Bernie Sanders (on w/Thom Hartmann) said that national usury legislation will be intro'd soon......

[marmar]

:applause:

This is WAAAAAY overdue. That we live in a country that allows vermin to prey on the desperate is absolutely stomach-turning.

[ihavenobias]

1. Yeah, I heard that and I love it.

And I still can't believe Thom is not with Air America anymore...how they manage to consistently lose great talent is beyond me.

[regnaD kciN]

5. He never was with AAR...

...he just licensed his program to them.

[ihavenobias]

6. No, I know, sorry if I didn't phrase that well.

The point is his podcasts are no longer available through AAR, and he's the main reason I renewed my membership.

[RT Atlanta]

2. seriously!

the credit card rates are over the top, some nearing 30%

[LaurenG]

3. Well I'm not desperate at this point but I'm still happy that there is a plan

to deal with usury because it effects anyone who has or is using any form of credit.

The last of the big credit card companies need to be firmly put back in their places.

30% interest is just Greed ...

[ihavenobias]

4. Let's all wait for the first comment that says it doesn't matter, no one should have a credit card

There are always a few of those obnoxious comments.

As if people don't know that, and more importantly, as if that makes it ok for the credit card companies to screw people who rightly or wrongly use cards.

[Donnachaidh]

7. I'd like to know if the usury laws will include ROLLBACKS to single digit

Usury laws that allow the banks to retain the same double-digit rates they have now will be as helpful as a class in underwater basketweaving.

[wryter2000]

8. Awesome!

And let the Repigs stand up and explain why they're filibustering so that the credit card companies can continue to gouge us all.

:bounce:

[suede1]

9. Fantastic!

[suede1]

10. Of course now my loan sharks rates won't seem so reasonable.

[nichomachus]

11. There already ARE usury laws in many states. The problem is

that they only apply to things like mortgages, simple loans, etc. Revolving credit -- like credit card debt -- is exempt.

Locally, a payday loan company went out of business. They had loaned too much to people who couldn't pay them back and the courts wouldn't enforce the loans because the rates exceeded the usury limits. However, credit card and retail credit can still charge 30 percent.

So, unless this national legislation eliminates that exemption for revolving credit, it will be useless.

[Vinca]

12. Speaking of usury, New Hampshire recently put a cap on what

"payday" lenders could charge. The cap is 36%, which sounds usurious in and of itself, but it turns out the payday lenders were charging 350% - 465% interest rates. Isn't that loan sharking? In any case, the bastards are leaving New Hampshire in droves.

[Donnachaidh]

13. someone posted about those income tax refund loans at a rate of 500%

That's frigging OBSCENE. And THAT should stop.

[Greyhound]

15. We did that in Oregon last year, too.

The worst of the scum closed up shop and moved across the river into WA. I expect that is what will happen there too.

[omega minimo]

14. bout time they CALL IT WHAT IT IS --------K/R