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15% interest rate cap bill
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 2019-05-17 6:37 PM |
Pro  15655    |  Subject: 15% interest rate cap billHere's the nutjob's comments on her and Sander's bill. https://www.foxbusiness.com/politics/ocasio-cortez-makes-bible-joke-to-peddle-payday-bill This is more stupid. Credit card companies THROW 0% interest rate cards at us. You know why? Because my wife and I always paid our bills and didn't "buy" things that we couldn't afford. We just did without. Like our parents did when they raised us. Why should a loan company not be able to protect their own interests? Why should a credit card company not be able to? What the hell ever happened to personal responsibility? If you are paying 20% interest on ANYTHING I don't feel sorry for you.....you earned it.
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| 2019-05-18 3:09 PM in reply to: Left Brain |
Expert 1183  Fort Wayne, IN | Subject: RE: 15% interest rate cap bill I couldn't agree more. |
| 2019-05-20 7:17 AM in reply to: nickster |
Pro 6838 Tejas | Subject: RE: 15% interest rate cap bill The only time I ever had an interest rate that high was when it's tied to XX months, no payments interest free financing on something. I know we bought a bedroom set years back at 21%, but the purchase had no payments, 18 months interest free financing. Wrote a check for the whole mess at 17.75 months. I'll use your money to buy something if given the opportunity, I'm not going to pay interest, ever. |
| 2019-07-16 11:45 PM in reply to: mdg2003 |
| 265 | Subject: RE: 15% interest rate cap bill The first house my wife and I bought in the early 80s carried an interest rate of almost 18% and we did not have bad credit. Fast forward almost 40 years and we are retired in our early 60s with paid for house plus multiple paid for rental properties. Financial discipline is the key. As soon as we could we started paying cash for stuff. Our motto was "don't laugh, it's paid for". It's worked out well for us. |
| 2019-07-17 8:26 AM in reply to: HaydenHunter |
Pro 15655 | Subject: RE: 15% interest rate cap bill 18% interest was normal in the early 80's......I bought my first house then as well. Thank you Jimmy Carter. If you're paying 18% today on a house then you are either a dead beat, an imbecile, or God hates you. |
| 2019-07-17 9:20 AM in reply to: Left Brain |
Champion 7553 Albuquerque, New Mexico | Subject: RE: 15% interest rate cap bill Loan companies, credit card companies, and loan sharks ALL protect their interests... People desperate for $$ will seek alternate sources when none of the legitimate options will take the risk at 15%. |
| 2019-07-17 10:35 AM in reply to: McFuzz |
Champion 10157 Alabama | Subject: RE: 15% interest rate cap bill Originally posted by McFuzz Loan companies, credit card companies, and loan sharks ALL protect their interests... People desperate for $$ will seek alternate sources when none of the legitimate options will take the risk at 15%. You are right about risk and interest rates. If you give credit cards to 20 kids you’d better charge a high enough interest rate to cover your losses from that demographic. Cap the rate at xx% and credit card companies will not give credit cards to high risk people. Related note, credit ratings are NOT in indication of your risk. A few years ago we bought a new Expedition for about $50k. We were going to pay cash but we’re told if we used Ford Motor Credit we could get $500 off. I asked if there was a penalty if we paid off the note early and they said no. So we financed. A month or so later we got a letter from FMC saying because of our credit rating we did not qualify for the low interest rate. I was shocked. We have zero debt. House has been paid off for 15 years. Zero credit card debt. So after doing some research we learned that having no debt is we we lave a low credit score. To have a high credit score you need debt and show that you pay on your loans regularly without late fees. So for young people, if you want a high credit score, carry outstanding balances on various debt and pay your loans on time. This has been a PSA that I typed on my iPad with one finger. |
| 2019-07-18 2:04 PM in reply to: Rogillio |
