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Morning Sticker Shock

BrookwoodBrookwood Member, Moderator Posts: 13,446 ******

Just opened the mail this morning. Received a very long 4 page extended letter with small print on both sides of each page. All about the new changes to a credit card I have carried for many years.

The shocking part I found after scanning through all of the legal hoopla\mumbo jumbo was the interest rate charged if you do not pay the bill in full every month. They increased it to 34.25%!!!😲

Don't know what they were getting before this change, as I have never worried about such. Always pay in full myself.

Totally NUTS for those poor folks who run up tallies that they cannot or do not pay for!

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    buddybbuddyb Member Posts: 5,264 ✭✭✭✭

    Legal organized crime.

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    waltermoewaltermoe Member Posts: 2,001 ✭✭✭✭

    The mob use to only charge 10%.

    Course it was usually your arms or your legs as collateral.

    I have had only one credit card since 1973, still says it on the card today. 34% that’s unbelievable.

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    BobJudyBobJudy Member Posts: 6,499 ✭✭✭✭

    I was just reading the other day that the credit card debt in this country has reached an all time high of about 1.2 TRILLION dollars. When the banks start charging that much interest on over a trillion bucks their profits must be enormous. Like you, I use my credit card for convenience and pay it off each month, so I haven't paid any interest in 30 years. Some of the folks in debt are paying for necessities for their families in the Biden economy. However, a bunch of them are the folks who need the latest and greatest toys and have no concept of saving up for it and want instant gratification. Economic education in this country is dismal. Bob

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    dunbarboyzdunbarboyz Member Posts: 2,234 ✭✭✭✭

    I have a card from my local bank 14% interest. That card company is making money every time you use it.

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    scooterdriverscooterdriver Member Posts: 1,145 ✭✭✭✭

    I miss the days where you saved up for things, used layaway, and did without when prudent. Instant gratification and sense of entitlement have changed this great nation…and not for the better.

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    Rocky RaabRocky Raab Member Posts: 14,235 ✭✭✭✭

    Funny, is it not? They can and do change any aspect of your user agreement at their whim. I wonder if it would stand if we could do the same to them? Contracts do work both ways, after all.

    I may be a bit crazy - but I didn't drive myself.
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    Mr. PerfectMr. Perfect Member, Moderator Posts: 66,372 ******

    Send them a bill for your mail receiving service.

    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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