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Thursday, March 03, 2005

The sky's the limit:

Kevin Drum doesn't like credit card companies. He links to a Los Angeles Times story that reports on the companies reaping big dollars through higher interest rates and penalties. And this is all related to the bankruptcy bill in Congress. We read:
Debate about the bill continued Thursday, with the Republican-controlled Senate refusing to limit consumer interest rates to 30%.
The higher rates are likely to be applied to those who are deemed less likely to repay their debts. And at 30%+, it's a virtual certainty they won't.


7 comments

Will kneecapping be allowed? I mean, we can't have people just not paying. Once you've taken all of their possessions you need some kind of leverage.

By Anonymous Anonymous, at 3/04/2005 10:42 AM  

30% would be kindly. Take a look at what they're cooking up in the UK (scroll down) and behold things to come.

By Blogger Riggsveda, at 3/04/2005 10:56 AM  

You can always get credit at the Company Store, and if you fall a little behind on your rent at the company owned house, what the hell, you've got years of usable work time left. Until you get old, or sick.

Forward to the Nineteenth Century.

Bruce Webb

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