| 1731 Denver, Colorado | Subject: RE: 15% interest rate cap bill Originally posted by Rogillio Originally posted by McFuzz Loan companies, credit card companies, and loan sharks ALL protect their interests... People desperate for $$ will seek alternate sources when none of the legitimate options will take the risk at 15%. You are right about risk and interest rates. If you give credit cards to 20 kids you’d better charge a high enough interest rate to cover your losses from that demographic. Cap the rate at xx% and credit card companies will not give credit cards to high risk people. Related note, credit ratings are NOT in indication of your risk. A few years ago we bought a new Expedition for about $50k. We were going to pay cash but we’re told if we used Ford Motor Credit we could get $500 off. I asked if there was a penalty if we paid off the note early and they said no. So we financed. A month or so later we got a letter from FMC saying because of our credit rating we did not qualify for the low interest rate. I was shocked. We have zero debt. House has been paid off for 15 years. Zero credit card debt. So after doing some research we learned that having no debt is we we lave a low credit score. To have a high credit score you need debt and show that you pay on your loans regularly without late fees. So for young people, if you want a high credit score, carry outstanding balances on various debt and pay your loans on time. This has been a PSA that I typed on my iPad with one finger. Yes, this is (fortunately or unfortunately...?) true. When I talked to the finance guy about preparing for a prospective mortgage application, and suggested I would like to wait a year longer to pay off all of my cards, he said no - because lenders want to see you paying of something. He suggested I keep some cards open and just pay them. Use them, pay them, use them, pay them... Carry a tiny little balance. This is what contributes to the score. |
| 2019-07-20 11:43 AM in reply to: marysia83 |
Pro 6838 Tejas | Subject: RE: 15% interest rate cap bill Originally posted by marysia83 Originally posted by Rogillio Originally posted by McFuzz Loan companies, credit card companies, and loan sharks ALL protect their interests... People desperate for $$ will seek alternate sources when none of the legitimate options will take the risk at 15%. You are right about risk and interest rates. If you give credit cards to 20 kids you’d better charge a high enough interest rate to cover your losses from that demographic. Cap the rate at xx% and credit card companies will not give credit cards to high risk people. Related note, credit ratings are NOT in indication of your risk. A few years ago we bought a new Expedition for about $50k. We were going to pay cash but we’re told if we used Ford Motor Credit we could get $500 off. I asked if there was a penalty if we paid off the note early and they said no. So we financed. A month or so later we got a letter from FMC saying because of our credit rating we did not qualify for the low interest rate. I was shocked. We have zero debt. House has been paid off for 15 years. Zero credit card debt. So after doing some research we learned that having no debt is we we lave a low credit score. To have a high credit score you need debt and show that you pay on your loans regularly without late fees. So for young people, if you want a high credit score, carry outstanding balances on various debt and pay your loans on time. This has been a PSA that I typed on my iPad with one finger. Yes, this is (fortunately or unfortunately...?) true. When I talked to the finance guy about preparing for a prospective mortgage application, and suggested I would like to wait a year longer to pay off all of my cards, he said no - because lenders want to see you paying of something. He suggested I keep some cards open and just pay them. Use them, pay them, use them, pay them... Carry a tiny little balance. This is what contributes to the score. I'm not sure how they factor the scores. My score was at 848. I was buying a compressor at HD and the clerk tells me I can get $50 off if i opened a HD credit account. I did and the score went down to 844. Three weeks later, before I paid the bill, it went up to 850. We have no debt except a small mortgage on the home/property we bought 2 years ago. We use two credit cards for everything we purchase. We pay them off every month, on time and have never carried a balance. I guess the most important thing is paying on time and I'm sure there's a debt to income ratio they factor in as well. |
| 2019-07-21 12:20 PM in reply to: mdg2003 |
Champion 10157 Alabama | Subject: RE: 15% interest rate cap bill If debt to income were a factor I should have a great credit rating. But “lenders” don’t want to lend me money because they won’t make any money on me. They want people who have debt but still pay their bills on time. |
| 2019-07-22 8:03 AM in reply to: Rogillio |
Pro 6838 Tejas | Subject: RE: 15% interest rate cap bill I always wondered why they let me keep my cards. They haven't gotten a dime of interest or late payments from me for over 20 years now. But they have to pay me the 600 to 1000 a year in rewards, per card. I guess the merchants pay them a transaction fee every time I use the card and that adds to more than what they pay me in rewards? |
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