Which Side Are They On? Part II
From today's Associated Press:
The Republican-controlled Senate refused to limit consumer interest rates at 30 percent yesterday as it moved methodically toward passage of legislation making it harder to shed personal debts in bankruptcy.This isn't a tough issue. Taking a stand against predatory bankers and modern-day loan sharks who fleece billions of dollars from hard-on-their-luck consumers should be a no-brainer, unless you're completely in the pocket of corporate America. Which I guess is the problem.
The vote was a bipartisan 74-24 to scuttle an akmendment by Sen. Mark Dayton, D-Minn., who said consumers must pay interest rates as high as 1,059 percent when they borrow money.
3 Comments:
Off the subject...
Wakeup & Act presents:
Charleston Speaks
A Day for Peace in an Age of War
19 March 2005
Marion Square Park,
Charleston, SC
2 to 5 pm
~americanEntropy~
While I agree that credit companies can by predatory, there has got to be some personal responsibility. People have got to learn to READ the fineprint and resist buying junk when they don't have the cash. Sorry, but a lot of people need to learn the hard way.
J.S.
http://voicesofreason.info
VOR/J.S.
You really need to research this issue more deeply. Something like 90% of all bankruptcy are caused by medical tragedies, death, job loss and divorce.
"Resist buying junk" doesn't even register. Seriously.
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