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  • From: Tvoivozhd <tvoivozd AT infionline.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The Usury Business, How To Avoid Going To Jail
  • Date: Sun, 29 Aug 2004 17:32:31 -0700

clanSkeen wrote:




A GOP fleecing of card users


Tvo,

Am I missing something here? In order for a credit card company to do
anything to you at all, you have to agree ahead of time that they can do it.


tvoivozhd---well, not really. You do not know what they will do to you because it is a unilateral contract---something that should be outlawed in any responsible society. There is no way any consumer can know what will be imposed on him by a credit card company, and without foreknowledge you cannot shop competition for terms or price because the credit card companies can alter them at will, a current ploy is to switch from a fixed interest rate to any variable APR they pluck out of the air. No relationship to cost of course., and if they can ex post facto up the interest or add previously unstated penalties, it is enormously profitable.

There are plenty, plenty of harm foisted on us against our will (taxes,
regulations) that could be addressed rather than expending our energy on
trying to protect people from their own stupidity.


tvoivozhd---if you haven't noticed, you cannot address recent Bush regulations on environment because there are no public hearings and except for some bad publicity which might affect the November election is also completely free to do as he pleases. The numerous Presidential Regulations, unlike Congressional Regulations can be changed daily according to Superbriber desires, not those of the electorate.

tvoivozhd---I kind of like some stability in contracts---any contracts. Business (except credit card companies) publish and adhere to terms and prices when you buy anything else---why the hell should credit cards be an exception?

I delete 100 credit card offers a day from my various email accounts. Five
or six people call a week offering cards and I get 15 to 20 of them in the
mail a week. Out of curiosity I opened one before dumping the lot in the
trash can,. It clearly stated on it that the interest rate would be
something like 9% but if the holder defaulted on any credit based payment of
any kind for any reason, the 48% rate would apply.


tvoivozhd---you do not have to default or even be a couple days late in payment (do you remember the class-actions against credit card companies who received but did not enter payments in order to jump the rates?) An individual would be helpless against them, individually a few hundred or few thousand dollars involved, not enough to hire a lawyer. Only a big class-action can discourage the bastards and its both difficult and expensive to round up plaintiffs without access to defendant records (there isn't any such access under this legal system).

I'm not going to get into being an apologist for Bush. I don't doubt a
thing in the article you attached. But so far Bush has not proposed any law
that *forces* anyone to have anything whatever to do with these credit card
companies.

James


tvoivozhd---he doesn't force anyone to get a credit czrd, but DOES force them to pay outrageous interest rates and lunatic penalties by prohibiting States from making various kinds of credit card fraud illegal and remediable by both injured individuals and State Attorneys General. The unilateral contract and contract law in general has been under State jurisdiction. It should remain there and would except for the fact Bush got $25,000,000 in bribes this year from MBNA, Chase Manhattan and the other members of the Credit Card Mafia.


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