They should be taken out and shot

[andrewducker]

I just opened some junk mail that had arrived here for tisme - offering credit - "No matter your credit history", at the low, low rate of 29.9% - but with the first week only costing £1!

Oh, and you had to buy from their store, where they were selling wide-screen TVs, over-priced computers and "authentic" leather beds.

So, they're aiming it at people with no money, a history of bad debt, a taste for stupidly expensive things, and no idea that 30% interest rates are a mindnumbingly horrible rip-off

They should all be fucking shot repeatedly through the head.

Comments

[derumi.livejournal.com]

Damn. Anything over 25% is illegal in the US, if I recall correctly. What's the maximum in the UK?

[andrewducker]

"In Great Britain legal interest rates are not fixed by the government, but courts can determine whether a given rate is injurious." it says on a website I just found.

"In the United States, the individual states are responsible for setting a legal rate at which debts may be assessed if they have come due and remain unpaid, and for setting the maximum rate allowed in a contract."

[derumi.livejournal.com]

The 24.9% cards they target the young adults with here must be a compromise that fits for all states, then.

[missedith01.livejournal.com]

There is no maximum - an agreement cannot be extortionate but there's no definition of what extortionate means. I don't think there's even any agreement from government that it would be a good thing to have a maximum - they tend to be concerned about reducing access to the market.