Advanta Bank Corp. Extortionist credit card rates Salt Lake City Utah
Advanta just raised the interest rate on active credit cards to LIBOR + 32.59%, or a MINIMUM rate of 36.99%. This rate is higher than the 'vig' charged by criminal loan sharks and yet our government is doing nothing about it. Write the US Attorney General, the FTC, and the pertinent committees in congress at the following addresses. And demand that they set the highest rate at a reasonable rate, not the 36% that was introduced earlier this year. How about 22%. Since when is 36% not considered usury, extortionist, unpatriotic, bordering on treasonouse. And they want us to bail THEM out? I'm outraged!
Here are some addresses:
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
Attorney General of the U.S.
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
Barney Frank
House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building
Washington, DC 20515
Rep Carolyn Mahoney
Financial Institutions & Consumer Credit Div.
2129 Rayburn House Office Building
Washington, DC 20515
Christopher Dodd
US Senate Committee on Banking
534 Dirksen
Senate Office Building
Washington, D.C. 20510
Committee On Finance
219 Dirksen Senate Office Building
Washington, DC 20510-6200
Don't forget to write your Congressmen, too. They are SUPPOSED to be representing the American people, NOT big business!
Truthwillout
Truth or Consequences, New Mexico
U.S.A.
1 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
It's been awhile.
#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.