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View Diary: Predatory Lending doesn't have to be Bankruptcy sequel (80 comments)

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  •  As a (soon to be graduated) college student (4.00)
    And outgoing chair of a college dems, predatory lending is an issue I wish I had more time to talk about on campus.  It's important.

    For instance, we met with a prospective 2006 candidate last monday for some Q&A, as well as getting people on his mail list, etc.  I asked him his position on the bankruptcy bill and predatory lending, and while I didn't tell him so, my support of him hinged on those things.

    Anyway, more than almost any other group, college students are squeezed from both sides by the credit companies:  promised an endless supply of free credit upon their arrival, and on the other end, the companies make money on their inevitable struggles to pay it all off as well as, now, any bankruptcies.  It's the very model of bad business.

    I'm glad to see that Democrats are putting something out, rather than the MBNA(republican) version.

    "The future will not belong to the cynics. The future will not belong to those who stand on the sidelines"-Paul Wellstone

    by Sauceman on Fri May 06, 2005 at 01:32:16 PM PDT

    •  I have a collection of "Student Offers" (none)
      in my Office.  I pull all the credit adds that target students with special "Student" credit options and put them on a wall in my office. Folks have even brought me some from other places, or started to do it themselves.  I also enjoy sending everything, including the envolope, back to credit companies that solicite me through the mail.  Of couse my personal favorite, is to get a telemarketer started on his speil then just set the phone down till I hear the Beep of a dead line. :) All of this costs them a little more to target me. 24 cents per envelope and long distance charges.

      Trust those that seek the truth, doubt those that have found it.

      by Fernando Poo on Fri May 06, 2005 at 02:24:47 PM PDT

      [ Parent ]

    •  Of College, MBNA, and neo-loan sharks (none)
      Speaking of college and MBNA, I got an Apple loan from MBNA for this here laptop. Low payments at the beginning, then BAM: 26.99% friggin' interest. Making last month's minimum payment would drop my balance exactly 29 cents. It's almost funny.

      Paying this off is my top priority, so I send MBNA $500. Immediately I get a call from them saying they've received my large payment--and would I like disability insurance on my account, only $15 a month? I told them that I was selling a kidney to pay off the loan, so, sure, it just might be the thing to do.

      Seriously, if this isn't predatory lending, what is? It's loan sharking.

      The Bush administrations's dereliction of duty pre-9/11 is criminal negligence.

      by thinkdouble on Fri May 06, 2005 at 06:50:32 PM PDT

      [ Parent ]

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