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Discussion in 'Politics, Religion, Social Issues' started by shinji, Dec 16, 2015.
Still time to shop or not shop before the holidays. All those favoring the rise, shop your brains out. Everyone else, sit on your wallet.
And we'll find out who were sitting on their wallets to begin with, because... empty. And that's what the naysayers are afraid of, i.e., bad last-quarter retail results.
imo it was high time they did the rate jack already, I was so tired of the markets using latest round of rumors as excuse to sell off. Really Yellen had already wrung the last ounce of surprise out of the thing. It would have been a shock to markets if she had done anything else.
My savings accounts have been stalled for years now with no interest rates.
I don't want "the good old days" back again since what are those anyway. But I sure liked the savings account rates when they had a significant digit.
So interest rates have been at 0 for a decade, but CC companies can still charge 20%?
Yep, credit card interest rates aren't tied to the fed's rate.
It should all be the same system.
Why? A credit card holder is much less likely to pay back the debt than a major bank borrowing from the federal reserve, so they should have a higher interest rate.
CC companies would not hand out cards like candy in the mail, and the fed would have to be more careful in how low they keep rates.
My issue with the banks on credit card rates is how high they jacked them on creditworthy consumers after the financial collapse. When I complained about a rate jack to something like 14%, saying my credit rating and performance didn't warrant that hike AT ALL, the rep said "Yeah. We're raising it because we can. You could close the account if you like."
So to make up part of the money they all lost playing musical chairs with mortgage derivatives, they stuck it to good credit-card customers after the crash "because they could."
I figured ok well 14% of nothing is nothing anyway and kept the card open without carrying a balance. But it still ticks me off even though I try not to hold grudges.
I better not get another rate jack in the mail next week...
Our economy is based off of consumption and that isn't changing. Making it difficult to get a credit card and forcing people back to cash would wreck our economy. In a generation or two we might be better off by doing that but then all of us would have to deal with the collapse that would happen before anything gets better.
How are massive amounts of debt good for anyone?
We functioned fairly well before credit cards.
It's about time !
Well that's based off minimum payments, so you can't pay it off in a timely matter to avoid those interest rates, that's on you.
Our economy was very different back then and not based off of consumption like it is now. We can wish that it would change, but in reality there is no way that we will go back.
They put themselves in debt if you don't have the money for something then you don't have the money. CC's are nice for emergencies and such but they're sorta foolish beyond that. Paying interest on anything that is not rising in value is pretty dumb...all IMHO of course
Rates have been keep artificially low because of political pressure.
CC are great for on line purchases and for vacation spending because of the built in safety features.