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.