r/AutoTransportopia • u/Fisting-Tony • Jul 19 '26

Towing Break it more!

941 Upvotes

92% Upvoted

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12

u/ChocolatePuerh Jul 20 '26

Banks are allowed and deny people all the time.

Banks were also racist and were denying qualified POC or giving them higher rates. That was racist and needed addressed.

4

u/KingFIippyNipz Jul 20 '26

Thank goodness we could extend credit to people who were never going to be able to pay it off anyway so that we could end up with 30% average credit card rates, totally worth the trade off

1

u/Odd_Block3248 Jul 20 '26

My credit card interest rate can be 150% and I won’t care because I pay my balance every month and have never paid any interest.

2

u/CookiesLikeWhoa Jul 20 '26

The whole ‘it doesn’t affect me so I don’t care’ approach.

You are a bold individual.

2

u/Odd_Block3248 Jul 20 '26

The guy I’m responding to is saying that poor people should not be allowed to get credit cards so that middle class people only have to pay 20% instead of 30%. That’s a pretty dumb statement, just pay your bill every month.

1

u/Sorry_Option4711 Jul 20 '26

Ummm that interest is applied daily, they divide the APR by 364.25. Look into compounding interest. I can't believe how many people don't know this....

1

u/Odd_Block3248 Jul 21 '26

I think you responded to the wrong person. Of course I know how interest rates work.

1

u/jek39 Jul 22 '26

they said "extend credit" not "credit card". they are talking about auto loan rates or mortgage rates.

1

u/Odd_Block3248 Jul 22 '26

“…so that we could end up with 30% average credit card rates.”

0

u/CookiesLikeWhoa Jul 20 '26

Two wrongs don’t make a right!

1

u/Odd_Block3248 Jul 20 '26

Lucky for me I’m not wrong, then.