Do you think it's fair that the credit card companies charges high interest ?

United States
October 24, 2006 10:19pm CST
Most credit card companies charge a high rate of interest, that most of the time you are paying off interest, instead of the principal balance. It's not fair, post your comments.
1 person likes this
4 responses
@skyblue (1300)
• India
26 Apr 08
I you purchased goods with your credit card, then you have to pay the amount within the stipulated time.If you dont pay the amount then credit card company charged a interest of your borrowed amount.And this interest is too high.I think it will be better to the bill within the specified time. You can change you card company by giving the last purchased bill to a new bank and they will issue you a new card.
@busta1 (1029)
• United States
23 Apr 08
i dont think that they should charge so much i think that they are freaken rip off foolz
22 Apr 08
No I dont think its fair,the companies are allowed to get away with it though.Nearly all eople have one credit car,and then they talk about the loan sharks being able to charge huge amounts of interest but the credit card companies are not any better.Then if you happen to pay late they hammer you with a late payment fee.I was so mad because I forgot to pay mine once and the next statement had so many pounds added to it for late payment.Thats so not fair.Hubby was watching a tv programme and he said it was really interesting,if you had a loan of either two or three thousand on you credit card,I cant remember which,that it would take about forty years to repay it if you just made the minimum repayments,now thats just plain daft I think.There should be a watchdog ,so that all the credit card companies have to treat there customers fairly ,thats what I think.
• United States
22 Apr 08
My credit cards have pretty good rates because I have really good credit. That's the key, make sure your credit is good. Also, if you are in good standing, you can call the credit card companies and negotiate a lower rate. But, if you can, it's better, overall, not to use credit cards at all. I hardly ever charge anything on my cards that I can't pay off in a few months unless it's an emergency. That's the best way to avoid paying those interest payments.