Comments on: When banks try to defend credit cards

By: william

william — Tue, 24 Nov 2009 23:35:26 +0000

WHAT IS CURRENTLY HAPPENING ON THE “HILL” REGARDING CREDIT CARDS?

By: fassd.com

fassd.com — Sun, 26 Jul 2009 09:27:59 +0000

Most high interest credit cards are usually easy to get and really the interest rate only matters if you roll over your balances from month to month. People that have had bankruptcies, judgments or just have a bad credit rating, for what ever reason are the most common applicants for high interest credit cards.

By: Squeezie

Squeezie — Tue, 12 May 2009 17:04:10 +0000

Dear Marc,

when you say “Maybe the government should stop trying to save irresponsible people (banks, car makers, etc.) at the expense of responsible people” I think you are missing the point.

Banks assume almost NO RISK when they lend to irresponsible parties – the risk and cost is spread across responsible people through bankruptcy court proceedings.

By: Enlightenment

Enlightenment — Tue, 12 May 2009 16:53:39 +0000

If you abuse your credit cards, then you get what you deserve, plus more!

We call need to be protected against some of the mean things that credit card companies pull on us.

By: tom brown

tom brown — Tue, 12 May 2009 16:01:00 +0000

Felix, you obviously dont know anything about my career history if you think i am a “reliable shill”. The facts are Felix that credit card interest rates in absolute and relative terms came down as a result of competition over the 20 years. If you are going to question someone’s facts you should know the right answer.

By: Ryan

Ryan — Tue, 12 May 2009 15:39:47 +0000

Two points: the government shouldn’t be trying to influence who gets credit and who doesn’t…that is up to the individuals seeking the credit and the people extending it (in this case, banks and credit card companies). Less credit cards may be a good thing, but it isn’t the place of the government to make that happen.

Also, you said “the more interest that banks charge, the more money they make, and the less money that consumers have left over.” This completely ignores COMPETITION. If your statement was true, then all credit card companies would charge astronomically high interest rates. Rates may be high, but companies have to compete for the most attractive rate possible, and that means LOWERING rates. True, banks want higher rates where they can get them, so there is an equilibrium between what consumers and banks are willing to accept. If rates are high it is because banks feel that the risk of lower rates is too high, or the return from lower rates isn’t enough to make it worth the bank’s while to extend credit.

By: Credit Crooks

Credit Crooks — Tue, 12 May 2009 14:52:30 +0000

Marc: The biggest “loan sharks” out there are the predatory big banks behind these unscrupulous credit card practices that are designed to rip off consumers. Oh, and in case you forgot, these are the same big banks that we the tax payers recently bailed out to the tune of several hundred billion dollars!

By: joyce stillman

joyce stillman — Tue, 12 May 2009 14:45:58 +0000

Marc:
Loan shark practices hurt everybody, not just “irresponsible people.”

By: Marc

Marc — Tue, 12 May 2009 13:42:34 +0000

If they can’t get a credit card, will they go to a pay loan company, not if the government can “fix” that too.

What does that leave them? Go without or a loan shark.

I am sure that is better than alternative.

Maybe the government should stop trying to save irresponsible people (banks, car makers, etc.) at the expense of responsible people.