Quote:
Originally Posted by tony404
loan sharks,I got a letter today from my credit card company.They changed the agreement and the best part was if you are late with a payment or go over your credit limit. Your rate goes to 32.24%. Thats fucking crazy and there was a time you hit your limit you couldnt charge anymore, now they let you go over so they can bang you up the ass. its legal loan sharks.
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Ironically the VISA CEO (or whatever his title is) had an interview a few years ago and openly admitted (can't remember the exact quote) but along the lines - "People may have their cards in order most of the time, but there comes a time in life where they will default and we earn from that"
It was an very "open" interview and he sure was not the best PR mouth for VISA. He also went on to explain they have maxed the personal card market and has little growth prospects in Western countries and heading eastbound to Moscow to entice "seniors" to have cards with offers of cheap meds and travel - till they default. The other target market where there is growth for them is in company cards.