"The government should strictly limit the rates of interest charged for outstanding credit card balances to at most 3X the going bank rate extant. This would assist in avoiding Personal Bankruptcy as being the only way many people can escape their credit card debts. With interest rates of 5 & 6 X the bank rate, i.e. at present some are charging 25%..29%, it then becomes impossible for a customer to clear their balances when so much has to be found to pay the interest charge, especially when their income may be fixed, or have even dropped."
Broadly speaking I cannot see why Person A should be prevented from making a commercial arrangement to suit themselves merely because Person B can't make sensible provision for their circumstances changing or their ability to pay!
I very much dislike any kind of legislation which aims to protect people from themselves - I want to run my life my way, thank you very much, not be restricted unless what I'm doing is impacting on the rest of society.
Pah.
1 comment:
I think you need to realize that even a person who "runs his/her own life" faces ridiculous interest rates and fees from credit card companies. That's not fair. I'm a responsible credit card user (hell, I can't even remember the last time I actually used a credit card --- I use my debit card all the time now), and I have 3 credit cards that I'm slowly paying off. I make my payments in advance and on time, and these insane rates are affecting me.
Higher interest rates should be regulated. People who DO NOT pay their payments on time or at all should be the ones having to pay extra fees.
Yes, it was my own choice to use credit cards at one point Yes, it is my own responsibility and duty to make my payments, and I do that every time, but to be charged stupid rates like I do? That's insane.
Credit card companies are money-grubbing whores that make it nearly impossible for financially responsible individuals to pay off their debts, and they need to be regulated.
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