Are penalty charges by banks, credit cards, high interest rates robbery. See England laws-BBC
http://news.bbc.co.uk/go/em/frl-12/h./business/6169539.stm
I though you might find it interesting that in England there are laws which protect the consumer from usury bank charges. The credit "industry" in general (banking, credit cards) in this country apparently has a free hand to charge and amount, whenever they want in interest and various types of fees with impunity leaving the debtor or bank customer with no recourse. Let's do what we can to change this injustice, because people are suffering. Honest people are trying to pay their debts and raise their families, while these sharks are basking in money they do not work for and did not earn.
Sincerely,
Edna A Ramsey-Mosig, M.S., CCC-SLP
Hear, hear Edna!
That is one of the things on our long list of
"things to change" when our Dem.leaders
take their seats in January.
Not only should there be strict oversight regarding penalty
charges, excessively high interest rates and such.
There should be laws against predatory lending practices,
i.e offering my 22 yr. old son, who has autism( yeah-they can
find that out since he deals with multiple state/federal agencies)
2 to 3 new credit cards a week. He's a part time student
and some offer him a $20,000. credit limit!
I told him to tear them up and he does, swearing the whole time
at "those bastards who are trying to get me in debt".
They know damn well he can't pay that back.
It's predatory and should be illegal.
Thanks
For opening this subject to discussion Edna. I recently wrote my horrible Senator "Boss" Mitch McConnell about this very thing. I would like to share part of his response:
In your correspondence, you expressed your support for the Credit Card Accountability, Responsibility, and Disclosure Act, S.499, and a similar bill introduced in the House of Representatives. These bills would prohibit certain credit card practices that assign extra fees on costumers, and would provide other rights to consumers. You may be interested to know that two other bills, S.1040 and S. 393 have also been introduced in the Senate and would require credit card issuers to disclose new minimum payment requirements and inform consumers that by making only the minimum payment, one may not be paying down the actual debt.
Now, is it just me, or is Mitch McConnell coming out for predatory lending practices? Is it his opinion that usury is OK as long as you let the people know they are being robbed? What about all the fees and crooked practices and loan-shark like interest rates. McConnell cares nothing about that. Maybe its because he has the interests of credit card companies in mind over that of his constituents. Check out this excerpt from an article:
A six-month examination of McConnell's career, based on thousands of documents and scores of interviews, shows the nexus between his actions and his donors' agendas. He pushes the government to help cigarette makers, Las Vegas casinos, the pharmaceutical industry, credit card lenders, coal mine owners and others.
Critics, including anti-poverty groups and labor unions, complain that McConnell has come to represent his affluent donors at the expense of Kentucky, the relatively poor state he is supposed to represent. They point, for example, to his support last year for a tough bankruptcy law, backed by New York banks that support him.
Link:
http://www.kentucky.com/mld/kentucky/15763570.htm
I guess this explains much.
Here
Are some links to the bills discussed by "Boss" McConnell in his letter:
http://thomas.loc.gov/cgi-bin/query/z?c109:S.393:
http://thomas.loc.gov/cgi-bin/query/z?c109:S.499:
http://thomas.loc.gov/cgi-bin/query/z?c109:S.1040:
I still favor S.499!!!