Heard today a (yes, NPR) report where Ben Bernenke mentioned that the banking crisis was creating very poor health for US consumers.
Very quick solution. (Source: wikipedia of course... Usury NEVER ever existed in our country until two lawsuits took place decades ago.
I think (and propose) that CONGRESS needs to re-establish a simple law, declaring that usury is any interest rate above 24.99 percent (per year). (I think this was a default decision until the lawsuits cited in the wiki article above.
Hey. Imagine if your credit card company was LIMITED to no more then 25% interest per YEAR...
Another proposal.
1) Eliminate (and legslate against) the concept the Credit Card companies call "Universal Default". This is when you have a late payment to your electric company, you are in automatic default on EVERY single credit card you own, and can now be charge WHATEVER interest rate they want.
2) Eliminate the concept of the "flyer in the envelope" credit and Terms and conditions (or even click through if online) changes.
To bring honesty and ETHICS back into our society, both parties will be required to sign for all changes to terms and conditions.
I may, however, be dead before this one comes to pass.
cheers
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