Predatory Lending Laws - Hurting Homeland Security

[combatvetlawstudent]

Why cant your mother take care of herself? Not to be rude but as a disabled person, i love being independent. there are funds to help persons get a home more equipped so persons w disabilities can be more independent.

[photray94]

lol

[WadeBlazingame34]

Keep fighting the good fight Sharon!!

daveramsey [dot] com

[sharonafox1]

Thank you.

[fdipays]

Sharon, I hope the best for you and your family.

I have been on a crusade to help disclose the Credit Industry!

We are helping people by educating them on how to become debt free and become aware of how the Credit system works, more so the way it works against them.

Keep sharing your story, we will make a difference one person at a time!

Good Luck,

Scott from FDIPAY

[zbus12]

What you have to do is... WAKE THE HELL UP, AND LISTEN TO RON PAUL YOU SHEEPLE!!!!

[BoomerNavy70]

Why do you think there are so many of these predatory lenders in South Dekota? Because South Dekota entices companies like these to move there. They are the worst State in the Union, including Delaware and Mr. Biden, to allow credit card issuers the right to exploit the misery of the masses.

[sharonafox1]

South Dakota has played a major role in bankrupting our economy, driving millions of families into slavery to the bank, destroying millions of U. S. families.

Not the wonderful people of South Dakota, but the morally bankrupt leaders who allowed banks like Citibank to export the interest rates on credit cards (Like the 7% credit card APR ceiling rate charged in California exported to South Dakota can now be jacked up to as much as 22%).

South Dakota... a leader in nationwide grand larceny.

[ncb61]

i have chase mine went from 1% to 6 months later 29% it sucks

[sharonafox1]

Congressmen and senators should be doing everything in their power to insure that predatory practices like you have experienced are illegal.

[floatingdock]

Major Anti-predatory Lending Bill in the House Financial Services Committee - mark up on November 6th. The National Community Reinvestment Coalition (NCRC dot Org) has a campaign to strengthen the bill. Head to their site and take action.

[sharonafox1]

Thank you for posting this message...please feel free to share any message of this kind on this site.

Thank you for getting the word out!

[xxrod]

Exactly.

[nrgins]

great point. i had some cards that were at 4 and 5% interest, and I was late with one payment (just forgot to mail it) by two weeks. The next month, my 4% went to 28% (and eventually 32%). Then the 5% went to 28% a couple months later (guess my debt/income ratio increased when the interest increased). Then, like dominos, all my other cards went up one by one, until I could no longer afford to make the payments.

[sharonafox1]

Dear nrgins,

Thank you for sharing. If you google- "PBS, Frontline, Predatory Lending" you will come across information on this type of credit card abuse. The legal system allowed banks to export there interest rates to states that did not have a ceiling on interest rates. I believe this means something like this: See the next comment below...

[nrgins]

yes, i believe I saw that some time back. south dakota and delaware are the two states that have no ceiling -- which gives them much income from these companies at everyone else's expense! There should be laws to:

1) restrict credit card companies to the debt ceiling and other laws *in the state of the customer*, not the state they're based out of.

2) keep them from changing the APR by more than X% in any given month.

(continued)

[nrgins]

(continuing)

3) send customers a letter (separate from statement) indicating that APR will be increased, giving them 30 days to cancel the card and pay it off *at the current rate.*

4) keep any purchases already made at the rate they were borrowed at (adjusting for changes in the prime interest rate), and apply new APRs to new purchases only.

[sharonafox1]

Prior to allowing banks to export interest rates a bank like Citibank would have a ceiling on the interest they could charge on a credit card...say...9.99%. Then around 1998 Citibank discovered it could export their headquarters to Delaware where there was no ceiling on interest rates and jack up a 9.99% APR to 20%, 24%, etc...

[notu286]

Thank you Sharon, That is good advice but not sure I will have any time for myself any time soon.Since late 2004 it's been a nightmare! Hit by predatory lending by ameriquest mortgage and HSBC, then hit by hurricanes weeks later, been trying to live without our home since January 20th 2005.

[notu286]

Great Question! I take care of my mother also and my disabled sister. Plus myself and kids.

[sharonafox1]

God for you. Your family is fortunate to have you. As caretakers we also have to remember to take care of ourselves and that isn't always easy when so many people depend on us. I really wish you well in taking care of your family members as well as yourself.

[RudyCorrupt]

May be if you vote for a leader with Integrity you wouldn't have this problems.

Ron Paul 2008.

[hg1110]

Good Job keep it up

[seajayh]

Good question. Usury is out of control in this country.

[heltrim12]

In a day and age when big cars, big houses and big income tax returns...two big things suck...big butts and big interest rates. Something has to be done!

[sharonafox1]

Heltrim...thank you for understanding...and I really appreciate your encouragement...Wishing you the best

[heltrim12]

Wow....a great question! Those damn predators!!