To anyone that cares,
I am curious as to why the government does not step in an regulate credit card companies and the amount of interest they charge people? I see numbers of 29% and 30%. Where is the justice? Instead of just regulating the sub-prime mortgages which was in my blog from INMAN a few days ago I strongly think that these companies should not be allowed to charge these percentages. Where are the regulators and why is this never mentioned in the media? How can they get away with it and continue to get away with it?
I recently took a house off the market for a family that were going to downsize to pay off their credit card debt. The house had to sell quickly (which it didn't in this market) - they could not reduce the price because it would not pay off their credit cards. We took the house off the market so they could refinance the house since they are in a jam. I was astounded at the interest per month they were paying on their debt. There is no way someone can save or catch up in life if you are earning a weekly check being charged these huge interest rates.
It is just not fair!
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