C.bronco Up to No Good

in all honesty, online petitions are really useless.

better luck w forming a really small group to work some phones.

and then build up from there.

good luck

what do you mean, "as signatures"?

for what?

okay.

good luck!

I agree that the rates Credit Card companies charge should be capped and that some of the current rates are, indeed, criminal.

But the answer the credit card compnaies give will be along the lines of "it's the only way we can afford to issue credit to so many people who want it, because of all the debt we are forced to eat from people declaring banktrupcy and the like." And they have a small point, though they are using that point to stick it to everyone else and line their wallets.

So, I submit that capping credit card interest rates must be accompanied by more overhalls to the current bankrupcy laws, which remain far too lenient, imo. I feel bad for people who have to follow this route, but many people do not have to, and only do it because it allows them to avoid paying for luxuries they never needed and couldn't really afford.

As to what rates are are fair, I suggest a little research into Roman times. They had a pretty good idea about what the upper limit of interest rates should be, and why.

There are some scholary articles on the subject. Try googling "Roman
Interest Rates."

The long and short of it: the Romans knew that 12% per annum was about what the upper limit of interest rates should be. Of course, if such a (wholly appropriate, imo) rate was mandated by law, most people wouldn't have credit cards, or at least their credit limit would be severely reduced, like to 200-500 bucks.

Rob's a smart guy. If he let's you pick his brain - do it.

And don't forget Rob, the cc companies issued a lot of cards to people they had no business issuing cards to - they targeted people with low, fixed income and no/bad credit histories. On purpose. Because they knew what the results would be.

Unique said:

And don't forget Rob, the cc companies issued a lot of cards to people they had no business issuing cards to - they targeted people with low, fixed income and no/bad credit histories. On purpose. Because they knew what the results would be.

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Absolutely. And it's no accident that State Lottery advertising targets the exact same people.

robeiae said:

Absolutely. And it's no accident that State Lottery advertising targets the exact same people.

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Aye-yup.

The old wish in one hand, **it in the other; which one weighs more?
Too bad more people can't do the math.

Pretty sure s**t weighs more.

Mine does, anyway.

I stopped keeping a balance on my credit cards a long time ago. No one forces you to run up your credit. Card companies provide a service to stupid people and should be allowed to make a profit from it.

C.bronco said:

Yeah, okay, but when your home heating oil bill doubles and your hot water heater breaks in January, you might do things that you otherwise would not do.

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I understand where you're coming from, I really do. The problem with proactive financial responsibility is that no one does it until it's too late.


There's a way out of debt for everyone, but you're right... paying minimum balances end up making you owe more and more and more.

Here's a quick guide to financial freedom. It really works.

A) Eliminate all extraneous expenses. Maid, dry cleaning, cable tv, x-box live, etc. Stop eating out. Gather up all your extra cash per month, and prepare for freedom. Let's say this is an extra $150 a month.

B) Order your debt by amount owed.

It might look like this:
Mortgage, 150,000, 2000 monthly
Honda, 12,000, 400 monthly
Capital One Credit Card, 6000, 200 monthly
Discover Card, 4000, 120 monthly.

Now, pay the bare minimums on the mortgage, honda, and capital one. Do this until you have paid off the discover card, by paying discover 120+150 (270) a month. This will take you two years, so you can see the vast importance of throwing ALL available money (arcade, vacation, bonuses) into it ASAP.

Now, you have 470 a month (200+120+150) to pay off the Capital One. You can do that in about a year.

Now you have 870 to pay off the Honda. Done in two years.

After 5 years you are debt free -- except for your house. For my part, I am working now toward eliminating my mortgage (in the example above, an additional 0 a month in principal is being paid. This will cut down a 30 year mortgage to a 20 year mortgage, and have you the sole owner of your house 10 years sooner


It's certainly not easy. But do you want to be a slave to the system? Freedom takes guts, courage, and blood once you're a slave. There's no easy way out.

Deek, .........hypocrisy or irony?

Probably a bit of both, ED. I never can tell anymore.

dclary said:

Probably a bit of both, ED. I never can tell anymore.

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It's a line we're all fighting.

C.bronco said:

Maid, dry cleaning, cable tv, x-box live, etc. Stop eating out. Gather up all your extra cash per month, and prepare for freedom. Let's say this is an extra $150 a month.

LOL! I get your point, but I have none of those things (except basic cable). I can't remember the last time I was at a dry cleaners. Last time eating out? TGI Fridays for my son's birthday in July. I don't have a cell phone. I pay $8,000 per year in child care.
I appreciate what you're saying. Believe me, I spend a lot of time keeping our heads out of hot water. Many of my friends aren't doing a heck of a lot better.

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Well, I wish you all the luck in the world. The first three years of our marriage, I cut my income in half -- each year. Yeah. That sucked.

It took us a very, very long time to dig out from that hole, and to be honest, I couldn't do it without bankruptcy, because by the time I had my income stabilized, those bastard credit card companies were eating us alive.

We never would have made it without BK. I don't know how anyone who's legitimately in hot water and being as fiscally responsible as possible can make it, now that BK has been restructured in the card companies' favor.

dclary said:

Well, I wish you all the luck in the world. The first three years of our marriage, I cut my income in half -- each year. Yeah. That sucked.

It took us a very, very long time to dig out from that hole, and to be honest, I couldn't do it without bankruptcy, because by the time I had my income stabilized, those bastard credit card companies were eating us alive.

We never would have made it without BK. I don't know how anyone who's legitimately in hot water and being as fiscally responsible as possible can make it, now that BK has been restructured in the card companies' favor.

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I spent 10 years as an Insolvency accountant in the UK. There are ways. Don't know about the US.