Republicans: How does letting credit card companies screw us over help the middle class again?
You guys claim to be champions of the middle class, so please explain how blocking a law to keep credit card companies from screwing over customers helps the middle class. And no, I don't want to hear "read the terms first". That still does not help me, a middle class worker. Please, PLASE. show more You guys claim to be champions of the middle class, so please explain how blocking a law to keep credit card companies from screwing over customers helps the middle class.
Notice your first answerer. he's sure that it falls back to you. what he doesn't understand, is that your initial contract does not lay out what the arbitrary rates and fees will be. typically, Financial contracts specifically credit Card apps, are very vague about what a rate might Jump too, or what the penalty will be for Lateness, Missed payment, also Like
non fixed HEL loans (Home equity Loans) they typically tie it to 1 or two points above prime, but leave off penalties and fees.
so the average borrower unless he or she is sitting with someone like me that can read through the fine print, will see the Intro rate, and the term of that rate ie, for the first 6 months you'll enjoy a flat 4% rate on all transactions (there are always clauses on that as well if you look)
Lots of people figure, ok..I'll load all of my other cards onto this one for that 6 months and then do it again with the next one.
Turns out, there are fees for coming and going, excessive balance, slow pay, etcetcetc.
It's a scam from start to finish.
20 years in Auto Finance (I do not have one single credit card..not one)Source: answers.yahoo.com