Interest rates.

[ccharles000]

Do you support making it illegal for credit card companies to raise interest rates above a certain level? I don't think they should be able to go over ten percent.

[Greyhound]

1. I'd go far as to outlaw the collection and paying of interest altogether.

It is wholly unnecessary except to support the industry that is, more than any other, responsible for the destruction of this nation.

[ccharles000]

2. I agree.

[Occam Bandage]

8. I'd rather not outlaw the economy kthx

[Greyhound]

10. Another false premise. There is only one industry that exists from this theft,

and we would be far better off without it or it's practitioners.

[BlooInBloo]

12. That's just stupid.

[Greyhound]

14. Care to elaborate as to Why? Is there some requirement of interest that I'm unaware of?

Where is the benefit?

[Donnachaidh]

3. I don't think they should be allow to go to anything in the double digits

And they should be watched for all the excessive FEES they charge. Both for credit cards and ATMs. Remember, electronic banking was touted as a FREE convenience being offered to patrons when it was first introduced. That promise didn't last very long, did it?

[jtrockville]

4. Additionally...

I think it should be illegal to raise the interest rate on existing debt.

[TheFarseer]

5. I thought they did that already?

I thought I remebered Congress doing that - although seems like it was still a high rate. Can anyone help me remember?

[AlCzervik]

6. usury laws, i think the cap used to be 22% except for Delaware and Sioux falls?

which is why so many cc companies are located or were located in those places. Anyhow someone else will have all the info.

[BlooInBloo]

11. They do. Payday loan places get around it by calling it a "fee"....

When you annualize it, it comes out to something like 1000% interest or something silly like that.

[lonestarnot]

7. Judgment rate is 10%; why should they do any better!

[Occam Bandage]

9. Agreed. Profit is one thing, predition is another.

[MercutioATC]

13. No. I support usury laws but think they should index to other rates.

A fixed 10% (or whatever percent) rate isn't realistic. Credit rates are tied to different indexes..which fluctuate with economic conditions. Setting a maximum index rate might be reasonable, but setting an actual rate is ridiculous.