A friend recently showed me his Chase savings account statement revealing Chase paid him a measly $0.62 interest for the month when he had over $80,000.00 in the account! Yet Chase is charging this same customer 27.44% on his Chase credit card! To add insult to injury, my friend called Chase and asked for an interest rate reduction on his credit [...]
interest rates
The concept of interest on a loan pre dates the Birth of Christ to the time period of the Sumerians. The Sumerians expected loans to give birth to a higher return. Sumerians often lent cattle instead of money. This is where the concept of “giving birth” came from. They expected that the lent herd would [...]
Have you received an offer for 0% financing from your credit card lately? A careful look at the terms of such offers reveal the continuing traps of the finance industry on consumers. Time for some grade school math and a different way of looking at the world. Consider the offer of zero percent for six [...]
As recently reported by Detroit Consumer Attorney, Kurt O’Keefe, today Federal regulators adopted new rules that restrict the ability of the credit card industry to increase interest rates on existing account balances. The new rules take effect in July of 2010. Under the new rules, credit card companies will no longer be permited to raise interest rates on current credit [...]
Yes, mortgage foreclosures predicted to increase, to 16% of all homes with mortgages, by the end of 2012. All the more reason bankruptcy reform is needed now, as advocated in this post by Kansas bankruptcy attorney Jill Michaux. Horrible ARM mortgages were being written through June of 2007. I know because I had a client [...]
Large U.S. banks are receiving billions of taxpayer investments and cheap loans. How is that being passed on to consumers? With higher interest rates and fees, harsher lending standards and mass layoffs. Unless you live under a rock, you have heard that banks are being bailed out of their poor lending practices in ever way [...]
