Why are companies like Capital one charging APR of 30%

_Andy_

Wutang wrote: »

Remember which site you are on! Its practically a given: take out card (or loan or mortgage etc), can't afford repayments, blame everyone else then bankrupt/IVA/reclaim/compensation/unenforcable/too thick too understand etc.

Dammit, good point Wutang! It's still early, haven't had a coffee yet. Can you check the below and see if it's better, thanks -

"It's disgusting these companies daring to MAKE PROFIT!!! And varying a variable interest rate!!! Martin what do you think!?!?!?!?! Can I reclaim the interest/ get it written off, this is RIP OFF BRITAIN!!!!"

Fiddlestick

_Andy_ wrote: »

Dammit, good point Wutang! It's still early, haven't had a coffee yet. Can you check the below and see if it's better, thanks -

"It's disgusting these companies daring to MAKE PROFIT!!! And varying a variable interest rate!!! Martin what do you think!?!?!?!?! Can I reclaim the interest/ get it written off, this is RIP OFF BRITAIN!!!!"

Spot on

morse1

_Andy_ wrote: »

Dammit, good point Wutang! It's still early, haven't had a coffee yet. Can you check the below and see if it's better, thanks -

"It's disgusting these companies daring to MAKE PROFIT!!! And varying a variable interest rate!!! Martin what do you think!?!?!?!?! Can I reclaim the interest/ get it written off, this is RIP OFF BRITAIN!!!!"

It seems there are some idiots on here!! There is making a profit and just plain ripping people off!!. I did have a good credit rating, But now what they say is that because I have a high debt they consider me a liability !!! although I have never missed a payment so they have used this excuse to put up my rate!!! Which is against any logic as all this does is increase the risk to themselves. Uk base rates are 0.5 and US are 0.25 these rates reflect what banks can lend at, it seems most of my problems are from American Banks and this is why I think the Government are reluctant to do anything!!!. But all I can see is more and more people going bankrupt or going into a DMP. I really now dont care if I have a bad Credit history I will pay by cash now ....................:T

Wutang_2

morse1 wrote: »

It seems there are some idiots on here!!

I agree Morsey - https://forums.moneysavingexpert.com/discussion/2547793

_Andy_

morse1 wrote: »

It seems there are some idiots on here!! There is making a profit and just plain ripping people off!!. I did have a good credit rating, But now what they say is that because I have a high debt they consider me a liability !!! although I have never missed a payment so they have used this excuse to put up my rate!!! Which is against any logic as all this does is increase the risk to themselves. Uk base rates are 0.5 and US are 0.25 these rates reflect what banks can lend at, it seems most of my problems are from American Banks and this is why I think the Government are reluctant to do anything!!!. But all I can see is more and more people going bankrupt or going into a DMP. I really now dont care if I have a bad Credit history I will pay by cash now ....................:T

Your argument is totally flawed - the base rate isn't relevant to credit cards.
You do realise if there was some kind of cap on CC interest rates then the profit would have to be obtained elsewhere somehow?

morse1

_Andy_ wrote: »

Your argument is totally flawed - the base rate isn't relevant to credit cards.
You do realise if there was some kind of cap on CC interest rates then the profit would have to be obtained elsewhere somehow?

You obviously have some attachment to theses Card Companies !! Why would the profit have to come from somewhere else??? These companies earn Billions from lending!!. This situation can not continue there are more people losing their jobs, less pay rises or none in the public sector and you think people will continue to pay 30% APR on a credit card live in the real world!! I would advise anyone to go bankrupt or on to a DMP the card companies want their cake and eat it they cant have both. As I said in 10 years i dont think they will be around thank god!!!!:rotfl:

[Deleted User]

Call me an optimist, but I have a feeling that the business of money lending may last a little more than another 10 years. ...

morse1

Deleted_User wrote: »

Call me an optimist, but I have a feeling that the business of money lending may last a little more than another 10 years. ...

Lending yes Credit Cards NO read before you comment!!

_Andy_

morse1 wrote: »

It seems there are some idiots on here!!

I love the irony of you stating that having said earlier "I really cant give a stuff right now I will just go bankrupt". Genius.:T

ShootTheMessenger

Without getting involved in an arguement, you did have the opportunity to decline the APR increase although as someone points out, it can be difficult to spot this. Credit card companies are a business, we don't have to use them. All you can do is be educated to what they do, and use the knowledge to help yourself.

This wesbite is full of loads of helpful stuff, snowball calulators to help you understand who to pay first etc. By not paying you are only damaging your own financial future not theirs.