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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Riskmgmt who wrote (82526)6/8/2007 2:50:48 PM
From: Horgad  Read Replies (2) | Respond to of 110194
 
State limits don't apply to many banks and I can't imagine the the Feds going after a bank using RICO. So a national or federal bank can legally charge you 97%. However if you live in Indiana and charge your neighbor over 10%, you are breaking the law. Sounds fair to me <s>.

lectlaw.com



To: Riskmgmt who wrote (82526)6/8/2007 2:52:28 PM
From: John Vosilla  Read Replies (1) | Respond to of 110194
 
'Can you believe banks get away with this and most States have an 18% per annum usury rate? If you tried to get those rates they can arrest you under the RICO act for loan sharking. Unfrigging believable.'

I agree. How they can also get away with outrageous late fees charges only 16-17 days after the cycle cutoff is also unbelievable. I've cancelled any card that has that policy..


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