Senator Richard Durbin just introduced S 500 called the “Protecting Consumers from Unreasonable Credit Rates Act of 2009″. The bill would limit consumer credit rates to a cost of no more than 36% annual interest. This would include any fees and other charges. Senator Durbin, an Illinois democrat and assistant majority leader, is a friend [...]
usury
Payday loans are horrible. Interest rates as high as 1,500% per year (that’s One Thousand Five Hundred percent per year, and yes, we’ve seen them this high). Wage withholding. Repayment terms that lock you into an endless cycle of borrow and pay that you can never get out of. Abusive collection practices. So why do [...]
According to the Bible, it it moral to file for bankruptcy? Recent studies have shown that the average American family is only three weeks away from personal bankruptcy. So it is time to revisit what the Bible teaches us about debt. The Bible makes it clear that people are generally expected to pay their just [...]
