Posted on May 11, 2019
Tucker Carlson says Sanders, Ocasio-Cortez are 'indisputably right' on Loan Shark Prevention Act
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This is reasonable. Lawyers getting 50% of class action or malpractice settlements, Doctors who make mistakes and then there is malpractice and Pharmaceuticals who don't want the Generics to be available keep Obamacare too expensive and bankers are partially to blame for high interest rates. Idiot consumers not paying their bills also hurts their credit scores and lead to high interest rates or make them suckers for payday loans that are forbidden to Service Members. Washington has a lot of lobbyists that will prevent Obamacare from being reasonable and Credit cards from being cheaper. I also know banks often send me junk mail about accident insurance that is about the same rate as SGLI but how many die from accidents?
My Wife got conned on that scam that even Credit Unions sell that are basically worthless except to the people selling the policies.
My Wife got conned on that scam that even Credit Unions sell that are basically worthless except to the people selling the policies.
Tucker Carlson says Sanders, Ocasio-Cortez are 'indisputably right' on Loan Shark Prevention Act
Posted from thehill.com
Common sense
Personal Finance
Banking
Budget
Democrats
Edited >1 y ago
Posted >1 y ago
Responses: 5
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I believe that the market will sort this out, and government screwing with it only destabilizes things.
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1SG (Join to see)
LTC (Join to see) - We have had a hundred years or so to sort this out.
If your credit sucks, you have no one to blame but yourself.
Terms and conditions for credit cards are clearly laid out in the agreement one signs when applying for a credit card. It is not "predatory" to collect interest on a balance the purchaser runs up, knowing they will not pay off the balance before interest kicks in.
Ergo, not a federal government issue.
Next.
If your credit sucks, you have no one to blame but yourself.
Terms and conditions for credit cards are clearly laid out in the agreement one signs when applying for a credit card. It is not "predatory" to collect interest on a balance the purchaser runs up, knowing they will not pay off the balance before interest kicks in.
Ergo, not a federal government issue.
Next.
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PO1 John Johnson
As long as there are hundreds of millions of dollars to be made in settlement suits, nothing short of tort reform will change the way Lawyers look at this.
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Tucker Carlson supports what’s right, LTC (Join to see). This was no surprise to me.
In the past week, I’ve received notices from two gas companies that the APR is now 28+%! Ridiculous! Fortunately for me, I use the cards just for convenience and have no outstanding balances. Those forced to maintain a balance are thus subject to these usurious interest rates!
In the past week, I’ve received notices from two gas companies that the APR is now 28+%! Ridiculous! Fortunately for me, I use the cards just for convenience and have no outstanding balances. Those forced to maintain a balance are thus subject to these usurious interest rates!
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LTC (Join to see)
States can limit interest rates as well. We don't have 12% FED rate like in 1980 so why have high rates 40 years later?
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LTC Stephen C.
Well, there’s an answer, LTC (Join to see), but there could be other reasons also.
“Consumers often agree to pay a higher interest rate by agreeing to the terms offered, thus waiving any statutory limits. Additionally, most state laws limiting interest rates have exceptions. In Tennessee [my home state] for instance, the legal amount of interest a creditor may charge is 10 percent -- however, this does not apply to loans under $1,000. And if you agree to a credit card with an 18 percent APR, for example, statutory limits don't apply.”
SFC Pete Kain
https://statelaws.findlaw.com/tennessee-law/tennessee-interest-rates-laws.html
“Consumers often agree to pay a higher interest rate by agreeing to the terms offered, thus waiving any statutory limits. Additionally, most state laws limiting interest rates have exceptions. In Tennessee [my home state] for instance, the legal amount of interest a creditor may charge is 10 percent -- however, this does not apply to loans under $1,000. And if you agree to a credit card with an 18 percent APR, for example, statutory limits don't apply.”
SFC Pete Kain
https://statelaws.findlaw.com/tennessee-law/tennessee-interest-rates-laws.html
Tennessee Interest Rates Laws - FindLaw
Chart providing details of Tennessee Interest Rates Laws
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What’s the old saying: Even the sun will shine on a dog’s ass sometime. Thus even Tucker can show a moment of rational thought.
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LTC (Join to see)
This is not a blue moon or wolf moon thing. I'm sure there is consensus on other subjects.
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