My rackets are run on strictly American lines and they’re going to stay that way.
Al Capone (1899–1947), U.S. gangster
They surely have Mr. Capone. I received this offer from MBNA, the credit card company, in the mail telling me I qualified for a CleanSweep(R) line of credit. I can receive up to $50,000 and pay a mere $783 a month for 84 months (7 years). The interest rate for this bag of cash is 6.99% (it’s similar to the oil companies charging $3.05.9/10). However, should I fall on hard times and miss a payment, my reasonable 6.99% escalates to earth shattering 27.99%, which would increase the $783 a month payment to more than $1,000 a month when one can least afford to pay it, thus multiplying one's problems.
How convenient that this offer should arrive just prior to the new bankruptcy rules that kick in a just a few short days. No longer can one erase debts and start, unless you have fallen below the poverty level.
At one time, the Bonanno or Genovese families only did this type of predatory loan sharking; just another example of government looking out for its citizens against corporate greed.
2 comments:
This country is increasingly built on a house of (credit) cards, and one day the house will fold.
In addition to all of this loansharking, it is increasingly common that employers will not hire based on credit records. I have declared bankruptsy in the past, and now I carry no credit cards. In short, my credit is crap. I dispair of ever finding a better job, though I have a Master's Degree. My current employer is a bank (I dunno how I passed the credit review, except I am the lowest of the low as far as jobs go), and they will "counsel" you of if you have an account with them and bounce a check. Two checks bounced with them during your employment, and you're fired. Needless to say, I do not have an account with them.
/end rant. Thanks for the place to vent.
MBNA and Capital One and bad and Discover is no bargain. Actually, they are all rotten and deserve to be put out of business.
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