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Let’s stay on the subject of helping your friends

December 2, 2008

I picked this knowledge up from another blogger (AMERICAblog News) where in the UK they have plans underway to stop the intolerant practice of the credit card companies from inflating interest rates on the consumers credit cards.  Now I know our current president and treasury secretary have plans for doing the same for American credit card consumers.  They just forgot.  After all in the Bush administration little people matter, right?

Credit card giants have been given two weeks to agree to stop charging exorbitant rates to borrowers or risk losing their operating licences.

Ministers said they were giving Britain’s major lenders one last chance to prove they were not profiteering from the downturn. The ultimatum was delivered at a four-hour Whitehall summit called after The Independent disclosed some credit card and store card providers had raised interest rates – in some cases to 30 per cent – even though the cost of borrowing had fallen.

The credit card companies agreed last night to give borrowers who run into trouble paying their bills a “breathing space” of up to two months before they face action. They also pledged to draw up a clear “statement of principles” over their rates by 9 December. It will commit them to give clear information to borrowers, not alter rates constantly and charge “proportionate” levels of interest.

But of course the Bush administration plan to enact this same policy in America, since the little people matter.  (Advisory warning: don’t hold your breath waiting for it to happen.  January 20, 2009 is to long not to breath.)

Read the full article here.

Enough said.

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2 comments

  1. It is already happening here. While the big banks horde the bailout money to lend out to the consumer and small business they are in reality charging even more fees in the US. Hell they won’t even lend to other banks……

    http://online.wsj.com/article_email/SB122714426964243103-lMyQjAxMDI4MjI3MDEyNDA0Wj.html


  2. thanks for this post 😀



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