#2 is fair to me because the user knows (or at least should know) is that credit cards aren't based on individual underwriting. They are based on actuarial risk assessment.
It sure seems as if people want all the benefits of variable-rate debts (low rates when times are good), but none of the risk.
If you don't want the chance that the rate will rise without you being at fault, ask for a fixed rate on the debt when you open the account. You'll pay more in good times, but you won't have to worry about this happening.
I don't have a problem with it being outlawed. Variable rates on unsecured debt is risky stuff, and we are a country that has proven most of us can't handle debt. But I don't think it's wrong of the credit card companies to offer it until then.
Last edited by Inkstain82 : 10-24-2009 at 04:27 PM.
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