Friday, April 3, 2009

Help Desperately Needed

Congressional and Governmental help is desperately needed by the American People to regulate the loan sharking activies of the Credit Card Industry. Thanks to the revamped Bankruptcy Bill that was passed during the Bush Administration's Republican controlled Congress Credit Card Companies were given free reign to charge loan sharking rates on credit cards. Credit Card Rates charged by the credit card industry were always excessive but thanks to the revamped Bankruptcy Bill they now have the legal blessings of the Federal Government to set punitive interest rates that will keep Americans repressed throughout their lives.

The revamped Bankruptcy Bill allows credit card companies to randomly raise rates after a card holder borrows the money. If a card holder made a purchase at 3.99% interest and has been paying that bill in a timely manner, a late payment to another company gives the credit card company the right to raise the interest rate on the debt top them which is being paid on time. This was accomplished by the Banking and Financial Lobbyists who control ALL members of Congress, Republican and Democrat.

It is long past time that the United States Congress stop this insane system and return America to a Nation that is for the benefit of her Citizens and not the multinational corporation. Usury Laws MUST be re-enacted now, and the Credit Card Industry must abide by the law and have strict regulatory oversight.

The right Wing Radio Hosts like Sean Hannity are perpetrating this phony tea party protest throughout the US, what they should be protesting is the punitive interest rates that the financial lobby has been able to achieve by greasing the political treasure chests of Republicans and Democrats. The extreme interest rates charged by Credit Card Companies are more detrimental to the US economy than the tax rate.
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