are credit card companies ethical?

If you borrow the money and agree to the terms well, you have to pay. The trick is, don't charge more than you can pay off in a month.

 

Not loan sharking..unless the "vig" is substantially above the usual lender rate & payback period.

What is unethical about credit card companies is the usery rates they charge for being late &/or overlimit. They have a tendency to let your payment sit on a desk until you are late & then hit you with the "default" APR & late fees.

Let's not forget the minimum payment which is designed to never make enough of a dent in the bill for the rest of your life.

 

Not too sure I know of many "ethical" companies these days.

 

Did you sign a legal agreement with him?

Did you sign one (five) with the credit card company?

 

You do know that you can negotiate the rate on your credit cards.

 

Usually without a baseball bat to the kneecaps.

 

Yeah and the worst part is that they might say "no". Then you just go out and find someone who will give you the rate you want and they will only be too happy to "roll" your debt over to them.

 

This is very true. My sister does it every month.

They send this same little note inside her bill, stating unless she calls or writes to protest. They will increase her rate.

She calls every time.

Well, she used to. She finally got fed up with them, and cancelled the #$## thing.

That MAY not be loan sharking. But it is deceptive practices in my opinion.