RS wrote:

"Jay Honeck" wrote in message
news:3Lspd.391816$wV.73568@attbi_s54...

But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.


What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on
your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans at
all).

They aren't changing the rules midstream. Read your credit card
agreement. This is all spelled out in there. I actually read mine and
it is quite appalling what you agree to when you accept a credit card,
but it is hardly a rules change mid-stream. I don't care about all of
these issues as I pay my bill in full each month and they can't charge
me anything for that, because the agreement says so!

Likewise, my home mortgage can't be changed arbitrarily other than the
annual adjustment due to its being an ARM. However, this is likewise
all spelled out in the agreement I signed when I got the loan.

As for car loans, anyone buying a car on a loan is almost as foolish as
anyone carrying a credit card balance. Cars should be bought only with
cash as should any depreciating asset.

You do read your agreements for loans, credit cards, etc., right?

Matt