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In reply to the discussion: Lending money to someone is an aggressive, dangerous act [View all]unblock
(52,126 posts)36. sounds like you'd better read yours.
generally speaking, the only thing credit card companies can change on *existing* balances is a variable rate if that was already agreed to. for instance, if your credit card rate is tied to the prime rate and the prime rate goes up 0.25%, then your credit card rate goes up 0.25%.
they *cannot* change late fees or the interest rate other than by the agreed formula without giving you the option to lock in the old terms by canceling the card.
unless they have violated the law, the fine print *always* tells you that you have the right to cancel the card and the old debt will continue under the old terms until it is paid off.
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You don't know anything about me. Pay Day loans ARE usurious. And yes I have had to use them.
Squinch
Apr 2016
#9
The payday loan that I was forced to take had high interest. It also saved me during a very
Squinch
Apr 2016
#51
You make an awful lot of assumptions about people who disagree with you.
AtheistCrusader
Apr 2016
#17
Your language about the essential need for lending describes exactly why lending should be regulated
Bluenorthwest
Apr 2016
#10
IMHO, his VERY worst moment. That act of treachery was MASSIVELY disappointing, and
closeupready
Apr 2016
#25
One doesn't get a loan without agreeing, in writing, to repay it with interest.
lumberjack_jeff
Apr 2016
#29
I'm asking you to use your little imagination and think of it from the bank
ProfessorPlum
Apr 2016
#79
You can't possibly even believe this. Maybe you are talking about payday loans.
Yo_Mama
Apr 2016
#68