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On 15 Oct 2008 16:18:02 -0500, Dave wrote:

On Wed, 15 Oct 2008 11:35:07 -0700 (PDT), said:

A similar case is the ubiquitous change in terms of credit-card
contracts.

I don't believe credit card contracts are ever written at a permanently
fixed interest rate. At least not these days.

In many places, credit card companies have been known to change the
interest rate retroactively on outstanding balances. Lack of proper
regulation!

That is raising the amount you owe without your consent.

[email protected]

On 15 Oct 2008 18:48:03 -0500, Dave wrote:

On Wed, 15 Oct 2008 17:31:20 -0400, said:

In many places, credit card companies have been known to change the
interest rate retroactively on outstanding balances. Lack of proper
regulation!

That is raising the amount you owe without your consent.

I presume you mean that they change the interest rate on your outstanding
balance after you incurred the debt. Nothing wrong with that. If the terms
and conditions say when you sign up that they can do it, then you have
consented. If you don't like the new rate, pay off the balance.

Funny, many see something very wrong with that practice, and are
working to outlaw it.

I don't pay any interest on my credit cards, so it's not a problem for
me personally. I still think it needs fixing.

Capt. JG

wrote in message
...
On 16 Oct 2008 12:35:01 -0500, Dave wrote:

On Thu, 16 Oct 2008 12:20:49 -0400, said:

What you're suggesting is that banks be required to guaranty a fixed
rate
without being compensated for the risk of immediate payment when the
short
term rates the bank is paying on borrowed funds go up. That's doable,
but at
a cost to the borrower--even higher rates of credit card debt. Or we
could
simply see credit card lending dry up when the risk isn't justified by
the
return.

Credit card companies, like all banks, have never seemed to have any
problem raising rates and charging all sorts of absurd fees to
excessively pad their bottom line.

You and Larry make a good pair. Why not add all the other bogeymen of the
left--Big Oil, Big Pharma, "The Corporations," etc., etc. ad infinitum ad
nauseam. Politics loves a villain. Without villains you can't have
victims.

You are a fine one to talk! Your entire universe centers around the
"evil left wing conspiracy".

Bzzzt. It's the gotcha left wing media... like Rush I suppose.

--
"j" ganz @@
www.sailnow.com

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