Date registered: Apr 2004
Location: The BlueGrass State
Mentioned: 0 Post(s)
Quoted: 2 Post(s)
By the way, I also am not for any bailout. And I do like that the bankruptcy laws were tightened to eliminate folks from just running up debt and walking away.
What I would like to see is the end of predatory lending on credit cards. In other words, the customer has to APPLY for a card and their actual credit checked as opposed to the current approach of give everyone a card and either 1) get a customer that pays OK or 2) get a customer that pays bad that we can charge $35 extra per month + 36% interest.
I would also like to see a REASONABLE CAP put on lending rates. At 36%, it is nearly impossible to EVER pay off a credit card. No lending institution should be allowed over 3-4x the Fed discount rate. Currently banks are actually lending to people with poor credit KNOWING they will be behind and factoring that higher interest rate into their profit projections. That is predatory banking practice.
Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.