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EDWARDS TAKES ON CREDIT CARD USURY, TRICKS
ONE AMERICA - Senator John Edwards has outlined a plan to take on
abusive lenders and help American families save. "Debt has become the
central fact of middle-class existence," said Edwards. "For most
families, wages have not kept up with rising costs for middle-class
essentials like health care, housing and child care. Consumer debt has
skyrocketed in recent years and today, half of Americans say they live
paycheck to paycheck.
"At the same time, abusive credit card companies deliberately build in
tricks and traps for families. Consumers often fail to understand the
basic terms of their cards due to complicated and confusing disclosures.
Most big credit card companies advertise low rates but reserve the right
to change rates at any time for any reason – a single late payment can
trigger penalties that raise interest rates to an average of almost 25
percent.
To take on the credit card industry – that has spent $250 million on
lobbying and campaign contributions since 1998 – Edwards promises to:
- enact national legislation to protect families from the most abusive
practices in the credit card industries.
- create a new Family Savings and Credit Commission to review all
financial services products marketed to families to determine that terms
are reasonable and fairly disclosed.
- subsidize bank accounts for low-income workers – nearly 28 million
Americans lack them – and create work bonds to match their savings.
http://johnedwards.com/news/headlines/20071202-abusive-lenders/
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NYC POLICE CHIEF CHALLENGES GIULIANI CLAIMS
ABC NEWS - New questions were raised about Rudy Giuliani's explanation
for submitting police security expenses to obscure city agencies while
he was mayor of New York and carried on a secret affair with his
mistress, who also was given use of a police driver and city car.
Giuliani said the unusual billing practice was not intended to hide
anything but instead to speed payment of American Express credit card
bills. But the current New York Police Commissioner Ray Kelly said today
he knew of no problems with the delay of payments before Giuliani was
mayor, when Kelly served under Mayor David Dinkins, or since.
"I don't recall anybody, any statements about delay," Kelly told
reporters. He said all bills for the police details for Dinkins and now
for Mayor Mike Bloomberg are handled directly "through the police
department."
http://blogs.abcnews.com/theblotter/
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EDWARDS TAKES ON CREDIT CARD USURY, TRICKS
ONE AMERICA - Senator John Edwards has outlined a plan to take on
abusive lenders and help American families save. "Debt has become the
central fact of middle-class existence," said Edwards. "For most
families, wages have not kept up with rising costs for middle-class
essentials like health care, housing and child care. Consumer debt has
skyrocketed in recent years and today, half of Americans say they live
paycheck to paycheck.
"At the same time, abusive credit card companies deliberately build in
tricks and traps for families. Consumers often fail to understand the
basic terms of their cards due to complicated and confusing disclosures.
Most big credit card companies advertise low rates but reserve the right
to change rates at any time for any reason – a single late payment can
trigger penalties that raise interest rates to an average of almost 25
percent.
To take on the credit card industry – that has spent $250 million on
lobbying and campaign contributions since 1998 – Edwards promises to:
- enact national legislation to protect families from the most abusive
practices in the credit card industries.
- create a new Family Savings and Credit Commission to review all
financial services products marketed to families to determine that terms
are reasonable and fairly disclosed.
- subsidize bank accounts for low-income workers – nearly 28 million
Americans lack them – and create work bonds to match their savings.
http://johnedwards.com/news/headlines/20071202-abusive-lenders/
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NYC POLICE CHIEF CHALLENGES GIULIANI CLAIMS
ABC NEWS - New questions were raised about Rudy Giuliani's explanation
for submitting police security expenses to obscure city agencies while
he was mayor of New York and carried on a secret affair with his
mistress, who also was given use of a police driver and city car.
Giuliani said the unusual billing practice was not intended to hide
anything but instead to speed payment of American Express credit card
bills. But the current New York Police Commissioner Ray Kelly said today
he knew of no problems with the delay of payments before Giuliani was
mayor, when Kelly served under Mayor David Dinkins, or since.
"I don't recall anybody, any statements about delay," Kelly told
reporters. He said all bills for the police details for Dinkins and now
for Mayor Mike Bloomberg are handled directly "through the police
department."
http://blogs.abcnews.com/theblotter/
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