~ THE EVIL CONTINUES: Credit Card Interest Rates Near 60% as Banks Return to Risky Borrowers...!! ~

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~ THE EVIL CONTINUES: Credit Card Interest Rates Near 60% as Banks Return to Risky Borrowers...!! ~

~ From the article:

The latest news from the credit card industry: interest rates are soaring. Wait — didn’t the CARD act put a stop to all that abusive behavior? Turns out they’ve found some ways to bend the rules.

It’s true that the bill put a cap on how and when companies could jack up interest rates after a card is signed. But rates are now reaching record highs before accounts are opened, at an average of 14.72% APR. If your credit is really bad, you could end up with a rate as high as 59.9%. And just as banks protest that the rates are high in order to balance out risk, like addicts who can’t kick the habit they’re ramping up lending to risky borrowers again. Yes, they’re being more cautious — this time credit scores alone are no longer enough for their screening purposes. They’re now scrutinizing other behavior, such as registering on a job site (something that millions of unemployed Americans are probably doing). They’ve got a new classification system worked out too: “strategic defaulters,” whose scores took a hit when they walked away from an underwater mortgage; “first-time defaulters,” who once had a strong score but hit financial trouble because of the recession; “sloppy payers,” who only pay some bills on time; “abusers,” who are defiant about paying; and “distressed borrowers,” who just can’t pay. Those last three categories are the ones they’re trying to weed out; they’re focused on wooing defaulters who theoretically would have a good score if the crisis hadn’t happened. But when 14.5 million are out of a job, more and more people may find themselves simply unable to pay. Not to mention that they may also start to feel defiant.

~ The article from the website:

[link to www.newdeal20.org]

~ OP OPINION: It seems as though these banksters are JUST NOT HAPPY until they can subvert EVERY law and enslave EVERY SINGLE ONE OF US...

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