How come Banks are allowed to charge usurious fees for credit?

How come banks are allowed to get away with credit lines with such high interest rates. These rates are appaling and would not even be charged by some Loan Sharks!

Interest is against God%26#039;s law. Christians and Muslims should consider devesting from these institutions and trying to boycott them until they at least bring their inetrest rates down.

I don%26#039;t suffer from credit card debt, but many others do, and they are practically slaves.

How come Banks are allowed to charge usurious fees for credit?student loan

Risks associated with a line of credit are high. High risks constitute higher rates, like an investment. Unsecured credit that does not expire, like credit cards, will have higher rates. Once approved and credit is granted banks do not do an annual review of your character, capacity, capital, collateral, and conditions to determine you credit solvency.

So, let%26#039;s take responsibility for our own actions and not rack up high credit card debt and then blame financial instititions.

How come Banks are allowed to charge usurious fees for credit?

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Because financial institutions are the #1 political contributing group in the country.|||Leave the religous stuff out of it. You should know better then to try to rile up muslims.

Its a free market and they can charge WHATEVER then want. thats the risk they are taking to give credit to people who probably dont deserve it to begin with it.|||So, you think the banks should work for free and just give you money?

You have the choice of not borrowing from them. If you want to borrow THEIR money, why shouldn%26#039;t they charge you for it? By your theory, maybe the grocery store shouldn%26#039;t charge you for food any more. I%26#039;d guess that%26#039;s against God%26#039;s law too because God probably thinks you should eat.

You may not suffer from credit card debt but you suffer from stupidity.|||Because your buddies GW Bush, Bill Frist and Tom DeLay signed legislation that was drafted by the banks themselves which - among other things - allow the credit card companies to charge you 25% interest rates, charge you outrageous fees for a late payment and make it much harder for you to declare bankrupcy just to make sure they can squeeze every last penny from your pocket.

Don%26#039;t believe me? Look it up.|||The foreclosure problem is spiraling out of control across America due to interest rate increases that are causing Adjustable Rate Mortgage (ARM) payments to rise by 30%, 40% and as high as 50%. The other major causes are Predatory Lending and American jobs are still continuously being outsourced to other countries. National mortgage defaults and Foreclosures statistics are at 30 year highs and rising rapidly. Here is where they can get help with government programs that bank institutions don鈥檛 want them to know about.

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Please voice your opinion on this matter and read further for more astonishing things occurring in your own neighborhood to Americans who are even now in jeopardy.