Are Consumers Banking on Congress?
Every year millions of consumers complain about unfair credit practices. Practices that under current law the U.S. government allows. It is a subject that has many asking, why? From rising credit card interest rates to subprime mortgage loans — consumers are getting fed up with a system that seems to favor the banking industry at their expense. Click play to watch CBN News producer Charlene Israel’s report and Pat Robertson’s analysis afterwards. “Where’s no rhyme or reason to it,” said Susan Wones, a credit card customer who saw her card rate rise. “They make me feel like I was guilty of something like I had done something wrong and I was embarrassed to tell my friends about this.” “I thought I signed a fixed rate mortgage,” said Nettie McGee, a victim of a subprime mortgage loan. “I had no idea my rate would jump almost 25 percent.” Many financial experts agree that in recent years the playing field between creditors and borrowers has become very one-sided. And it is often times the
