So... That Bankruptcy\Credit Reform Bill Was A Good Thing, Huh ??? - Check This Out !!!

[WillyT]

Came to my e-mail, and decided to see what the fine-print was:

"Loans are offered by First Bank of Delaware, a federally regulated state financial institution not affiliated with ThinkCash. ThinkCash does not grant or deny credit with respect to these loans. All loans are subject to credit approval. Certain limitations apply. In some cases we may not be able to verify your application information and may ask you to provide certain documents. Applications received by 5:00 PM CST are typically funded the next business day. Example of loan terms: The annual Percentage Rate (APR) for a $1000.00 loan is 177.4% with 20 semi-monthly payments of $96.39. Credit approval is subject to lender's credit standards and actual terms (including actual loan amounts) may vary by applicant. Complete disclosures of APR, fees, and payment terms are provided with each loan and are available from the lender."

Link: https://www.thinkcash.com/modules/registration/default.aspx

177 % interest??? Sorry, I'll take my chances with the local mob.

:wtf:

[SeattleGirl]

1. Are you kiddin' me? DAYAM!

That totally sucks rocks!

Wonder when they are going to start building debtors prisons. :grr:

[Sarah Ibarruri]

2. IF I'M NOT WRONG, SENATOR CLINTON VOTED IN FAVOR OF THIS

Please feel free to correct me if I'm incorrect. I prefer to be incorrect about this, than correct.

[kywildcat]

4. You are correct. Senator Clinton did vote for this

The financial institutions lobbiest got their moneys worth with her.

[lostnotforgotten]

25. One More Reason That She Will Never Be A Vaible Candidate For Me

I'd rather have the republicans in control 4 more years to teach the Democratic party a lesson than support her.

Sorry, that's just how disgusted I am with her brand of DLC liberalism!

[Purveyor]

6. Both of my Senator's Stabenow and Levin voted for this "bankruptcy reform"... eom

Article from CommonDreams.org with the 'tally'.

36 'Democratic' Senators Vote For Credit Card/Banking Industry's Bankruptcy 'Reform'

...and they wonder why so many Democrats voted for Ralph Nader.

http://www.commondreams.org/headlines01/0316-03.htm

[WillyT]

7. Clinton (Triangulated), Biden, Lieberman And Others, Sucked Card

The Democrats

The greatest hypocrisy on this bill may come from the Democrats, who often speak as if they are the party of working people. Some Democratic senators spoke against the bill and then voted for it. One of them, Senator Joe Lieberman, spoke for it and against it, voted for cloture (cutting off debate and moving the bill toward passage) and then voted against the bill. Another, Senator Hillary Clinton, did not vote for or against the bill. Nineteen Democratic Senators voted for the bill, while 24 voted against it. These are the 19 who chose to side with the credit card companies:

Sen. Joe Biden (D-Delaware)

Sen. Tom Carper (D-Delaware)

Sen. Ben Nelson (D-Nebraska)

Sen. Tim Johnson (D-South Dakota)

Sen. Max Baucus (D-Montana)

Sen. Evan Bayh (D-Indiana)

Sen. Jeff Bingaman (D-New Mexico)

Sen. Robert Byrd (D-West Virginia)

Sen. Kent Conrad (D-North Dakota)

Sen. Dan Inouye (D-Hawaii)

Sen. Jim Jeffords (I-Vermont)

Sen. Herb Kohl (D-Wisconsin)

Sen. Mary Landrieu (D-Louisiana)

Sen. Blanche Lincoln (D-Arkansas)

Sen. Bill Nelson (D-Florida)

Sen. Mark Pryor (D-Arkansas)

Sen. Harry Reid (D-Nevada)

Sen. Ken Salazar (D-Colorado)

Sen. Debbie Stabenow (D-Michigan)

The Senate Democrats have stood strong and begun to win over moderate Republicans on Social Security. They have blocked judicial appointments. They are not powerless. They chose to let the bankruptcy bill pass.

Link: http://www.commondreams.org/views05/0331-33.htm

:shrug:

[WannaJumpMyScooter]

10. Those Senators chose to let this pass

because of powerful job centers in their states, IMHO.

Oh, yeah, Credit Card jobs.

[ChazII]

14. Hopefully KO will hit another one

out of the ballpark like he did last week. This is mind boggling.

[smtpgirl]

16. No representative from MD signed it!!

Thank god

Figured the DE, NE & SD reps signed for it, these locations are where most of the credit companies have their headquarters.

[PassingFair]

20. THAT was the bill that passed. And THAT is a VERY good article from the Black Commentator

...via Common Dreams that you have linked.

Thank you, Willy T.

I remember I was working that day, listening to the
car radio, before going into an appointment. I was
SO MAD! Bill Clinton had had a heart attack, so Hillary
didn't vote, LIEberman had voted to let the bill
out for a vote, then voted against it, so he LOOKED
GOOD, the WEASEL....

I will NEVER forgive the DLC or the "Blue Dogs"
and the "New Dems" or WHATEVER those corporate
"RUNNING DOGS" call themselves.

[Double T]

17. corporate america's best friend, senator clinton, did vote in favor.........

of wall street's loan sharks and robber barron bosses bankruptcy bill. Lots more H1B visas are on deck for the corporate cronies.

[Stephanie]

23. How could she not?

Check her donations from the banking industry.



