JUSIPER

 
Kerry's war on usury

Posted by Sini

Companies like MBNA, the top contributor to George W. Bush of all time, must be terrified.

Democratic presidential nominee John Kerry on Friday proposed cracking down on unfair credit card lending practices that he says have helped Americans pile up record levels of charge card debt.

In a statement released by the campaign, Kerry said there should be federal laws and regulations to stop banks and other lenders from charging exorbitant penalty interest rates in some cases, and require lenders to plainly disclose on bills how much money and how many years it will take to pay off a debt by making only minimum payments.

[...] The proposal floated by the Kerry camp would also prevent credit card companies from charging double interest penalty rates on the existing debt of customers who pays on time but miss or dispute a payment to a different company.

And no MBNA-backed bankruptcy bill will have a prayer of becoming law in a Kerry administration.

11:43 AM |