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Your Interest Rates Are About to Go Up
wisebread.com — The thing about financial crises is that they never fail to affect everyone.
msaleem- 230 diggs
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- digitaldivinci, on 07/06/2008, -2/+8Credit cards are part of the problem anyway! People living the 'American Lifestyle' without cash to back it up. There used to be a time when you couldn't afford it, you didn't have it. Find an alternative product, find products/sellers with no interest guarantees that you can work with, or do without.
Wake up people!- ecdolive, on 07/07/2008, -0/+0I get your sentiment, but it's not so much that credit cards are a problem as it is there are too many people that are ignorant when it comes to money management and that don't understand the concept of living within their means. The credit card companies understand that these two points are a huge problem for many people, and they are capitalizing on it. They easily reel in these people by offering a one time bargain (ie. 20% off your first purchase, etc), knowing they are the type of people likely to pay just the minimum payment each month. But what they really hope for is that you are late on a payment; then they can hit you with fees and increase your already high rate. Thus, the banks are exacerbating an already existing problem for many people by creating an outlet for those people to do themselves in.
- squinky86, on 07/07/2008, -0/+2Agreed. I'm happy rates are going up. I locked in my low rate on my home, and am ready to watch my savings accounts rebound a little (and hopefully the market, too).
People need to learn more about finance so that they can make the right decisions where we can all rely on each other a little better.
To get started, something like:
http://www.myecubby.com/book.php?isbn=978078528908 ...
would work. Then, for the more advanced, something like
http://www.myecubby.com/book.php?isbn=978007138529 ...
would be acceptable. - DangerCollie, on 07/07/2008, -0/+1I was watching a movie made in 1960 and one of the characters was ranting about Diner's Club and how modern life was live it up now and pay later. That was almost 50 years ago. Not as many people lived that way back then, but it's interesting that the credit mindset was taking hold even back then. Almost two generations growing up thinking debt is just part of living.
Credit card companies are the bane of this country. They are the modern equivalent of the railroads in the 1800's, oil companies in the 30's, GM in the 50's and the tobacco industry in the 80's.
- mooseontheloose, on 07/06/2008, -0/+10Oh no, this will raise my monthly payments $0 because I actually know how to use a credit card, and therefore am better off than both morons who use it to buy stuff they can't afford and pay interest out the ass and morons like digitaldivinci who are too financially incompetent to get one and use it properly.
Getting paid to use a card AND raising my credit score in the process? Sign me up. Oh wait, I already did.- ecdolive, on 07/07/2008, -1/+0Good for you, you've figured out how to pay off your balance every month. Care to enlighten us with information on how to "get paid to use a card"? You must REALLY know how to stick it to the man.
- Ricky81682, on 07/07/2008, -0/+1Well, I get 1% back on all purchases (plus 5% back on gas!!), so after paying them off every month in full, I'm basically getting paid for that card.
- ecdolive, on 07/07/2008, -1/+0Good for you, you've figured out how to pay off your balance every month. Care to enlighten us with information on how to "get paid to use a card"? You must REALLY know how to stick it to the man.
- Hosalabad, on 07/07/2008, -0/+3Good, a tax on the stupid, finally.
- BennyGreenberg, on 07/07/2008, -0/+1Interesting as this changes even the way "responsible" people will work their credit. Customer loyalty programs (milage, points, etc) are now dead-in-the-water of the details in this article are spot-on - and no reason to think they are not.
- Sanduu, on 07/07/2008, -0/+2Everything's going up, except wages.
- NJHiker, on 07/07/2008, -0/+2How about my savings account interest rate? How about CD rates so I am not just barely keeping up with inflation?
Eh, who am I kidding. - cyberdork, on 07/07/2008, -0/+2You see this is the difference between Americans and Europeans.
When I read 'interest rates go up' I thought 'Cool, more interest on my savings'... - dupswapdrop, on 07/07/2008, -0/+2Cut up the credit cards don't be a slave!
- Buckeye17, on 07/07/2008, -1/+1Peace not war!
- sodade, on 07/07/2008, -0/+1Two years ago, I paid off all my credit card debt and car loans. This year, I refinanced my house to a 15 year mortgage at a rock bottom fixed rate. I have cut WAY back on discretionary spending and it has actually improved my quality of life (eating spendy meals out is ***** stupid anyway). I am hoping that my fiscal responsibility will serve me well over this rocky period, but I worry that so much of my savings is in USD. I am thinking about investing in Norwegian currency.
The funny thing is, my credit card companies are calling me every other day, basically begging me to charge stuff. I get a good laugh at them... - AriaStar, on 07/07/2008, -0/+1I was expecting something about the federal interest rate and was set to reply with how ***** that is when the last thing we need is money taken out of circulation.
But alas, it's just an article on people living on credit, and it's a no-brainer that defaulting has gone up, so of course credit companies are going to raise the rates on those still paying.
Makes me glad that I have no credit whatsoever, that I do whatever the hell I have to to not get a credit card. Even a $2k limit wouldn't pay my bills (rent alone's $2400 here in Cupertino in this apartment), so why go into debt I couldn't pay back?
By the way, can anyone remind me what this thing called the "middle class" is? It's been so long since I've seen anyone from it that I've forgotten what it is.
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