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Hungary Jack wrote:It sounds like a recipe for the Weimar Republic.

HungaryBeck, is it?

Sorry, but I think that's his favorite historical touchstone.

Are there Usury Laws? Am looking at a client's credit card stmt - 28.99%* interest rate. Back in the day when I did a pawn shop's books/taxes they were limited on rates they could charge on pawns, but I guess US Bank is exempt. (perhaps its because they don't have collateral on cc debts).

Needless to say, people are in deep doo-doo when they are paying interest at this rate, and never touching the principal bal. This trend with consumer debt (in the above case it's being used for busn ) how long can it keep going?


*I picture some guy at US Bank getting a cheap laugh by having it 0.01% below the next round #.

Freed Roger wrote:Are there Usury Laws? Am looking at a client's credit card stmt - 28.99%* interest rate.

The elimination of usury laws in South Dakota are actually how the boom in credit cards got started. The always excellent Frontline with the story:

Secret History of the Credit Card

Blackwater takes over DC, check

Jerry Brown declares California a socialist republic, check

Michael wrote:Mom-And-Pop Loan Sharks Being Driven Out By Big Credit-Card Companies

What's the world coming to when you can't even run a decent loan shark business anymore.

Freed Roger wrote:Are there Usury Laws? Am looking at a client's credit card stmt - 28.99%* interest rate. Back in the day when I did a pawn shop's books/taxes they were limited on rates they could charge on pawns, but I guess US Bank is exempt. (perhaps its because they don't have collateral on cc debts).

Needless to say, people are in deep doo-doo when they are paying interest at this rate, and never touching the principal bal. This trend with consumer debt (in the above case it's being used for busn ) how long can it keep going?


*I picture some guy at US Bank getting a cheap laugh by having it 0.01% below the next round #.

I think my credit card interest rate is something like that. I had the card through Washington Mutual and that rate was very low. Eventually Chase acquired Washington Mutual and the rate went up to some absurd level. I keep using it because I pay off my balance every month but I should try to get that down because one little slip up and I'm screwed at that rate.

G. Keenan wrote:

Freed Roger wrote:Are there Usury Laws? Am looking at a client's credit card stmt - 28.99%* interest rate. Back in the day when I did a pawn shop's books/taxes they were limited on rates they could charge on pawns, but I guess US Bank is exempt. (perhaps its because they don't have collateral on cc debts).

Needless to say, people are in deep doo-doo when they are paying interest at this rate, and never touching the principal bal. This trend with consumer debt (in the above case it's being used for busn ) how long can it keep going?


*I picture some guy at US Bank getting a cheap laugh by having it 0.01% below the next round #.

I think my credit card interest rate is something like that. I had the card through Washington Mutual and that rate was very low. Eventually Chase acquired Washington Mutual and the rate went up to some absurd level. I keep using it because I pay off my balance every month but I should try to get that down because one little slip up and I'm screwed at that rate.

I believe the deal was if you were late on more than one payment you got the usury rate.

lukethedrifter wrote:

G. Keenan wrote:

Freed Roger wrote:Are there Usury Laws? Am looking at a client's credit card stmt - 28.99%* interest rate. Back in the day when I did a pawn shop's books/taxes they were limited on rates they could charge on pawns, but I guess US Bank is exempt. (perhaps its because they don't have collateral on cc debts).

Needless to say, people are in deep doo-doo when they are paying interest at this rate, and never touching the principal bal. This trend with consumer debt (in the above case it's being used for busn ) how long can it keep going?


*I picture some guy at US Bank getting a cheap laugh by having it 0.01% below the next round #.

I think my credit card interest rate is something like that. I had the card through Washington Mutual and that rate was very low. Eventually Chase acquired Washington Mutual and the rate went up to some absurd level. I keep using it because I pay off my balance every month but I should try to get that down because one little slip up and I'm screwed at that rate.

I believe the deal was if you were late on more than one payment you got the usury rate.

I just checked and it's 20.99%. That's absurd. My credit score is good. I was late on a payment like once 4 years ago. I guess that's what kicked the rate up to where it is now.