question on CAs setting interest rate/how long cap1 keeps a CO?

Posted by catballou (4.14.164.171) on May 26, 2004 at 12:59:49:

how do they set them and what is legal? i think most use the rate from the original card but is this legal? somehow i dont think so, as its a bought debt with no contract. anyone know? man, i pray for the day mine are sold. wonder how long cap1 keeps them? what laws do bought debts come under? or url where i can look, please. i am gonna call the Ag here and ask. they seem to pay a quarter for something and set their own rules. someone has to be overlooking this somehow in some way?

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