Should the maximum interest rates be capped at 18%?

Another suggestion l have heard is that the interest rate in effect at the time of purchase is the rate on that charge and any increases may only apply to new purchases.

We all know using credit cards is not smart but lots of people carry thousands of dollars in debt on them anyway.

What other laws have you heard of to protect consumers?


KileIt would be nice to have the government step in and put a leash on the jackals.Bank of America was going to raise my rate ***9 points*** even though l have not missed a payment on ANYTHING in over 5 years and have better than average credit.After an complaining long and loud they backed down.
covinher It is **NOT** a pet issue.It relates directly to the situation.The banks are reaching in our pockets since they bankrupted themselves therefore it is only fair that we get something in return for them stealing our money.
Sandy l do not need the gov't to make my budget as l pay more than the minimum and have not missed a payment in many years.l made purchases at an agreed upon interest rate.Just keep the crooks from gouging me now that they are all about to go bankrupt.

YOU are missing the point which is:

If the middle class was doing better we would not be in this mess.We need to be helping out the people instead of giving welfare to the crooks.

Had banks not been giving mortgages to people who could not afford them there might not be a problem.The tricky ''teaser'' rate mortgages also messed things up.Yes people are responsible too but banks must accept their share of the blame.

Do not feel sorry for me but understand my debt does not come from concert tickets and weekends at the bar.

My rainy day account got emptied when l put up $3,000 to move into a new apartment.Then several thousand dollars of auto repairs came and they ended up going on the card.

l Certainly think we should. Of course whether this will be done or not has yet to be seen.

You mean u want the government delving in ur personal responsibilities because u (figuratively not u personally) do not have enough sense to know when to stop charging things u can not afford?

Does not matter to me & millions of others what the interest rate is we do not carry a balance. If one does then they need to sit down with their family & make out a budget based on income not the credit card limit & minimum payments.

Again YOU is used figuratively.

>We all know using credit cards is not smart

What is not smart about getting money back every month, protection against fraud, free extended warranty, price matching, and convenience?

l think it is only detrimental to try to tie someones pet cause to a critical issue like the bailout.

Absolutely not.

The purpose of this bailout is to prop up financial institutions by buying up foreclosed mortgages, thus freeing up credit. Failure to resolve this will result in a complete meltdown of our economy.

Trying to add 'feel good' programs for consumer debt would only delay & bog down passage of the bailout program. If u want reform for credit cards, start ur own separate legislation.

By the way, put me on the list of people who have no problems with credit cards. I've never been late on ANY payment & have credit cards that r over 20 years old. Not only r they NOT trying to raise my rates, two have actually lowered in the past year.

dancer, ditto the credit interest rates on my credit card too.

bushkey, u missed Kiles point YOU r the one who runs a balance that u have to pay any interest on. If u can not pay off that bill when it comes in or within 1 or 2 payments u r using those credit cards as extended income.

But if u want the government to come in & make out ur budget so u live within ur own means & conduct yourself as a responsible adult then one of the countries who run the rest of ur life might be in order too.

Are some interest rates horrendous, yes, but as Kile said it does not matter as long as u do not live on ur credit cards instead of getting a second part time job to buy ''things'' with or live within the income u do have.