Panel Slams Banks Over Credit Practices

There are 13 comments on the The Associated Press story from Mar 7, 2007, titled Panel Slams Banks Over Credit Practices . In it, The Associated Press reports that:

An Ohio man whose $3,200 credit card debt mushroomed to $10,700 with interest and fees told his story Wednesday to senators who denounced the industry for confusing billing practices and shifting interest ...

Join the discussion below, or Read more at The Associated Press.

Smack down the loansharks

Asheville, NC

#1 Mar 8, 2007
Mafia tactics should be punished then limiting interest rates to 1.5% max.
==========

I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.
Thomas Jefferson

“lightly burnt,but still smokin”

Since: Dec 06

in the corner of your mind,

#2 Mar 8, 2007
the banks already make too much money on credit cards....and bush sold out the american poor by changing the bankruptcy laws to help his banking buddies....BUSH IS A TOOL OF BIG BUSINESS!

Since: Mar 07

United States

#3 Mar 8, 2007
You know both of you are talking about a socialist society correct. I for one am for capitalism, banks should be able to charge whatever interest rates they want. It is a choice to get one by the way. You know...Privilege not Right.

“lightly burnt,but still smokin”

Since: Dec 06

in the corner of your mind,

#4 Mar 8, 2007
"Veteran1979"You know both of you are talking about a socialist society correct. I for one am for capitalism, banks should be able to charge whatever interest rates they want. It is a choice to get one by the way. You know...Privilege not Right.

sure i'll buy that.but screwing the poor,is way !@#d up.an interest cap should be in place.
Lance Winslow

United States

#5 Mar 8, 2007
Tame compared to IRS penalties.

Since: Mar 07

United States

#6 Mar 8, 2007
I know what you are saying and I do want the interest rates lower, but I cannot support a mandated interest rate, which I believe is already mandated anyway.
Fast Eddie in Austin TX

Austin, TX

#7 Mar 9, 2007
I was 5 days late paying on a Bank of America credit card bill for a $9.95 purchase. I was hit with a $35.00 late payment fee. That was the only time I had been late paying on a credit card bill. I immediately closed my account with them and destroyed my credit card after paying the late fee. I took control.
working on resume

Jeffersonville, IN

#8 Apr 1, 2007
Heres an idea:
write your congressmen and ask that franchised companies be required to join a registry stating what percentage of their jobs are held in the US vs overseas. Flare your letter with some true patriot flowery crap and how you're trying to boost the US economy by boosting tax revenue from American goods. American jobs=American taxes, right? Then copy and paste the letter to every state gov. you can find an email addy for. This way we can support companies that still hold jobs in the US.
Eileen Rodgers

AOL

#9 Sep 29, 2007
The Law is allowing credit card companies to charge people thousands more in interest. It's not fair. People can't get on a payment arrangement. With owing thousands more.
Jenna

London, UK

#10 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.
Typical

United States

#13 Apr 20, 2014
Blame everyone else, where is the responsibility
Jim

Manassas, VA

#15 Apr 29, 2014
Hah! Why am I not surprised at all?

Since: Nov 12

Philippines

#20 Jul 15, 2014
nice thread. thanks for sharing that information. it was very informative.
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