are credit card companies ethical?

Just remember, The Borrower is SLAVE to the Lender..........

 

I am not in the trucking industry but I have family and clients who are.

Loan Sharks may not have written contracts but at least their verbal ones don’t change after you borrowed the money. That legal contract you signed with your credit card actually allows them to change your interest rates to anything they want, anytime they want…with 15 days notice. It is called Universal Default; B of A just stuck it to 250,000 people 2 months ago for no reason. Does anyone really think it ethical to lend someone money at 5-10% and then change it to 24-35% after they borrowed it?

Have you ever wondered why all your credit card bill payments go to only 3 states in the union; South Dakota, Arizona and Delaware? This is not a coincidence. These states specifically changed their usury laws so that banks could charge whatever they wanted with no ceiling.

Because they are federally chartered banks, they then get to export this love to you and the Attorney General in your state can do nothing to protect you. I am not making this up…..Frontline did an expose article on this several years ago and if you google credit cards and Frontline you can see the show online yourself.

I can’t believe that anyone on this board would actually think it is fair for some one to advertises and charge you $2.00 a gallon for fuel and then 3 days later after you used it, to raise the cost to $8.00 a gallon, just because the state the refinery was located, happened to be in a state that allowed them to do so…..and oh yeah all fuel now is only produced in these states because they all MOVED there.

I own a debt settlement company and I LOVE my job. I get to educate and help people fight back every day. Here is the ironic part, we all have the power. Last time I checked I have their money, and the only thing they threaten me with is my credit score……This sound like my 3rd grade teacher telling me if I don’t settle down I am going to be sent to the office and this will go down on my permanent record.

Bite me…. paying some bank back tens or hundreds of thousands of dollars (30k in credit card debt paying the minimum payment will cost you over 100k by the time you pay it back!) just so I can have a perfect credit report is ridiculous!

So yes it is legal to do what they do, but only because the state they reside in changed the laws for them. Most states would have them shut down and behind bars in 5 minutes for what they do to the American public. Anyone who has excessive credit card debt needs to take a serious look at the impact it is having on their family and financial health.

Debt=death

 

EXACTLY! I tell everyone I know to get out of debt and do NOT get back in it! If you cannot afford it, do not buy it! You don't NEED a brand new SUV! I have a Buick with 126,000 miles on it and it runs perfectly and would be GREAT if you have kids too! I paid $3500 cash for it over two years ago with 98,000 miles on it. I do not need car payments! Neither do ANY of you all. Like that pretty doohickey in the store but don't have the money to pay for it? Do NOT use credit cards...you can deal without it, I do! Yes, I use credit cards ONLY if I KNOW, for a fact, that I will pay it off when the bill is due.

There is no excuse for going in debt, period. You do NOT need a $250,000 house, a $40,000 SUV, and all the other crap American's buy to make themselves feel worth something. Like I said...no excuses. Thanks for the info, Debt Dude. Amen!

 

I was being fecetious.
I didn't ever plan on paying them back.