Credit Card Debt and the Bank’s Message to Consumers – We Have You Where We Want You
November 11, 2009
Banks lobbied to have laws passed which made it harder to declare bankruptcy. Then they created the Universal Default Clause which made it easier for them to dramatically increase rates on all accounts after a card holder had a credit problem on one card. They had already gone after and gotten rid of the consumer protection focused "usury" laws that limited the interest they could charge.
Original Source: http://ezinearticles.com/?cat=Finance:Credit
Posted in Credit Repair
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