do you think credit card interest rates should be restricted?
i received 2 or 3 payments from a company that paid high interest dividends but after investing ten thousand dollars the government shut them down however, the credit card companies collect high interest rates and are allowed to continue business as usual…whats up
what i am asking is how can the government shut one outfit down that charges high interest to its customers so that it can pay its investors a good profit yet it allows credit card companies charge high interest rates
I don’t follow your question. What does this “investment” have to do with credit card rates?
companies shouldn’t charge 15% - 35% interest and or APR .
that shouldn’t happen ………….its crazy …..
One other thing credit card companies are doing ( financially ) , let’s say you pay your credit cards on time monthly , it’s “O” balance .
After awhile the credit card company will raise your “APR ” up , and you don’t even know about it ……….no warning .
They’ve names for people like that ….I really wished I remember the name . This was on the news “Special” .
Channel 9. public tv . >>
You did not explain why company you dealt with went out of business.
Recently several went out of business largely result incorrect calculations of impact from potential, probable, and occurred, rising interest rates upon their operating expenses and profitability, some from apparently criminal activity.
To say “restricted” is not at all clear.
Usually as things restricted, particularly in finance, is ordinary people struggling along on ordinary wages who suffer most. Those wealthier manage offset their costs easier.
APR is the Annual Percentage Rate on the credit card.
APR on your credit account supposedly varies due various things like having a good credit rating.
In theory if applying for your first card or have a poor credit history your APR likely higher.
Theory IF people paying interest on time was important people see benefits building up good credit payment history as they pay on time, would find their interest rates going down.
IMHO rarely happens this way.
Good customers for 30+ years will tell you they rarely see any benefit from being a good and long term customers.
Lowering your interest rates, most find comes from receiving better, lower interest rate offers from another credit providers.
Then if talk to their own provider may obtain slight improvement, just enough to keep them.
Seems companies employ people receiving benefit$ from getting customers to churn.
Is this good long term for customers and credit providers ?
IMHO not at all, as encourages customers to keep swapping who they deal with, to become secretive about what they tell their credit providers.