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OBJECTIVE
Eliminate Credit Card "Default" Interest Rates
TERMS

If we reach at least 1,000 people, then We can effectively recruit 10,000, and we can (legally) act to eliminate credit card default rates.

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THE PITCH

Credit Card “Default” Interest Rates are actually a penalty being charged for breach of Contract, which is illegal. Even though the Federal Government has legalized credit card usury, the Federal Government has not legalized charging a penalty for breach of Contract. These charges are not only immoral and the root cause of the current banking crisis (creating a balance owed which is FAR in excess of any ability to pay, and which led to people obtaining a predatory mortgage in order to pay off a credit card balance), but they are illegal and should be eliminated immediately. NOTE: I do not currently have a personal interest in this matter. However, as a former Bankruptcy attorney, I have seen the credit card industry change the laws and their policies so much since the year 2000, that the current banking crisis was inevitable. Let’s stop it from getting worse!

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message Launched over 3 years ago
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Recent Discussion

Jeff Merriam started this discussion on Mar 24, 2009

Here is a link to an article on how the British “Office of Fair Trading” is handling this issue. The article focuses more on fees than on Penalty Interest Rates, but it is still illustrative of the illegality of what the banks are doing.

http://www.thriftyscot.co.uk/bank-charges-fair-or-unfair-who-decides/

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Jeff Merriam started this discussion on Dec 21, 2008

Let me hear your thoughts, even if you are against it. I like a good debate.

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