What can be done

[ratso]

if anything about these co#ksu#ker credit card companies that screw people over on interest and fees. The country is so screwed up nowdays because people can't get out of the debt they are in. I swear, over half the people I try to sell cars to can't get a loan because their credit is screwed, and bankruptcy is at an all time high, and steadily growing. I guess what set me off is all these applications for credit cards that come in the mail constantly. You better read the fine print with some of these con artists. My son brought this one to my attention the other day, and also the same thing a couple of my nephews did. They applied for credit cards. Seems they got a credit line of $250... wow. Interest rate is 23.90%... The program fee is $95... The account set up fee is $29... The annual fee is $48... After all the fees, the available credit is $72. How do these frikkin' con artists get away with BS like that? By the way, it's
FIRST PREMIER BANK
PO BOX 5147
SIOUX FALLS SD 57117-5147
I am glad to say that I don't use credit cards anymore, except for my gas. Anyway, I think there needs to be some kind of reform with the system, especially when you make a $100 payment and $85 of it is interest. It's total BS... :burningm: :mad:

[dicudmore]

:hammer2: :hammer2:

[wantacat]

I hate credit cards....I only keep one and that is with my credit union.

[HavasuDreamin']

Charge cards are okay.........like AMEX........charge it and pay it all at the end of the month. "Credit" cards are evil. :lightsabe

[Kegel King]

After all the fees, the available credit is $72. How do these frikkin' con artists get away with BS like that? By the way, it's
FIRST PREMIER BANK
PO BOX 5147
SIOUX FALLS SD 57117-5147
They get away with because if you dont have a credit card you cant do anything like rent a car...order tickets ..get a hotel room without leaving 500 bucks at the desk.....it sucks and these companies take advantage of people .

[Coleitis22]

They get away with because if you dont have a credit card you cant do anything like rent a car...order tickets ..get a hotel room without leaving 500 bucks at the desk.....it sucks and these companies take advantage of people .
That's right, and order Kegels to go, it's a really tight market right now :messedup: :messedup:

[MagicMtnDan]

It all starts when you're in college or just out of high school. That's when the CC companies give young people credit cards (when they have no credit).
It's just like drug dealers. "Here, have some free mind-bending mood-altering drugs for free. I'll see you tomorrow with all your cash so you can buy more."
The CC companies give away the cards like candy to kids who don't have the sense/cents or self-control to manage their line of credit. Next thing they know they have three credit cards maxed out and they're screwed for many years to come.
The CC companies shouldn't be allowed to give CC's out like that.

[ratso]

The only thing as bad as credit cards are the pawn shops in a few states. I think Texas and Tennessee are a couple of the worst ones. I think it's something like 220% or 240% annually, and you leave the collateral with them. A friend of mine showed me a Citifinancial loan he has, read the fine print, and they are charging him over 30%!!!
Seems at some point, someone has got to put a stop to it or at least put a ceiling on the rates. I get car notes done for people around 6% and up depending on credit. What gives these other clowns the right to screw people over like that? :mad:

[Tom Brown]

What gives these other clowns the right to screw people over like that? :mad:
It seems to me people are screwing themselves. Loan sharks are pretty low on the ethical scale but people volunteer to deal with them.
Some of these things should really be shut down but most of them seem pretty much on the level, despite their insane interest rates and other charges.
I went to University, still get CC applications every month, but I'm under control. Do you blame the brewing companies for alcoholism?
You should probably keep in mind I drive a 10 year old car and my boat is a 1977 Glastron. ... but my credit is under control. :D

[ratso]

My credit has always been spotless. So many people don't seem to understand that with these credit cards, if all you can afford is the minimum payment, you might spend half your life paying it off. I just see so many people struggling to make ends meet, and it's sad. Eventually they just throw in the towel, and then they are screwed.

