Would you agree that loan sharking… (3+ / 0-) Recommended by: Sparhawk, palantir, Econaut should be illegal?
I mean the charging of excessive interest rates…and then added fees for late charges and over the limit fees? Charging compound interest of 35% or even 28% is loan sharking in my humble opinion. Reducing someone’s credit limit to an amount belong what they currently owe, and then charging them a “fee” plus increased interest is loan sharking imho. There have to be some consumer protections here, and they must be offered at a national level. State laws no longer apply and it is time for Federal action. In the total picture, we cannot bail out banks and credit card companies, while leaving consumers hanging out to dry. For essential needs, this is where I believe people shouldn’t rely on private industry “credit” and where government should really be working… by LtdEdishn on Thu Dec 18, 2008 at 07:10:45 PM PST [ Parent ] Define “excessive” (2+ / 0-) Recommended by: LtdEdishn, Justanothernyer One man’s loan sharking is another man’s lifeline. Without this kind of loan, the single moth
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