Question by d: Should I cancel credit card with high interest rates?
Keeping credit cards with high interest rates seems silly, when I am getting low introductory rates, and relatively low rates in the future. Will this change my credit score?
Best answer:
Answer by forthefun_333 keeping a credit card with 0 balance actually helps your credit more, so I would say keep them, just do not use them.
Question by twentyrosepetals: what’s up with paid surveys needing program requirements and my credit card number?
i’m trying to earn a little extra cash so i’m trying to do online surveys. what’s with the surveys that tell you they’ll pay after you sign up for free trials, free trials that need your credit card #. i kinda understand you have to maybe test a product in order to sometimes do a survey on the service or product. i just wanna know is this safe? is this how you get paid for doing surveys?
Best answer:
Answer by lisa w fraud!
But if you are not convinced, go to Walmart and get a prepaid credit card and give that to them.
Question by sam: Are interest rates for UK credit cards too high? Should the Government force the rates down?
How can banks get away with very high interest rates on credit cards, when the Bank of England interest rate is almost zero? Should the UK Government make the banks reduce their rates – or would that be unfair on the banks?
Best answer:
Answer by tastofhevn The first answer is easy. They can get away with it because people will pay it.
The second answer is a little more confusing. The government is doing you a favor by not lowering the interest rates. Look at it this way – are you more likely to spend or not spend knowing your interest payment is going to be as high as your principal payment? If the government were to force down interest rates, people would get themselves deeper and deeper into debt. You would find yourself in a credit crunch such as the one that just destroyed the housing market in the US. That was a direct result of government forcing banks to lend at low rates.
Know better? Leave your own answer in the comments!
Question by rider476: What number is considered a high interest rate for a credit card?
And is a high interest rate only given to people with low or bad credit?
Question by Adfadf A: DJIA Recession Great Depression Interest Rates Banking Banks Question Credit?
In the recession of 1980 during which President Reagan was serving his term, the government raised Interest Rates to try to keep down inflation. This backfired and instead led to the recession of the 80′s. My question is: WHY does raising the interest rate in theory keep down inflation? In the current recession we are in, interest rates are being cut cut cut, so wouldn’t this only help inflation to get worse? Somebody please clarify because I am confused on this topic.
Best answer:
Answer by 60187guy 1) Interest rates go up because of strong borrowing demand.
2) Interest rates go down because of weak borrowing demand.
3) During the early 1980′s, interest rates had to reach a “high” enough level such that borrowing would slow down.
4) Now, because of the weak economy, interest rates have been pushed to zero to help banks, not bank customers. That’s a deflationary condition. Inflation can’t happen because money isn’t being spent nor loaned.
5) It’s a myth to believe that the Fed has any “control” over the economy and interest rates. The Fed merely responds to what the market has already discounted.
6) Raising interest rates does not keep down inflation. It’s better to focus on the fact that the market “will go where it’s going to go, with or without the Fed”.
7) Inflation won’t return until there is a restoration of confidence and THEN, an increase in borrowing and lending so the cycle can repeat itself in the other direction.
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Auto loan interest rates for people with bad credit are affected by state usury laws. People with bad credit often get better auto loan interest rates in states with high interest rate usury caps. People with bad credit have the best chance of getting a low auto loan interest rate if they live in a state with a high usury interest rate cap. Learn more about interest rates and auto loans for people with bad credit and repairing your credit at www.autocreditexpressvideo.com. Video Rating: 3 / 5
Question by The Lady Amalthea: Is this a high interest rate for good credit?
I am planning on financing equipment for my business. The pruchase price is $ 6200. I have excellent credit (personally as well as business). The interest rate I have been approved for is 8.3%. With interest rates dropping I thought that sounded kind of high. The term of the lease (lease to own) is 3 years.
Best answer:
Answer by Jose V Its not great but its not terrible. Interest rates are only going down on mortgages everything else is being raised to get faster money.
Question by kikicabana18: How do I negotiate lower interest rates on my credit cards?
I am trying to pay off all of my credit cards. I have gotten all of the balances paid down but now I want to negotiate a lower interest rate so I don’ t pay tons of interest each time I use it. I have read some things on how to do it such as calling your cc company armed with your payment history etc. But I would like to know what exactly to say to not get pushed around and get the result I’m looking for… a lower rate.
Best answer:
Answer by bdancer222 I don’t think your payment history will help get the rates lowered. Call and tell them you have a credit card offer for a much lower rate and want to know if they will lower their rate.
If they won’t lower the rate, pay that card off and don’t use it. Chances are, after a few months they will be making you all sorts of special offers — provided you have a good credit rating.
Of course if you pay off all the balances and then only charge what you can afford to pay in full every month, the interest rate won’t matter.
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Interest rates charged by banks for personal loans range from 3 percent to 5 percent on average to as much as 20 percent. Find out how credit scores often determine bank rates on loans with information from an investment consultant in this free video on bank loans. Expert: Roger Groh Bio: Roger Groh is the founder of Groh Asset Management. Filmmaker: Bing Hu Video Rating: 5 / 5
