And another thing - there should be a limit on interest rates not

[hedgehog]

to protect the borrower but to ensure that money is available for investment in tangible products and services. Credit card interest can run 29.9%. What investment in equipment or manufacturing returns 30%?

[Taitertots]

1. There should be only fixed rate lending

The maximum lending rate isn't the problem. The problem is that becoming delinquent means they can high jack your rates to triple the previous level. Combine that with increasing the minimum payment and you can extort any amount of money from people.

Fix the rates, fix the payments to end predatory lending

[TheCoxwain]

2. thanks to liberal laws in Sioux Falls - South Dakota which has no Usary laws ..

every credit card company has set up back operations there ....

A Supreme Court rule that banks could charge interest based on where their credit-card operations were headquartered .... So - NET NET - all the strict credit card protections in your own state are OF NO USE...

Here is a nice read

http://marketplace.publicradio.org/display/web/2009/03/25/pm_sioux_falls_i/

[stillcool]

3. ....................

http://nhregister.com/articles/2009/04/01/business/c1-_credit1.txt

Senate panel’s bill tightens reins on credit card issuers

Published: Wednesday, April 1, 2009

By Angela Carter, Register Staff

The U.S. Senate Committee on Banking, Housing, and Urban Affairs Tuesday passed sweeping legislation to protect consumers from confusing and often misleading practices by credit card companies.

Also Tuesday, Pew Charitable Trusts in partnership with the Sandler Foundation, issued a report called “Safe Credit Card Standards,” showing that between 2007 and 2008 credit card holders incurred an additional $10 billion in interest charges on top of standard rates and fees.

Credit card issuers used their contractual powers during that time period to raise interest rates on about 70 million accounts.

The Senate Banking Committee passed the Credit Card Accountability, Responsibility and Disclosure Act, a version of which U.S. Sen. Christopher J. Dodd, D-Conn., introduced in 2004.


But the industry was not pleased with the committee’s action.
******************
The bill will advance to the Senate for action.

[The Magistrate]

4. You Are Quite Right, Ma'am

You state the problem, and the need, very well.

There is a reason usury is viewed as a sin in the Abrahamic religions, and why merchants are ranked among the 'despised classes' in traditional Confucianism....

[jwirr]

5. If the interest rates were lowered for those of us in debt we would

be able to reenter the markets sooner as we could pay off the mess we are already in. They are not going to do much if they cannot convince us to start buying again.

[sam sarrha]

6. cocaine... heroin... sex slaves