Ferrari Mailing List: Re: NFC.Credit card BS

[LarryT (l02turner]

Hey TOL!  Howya doing?

re the CC % rates - Nope - more govt regulation is not needed - altho we 
might get it, want it or not - need it or not.  We were just lookng for a 
solution to a 30% interest rate.  Regardless what the fine print says, if 
the % goes up we have a right to take our business elsewhere - nothing more 
than that. True, we agreed to the provisions in the tiny writing (often 
without fully reading or understanding it) but I suspect most of us would 
not think we would make out payments late.  The CCs I have allow 2 late 
pymts before they bump the % rate but each one is different.

Not saying a company should not write *anything* they want into the 
legalese - but we still have the ultimate right to walk.  Or drive as we 
prefer. ;-)

Have a nice day!
LarryT

https://www.nrahq.org/nrabonus/accept-membership.asp

Free 1 year NRA membership to anyone interested!

----- Original Message ----- 
From: "Larry B" <larrybard [at] hotmail.com>
To: "Larry Turner" <l02turner [at] comcast.net>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Sent: Thursday, May 14, 2009 1:36 PM
Subject: Re: [Ferrari] NFC.Credit card BS


> 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?
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