(05-09-2019 11:48 AM)VA49er Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Did you see the part of the the legislation proposal where AOC and Bernie want the US Post Office to provide banking products?

I know this has little to zero chance of going anywhere but proposals like this show just how ignorant these two are.

Maybe they think their constituents shouldn’t be allowed to borrow

(05-09-2019 01:43 PM)Kronke Wrote:  I do agree with her on one thing, that the rates are high and don't seem to have any wiggle room for people even with excellent credit.

My scores are ~780. I've since paid it off, but like most of us have done from time to time, I was in the habit of racking up debt, and not paying it off in full, and ran up some balances.

Anyway, I called Discover once and asked them about lowering my rate, referencing my great credit and flawless payment history. At first, they acted like I was crazy. Then, they told me to hold while they talked with whoever, and came back and offered to drop it from like 21.99% to 21.75%. I don't remember what exactly the rates were, but the decrease was a quarter of 1 percent. It was insulting.

I cancelled the card.

TBH, I don't have a clue what my current interest rate is.

I would like to know what article of the constitution authorizes congress to set caps on interest rates.

(05-09-2019 12:48 PM)GrayBeard Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Exactly, at a minimum, they would need to set it at Prime + X%, not just a static number, but since when were socialists good at economics.


While we are up to stupid ideas...let's bring back getting rid of student loans through quantitative easing. Jill Stein, where you at?

no, they shouldn't. It's not the Federal Government's business. If a state wants to do it, then let the state cap it for banks chartered there. ( Arkansas has done this already ).

Not only is the concept dumb, it's not a legitimate function of the Federal Government.

(05-09-2019 02:02 PM)Oman Wrote:  

(05-09-2019 12:48 PM)GrayBeard Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Exactly, at a minimum, they would need to set it at Prime + X%, not just a static number, but since when were socialists good at economics.


While we are up to stupid ideas...let's bring back getting rid of student loans through quantitative easing. Jill Stein, where you at?

no, they shouldn't. It's not the Federal Government's business. If a state wants to do it, then let the state cap it for banks chartered there. ( Arkansas has done this already ).

Not only is the concept dumb, it's not a legitimate function of the Federal Government.

(05-09-2019 01:59 PM)Oman Wrote:  I would like to know what article of the constitution authorizes congress to set caps on interest rates.

I'm sure someone could justify it under the Commerce Clause, specifically "To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;"

I mean, it probably is interstate business unless you live in the state the credit card company is based in.

The credit card company gets a whole lot less than the government. I’d be all for it if they would cap income taxes at 15% while they are at it. I don’t care though. I quit credit card ripoff companies a long time ago.

(05-09-2019 01:08 PM)VA49er Wrote:  

(05-09-2019 12:58 PM)copycat Wrote:  

(05-09-2019 12:34 PM)VA49er Wrote:  

(05-09-2019 12:31 PM)copycat Wrote:  

(05-09-2019 12:26 PM)solohawks Wrote:  If this happens then the credit card companies will get accused of being racist and discriminatory due to massive changes in lending practices

Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

If that's the case then those with terrible credit will only get cash secured credit cards, at 15%.

Well, then they'd be accused of a form of "redlining" and of course the only answer to that would be to federalize the industry and have that too run out of some marble building in DeeCee.

I mean, it's done wonders for student debt and capping tuition rates, amirite?

(05-09-2019 01:48 PM)bullet Wrote:  

(05-09-2019 11:48 AM)VA49er Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Did you see the part of the the legislation proposal where AOC and Bernie want the US Post Office to provide banking products?

I know this has little to zero chance of going anywhere but proposals like this show just how ignorant these two are.

Maybe they think their constituents shouldn’t be allowed to borrow

Well, whether they think that or not, that would be the outcome.

Unintended consequences, and the feel-gooders never look past step one.

Dummies gonna dummy.

(05-09-2019 02:30 PM)SoMs Eagle Wrote:  The credit card company gets a whole lot less than the government. I’d be all for it if they would cap income taxes at 15% while they are at it. I don’t care though. I quit credit card ripoff companies a long time ago.

That's actually an excellent point.

I only pay interest on money I've borrowed. I pay taxes on every dollar I've earned.

(05-09-2019 02:36 PM)JMUDunk Wrote:  

(05-09-2019 01:08 PM)VA49er Wrote:  

(05-09-2019 12:58 PM)copycat Wrote:  

(05-09-2019 12:34 PM)VA49er Wrote:  

(05-09-2019 12:31 PM)copycat Wrote:  Or they'll just give everyone at 15% credit rate... good credit or bad. See that's not discriminatory!

Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

If that's the case then those with terrible credit will only get cash secured credit cards, at 15%.

Well, then they'd be accused of a form of "redlining" and of course the only answer to that would be to federalize the industry and have that too run out of some marble building in DeeCee.

I mean, it's done wonders for student debt and capping tuition rates, amirite?

Apparently, AOC and the Bern think they could run it out of the post office.

