Maxed Out

>> Tuesday, October 30, 2007

Maxed Out or How Banks and Lending Institutions Began to Practice Usury because, really, that's what it is.

I have no doubt that our nation's growing sense of entitlement factors into the equation in our growing debt problems. However, when bankruptcy rates are climbing, I don't believe everyone is a shopaholic causing their own financial downfall.

I've heard Elizabeth Warren talk about her book once upon a time on Fresh Air with Terry Gross, so most of the information in this was not shocking for me. I did not like relating to the "maxed out" situation considering I've had problems paying off my credit card for a couple of years now and what bugs me most is that I didn't buy loads and loads of stuff with it. If only I made just $3,000 a year more...the difference it would make in all of my bills!

(sigh)

I did appreciate learning about the Americans for Fairness in Lending group (AFFIL). I had not heard of them before.

1 comments:

Janel 02 November, 2007 07:47  

uh, you could transfer the balance to an interest-free credit card (you know, one of those 0%APR for a year) to cut down on the compounding interest...

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