Crunch Time: Credit Woes Still Threaten Economy

loans and the high interest rate trap for the poor.

We all know that payday loans are a trap for the poor....What about the credit card companies and the tricks they use to hold you down...First they don't explain to the newbies that if they are late they will get a nice BIG bonus...Then we have the finance company that can't give you the loan unless you pay off your other loans, with their money...How about this one...Washington Mutual Finance offered to loan me money to pay off my Sears card. The interesting point about this juggling act is that Washington Finance and Sears are both----Citi-Bank! They offered to loan me money at high interest to pay off one of their own cards! Today I got a letter in the mail from Wells Fargo. They are going to start sending me the bill late, and it is my responsibility to either pay it before the bill comes or wait until the bill comes and pay the added interest for being late each month! What a joke! They absolutely are exactly the same thing we saw in the last depression-----Carpet Baggers and Hoodlems...

Kim of ID @ Aug 14, 2008 23:18:48 PM