doesn't even charge that much interest.


Loan sharks charge, if TV and movies are to be believed, 3% a week. That's 156% per year simple interest and about 450% APR.
 
2014-04-21 11:40:15 AM  

raerae1980: nocturnal001: Kraftwerk Orange: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.


It's not though, this is about credit cards. People make bad choices, or sometimes don't have a choice. I wouldn't piss on the financial leaders if they were on fire and I had just drank a case of beer but people are mostly doing it to themselves. (aside from marketing purposefully to teens/young people knowing that they can't pay)

Student loans should be zero interest if you can demonstrate that your degree is preparing you for some sort of career.

How would you demonstrate that? It took me ten years to get my degrees. When I started, the economy was great. Jobs were there and being posted. When I finished, not so much. And I still very much want that career but its been elusive.


Maybe they should just be interest free?  Why impose conditions?
 
2014-04-21 11:45:10 AM  

Gary-L: I swear, the people who insist a credit card is a must are idiots with their finances.  I wised up to having a credit card about 10 years ago and the world didn't end.  I got back on track to sticking with a budget, keeping track of my cashflow, and no longer pay stupid tax (credit card interest).


Good for you for no longer carrying a balance on a credit card.  See people, abstinence works!  This is living room that abstinence is the best way to deal with anything!
 
2014-04-21 11:46:07 AM  

BumpInTheNight: This is living room that...


One of the strangest auto-corrects I've ever witnessed.
 
2014-04-21 11:47:53 AM  
i.imgur.com

i.imgur.com
 
2014-04-21 11:56:20 AM  

anfrind: Diogenes: I had one card with a reasonable rate until the economy slumped and they jacked my rate to over 21%.  So I paid it off and never use it anymore.  I think they've noticed.  They just tripled my credit limit.  I intend to call them and ask that they readjust the rate to something sane.  Otherwise it's a pack of gum every month or so on that card.  Fark them.

Having a credit limit that's much higher than your amount of outstanding debt is a good thing, as it improves your credit score.  As long as they didn't tack on an annual fee or something like that, I'd just accept the limit increase and keep my spending habits exactly the same.


No question.  That's why I keep it at or near zero balance and don't cancel it.  No skin off my nose.  I don't have to use it.  Well, just enough to keep it active.
 
2014-04-21 12:01:25 PM  
 
2014-04-21 12:06:34 PM  
What's in your wallet?
 
2014-04-21 12:08:21 PM  

sendtodave: How do you build credit without paying the tax?


Pay your bills and pay off your credit card every month.  Pretty simple really.
 
2014-04-21 12:09:39 PM  

Explodo: debt = slavery.  What better way to control a population that would otherwise be free to do whatever they wanted.


Man, this is the third person in the past few days I had to put in the "compared something to slavery" gray list.
 
2014-04-21 12:10:18 PM  

sendtodave: Nothing else is useful.


Education?

Medicine?

Law?
 
2014-04-21 12:12:51 PM  

HeadLever: sendtodave: How do you build credit without paying the tax?

Pay your bills and pay off your credit card every month.  Pretty simple really.


Wait was he saying he purposely leaves stuff on the card to collect interest because he thinks that's how credit is built up, by paying interest fees?  I'm really quite serious here when I ask if some people think that's how it works?
 
2014-04-21 12:14:53 PM  

nocturnal001: raerae1980: nocturnal001: Kraftwerk Orange: jaybeezey: People are more than free to save the cash for anything that they want to buy.

If it is slavery, it is slavery by choice.

Unless it's a loan you took to get your education, and the loan you took to get a car to get to the job you earned with your education, and the loan you took to buy the house you live in when you're not at work.

I'll give you the leeway on buying a car, you could save up and buy a crap can.  Likewise, you can rent instead of buying a home, but that's just a different form of slavery. But at the foundation, we (as a society) have major issues with student loan debt that cause repercussions everywhere else.


It's not though, this is about credit cards. People make bad choices, or sometimes don't have a choice. I wouldn't piss on the financial leaders if they were on fire and I had just drank a case of beer but people are mostly doing it to themselves. (aside from marketing purposefully to teens/young people knowing that they can't pay)

Student loans should be zero interest if you can demonstrate that your degree is preparing you for some sort of career.

How would you demonstrate that? It took me ten years to get my degrees. When I started, the economy was great. Jobs were there and being posted. When I finished, not so much. And I still very much want that career but its been elusive.

Well I admit the details won't be released until I am elected dictator for life, but I'd say you need some way to not let kids borrow a ton of money for an education that won't offer any benefits. Doing so would be just like issuing them a credit card.

/don't have a solution, just noting a problem


Make college free to all citizens.  Problem solved.
 
2014-04-21 12:16:30 PM  

sendtodave: How do you build credit without paying the tax?


Pay in full every month.

Oh, you don't?

Yes you do.  I haven't paid credit card interest in closer to a decade.  Credit cards pay me a few hundred bucks a year.

But, then how do you get a good rate o your mortgage?

By showing at least a bare minimum amount of financial responsibility, and having a down payment.

Oh, you don't?  But, then how do you get a house?

Even if you have bad credit and almost no down payment, the FHA will get you a loan that we're all on the hook for when you default.
 
2014-04-21 12:17:33 PM  
All you 'how to improve my credit score' people...

http://www.myfico.com/crediteducation/whatsinyourscore.aspx
 
2014-04-21 12:17:56 PM  

BumpInTheNight: Wait was he saying he purposely leaves stuff on the card to collect interest because he thinks that's how credit is built up, by paying interest fees?  I'm really quite serious here when I ask if some people think that's how it works?


Yes, that is a common myth among the financially illiterate.
 
2014-04-21 12:22:13 PM  
Credit card companies are too agressive in marketing their cards to irresponsible people who they know will get themselves into debt & never get out.

On the other hand, we, as a society, are idiots and maybe we deserve to be taken advantage of. It's not the bank's job to make sure I'm spending within my means - it's my job. It's not the governmnet's role to decide for me what's necessary to live and what's a "want".

We've also allowed local & state boards of education to not make financial literacy mandatory for high school students, for instance. No wonder people are clueless when it comes to basic financial concepts like interest and credit.
 
2014-04-21 12:23:03 PM  

BumpInTheNight: Wait was he saying he purposely leaves stuff on the card to collect interest because he thinks that's how credit is built up, by paying interest fees?  I'm really quite serious here when I ask if some people think that's how it works?


It appears that way as it is suggested here:   How do you build credit without paying the tax?

The tax in the post he was responding to was the stupid tax (credit card interest).
 
2014-04-21 12:24:28 PM  

BMFPitt: BumpInTheNight: Wait was he saying he purposely leaves stuff on the card to collect interest because he thinks that's how credit is built up, by paying interest fees?  I'm really quite serious here when I ask if some people think that's how it works?

Yes, that is a common myth among the financially illiterate.


I just, I don't even know what to say.  Dayum I should have created a credit card company, I mean come on they're practically just throwing their money at your feet here.  How could you not take it?

/I use my credit card's rewards to extend the power of my money, not freakin throw it away on fees...my god.  I need a drink.
 
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