Top Contributors
2000 RACE: NEW YORK SENATE


Hillary Clinton (D)
Kushner Companies $82,000
Citigroup Inc $78,480
Goldman Sachs $73,250
Walt Disney Co $62,550
Intl Brotherhood of Electrical Workers $59,825
Emily's List $52,275
Skadden, Arps et al $47,350
Credit Suisse First Boston $47,200
Time Warner $44,750
PaineWebber $39,450
Kirkland & Ellis $38,000
Patton Boggs LLP $37,250
Cablevision Systems Corp $36,950
Deloitte & Touche $34,750
Viacom Inc $32,450
General Electric $30,550
Bear Stearns $30,150
Ernst & Young $28,950
Wasserstein, Perella & Co $27,000
US Dept of State $26,750

http://opensecrets.org/races/contrib.asp?ID=NYS1&cycle=2000&special=N

[Purveyor]

3. Thanks for posting. A week or so ago I was half watching the tube and half on the net

and I thought I seen a commercial that offered 'fastcash' with interest rates comparible to those presented in your post.

My first thought was, no...I'm mistaken but it seems I wasn't.

Where the hell is the interest rate limit? 1000%...

Where the hell is "our congress" on this interest rate issue?

These 'kitchen table' type issues, should the democrats care to address them, are sure winners for public support and the 2008 elections.

[babylonsister]

5. I don't recall anyone on DU saying it was a good thing; I remember

just the opposite fwiw. But that's outrageous!

[WillyT]

11. Hey Sister... I Wasn't Saying That DUers Were Necessarily Saying It Was A Good Thing...

Although, if I'm recollecting correctly, there were a number of defenders here.

I was projecting generally, and not accusing specifically...

If that makes any sense.

:shrug:

:hi:

[babylonsister]

13. Gotcha! I do remember the outcry once we found out what was happening. nt

[BlooInBloo]

8. Who here said it was a good thing? Who?

[JANdad]

9. There is plenty of thanks to go around

But the majority of my thanks is reserved for RONNY RAYGUN and the wonders of de-regulation!

I do not remember the name of the PBS documentary, but it was about credit cards and the eventual move to SD for the ever so nice "sky's the limit" interest rates...

[dweller]

12. 20 SEMI-monthly payments of 96.39??

that does mean twice a month???

okay, let's see, i need a $1k loan, and i'll pay back $3855 for it?

sign me up and call me lucky, i must have voted for Dubya too.
dp

[kineneb]

Rec. on Monday: Final Decree on our Chapter 7 bankruptcy

Develope a serious illness in America, go bankrupt.

"Free at last..."
...nothing owed to CC companies, just the fixed-rate mortgage ($165/mo at 6.5%) and the loan from my Mom for the costs of the bankruptcy ($50/mo at 0%).

Of course we are broke, but Medicaid makes you stay that way if you need the medicines and other services for which they pay.

[hootinholler]

15. Holy fuck me harder Batman!

This needs more recs!

-Hoot

[Double T]

18. Chris Dodd says he wants to do SOMETHING to bring the credit card company abuses in line............

so far I hear crickets chirping in the background.

[Vinnie From Indy]

19. A few other very nasty tricks Credit Card companies are playing now

ANY payment deemed even a day late will jack up a cards rates to a minimum of 20% and keep it there forever. They also have a policy whereby they can arbitrarily declare themselves worried about your account based on any minute, aribitrary detail of your credit report and jack your rates up into the 20% range. That is their game. It is all now perfectly legal. IN short the credit card companies are in hog heaven. Now they have Uncle Sam as their main collection agency. Go bankrupt and you still gotta pay!!!!

[Cerridwen]

26. Yep, Vinnie, what you said. It's called "universal default".

Late on any payment, each and every one of your credit cards can max your interest rate.

It's now in the fine print of all (I think) credit cards. Watch those little pieces of paper they so frequently send you that you so frequently trash without reading.

The mob was never this good.

edit for mob not mod. Sorry, mods. Musta been Freudian slip. :D

[kevinbgoode]

27. So that is what is going on. . .

I received, about six weeks ago, a letter from my credit card company (which is also my regular bank) which said my interest rate was being increased TEN percent. . .to over 24% !!!!! I was flabbergasted. . .the balance is rather high, but I have never been late with any payment throughout the time I've had this account, never made even the minimum payment (always paid more than that) and when I checked my credit report my score was higher than it was when I got the account.

I called them and they were very vague about what the decision was based on. Fortunately, the letter included a provision that a customer could refuse the rate increase and not use the card - though the account would not be closed by the bank (unless I asked them to do so). The catch was that if I used it at all, the interest rate on ALL the balance would immediately go up to the 24%.

Well, I asked them about the payment protection plan I purchased through their bank - the one which charges me a set rate each month depending on the balance - a sort of insurance that will make minimum payments for a year if I was unemployed or injured. That is an automatic charge on my account each month. The bank said that would automatically raise my interest rate.

I cancelled the protection plan, much to the dismay of the bank. They even tried to lower the amount per balance to keep me on the plan, but I reminded them of something the bank told me as an excuse for raising the interest rate: "This is an unsecured loan." And when I told the bank I had their protection plan as security, he said 'That is not any security." They were appalled, but cancelled it for me.

When I sent the letter to the bank refusing the rate increase, I told them I would not consider using this card until the account was reviewed again and the interest rate lowered.

[mzmolly]

21. OH.MY.GAWD!

:wow:

[treestar]

22. The country itself is in so much debt

That the irony of this is priceless.

I wonder if the Chinese will be as tough on the US as the US is on those who went into debt.

[RB TexLa]

24. Anyone else find it silly they have to qoute an ANNUAL rate on a 10 month loan?

[jillan]

28. 177% interest rate? You must have some credit issues.

Are you sure it didn't say 17.7%