Frontline- vid on credit card industry

Frontline- vid on credit card industry (Full Version)

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pahunkboy -> Frontline- vid on credit card industry (1/10/2010 6:17:54 AM)
There used to be a crime called loan sharking. Now it's standard operating procedure for banks in America. Tactics that would make a loan shark blush. Video: http://www.brasschecktv.com/page/780.html

DarkSteven -> RE: Frontline- vid on credit card industry (1/10/2010 6:30:38 AM)
The banks are choirboys compared to the payday loan places... It troubles me a LOT how modern business has adopted the attitude of "screw the consumer" and is loading up on fees, penalties, ridiculous interest rates, etc.

ThatDaveGuy69 -> RE: Frontline- vid on credit card industry (1/10/2010 6:33:57 AM)
The Move Your Money Project is meant for people who are fed-up with the crap from the big banks. The idea is to move to smaller, locally-owned/community-based banks. The site lets you enter you zip code to get a list of stable, local banks. The experts always say to vote with your dollars - this is a perfect way to do exactly that. http://moveyourmoney.info/ ~Dave

pahunkboy -> RE: Frontline- vid on credit card industry (1/10/2010 6:55:18 AM)
quote: ORIGINAL: ThatDaveGuy69 The Move Your Money Project is meant for people who are fed-up with the crap from the big banks. The idea is to move to smaller, locally-owned/community-based banks. The site lets you enter you zip code to get a list of stable, local banks. The experts always say to vote with your dollars - this is a perfect way to do exactly that. http://moveyourmoney.info/ ~Dave Yup- my money is moved.

thornhappy -> RE: Frontline- vid on credit card industry (1/10/2010 7:47:39 AM)
I've been in credit unions since the mid-80s. They're not all sweetness and light, but a sight better than the mega-banks. Frontline did a broadcast in the past about credit cards, and a great point was raised - credit cards are the only lending vehicle in the country that can change the interest rate after the offer's made. The worst situation is where you're late on an electric bill, for instance, so the credit card ups your interest rate.

pahunkboy -> RE: Frontline- vid on credit card industry (1/10/2010 8:45:04 AM)
Utilities shut off pretty fast now in PA.

sirsholly -> RE: Frontline- vid on credit card industry (1/10/2010 9:06:36 AM)
quote: ORIGINAL: pahunkboy Utilities shut off pretty fast now in PA. the PUC bans shutting off utilities during the winter months in Pa

pahunkboy -> RE: Frontline- vid on credit card industry (1/10/2010 9:18:46 AM)
quote: ORIGINAL: sirsholly quote: ORIGINAL: pahunkboy Utilities shut off pretty fast now in PA. the PUC bans shutting off utilities during the winter months in Pa I am current with my utilities. Have been -- the whole time in PA. 2004 the law changed- somehow they do shut offs faster now.

LadyEllen -> RE: Frontline- vid on credit card industry (1/10/2010 9:26:36 AM)
Pay day loans is a heck of a business to be in though - I've started looking into it and there is a huge amount of money to be made. Basically, if I have about £25k loaned out at all times - and lets face it the idea is that few will ever be able to repay - I'd never have to work again. What do I need? A consumer credit licence - you pay a fee, fill a form and you get it. The checks made regarding the background and suitability of applicants is laughable. Many loan sharks have one, as they have realised that the cost of legitimacy is low as compared to the cost of illegal activity. The problem (or opportunity) is that the law does not regulate interest rates. As long as you have a licence and can get people to sign up, you can charge as you will. This clearly needs resolving - pay day loans here are at 2500 to 3000% APR, which is clearly ridiculous. And there are the "Provident" variety of door step lenders; 80% APR is a low rate on these loans. They thrive because they lend money to people who cant get credit elsewhere and because once they have a customer signed up, its a customer for life. On the negative side these customers tend to be poor risks and you have to budget to write off much of what is loaned out or adjust interest and charges to cover losses. It sure beats working for a living. E

kdsub -> RE: Frontline- vid on credit card industry (1/10/2010 10:30:20 AM)
It was all there in small print all you had to do was read it...But that does not make it right. I would think there should be an agreement with each purchase...I borrow from you at this rate and I pay it off. If in the future you raise the rates and you notify me then any purchase made at that rate becomes the new agreement. But the old agreements remain until the debt is paid. If I pay your bill you should have no right to raise rates because I did not pay another bill not related to you. It is none of your business and an invasion of my privacy. That would be so easy to put into law...why has it not happened. Butch

pahunkboy -> RE: Frontline- vid on credit card industry (1/10/2010 11:04:13 AM)
I dont know but the whole economy is dreadful- and I can tell my parrot is upset as he now tried to rattle and break out of his cage. He knows that less money I get to keep is less of the delicacy fresh shelled peanuts that he eats gourmet style.

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