Reply #3: I thought the first credit card was the Diner's Club in the 50's. I could [View All]

[frankly_fedup2]

be wrong but it seems I watched something on the Discovery Channel about it. Back then the bill was to be paid before the end of the month and very little interest was added.

Now my kids get offers for credit at 29% interest rates. That should be illegal. It's like these payday loan places. You end up paying back twice what you borrowed.

I live in the state of Virginia and there are no caps on what interest any credit can charge you. As long as you sign on the dotted line and agree to a yearly fee, late fees of $50, and an interest rate of over 30%, you are pretty much screwed.

We need to get our congress to come down on some of these credit card companies. They are the main reason people file for bankruptcy and yet they can claim it as a total loss during tax time. In a way, with a bankruptcy the way George Bush has fixed them now, they not only get paid back by the debtor but they can also claim it as a loss at tax time. What a joke.