Flynrider
Phoeix,#2Consumer Comment
Fri, December 05, 2008
You write :"Since when is 36% not considered usury, extortionist, unpatriotic, bordering on treasonouse." Since about 30 years ago. The U.S. Supreme court ruled that a credit card company was only bound by the maximum interest rate in the state where the company was based. Politicians (particularly in SD and DE) saw this as an opportunity to get credit card companies to move to their state, so they abolished their state's usurey statutes. Do you really think that politicians will fix this? They invented this mess. Politicians represent whomever pays them the most. The ones you listed in your post (who are on congressional finance commitees) are actually the least likely to help you.