Ferrari Mailing List: Re: NFC.Credit card BS

[Larry B (larrybard]

Nothing personal, and I probably shouldn't chime in here, but: What exactly is 
so terribly unethical about a credit card company taking action as previously 
disclosed in the contract with the credit card holder?  I was under the 
impression that these business relationships were voluntarily entered into by 
both parties.

 

I guess we may be headed towards more government regulation in this area -- 
with the feds dictating (putting aside their legal authority to do so) that 
interest rate changes are restricted as to amounts, timing, etc.  Gee, I wonder 
what that will do to the regular interest rates charged everyone else; think 
they might go up?  At least it's all academic for me -- I never incur any 
finance charges.

 

(Now where's my flak jacket?)
 
> Date: Thu, 14 May 2009 09:11:45 -0700
> From: cavallino_rapante [at] yahoo.com
> Subject: Re: [Ferrari] NFC.Credit card BS
> CC: ferrari [at] ferrarilist.com
> To: larrybard [at] hotmail.com
> 
> If Credit Card companies were even-the-slightest-bit ethical, the Govt. 
> wouldn't be considering Credit Card legislation currently.  As-witnessed, 
> this is legalized extortion.  Granted, Banks make huge profits from such 
> activities, and they need every profit-making avenue available to them to 
> crawl out of the hole they dug for themselves, but I fail to see how a 
> 3-day-late payment qualifies for a 21% APR increase....is this Capitalism at 
> its finest?  Or larceny?