79.9% APR Credit Card

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SCPD

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Cap1 offers a secured credit card with a 10% APR and so does BofA which the consumer can use to restablish credit with. Paying that kind of money is for people that can't handle their personal affairs.
 

RayAir

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(AP) It’s no mistake. This credit card’s interest rate is 79.9 percent.

The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations
intended to curb abusive practices in the industry. It’s a strategy other subprime card issuers could start
adopting to get around the new rules.

Credit card's newest trick: 79.9 percent interest | khou.com | News
I'm so glad I got out of the credit card circus. It's been 6 years since I charged anything.

I saw another card that was for people with bad credit. They charged you $250 just to issue it to you so when it comes in the mail you already have a $250 balance and it had a nasty APR like 30%.Oh yeah, and you only get a $300 credit line!! Gosh, I can't remember the name of the co., but I read about it in Money Magazine. At the time it was listed as the worst c/c in America. Sounds like the one found may be worse.
 
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N_Jay

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I did not know that an unsecured credit line was a right?

When did that "change" happen?

Let's see, these are SUB-PRIME cards.

So in other words, these cards are for people who do not have sufficient credit to get a credit card and are not smart enough to know it.
 
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N_Jay

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legalized loan sharks
Leagalized.

. . . all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness and healthcare, and ample credit, whether worthy or not, and, open reception of public safety communications, and . . and . . . and
 

RayAir

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I'd like ta take dis oppahtunaty ta introduce ahh boahd of directasss.
:lol:

Dear Cardmember,

This is your final notice to pay by said date. If you fail to pay by said date we will send our associates to break your arms and legs like toothpicks pursuant to our ToS.

Cordially,

Rocco Bruno, CEO
 
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N_Jay

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Silly Billy has Crappy credit
Silly Billy gets Crappy loan
Liberal Larry thinks this is unfair
Liberal Larry complains to Democrat Dan
Democrat Dan makes Crappy loans illegal
Silly Billy gets no loan.

Liberal Larry and Democrat Dan feel so good they helped poor old Silly Billy.
 

poltergeisty

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Gee, I always thought it would be in the best interest of lenders to barrow money and practice business in a reasonable manner for their patrons as to help the economic vitality of this nation.


"Would you like to take that bike for a ride?"

"Sure"

"Whooo, the rules say if you want to take the bike past this line I'm gonna have to charge you"

"You can't really ride in this little space"

"You can't ride very far... HAHHAHA."


:roll:
 
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N_Jay

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Gee, I always thought it would be in the best interest of lenders to barrow money and practice business in a reasonable manner for their patrons as to help the economic vitality of this nation.
It is.

If all you are being offered is 79.9% loans, you are obviously classified in a group that costs nearly 79.9% to manage and collect from.

The banks job is to watch out for the investors money (Hey, that was my deposit they just dent to that deadbeat).

Remember, every penny you have in a bank is on loan to someone at some rate.
Your rate is what is left over after they get done beating the snot out of the deadbeat to get as much back as they can.
 

poltergeisty

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It is.

If all you are being offered is 79.9% loans, you are obviously classified in a group that costs nearly 79.9% to manage and collect from.

The banks job is to watch out for the investors money (Hey, that was my deposit they just dent to that deadbeat).

Remember, every penny you have in a bank is on loan to someone at some rate.
Your rate is what is left over after they get done beating the snot out of the deadbeat to get as much back as they can.


I understand the dead beat concept. It was the reason why the bubble burst... or was it? Exactly who owns those mortgages? And why are they diced up like Tommy two timer?

I don't know, policies that create chaos is what needs reform. Perhaps Congress needs to be on the dead beat list?
 
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N_Jay

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The bubble burst because that is what bubbles do!

Look up the "Greater Fool Theory"
 
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