Retailers now charging upwards of 35% interest on credit cards
When are Joe & Mamala going to crackdown on these credit card companies?
Macy’s just sent letters to its card users announcing the interest rate on their Macy's card is jumping to 34.49%. Industry experts told CBS 8 the increase is part of a nationwide trend.
“I mean, I follow this so closely that I'm not shocked, but on the face of it, yeah, that's a really high interest rate," said Ted Rossman, a senior industry analyst at Bankrate.
Offsite Linkby Anonymous | reply 53 | July 11, 2024 3:57 PM
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Never. Plus don't forget Joe helped make it much harder for people to declare bankruptcy on their credit card debt. He is from Delaware after all. He's such a nice guy. Isn't he?
by Anonymous | reply 1 | July 10, 2024 11:18 PM
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Wasn’t Joe the “Senator from Mastercard”??
by Anonymous | reply 2 | July 10, 2024 11:19 PM
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I for one am SHOCKED! What is WRONG with you money lenders??!! -Jesus H. Christ
by Anonymous | reply 3 | July 10, 2024 11:19 PM
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R1 R2 are begging for the YASSSS KWEENS here to thrash them for telling truths about their Dementia Daddy.
by Anonymous | reply 5 | July 10, 2024 11:21 PM
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DL is becoming insufferable.
by Anonymous | reply 6 | July 10, 2024 11:23 PM
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I love my Dementia Daddy especially when he reads a beautifully crafted and well written speech off a teleprompter that makes Mr. Donald look like a non-American.
by Anonymous | reply 7 | July 10, 2024 11:24 PM
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Got my letter yesterday.
They can fuck right off.
Good thing I only owe about $300.00
That will be paid off by early August.
by Anonymous | reply 8 | July 10, 2024 11:27 PM
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This is not an issue for DLers because we all know that everyone of us has millions and millions in the bank.
by Anonymous | reply 9 | July 10, 2024 11:28 PM
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[quote]R1 R2 are begging for the YASSSS KWEENS here to thrash them for telling truths about their Dementia Daddy
OP, go beg for attention somewhere else.
by Anonymous | reply 10 | July 10, 2024 11:30 PM
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Anything above 22% should be considered usury rates, unless the customer has a terrible credit history.
by Anonymous | reply 11 | July 10, 2024 11:31 PM
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Hello stupid assholes. Usury laws are set by each state and are not determined at the federal level. If your interest rates are high, you probably live in a shitty state that allows it
Offsite Linkby Anonymous | reply 12 | July 10, 2024 11:31 PM
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I know that states set the caps on lending rates, but most of the people who are charged the top interest rates in each state will be paying off the minimum monthly payment in perpetuity.
by Anonymous | reply 14 | July 10, 2024 11:36 PM
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Should have added that a few weeks ago I got a letter saying my Dillards department store card, which also happened to be an American Express card somehow, will now be owned by Citibank instead of Wells Fargo.
Now I’m gonna be concerned since I do owe more on this card.
Fuck me. 😫
by Anonymous | reply 15 | July 10, 2024 11:39 PM
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R8 How many credit cards do you have? You need to pay those things off and cut them up. Everybody needs one bank-backed credit card, but those department store cards are a really bad idea. You're digging yourself into a hole you might never get out of.
by Anonymous | reply 16 | July 10, 2024 11:48 PM
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I'm sure all the good Christians who support Trump will demand an end to this usury.
by Anonymous | reply 17 | July 10, 2024 11:56 PM
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They ignore that one, just like the dietary rules.
by Anonymous | reply 18 | July 10, 2024 11:58 PM
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I hope and pray that Caftans ‘R’ Us doesn’t raise its credit card rate! That could bankrupt me.
by Anonymous | reply 19 | July 10, 2024 11:59 PM
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My two credit cards are set to be paid in full each month, automatically.
More people should do this.
by Anonymous | reply 20 | July 11, 2024 12:00 AM
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Are meemaw and peepaw checking the fine print on their statements? I’ll bet they’re not!
by Anonymous | reply 21 | July 11, 2024 12:03 AM
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I learned a loooong time ago that store credit cards are the WORST things to have. The interest is always more than your standard Visa/Mastercard. I had one friend who used to brag about how many "deals" she would get by using her Khol's card, yet she never considered how much she was paying them in interest. This is how dumb people get into more and more debt that they can never get out of. The stores make you think you are getting some deal but in reality, you are likely paying MUCH more than you think for those "deals."
