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Credit Card companies should burn in hell

Discussion in 'The Lounge - Off Topic' started by Arroryn, Aug 18, 2005.

  1. Arroryn
    Honorary Member

    Arroryn we're all dooooooomed

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    I'm glad I don't have a bad credit rating, too. Had an application for a card land on my doormat this morning. With a whopping 'typical' APR of 49.9%. I thought it was a joke till I found this on the net.

    So a little tirade. The only people that would get this card would be those with a low score. How do they expect to improve anything with those kind of charges? ********.

    Has anyone seen anything worse? Discuss. Or discard thread at your leisure :biggrin
     
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  2. tripwire45
    Honorary Member

    tripwire45 Zettabyte Poster

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    That's an outrageous rate of interest. Sadly, plenty of folks would probably sign up for it just to be able to use credit and very quickly find themselves deep in debt (unless they scrupulously paid the card off every month...but how many people do that?). You were wise to send the offer into the "round file".
     
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  3. Phoenix
    Honorary Member

    Phoenix 53656e696f7220 4d6f64

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    49% WTF???
    DAMN
    ive never seen one with rates that high, even capital peons (i mean capital one) are in the 20 range somewhere
    atleast last time i saw one of thier crap adds they were :)
     
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  4. ffreeloader

    ffreeloader Terabyte Poster

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    The credit card industry is full of blood sucking vampires, and it's very true that many of them target those who can least afford to pay their interest rates. They prey upon the misery of people. The scumbags.

    My wife and I had to declare bankruptcy a couple of years ago because we lost about 70% of our income when I could no longer work in my old career. Ever since we declared bankruptcy we have been getting an average of at least 20 credit card applications a month. Some weeks we have 3 or 4 days in the week where we each recieve 3 or 4 apps apiece. All of these cards have extortion-like interest rates. But, even I haven't seen anything as bad what has been linked to or shown on this thread.

    I rate the credit card people, bankers, and lawyers all in the same place, at the bottom of the ethical pool.
     
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  5. Weemez

    Weemez Kilobyte Poster

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    Arroryn, that makes me sick just reading it, i had my troubles in the past but i have never seen anything like that.

    Arrrrrgh.

    Talk about exploiting the poor! (Arroryn i'm not saying you are poor but you know what i mean !!.) :mad
     
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  6. Fergal1982

    Fergal1982 Petabyte Poster

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    Speaking as someone who has an appalling credit (trust me on this - in the past 6 months i have had 5!!!!1 default notices - it was my fault, my monthly payments to a certain debtor changed from the end to the start of the month, and they didnt like it - and sent the notices to my old address), I fully believe that credit should be allowed. I've used the system, and the short term benefits are far outweight by the heavys looked to take your kneecaps away in a paper bag.

    I think the world would be a better place (for me, and everyone else), if you could only have access to the money you earned!!

    Fergal
     
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  7. Arroryn
    Honorary Member

    Arroryn we're all dooooooomed

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    No offense Weemez - I used to be deep in the mire, started scraping my way out about a year and a half ago, so my rating isn't too bad. But companies like this certainly don't help those already in debt.

    I agree with Fergal - and if it weren't possible to disallow it, then at least delay credit until you're 25 or something - give an 18 year old a credit card, and they'll waste a lot of money they don't have.
     
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  8. fig_jam_uk

    fig_jam_uk Bit Poster

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    Did anybody notice the section neer the begining saying it would keep people away from loan sharks!!! that interest rate is probably higher than what a loan shark would charge :blink
     
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  9. simongrahamuk
    Honorary Member

    simongrahamuk Hmmmmmmm?

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    Been there, done that! Only just managed to pay it all off 2years ago after selling my house.

    Have never used a CC since.

    8)
     
  10. Stupendous Man

    Stupendous Man Bit Poster

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    Yes, credit cards are evil, practially everyone I know has some amount of debt on them. If you add easily available credit (especially to young people) , the current consumer culture and that our media is almost entirely based on advertising - adverts and programmes designed to make you want, that adds up to trouble. I made on late payment on a card and within two months the APR went from 16.9% to 24.9% - I changed cards and am now on 0% for another 8 months :D

    Maybe young people should be taught more about money management at school. I'm sure it would be far more useful than the pathetic religious education classes that I remember attending.

    For instance, I have two friends who still live at home that are over £10k in CC debt, one is almost £30k in the red. The only way to get out of that is to add it to a mortgage at some point, but then you'll be paying even more as its very long term borrowing.

    I'm not saying that people are not to blame for there own actions, but the CC companies should be more heavily regulated, especially in terms of credit limits, as they increase as you near your limit or make minimum payments, and the exorbitant rates of interest they charge. Maybe an enforced minimum payment of 10%+ would do the trick.

    People are getting the message though, since CC borrowing is growing at its slowest rate since 2001 just now.
     
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  11. Phoenix
    Honorary Member

    Phoenix 53656e696f7220 4d6f64

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    I agree, more life lessons would be a valuable thing to learn at school, whilst I agree its best to get a full compliment of classes and expose young people to a wide variety of information, life lessons should be a major player in schools i feel, and if not schools atleast college, in between all those empty periods :)
     
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  12. noelg24

    noelg24 Terabyte Poster

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    like Fergal I have been fallen foul to debtors in the past but now I am being just that little bit more cautious about my money...I do have 3 CCs but only one I use and now over the limit on that so paying off as much as I can for now...the other two are being paid off slowly but surely, all I need is a nice big loan to pay them all off and then I wont have to worry about them again...I got my first CC at 19 (thanks to my mum) and it wasnt until I left home that I went totally mad on it...still paying it off via a debt management scheme after 4 years!!! try that one for size people!!! if u think I am bad, u should speak to my mother...the last I spoke to her about credit cards she told me she had 8!!! its all this balance transfer crap u see...after 6 months of 0% they move to another card company...people do it...but yeah my credit is also bad but with the help of a loan company they are going to make my credit file look better so I can apply for credit in the future...which is what I need to get a loan of say £5000...which will clear all my debts and all I need to pay is the loan repayments...
     
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  13. Phoenix
    Honorary Member

    Phoenix 53656e696f7220 4d6f64

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    actually having alot of credit cards can be beneficial if you know how to play the game
    transfering balances to the ones with 0% for 6 months etc, you can find you dont ever pay interest lol
    my dad does it quiet well :)
     
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  14. Stupendous Man

    Stupendous Man Bit Poster

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    I am currently using that tactic. The only drawback is that you need to be dedicated at sending away applications and keeping on top of the situation. Most people tend to change once to 0% then end up sticking with that card well after the honeymoon period is over.

    My brother used to work in a bank and I'm sure he mentioned that having alot of cards or applying for cards harmed your credit rating. That sounds like it may not be a problem on this forum though as it sounds like most of the damage has been done already (myself included) :lol:
     
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  15. noelg24

    noelg24 Terabyte Poster

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    probably why my mums does it aswell...she certainly knows how to play it well...
     
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