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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: RealMuLan who wrote (28152)3/8/2005 6:36:52 PM
From: benwood  Read Replies (1) of 110194
 
Yiwu, you are right, those are financial traps. The fees, penalties, and interest rates if you are late are predatory, nothing less. The idea that you cannot cap the interest rate at 30% (as the GOP just voted down) pretty much means that the loan sharks *are* the big banks now. The arbitrary fees and penalties mean that those so entrapped will never get free, their homestead act equity (protected in bankruptcy) will be absorbed eventually by the lending company when they die, sooner undoubtedly with debtors prisons, not as compensation for any "risk" they put up with, because their original lent out monies will have been repaid perhaps *dozens* of times over, but as compensation to the money the spent on making sure our elected leaders represented them well.
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