YOUR VIEW: Charles Merlis

Posted by Steve Rhode

October 27, 2008

We’re bailing out large corporations, it’s time to help the little guy.

A few years ago, the powerful credit card lobby flexed its ever-growing muscles and changed the universe to its advantage. The government eliminated criminal usury (interest rates of 25 percent or more had been illegal), took away bankruptcy protections, voided many regulations and proceeded to screw the public.

Now, credit cards routinely bill around 30 percent interest, charge exorbitant fees making the real interest rate even higher and creatively manufacture ways to bring down your credit score so you cannot qualify for the low-interest rates they advertise to lure you into their ravenous clutches. They have created “universal default,” allowing them to raise their rates if card holders fall behind on other bills that have nothing to do with the credit card they issue. They have taken bait and switch to new heights to befuddle the public.

How can ordinary people, who are struggling with their finances, keep up? The government has sent out “stimulus” checks to encourage us to spend on goods and services. Instead many people have used it to reduce their credit card debt on which they are paying confiscatory rates. Credit card debt has increased exponentially in the last 10 years. If interest rates on credit cards were lowered significantly, people would have more to spend on goods and services and the economy could recover quicker.

YOUR VIEW: Charles Merlis Hartford Courant, United States - 2 hours ago Instead many people have used it to reduce their credit card debt on which they are paying confiscatory rates. Credit card debt has increased exponentially …

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Source: YOUR VIEW: Charles Merlis

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