Made Full Credit Card Payment

probably

Unless you can get a better return on your money than the usurious rates credit companies charge!

What are prime lending rates and how come credit card companies charge so much?

Prime lending rates are immaterial as credit card users are not usually prime risks. They charge what they can get away with.

Tiddy Ogg.

In message , Tiddy Ogg writes

On the contrary, a v.high proportion of 'prime risk' private clients 'use' credit cards, but never borrow on them. I think you should have said 'credit card borrowers' instead. The CCos still make their money from the transaction charges.

I agree, its almost a pure market.

If i do not make the CC payment can the banks sue me? Since they are not lending as per PLR?

You agree to all manner of terms and conditions when you start using a credit card. And the first thing that will happen is they'll charge you extra for failing to make that payment. (This was in the order of

25 quid, but I think they've been ordered to reduce this a bit.) Then you'll get charged interest on that as well. You'll be the loser and find it impossible to get credit at all if you continue to refuse.

Tiddy Ogg.

Is that all a person looses in case he does not pay the credit card bill? the credit card????

what about a legal action?

Depends on the size. But you're not only losing a credit card. You'll be on the blacklists of credit reference agencies. Won't you ever need a mortgage? Or a car on HP?

Tiddy Ogg.

Are there no legal actions against companies into malpractices?

exceeding the PLR is also one.. isnt it?

if people can choose to exceed the PLR what is that for?

i came out.... i cud... what abt people who get entangled and commit sucide

It's not a speed limit. The PLR is the rate for the best risks, not the average man in the street. Instead of paying 26% on your credit card, get a loan from a doorstep lender and pay several hundred per cent.

The only law involved, as I said before, is that of supply and demand. The worse a credit risk you are, the more you're likely to have to pay.

Tiddy Ogg.

Should there be no speed limit then?

lets take an example

If there's a hungry man who has not eaten for days and wants to eat....

just think of the situation where you are standing to feed him with food against a favor in return...

$$$. You ask for more favor in return then what you have given? that's business .. agreed

the man was hungry and got entangled with your favor and that's injustice if you are charging more. so the benchmark PLR is decided. you can ask the man to run 100 kms for the food you gave him.. but if you ask him to run 200 kms and tell that's what I want the person to do... then it's injustice..

Yes it's unfair, but the lender is not a donor, and he wants his money back. He can lend it to 100 people who he's sure will return it with no problem, and thus doesn't need to charge them much. Or he can lend it to 100 dodgy risks. He's got to allow for the fact that many of them will run off and not pay, leaving him out of pocket, so he must charge extra to cover this. If you're one of the poor but honest ones, you luck out, and, of course, it makes it even harder for you to pay the loan back... so that's why you should keep your name off these credit blacklists by living within your means, despite all the temmptations of modern marketing to persuade you otherwise.

Tiddy Ogg.

Do you have the head of an elephant?

NOT Exactly.. It's looks like a humans when I look in the mirror

Can you tell me is there any rule set by government that banks cannot at least charge a interest of over 50% ...

If you ask a hungry person .... do u want to have food .. there's nothing that the person can do then to eat... and then become the slave of the bank... rather the bank can send him notices till the people suicide.. is there no control on this at all?

Ganesh

What would you do if your mother is hospitalized and you are at your death bed and you are out of cash.. and the bank offers you a loan with

50% interest... what would be your reaction to the same?

If everyone is telling me that actually bank cannot be asked not to over charge. I think the world is in the hands of EVIL...

Then it's the BAD that's winning.... There should be some CELLING value of restriction.. I am sure GOV is not that STUPID..

I am cross posting this message at alt.legal to get relevant information..

to see the orignal message please visit ....

uk.finance

or click

Ganesh J. Acharya

SORRY IT"S misc.legal