bacasper
Joined: 26 Mar 2007
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 Posted: Fri Feb 12, 2010 10:37 pm Post subject: Need a credit card? |
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| bacasper wrote: |
| Tiger Beer wrote: |
| bacasper wrote: |
| In the Senate, BO voted AGAINST a bill which would have capped credit card interest rates at - get this - 30%! |
Links, please.
...and no wacko fringe-group paranoid schizo links, please.
Just legit ones, if you read them, please. |
You can't get more mainstream than a Senate vote. Plus, this is old news, fer Chrissakes!
So you insult me, and I have to do your googling for you?
To show how pathetic you are, here:
U.S. Senate Roll Call Votes 109th Congress - 1st Session
as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate
Vote Summary
Question: On the Amendment (Dayton Amdt. No. 31. )
Vote Number: 20 Vote Date: March 3, 2005, 02:05 PM
Required For Majority: 1/2 Vote Result: Amendment Rejected
Amendment Number: S.Amdt. 31 to S. 256
Statement of Purpose: To limit the amount of interest that can be charged on any extension of credit to 30 percent.
Vote Counts: YEAs 24
NAYs 74
Not Voting 2
Vote Summary By Senator Name By Vote Position By Home State
Alphabetical by Senator Name
Akaka (D-HI), Yea
Alexander (R-TN), Nay
Allard (R-CO), Nay
Allen (R-VA), Nay
Baucus (D-MT), Nay
Bayh (D-IN), Yea
Bennett (R-UT), Nay
Biden (D-DE), Nay
Bingaman (D-NM), Nay
Bond (R-MO), Nay
Boxer (D-CA), Yea
Brownback (R-KS), Nay
Bunning (R-KY), Nay
Burns (R-MT), Nay
Burr (R-NC), Nay
Byrd (D-WV), Yea
Cantwell (D-WA), Nay
Carper (D-DE), Nay
Chafee (R-RI), Nay
Chambliss (R-GA), Nay
Clinton (D-NY), Yea
Coburn (R-OK), Nay
Cochran (R-MS), Nay
Coleman (R-MN), Nay
Collins (R-ME), Nay
Conrad (D-ND), Yea
Cornyn (R-TX), Nay
Corzine (D-NJ), Yea
Craig (R-ID), Nay
Crapo (R-ID), Nay
Dayton (D-MN), Yea
DeMint (R-SC), Nay
DeWine (R-OH), Nay
Dodd (D-CT), Yea
Dole (R-NC), Nay
Domenici (R-NM), Nay
Dorgan (D-ND), Yea
Durbin (D-IL), Nay
Ensign (R-NV), Nay
Enzi (R-WY), Nay
Feingold (D-WI), Not Voting
Feinstein (D-CA), Yea
Frist (R-TN), Nay
Graham (R-SC), Nay
Grassley (R-IA), Nay
Gregg (R-NH), Nay
Hagel (R-NE), Nay
Harkin (D-IA), Yea
Hatch (R-UT), Nay
Hutchison (R-TX), Nay
Inhofe (R-OK), Nay
Inouye (D-HI), Not Voting
Isakson (R-GA), Nay
Jeffords (I-VT), Yea
Johnson (D-SD), Nay
Kennedy (D-MA), Yea
Kerry (D-MA), Nay
Kohl (D-WI), Nay
Kyl (R-AZ), Nay
Landrieu (D-LA), Nay
Lautenberg (D-NJ), Yea
Leahy (D-VT), Nay
Levin (D-MI), Yea
Lieberman (D-CT), Yea
Lincoln (D-AR), Nay
Lott (R-MS), Nay
Lugar (R-IN), Nay
Martinez (R-FL), Nay
McCain (R-AZ), Nay
McConnell (R-KY), Nay
Mikulski (D-MD), Yea
Murkowski (R-AK), Nay
Murray (D-WA), Yea
Nelson (D-FL), Nay
Nelson (D-NE), Nay
Obama (D-IL), Nay
Pryor (D-AR), Yea
Reed (D-RI), Nay
Reid (D-NV), Nay
Roberts (R-KS), Nay
Rockefeller (D-WV), Yea
Salazar (D-CO), Yea
Santorum (R-PA), Nay
Sarbanes (D-MD), Nay
Schumer (D-NY), Yea
Sessions (R-AL), Nay
Shelby (R-AL), Nay
Smith (R-OR), Nay
Snowe (R-ME), Nay
Specter (R-PA), Nay
Stabenow (D-MI), Yea
Stevens (R-AK), Nay
Sununu (R-NH), Nay
Talent (R-MO), Nay
Thomas (R-WY), Nay
Thune (R-SD), Nay
Vitter (R-LA), Nay
Voinovich (R-OH), Nay
Warner (R-VA), Nay
Wyden (D-OR), Nay
Learn your damn lesson now. I'm a scientist. I go by the best evidence before me. And I can document everything I post. |
So 30% was too low for Obama. Maybe 80% is his limit?
Regardless of the Obama angle, what do you think of this?
Issuer of 79.9% Interest Rate Credit Card Defends Its Product
by Connie Prater
Friday, February 12, 2010
APR Shocks Many, but Issuer Says They Are Pricing for the Risk
If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.
The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.
"We need to price our product based on the risk associated with this market and allow the customer to make the decision whether they want the product or not," according to a statement issued by Miles Beacom, CEO of Premier Bankcard, the South Dakota credit card marketer that mailed test offers in September and October featuring 79.9 percent and 59.9 percent annual percentage rates (APRs) on cards with $300 credit limits. Premier markets credit cards issued by First Premier Bank.
Yes, It's Legal [thanks to BO - bac]
A national bank charging 79.9 percent interest on a credit card is legal -- as long as the issuer fully discloses the terms as required by the federal Truth in Lending Act. Still, the high rate has been met with shock across the country because it is so much higher than prevailing APRs and penatly interest rates. The CreditCards.com Weekly Rate report national average for bad credit credit cards was 14.15 percent on Feb. 12.
full article at link |
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