President Obama has announced plans to try to stop credit card companies from increasing rates and misleading customers with introductory rates.
Unfortunately most of these problems stem from states that do not have Usury Laws.
"Usury" is the unlawful act of charging interest on a debt (including discount points, fees and other charges) at a rate greater than what is permitted under any applicable law or exemption from a law.
Most of the credit card companies in question are affiliated with banks in these states with no Usury Laws.
If we really want to make a difference we need to get these states to enact Usury Laws.
Below is a posting from January 23, 2009.
The Bailout and Usury Law
http://www.where-to-turn.org/phpBB2/viewtopic.php?t=46605
Maybe those in office should start listening to the common people instead of their high priced experts.
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