[Tom Brown]

I just see so many people struggling to make ends meet, and it's sad.
I think the sad thing is people wanting to have the best/nicest stuff so they can be the big man with their friends. I wouldn't blame the CC companies for all of this problem, although they are certainly getting fat because of it.
My car is old but it is reliable, comfortable, get's decent mileage. I have no need of anything newer/fancier.
My boat is old but I have a ton of fun with it and have enjoyed working on it.
I may be the guy with the oldest vehicle and cheapest boat but I'm completely happy with my lot in life. Actually, I feel fortunate as hell. :cool:
The reality is... this is all I can afford. That is, unless I want to take on some debt. I hate debt so I live pretty lean. Life is pretty easy when you're debt free. Two years ago, I was out of work for almost a year and it was no big deal. Try that with a house/car/boat payment.

[ratso]

I think the sad thing is people wanting to have the best/nicest stuff so they can be the big man with their friends. I wouldn't blame the CC companies for all of this problem, although they are certainly getting fat because of it.
You do have a good point there...
I know one guy like that who has gone bankrupt twice, yet he is always in a new truck and somehow always buying nice things...

[Ziggy]

What gives these other clowns the right to screw people over like that? :mad:
Some people are very willing to accept the terms just to have or get any credit.
And like TV if you don't like it don't watch.....or sign up in this case. Nobody forces you to take their credit terms, one voluntarily accepts it and screws themselves in most cases.

[Tom Brown]

I know one guy like that who has gone bankrupt twice, yet he is always in a new truck and somehow always buying nice things...
Ratso, I'm not disagreeing with you as much as pointing out some pretty widespread credit abuse. This sort of thing happens all the time. People think they need/deserve to have the nicest stuff when they might be better served by learning how to be happy with what they have.
Your point about credit companies being akin to drug dealers is not lost on me, though. There are policies that are clearly designed to oppress those who either can't defend themselves or don't know any better.
... just another opinion, my friend. :cool:

[ratso]

Some people are very willing to accept the terms just to have or get any credit.
And like TV if you don't like it don't watch.....or sign up in this case. Nobody forces you to take their credit terms, one voluntarily accepts it and screws themselves in most cases.
I hope you have good people in your finance department... I think that takes a little forcing. :idea:

[ratso]

Ratso, I'm not disagreeing with you as much as pointing out some pretty widespread credit abuse. This sort of thing happens all the time. People think they need/deserve to have the nicest stuff when they might be better served by learning how to be happy with what they have.
Your point about credit companies being akin to drug dealers is not lost on me, though. There are policies that are clearly designed to oppress those who either can't defend themselves or don't know any better.
... just another opinion, my friend. :cool:
I know that Tom... it's all about keeping up with the Jones.
That's one reason people go out and buy BMW's. :D

[Ziggy]

I hope you have good people in your finance department... I think that takes a little forcing. :idea:
Wasn't talking about that but the credit card dealio you brought up. And I don't disagree that they are theives but a large majority of people know that it is high interest but still accept it.....and yet there are many people that don't understand and fail to read what they sign up for, especially first time credit. Its not right for the CC companies morally to do that but they take big risks on some of these guys too. :220v:
BTW- I don't have an F&I dept that work on commissions, no pushing done whatsoever because I won't allow it...I like sleeping at night :sleeping:

[Gr8WebDesigns]

I know that Tom... it's all about keeping up with the Jones.
That's one reason people go out and buy BMW's. :D
Actually, that's not the only reason. I reluctantly bought one 4 years ago, kind of in despiration--I had no car and a friend of mine just about gave me hers. I had NOTHING BUT PROBLEMS with it. I was ready to toss it in the ocean. Then, on April 4th of this year, I was in a BAD accident. Even though the car was totaled and there was no engine copartment left (it might have measured 1 1/2 feet from the windshield to the front bumper), the passenger compartment was untouched.
I then decided (partially because I had so many part for that car, and mostly because I walked away with only a slightly bruise ribcage from the seatbelt) to find another one of the same model. Well I found one on eBay for $835. I talked to the seller before bidding and felt pretty about him. I bid, won, flew up to Northern California from the Los Angeles area, and drove the car home.
It drove like a champ and have had no problems with it since. I now realize that the one I had before was obviously a lemon. Granted, its 20 years old, but at least I know I am safe as is anyone else riding with me!
But bottom line, since I worked for many years in the automotive repair field, agree with you. Most BMW owners are Mercedes wannabes, but can't afford one. Which, in turn, means they can't afford a BMW either. :wink: