Lou Barletta, Mayor of Hazleton, Pa., and candidate for Congress in the 11th District, speaks about the current credit crisis.
Republican or Democratic candidates both steer clear of the credit card industry, and I for one want to know why.
Anyone with a credit card knows that they operate much like loan sharks. The only financial insitution can charge 30% interest rates at the OWN discretion with no over sight. You can pay your bill on time, and they can still charge you this rate based on their rules.
I would like one political candidate to come forward and say they will take these companies on. Lowering their interest rates help the economy and help the middle class. Look at this way, a millionaire will pay 8% on a CC and a lower income class will pay 30% and those goal seems to want to bankrupt them. There are no rules or laws to prevent this predatory lending.
Does anyone agree that a candidate should step up on this?
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