Korean Job Discussion Forums

pkang0202 · Joined: 09 Mar 2007

http://online.wsj.com/article/SB126670472534749217.html?mod=WSJ_PersonalFinance_PF4

Senior · Joined: 31 Jan 2010

A friend of mine said this is exactly what will happen on the original credit card thread. He also called it closing the gate after the horse has bolted.

bacasper · Joined: 26 Mar 2007

You can thank Sen. Obama for voting AGAINST a 30% interest rate limit on credit cards.

So did you see my post about the new 79.9% Interest Rate Credit Card?

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

Elizabeth Warren being interviewed about credit cards:

http://www.huffingtonpost.com/2009/05/16/elizabeth-warren-intervie_n_204240.html

and especially this one (at about 6:30):
http://www.huffingtonpost.com/2010/02/20/elizabeth-warren-its-bank_n_469939.html

According to her, of the 10 new regulations, the banks have figured out how to evade 8.

Fox · Joined: 04 Mar 2009

Yes, I think this is a good thing. Higher interest rates, annual card fees, and so forth are companies being forced to show us the real cost our society pays for their services. This in turn will reduce credit card use, which is ideal.

It needs to be remember, the cost to our society isn't changing here. It's just being pulled out into the open. Unfortunately, as long as interchange fees continue to be legal, a very big part of the cost will still be hidden from the average man. This needs to change as well. If you use credit, you need to pay for it.

In the long run, this will help consumers. If anything it hasn't gone far enough; credit cards are ridiculously expensive to our society, and few people realize it. And even if you never use a credit card in your entire life, you'll still be negatively affected by how much our society uses them. A purely parasitic, harmful business model.