I'm really interested to know how Gail, who is a nice old lady, is going to make me a a loan at the post office. I mean she's really good at selling me stamps and all, but...

(05-09-2019 07:33 PM)banker Wrote:  

(05-09-2019 02:36 PM)JMUDunk Wrote:  

(05-09-2019 01:08 PM)VA49er Wrote:  

(05-09-2019 12:58 PM)copycat Wrote:  

(05-09-2019 12:34 PM)VA49er Wrote:  Not everyone. Those with lower credit scores simply won't get credit.

Oh no, that would be discriminatory. And that isn't allowed. So you see, if you give everyone the same rate, all is equal!

Of course, this means those with good credit are punished, and those with bad credit are rewarded. And if you punish bad behavior, you get less of it. But that doesn't matter to the socialists!

If that's the case then those with terrible credit will only get cash secured credit cards, at 15%.

Well, then they'd be accused of a form of "redlining" and of course the only answer to that would be to federalize the industry and have that too run out of some marble building in DeeCee.

I mean, it's done wonders for student debt and capping tuition rates, amirite?

Apparently, AOC and the Bern think they could run it out of the post office.

I'm really interested to know how Gail, who is a nice old lady, is going to make me a a loan at the post office. I mean she's really good at selling me stamps and all, but...

Actually most of the people working at the USPS in my city are about the laziest and most incompetent employees I've ever seen.
Long line forms at the ONE register open? Manager comes up front and then returns to the back.
Breaks schedule during busiest hours.
Banker's hours and Bank holidays.
Surly attitudes.
Recent example:
Take a mailing to two different Post Offices for postage required...get two different answers. Follow the second Post Office's directions. Get a call the next day to return and add more Postage.

..and AOC wants the USPS to handle Banking?
That sounds like a swell idea.
Heck they already work Banker's Hours so that have that down.

(05-09-2019 02:41 PM)JMUDunk Wrote:  

(05-09-2019 01:48 PM)bullet Wrote:  

(05-09-2019 11:48 AM)VA49er Wrote:  

(05-09-2019 11:44 AM)copycat Wrote:  And hope we never get double-digit inflation again and the fed sets the rate at 20% like it did in 1980.

Did you see the part of the the legislation proposal where AOC and Bernie want the US Post Office to provide banking products?

I know this has little to zero chance of going anywhere but proposals like this show just how ignorant these two are.

Maybe they think their constituents shouldn’t be allowed to borrow

Well, whether they think that or not, that would be the outcome.

Unintended consequences, and the feel-gooders never look past step one.

Dummies gonna dummy.

Peter Principle Personified

@triPPPleinthehouse

the level of dipshite-ism never ceases to amaze...

psy301 should be mandatory by jr. high...

we live in ding-dong land....

What's an interest rate? I haven't paid a cent in interest in 29 years, the time I've been married to my second wife. On my first one I very much knew what an interest rate was as I was paying through my ears. I did a lot of consolidation loans during that marriage, it helped a little until I got into debt again.

Nowadays instead of paying interest on our credit cards we get money back and last year we got $1000 bucks. Not bad, not bad at all.

Two years ago I helped my son and his wife with a debt payer loan at 3% for a years duration. They paid before the year ended and were very grateful but now I think they're in the same predicament...some people never learn...I'm just presuming they're in debt. Hopefully not.

It's funny but some people don't understand that they can't ever catch up in their credit card bill by paying the minimum. A perfect case of the "company store".

I'm for restoring usury laws.

There will be much gnashing of teeth over this but its a reasonable offering.

(05-09-2019 01:59 PM)Oman Wrote:  I would like to know what article of the constitution authorizes congress to set caps on interest rates.

... interstate commerce

That's an easy one.

(05-10-2019 12:32 AM)HeartOfDixie Wrote:  I'm for restoring usury laws.

There will be much gnashing of teeth over this but its a reasonable offering.

Same here.

(05-09-2019 01:54 PM)VA49er Wrote:  

(05-09-2019 01:43 PM)Kronke Wrote:  I do agree with her on one thing, that the rates are high and don't seem to have any wiggle room for people even with excellent credit.

My scores are ~780. I've since paid it off, but like most of us have done from time to time, I was in the habit of racking up debt, and not paying it off in full, and ran up some balances.

Anyway, I called Discover once and asked them about lowering my rate, referencing my great credit and flawless payment history. At first, they acted like I was crazy. Then, they told me to hold while they talked with whoever, and came back and offered to drop it from like 21.99% to 21.75%. I don't remember what exactly the rates were, but the decrease was a quarter of 1 percent. It was insulting.

I cancelled the card.

TBH, I don't have a clue what my current interest rate is.

Neither do I and Ive never paid a penny of interest since I pay off the balance monthly.

(05-10-2019 12:32 AM)HeartOfDixie Wrote:  I'm for restoring usury laws.

There will be much gnashing of teeth over this but its a reasonable offering.

Im not a fan of regulation..but..Im also not a fan of predatory lending. Some level of balance is reasonable IMO.

If you can't afford a yacht you don't get one of those either.