Bailout for the common folk

[Elumia]

I have an idea. In the middle of this economic crisis which the US taxpayers have bailed out the banks. I want them to help us out. Now of course the banks are unwilling to do this on their own. It is up to us as citizens to write our senators and representatives. These guys will cave into pressure from the masses, but it has to come in masses.

Here is what we should do that will help out nearly every American as the average American has some level of consumer debt. Banks are getting bailout money and money at super low interest rates from the Feds. In turn, what are they doing to us? Charging 12-29% interest on money that they get for 1%. I hear that the rate might even move to .5% this coming week.

A credit card bill of rights is in order, the maximum federal interest rate should be no more than 6 points above prime rate. This is especially if they are also allowed to charge late fees, over the limit fees and annual fees (there should be a limit on fees too). In most states, Usury laws are on the books to protect protect consumers from lenders charging exorbitant interest rates. Unfortunately, these laws are able to be pre-empted by national banks which can charge rates that are available in the "home" state. In response to this many credit card companies skirted state usury laws by moving to home states that had no cap on interest rates.

Banks have been given 700 BILLION dollars of taxpayer money. The least they can do is charge us reasonable interest rates and fees for the use of OUR money. Besides, since the change in bankruptcy laws, the lender has little to worry about when it comes to collecting debts from bankrupt borrowers.

It is not the oil companies that are raping Americans, it is the banking industry. The poorer you are the more vulnerable you are to predatory credit services.

Write your Congressman https://writerep.house.gov/writerep/welcome.shtml

Write your Senator http://www.senate.gov/general/contact_i ... rs_cfm.cfm

[Roly Nelson]

I've written to all of them in the past, never got a return note. I guess we all have to realize that they are all crooks after they are elected to office, that is why I never vote for an incumbant........It takes only a short time to learn how to cheat and steal, just ask a Governor from Chicago, IL.
Roly, former IL resident, now under the thumb of the Cal Gov., Arnold.......Ouch.

[Elumia]

They say no news is good news. Apathy lets them think they are doing a good job.

Mark

[starleen2]

It is not the oil companies that are raping Americans, it is the banking industry.

That's why Gas prices are so low right now because those "speculators" can't get a line of credit to keep the price of oil high - Banks won't lend them the money!

[Miriam C.]

It is not the oil companies that are raping Americans, it is the banking industry.

That's why Gas prices are so low right now because those "speculators" can't get a line of credit to keep the price of oil high - Banks won't lend them the money!

And they can't loan each other money cause WE are watching.