There's a sucker born every minute.
by Anonymous | reply 22 | July 11, 2024 12:15 AM
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Why would anyone get a credit card from a department store?
And these young'uns are always bitching about how broke they are...
by Anonymous | reply 23 | July 11, 2024 12:19 AM
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If you pay your balance off each month, then what's the problem?
by Anonymous | reply 24 | July 11, 2024 12:21 AM
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I was going to post the same as R24. If you pay your balance in full, get your Macy's points or whatever, the interest rate is irrelevant.
If you have to carry a balance for whatever reason, R22 is correct, store cards are usually the worst.
Some (Lowe's, Amazon, Microcenter, etc.) do offer 6-12 month deferred interest if you can pay it off in that time.
by Anonymous | reply 25 | July 11, 2024 12:27 AM
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Most people do not pay their balance off each month. But if you can do that, then it's worth it for whatever points or rewards you may get. But if you cannot pay it off each month, you're fucked. And dumb.
by Anonymous | reply 26 | July 11, 2024 12:31 AM
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[quote] Why would anyone get a credit card from a department store?
Most of America has store-backed credit cards, hon.
by Anonymous | reply 28 | July 11, 2024 12:37 AM
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[quote]My two credit cards are set to be paid in full each month, automatically.
[quote]More people should do this.
Yes, it would be to their advantage. Decidedly so.
But then I always buy houses with cash and more people should do that, too, it makes house buying much easier and saves you considerable money. Consumer credit, mortgages, car loans, student loans, business lines of credit, and venture capital exist because they make the world go around for borrowers and lenders both. Yeah, it's better not to be burdened with credit but it's hard to live without it unless you're comfortably well off or poor as piss.
by Anonymous | reply 30 | July 11, 2024 12:58 AM
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Sometimes people don't have enough liquid funds available to pay for a larger purchase so they pay it off in a few installments with interest. They problem is when they overextended themselves and find it's going to take a lot longer to pay off than intended. This happened to me at least 3 times. Now if I don't think I can pay the balance in 3 payments or less, I don't buy it.
by Anonymous | reply 31 | July 11, 2024 1:10 AM
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[quote]Sometimes people don't have enough liquid funds available to pay for a larger purchase so they pay it off in a few installments with interest
This is absolutely normal. Your refrigerator died? Yeah you have to suck it up, charge it, and pay it off as soon as you can.
Nothing at Macy's qualifies as something "urgent", and even if it did, you can get similar (and far cheaper) urgent underwear or whatever at Walmart or Target.
by Anonymous | reply 32 | July 11, 2024 2:12 AM
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The interest rate has nothing to do with where you live. They are all based in S. Dakota and Mighty Joe's great state of Delaware because these states have no usury laws, which was done on purpose to attract businesses.
It is outrageous! Nothing will be done, of course, because our elected officials are being paid off by someone. It is fun to screw them by getting the perks and not paying interest. I haven't had credit card debt in 30 years.
Offsite Linkby Anonymous | reply 33 | July 11, 2024 2:24 AM
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Only the Poors like OP are stupid enough to have a department credit card. The rest of us are smart enough to not live off credit and if we do, it's smart choices like ones with low interest rates with cash back or air miles.
by Anonymous | reply 34 | July 11, 2024 2:35 AM
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Store/Merchant cards always have the shittiest interest rates.
by Anonymous | reply 35 | July 11, 2024 2:35 AM
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I'm sure all Biden supporters will act like he's already eliminated this usury. Cause he's such a moral guy.
by Anonymous | reply 36 | July 11, 2024 3:02 AM
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Wtf with the politics on every damned thread? Calm the fuck down!
by Anonymous | reply 37 | July 11, 2024 3:49 AM
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"This is absolutely normal. Your refrigerator died? Yeah you have to suck it up, charge it, and pay it off as soon as you can."
