John Edwards Sees The Harm
Surprisingly I have come across a Presidential Candidate who addressees 39% interest rates. On John Edwards For President Web Site, under Issues, in a section named Debt and Savings , the issue is discussed as: "Limiting Abusive Credit Card Practices: Credit card penalty interest rates can now top 39 percent. Deceptive tactics include bait-and-switch marketing on interest rates, penalty rates triggered by unrelated debt under "universal default" clauses, and mailing statements later in an effort to induce more late fees. Edwards will restore balance in the credit card market through a Borrower's Security Act. The strong new law will require credit card companies to: (1) disclose the true cost of making only minimum payments, (2) restore a 10-day grace period before imposing late fees and penalty rates, (3) apply interest rate increases to future balances only, and (4) end the practice of universal default, where a creditor can change borrowers' terms based...