Re: I have been accepting payments like that with no problems.


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Posted by Keith in Washington on Wednesday, April 15, 2009 at 16:31:37 :

In Reply to: I have been accepting payments like that with no problems. posted by Eric B. on Tuesday, April 14, 2009 at 21:23:37 :

Joe you hit a sore point with me on this one.

I wish I could skim 2.9% + $.30 off of each transaction. Paypal/Ebay just wanted to increase their revenue. Since Ebay and Paypal are in bed together they said we can make more money by forcing Paypal only. Greed is still out there. Paypal is just another credit card in some respectg. Gee the government got after the mafia for skimming the gambling joints in NV as they said it was illegal. But the credit card companies can skim all they want and the store owners cannot charge the credit card customer for the fees so he has to raise his price for everyone.

Speaking of credit cards. Just think of the money that you would make by skimming 3% off of all the credit card transactions (think world wide). Not to mention the interest you collect. I have no pitty for the credit card companies. They say that they are loosing money. Too bad! They have given credit cards to people that never should have them. They can cut their losses by allowing only good credit risk clients to possess them. But then they would see a tremendous drop in their 3% skim revenue. So they accept anybody to get the skim and loose money on the default or non-payment end. To stop that loss they tack on fees and raise the interest rates for everyone. Recently they came up with universal default. If you late on a payment of some sort, the credit card company will now raise your interest rate to above 30% even though you have never missed a payment on your account with them. Just another greedy way to get money. They realize that everyone will miss a payment from time to time so they are cashing in on that. Greed to say the least. It ends up with the good consumer paying for the unqualified person's default. Now they can put a good credit risk person in trouble, as who can afford 30% + interest rates. Do not miss a utility payment when you on vacation or sick, it is going to cost you badly.

Why won't the government do anything about it?
First, you can bet that the politicians are being paid by the credit card lobby.
Second, the government has forced our economy into a consuming economy not a productive economy. Look at the GNP. The majority of it is now from retail sales. Gross National Product to me means that you are producing something and selling a pair of shoes is not producing something. By going after the Credit Card companies, the government would reduce the GNP (a lot of retail sales are via credit cards) which would look bad for the politicians on both sides.

Congress is actually trying to address the Universal default issue right now. They realize that people are a little pissed at the banks and etc and they need to do something to make the people happy with congress. It looks like, at this time, that they will still allow universal default but the balance on your credit card prior to the universal default can only be charged interest at the original rate and items purchased after are charged the higher rate. Not a good fix as the credit card companies will still figure out a way to screw you. So basically they can raise your interest rate anytime without cause or justification and without notice which is the crux of the Universal Default issue. But congress can say that they did something.

Oh for the days of usery laws. They look good now. I remember when they struck down the max interest rate of 10%. It was done simply so the credit companies could increase their revenue by accepting the poor credit risk clients.



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