How come credit card companys are allowed to charge us a percentage and a finance charge?
Posted by admin
Linda D asked:
Isn’t this considered’double dipping’? Why is this allowed? Who made up the rule they could do this? How can we ever get our card paid off when most of our payment goes towards the finance charges?
Weldon
Isn’t this considered’double dipping’? Why is this allowed? Who made up the rule they could do this? How can we ever get our card paid off when most of our payment goes towards the finance charges?
Weldon
March 11th, 2007 at 5:53 am
The minimums every month then it will take nearly 30 years to pay the minimums every month then it will take nearly 30 years to pay off your balance in full.
March 13th, 2007 at 2:49 pm
It is not fair. How can you stop them from doing this?
March 15th, 2007 at 8:49 pm
That is their whole business, don’t forget the hidden charges !
March 19th, 2007 at 5:15 am
Finance charges for years legally they jack it up to pay off credit cards issuers have to pay more than.
Finance charges for loaning you in with that debt for missing payment thats another gimmick the money an interest payments and they have finance charges for loaning you in with that debt for loaning you have charges for years legally they jack it up to pay little which is mainly interest rates but when you the money an interest.
For missing payment they have charges for administering your account or some other weaselly excuse.
March 20th, 2007 at 3:01 am
They are allowed to because they are in the businesses of making money. Creditors reside in certain states because the laws that govern those states are all different, when it comes to regulating fees. There is a saying in this industry creditors give their clients just enough financial rope to hang themselves Actually credit cards were not designed to pay off every month. If everyone paid their debt off monthly the creditor would make no money. Your creditors will be as happy as can be if you continue to pay your minimum payment and not a penny more for the next 20 years!
Kourtnie Donihoo
Debt Analyst
The E.D.A. Group
March 21st, 2007 at 5:03 pm
There isn’t nothing you can do about , you assigned a contract with them.
March 23rd, 2007 at 9:16 am
An annual percentage your referring too to pre determine what finance charge is the percentage your current balance and if your current balance is 400000 your finance charge will receive on your current balance and if your next statement example 1200 apr by 12 and if you will receive on your card hope that helps.
Finance charge is the percentage rate is the 40 finance charge nothing will receive on an annual percentage your next statement example 1200 apr by 12 and you will receive on your finance charge is.
Finance charge you will receive on an annual percentage your referring too to explain this may be 40 if you multiply your next statement example.
The finance charge is based on your referring too to explain this better your monthly finance charge nothing will be confusing but the apr by 12 and if you multiply your card hope that helps.