Posted on 07/08/2009 3:13:08 PM PDT by JoeProBono
The industry has developed hooks such as the ones you describe and some of them are quite abusive if not predatory. I don't like them any more than you do.
As an item in interstate commerce those things are certainly subject to regulation. In that regard we're closer to agreement. But to legislate “reasonable profit” and set arbitrary caps on interest rates and fees (the things in the federally required disclosure chart presented with the offer), I draw the line short of that.
You may have fought commies, but you also adapted some of their nanny state mentality. What you’ve said is that it can be hard to leave a credit card company. I suppose it can be at certain times, but no one forces you to stick with them for 40 years. Plus, there are plenty of people who never used credit in their lives.
We will have to agree to disagree I think...
I think a grown man should be responsible for his own actions, including the contracts that he enters into. I guess we just see things very differently.
Please don't mischaracterize my view as an endorsment for communism. All I am saying is there should be a legal limit to the amount of interest that banks can charge. Thats all I am saying. High interest creates a trap and the banks know it.
Thats why the Bible restrained interest. The Almighty knew that people are predators and unmerciful.
God was involved in high finance, eh? What rate did he list?
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