Re: interest rates
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Posted by Time Flies
(66.36.249.149) on January 04, 2004 at 13:46:12:
In Reply to: interest rates posted by J Kelly on January 04, 2004 at 12:39:21:
In sales, it is called bait and switch. In the drug market, it is called offering just a “taste” to get someone hooked. In either case, it is unethical and immoral. But neither ethics nor morality has ever stopped the barons of the credit card industry. (Sanford Weill $250 million a year Citibank) I also had a 3.9% interest rate guaranteed for life! But buried somewhere was a clause that stated they could change the rate in my life if I were to have too much usage of balances relative to available credit. Never late with anyone, and boom they jacked the rate to 24.9%. So I utilized the “default” clause of the contract by changing my balance to $0. They can challenge my utilization of the default clause in court if they choose, and I can then utilize the BK clause to fully erase the debt. Either way, none of these immoral usurers nor their mercenary army of immoral collectors gets a penny. What goes around comes around they say. Play games with hidden clauses, and we can play that same game.
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