Why is One State to Blame for your High Credit Card Interest Rates? |
If you were to loan money to a business partner, friend or neighbor, it would be illegal for you to charge an interest rate of 36% -the government rightfully considers that to be nothing more than loan shark rates. Then you may wonder as many consumers do, why it is big banks are allowed to charge their loyal customers these outrageous interest rates.
Watch the below video offered by the Consumer Warning Network as Terry Smiljanich sheds light on how a little known provision contained in the Gramm, Leach, Bliley Act, (also known as the Financial Services Modernization Act of 1999) became the forerunner to where we are today.
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3.25 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved." |