IDBillzFan Posted March 31, 2006 Share Posted March 31, 2006 The credit card industry doesn't help much, either.648624[/snapback] Those checks bug the hell out of me in that the seem to show up every month from at least four different card companies. The last one I received allowed 2.9% on the checks until paid in full with no balance transfer fees. For someone in debt and looking to trim it down, that's a good deal. But the fine print says the rate goes to 31.24% if you are reported making a late payment to anyone. ANYONE! So even if you keep paying the card with the balance timely, if you should be late on another credit card and it gets reported, they jack your fee to over 31%! Crazyasshit. Link to comment Share on other sites More sharing options...
Crap Throwing Monkey Posted March 31, 2006 Share Posted March 31, 2006 Those checks bug the hell out of me in that the seem to show up every month from at least four different card companies. The last one I received allowed 2.9% on the checks until paid in full with no balance transfer fees. For someone in debt and looking to trim it down, that's a good deal. But the fine print says the rate goes to 31.24% if you are reported making a late payment to anyone. ANYONE! So even if you keep paying the card with the balance timely, if you should be late on another credit card and it gets reported, they jack your fee to over 31%! Crazyasshit. 648652[/snapback] 31.24%???? I honestly thought that was illegal; I thought they were legally required to keep it below 27 or something. Hell, I know loan sharks that charge less than that. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 31, 2006 Share Posted March 31, 2006 31.24%???? I honestly thought that was illegal; I thought they were legally required to keep it below 27 or something. Hell, I know loan sharks that charge less than that. 648712[/snapback] I have a friend that works in one of those loan places in Chicago. They don't have usury laws there. They charge something like 90%. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted April 1, 2006 Share Posted April 1, 2006 I have a friend that works in one of those loan places in Chicago. They don't have usury laws there. They charge something like 90%. 648770[/snapback] I guess he has no problem morally with taking what ever the law dictates... Kinda like me being undertaxed... Don't stop at 90%... This state is crazy... Predatory lending from what I hear can be 400%, 600% or more at some of these places (PayDay, Check and Cash, etc...)... Illinois is probably the poster child for all the western hating, Islamic fundamentalist terrorists. Link to comment Share on other sites More sharing options...
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