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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (46017)	2/7/2006 12:35:47 PM
From: Mike da bear	Read Replies (1) \| Respond to of 116555

I don't have any issue with upping minimum payments so people actually can pay off the credit card in 5 or 10 years. Where I really get annoyed is the stories of 29% interest which CC can legally charge once you're 1 day late with a payment. Someone with big debt falls into that rathole of 29% interest will be destroyed. Why can't the banking regulators put a cap on max interest rate? They could (or congress could) but they don't. Their goal is to enslave people with debt. What a sorry state this country is sliding into.