🚀 go-pugleaf

In article <2ovhhh$fnh@search01.news.aol.com>
kwame03@aol.com (KWAME03) writes:
 
>
>Please help? A friend of mind that works for a major bank informed me that
>banks cannot charge over 14.9% on credit card rates.  Yet many do.  Also, I
>thought former President Bush made the law dealing with the Treasury Bill
>auction rate.   Furthermore, according to Missouri law Article 4 CSR 140-6.025
>Variable Rate Credit.  Basically it states that, (Quote) " The Division of
>finance will consider a variable rate credit transaction in compliance if it
>bears a rate up o twenty-four percent(24%) which does not exceed two (2) the
>rate established by the treasury bill auction immediately preceding the
>beginning of the calendar quarter (January 1 through March 31, April 1 through
>June 30, July 1 through September 30, October 1 through december 31) or, with
>open-end credit, the calendar month, January 1 through January 31, February 1
>through 28(29)......"  The example says that if the Treasury Bill rate during
>the last auction quarter is 7% then the interest rate could not exceed 14 % for
>the next quarter.   If this is not so, please explain or interpret this for me.
It varies by state law, I believe.  That's why cards which charge 21% under
most circumstances often say "18% in XX" where XX is some other state with an
18% limit.  For some reason, I seem to remember seeing a lot of "21.6%" rates
here in California, espcially for department store cards.  Is 21.6% the legal
limit in California?  Does anyone know?
 
> I feel that consumers are being cheated.
 
Unlike auto insurance, which you mention below, you have a choice (legally)
as to whether to use a credit card or not.  The credit card industry is not
a monopoly, and the state doesn't require you to use them and pay interest
on your purchases, so I think there's no reason for government intervention
in that area.
 
*Auto insurance*, on the other hand...
 
>Also, is there a way to regulate Automobile Insurance agencies.  In my opinion
>they are truly getting over on people.  Think of this, a person pays 500
>average bi-anually for 20 years and never had an accident.  This person has
>given the  agency more than $20,000.  This is perposterous. You never get any
>of that money back. This is a ripoff.  Maybe I don't what I am talking about.
>However, I wish for someone to justify these outrageous rates.  I would  like
>for other people to help me start a campaign to get people to write their
>members of Congress.  Congress must come up with laws to stop this madness.  I
>know that PAC's have bought our Congressman.  However, just think of people
>over this network doing something for the good of all!  If anyone can offer any
I have no problem with insurers making a reasonable return on their money.
What I resent is the way people are grouped by gender, marital status, age,
and so on, which have *nothing to do* with a driving record!  When I was
20 and single, I paid $1800 per year with no collision--despite having *no*
problems on my driving record, *ever*.  If I were the same age, but married
and female, I would have paid only about 60% of that amount.  We would not
allow insurers to charge premiums based on race--so why gender, age and
marital status?
 
Insurance is mandated by the state, hence it is the state's reponsibility to
assure consumers that they are getting a "reasonable deal."  They do that by
either (a) policing the industry, making sure that no anti-trust violations
exist (and I think the auto insurance industry is one of the *worst*
offenders with respect to anti-trust law), or (b) regulating it themselves
if it judged to be a monopoly or oligopoly.
 
I don't mind paying for auto insurance, as long as I'm not paying more than
someone with an identical driving record.  Also, as long as I'm free to
shop for the best rate in a true free market with *real* competition, I
probably will do all right.
 
>help please respond!!!
>
>Thanks,
 
 
Tim Irvin, Programmer/Analyst/Dinosaur Jockey
Lockheed Missiles and Space Co., Inc., Sunnyvale, California
Proud Warrior of the GenX Army--13th Brigade, Division #100865
***** all standard disclaimers apply *****