Or you can have an emergency savings account to cover shit like that. I put $100 a month aside for emergencies for car repairs or appliances dying. When I had pets, I put $10 a week aside for vet bills. Helped out so many times.
by Anonymous | reply 38 | July 11, 2024 4:13 AM
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There's nothing from Macy's worth carrying a balance. Lol.
by Anonymous | reply 39 | July 11, 2024 4:24 AM
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"This is not an issue for DLers because we all know that everyone of us has millions and millions in the bank."
You really don't need millions to not carry credit card balances.
by Anonymous | reply 40 | July 11, 2024 4:25 AM
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I prefer having a charge account directly with the store. I'll pay it every month at the customer service counter over by housewares.
by Anonymous | reply 41 | July 11, 2024 4:27 AM
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I have a couple of department store cards that I got before I knew better. I use them a couple of times a year and pay them off immediately, because if you don't use them, the store will cancel them or lower the amount of credit, which will affect your credit rating.
These stores aren't making any money off of me, but they are making money off of the poor people who don't understand what they're really signing up for. Those who think paying the minimum each month is all they need to do.
This is why so many people fuck up their credit in their 20s because companies are just throwing credit at them and they don't understand what it really means. One of the things that should be taught in schools is understanding and managing credit.
by Anonymous | reply 42 | July 11, 2024 5:07 AM
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[quote]I prefer having a charge account directly with the store. I'll pay it every month at the customer service counter over by housewares.
Mrs. Cleaver at r41. What decade are you teleporting in from? Most department stores like Macy's only office a store card. Do you still trade goods at the general store instead of using cash?
by Anonymous | reply 43 | July 11, 2024 5:16 AM
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Joe doesn’t run Delaware, so quit with that shit.
As someone else mentioned, who the hell still uses store credit cards? You can do so my better using a card with better and more expansive rewards.
by Anonymous | reply 44 | July 11, 2024 5:23 AM
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I was teleporting from the "it's a joke" decade. You thought I actually have a store charge account and was paying it off "by houswares?"
by Anonymous | reply 45 | July 11, 2024 5:36 AM
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"because if you don't use them, the store will cancel them or lower the amount of credit, which will affect your credit rating."
Cancel them all after they are paid off. Your credit score might dip a little, but who the fuck cares unless you're going to buy a house soon? I had terrible credit for a time, but it bounced back to an 800. The dirty little secret is that credit scores don't really matter unless you are buying a car, a house, or renting an apartment and most scores can be brought up by simply transferring all those store card balances to a MUCH lower interest rate on a Visa or Mastercard.
by Anonymous | reply 46 | July 11, 2024 6:16 AM
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What are the interest rates of other store cards? I know in flyoverstan, Von Maur has no interest but their merchandise is full price so you have to afford it. Unlike Macy’s which has gone discount central.
by Anonymous | reply 47 | July 11, 2024 6:47 AM
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[quote]Cancel them [no longer wanted store cards] all after they are paid off. Your credit score might dip a little, but who the fuck cares unless you're going to buy a house soon?
True enough, R46. I have a credit score that's consistently been within 10 points shy of perfect for 20 years or so. Realizing it didn't matter if my credit dipped and wanting to simplify by getting rid of some cards that I used once a year just to keep them active, I cancelled several cards all at once, including the precious "oldest account that you must never cancel" and my credit score dropped by 4 points for one month then back where it usually is in the 840s (of 850.)
Contrary to the majority of advice, If you have good credit, you really don't have to bother with keeping old accounts active just to avoid a hit to your credit score. The hit isn't so big or so long - not at all.
by Anonymous | reply 48 | July 11, 2024 8:11 AM
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If you haven't paid off your credit cards by now, if a Republican Party comes in to power, you are fucked.
by Anonymous | reply 49 | July 11, 2024 11:45 AM
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Repugs will bring back Debtors Prison.
1/2 of America will be in jail.
by Anonymous | reply 50 | July 11, 2024 12:17 PM
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Isn't Macy's circling the drain?
by Anonymous | reply 51 | July 11, 2024 1:18 PM
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[quote]The dirty little secret is that credit scores don't really matter unless you are buying a car, a house, or renting an apartment
Or applying for a job or insurance.
by Anonymous | reply 52 | July 11, 2024 3:38 PM
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This hit is minimal if you close a credit card, less than 10 points on a credit score, and will go back up in 2-3 months
by Anonymous | reply 53 | July 11, 2024 3:57 PM
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