Ferrari Mailing List: Re: NFC.Credit card BS

[Michael James (cavallino_rapante]

True enough, so long as the CC companies are forbidden to change the rules as 
they see fit mid-contract, which they are currently allowed to do by law and 
often exercise to increase the number of fees, their amount, penalties 
incurred, etc.  As it stands today, the credit 'contract' is a living document 
with zero input or protection-for the card-holder.  On occasion, such contract 
'changes' take place without notification to the card-holder - it just shows up 
on your monthly balance - pay, or else.  I'm not aware of any other 'Contract 
Law' that would legally allow this behavior in other sectors of the economy.  
Perhaps Bernie Madoff should have been a Credit Card issuer instead?
 
M

--- On Thu, 5/14/09, LarryT <l02turner [at] comcast.net> wrote:


From: LarryT <l02turner [at] comcast.net>
Subject: Re: [Ferrari] NFC.Credit card BS
To: "Michael" <Cavallino_Rapante [at] yahoo.com>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Date: Thursday, May 14, 2009, 3:04 PM


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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