Why are companies like Capital one charging APR of 30%

Beast

You really need to calm down and try to put a post together in a thoughtful manner if you want people to listen.

You've had the situation explained to you, you don't like it much and that's OK but there's really no mileage in bashing out paragraphs of ranting.

opinions4u

morse1 wrote: »

It seems there are some idiots on here!! There is making a profit and just plain ripping people off!!

Of course, they might not even be making a profit.

How do you know what rate they raise the funds at that they lend to you?

How do you know what bad-debts the company has?

Like it or not, the Credit Crunch has hit different firms in different ways. It is more than possible that a company charging customers 30% could actually still be making a loss.

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 !!!

The more you owe, the higher the risk.

Which is against any logic as all this does is increase the risk to themselves.

No it doesn't. It means they charge you more interest before you eventually default.

Uk base rates are 0.5 and US are 0.25 these rates reflect what banks can lend at,

No they don't. That comment is absolute nonsense.

it seems most of my problems are from American Banks and this is why I think the Government are reluctant to do anything!!!

Customers of RBS, Nat West, Halifax and Lloyds have also experienced increases in their APR. Perhaps the government realises that such pricing is inevitable if banks are to survive.

If your credit history is so damned good, cut up the cards and get yourself a consolidation loan at a lower rate.

And then never borrow for anything ever again.

Fiddlestick

morse1 wrote: »

Absolute Tosh the credit Companies didn't mind lending to be quite frank giving away money to anyone when credit was easy, lets not forget who got everyone into this bloody credit mess the banks and who bailed them out the public purse, so don't get on your mighty horse and talk rubbish

First you need to calm down, secondly I think you need a dose of reality.

The banks did not force you to sign a single credit agreement.

you can go on all about how you should of read terms and conditions etc etc but most people don't!!!.

That's very much your problem and your responsibility, nobody else's.

I said before I wasn't a liability until they increased my interest rates from 12% -16% to now 30% so there is no win situation for anyone

I believe they wrote to you advising you of the rate increase. At this point you had the choice of opting out of the increase, closing the account and then paying it all back at the previously agreed APR yes?

_Andy_

morse1 wrote: »

you should of read terms and conditions etc etc but most people don't!!!. :

Well the fact it's a variable rate is hardly small print it is?
In any case, if 'most people don't" then that's their problem for being lazy and not taking any responsibility for their financial decisions.