How Much Government Can You Buy for 100 Million Dollars?
It is reported the banking and credit card industry spent 100 Million dollars lobbying the United States congress regarding the passage of the new bankruptcy laws.
Why do I find this so upsetting?
Because it is a one sided deal.
Although the debtor has huge restrictions place upon his ability to find debt relief in the bankruptcy courts, the creditors are not restrained in any fashion.
As per contracts sanctioned by the United States Congress the credit card companies are able to charge 29 to 30% interest on credit card balances if the debtor is late with any payment or delinquent with any creditor, no matter if that debtor has not been late or delinquent with their account. In addition, late payments and over limit fees are added without restraint.
These enormous interest rates and fees result in huge profits for the credit card companies.
There are no standards imposed on the credit grantors of the unsecured accounts that are leading so many into financial servitude. Creditors look for every opportunity to extend unsecured credit and once initiated they push to increase the debtors limits and spend large sums of money to promote the use of this easy money.
The Congress of The United States did not find it in their wisdom to reign in these gluttons. No, for 100 million dollars they all turned a blind eye to the very obvious practices of these vultures.
When the resources of a people are squandered on fees and charges and when the have nots are enticed to become haves with huge costs, we weaken our society.
This country and the individual states had usury laws that limited this type of behavior and those violating these laws limiting interest rates were classed as criminals and some even sent to prison.
What do you think the credit card companies and the banking industry will get as a return on their 100 million dollar investment? My guess it will be in the BILLIONS.
Now tell me how we as debtors will gain?----------------------
Let your elected representative know how you feel about their performance on your behalf.
House of Reps. Contact Info:
http://www.house.gov/house/MemberWWW.shtml
Senators Contact Info:
http://www.senate.gov/ and then click the "Senators" button.
- TheDebtDr
http://www.financialtechnologies.com
posted by thedebtdr @ 1:36 PM
3 comments
3 Comments:
I agree! The laws are getting worse and worse for the consumer and better and better for big business.
Ya know, not to be a pain, but the easiest way of dealing with companies that deal in the late payment jumps your interest to 30% BS is to do business elsewhere. The free market can be more brutal than federal regulation, it just takes reading the fine print and the ability to say "no". Heh... just say no.
Debt is hell. Get out now.
You don't understand, there is a simple solution, which no one wants to admit, and that's why we’re having problems.
Don't use credit. Be responsible and pay cash.
If you become the Borrower you will always lose. ALWAYS
You will never ever beat them. Because the law of contract reigns supreme, even above the constitution of any country.
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