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I recieved an enlightening email today that I’m sure everyone with any kind of loan should be concerned about.
The email was titled (The History of Usury).
It came from from Debt Warriors Allies at Americans for Fairness in Lending (AFFIL.ORG.).
- Did you know that The Prophet Ezekiel included usury (high Interest Rates for Loans), in a list of “abominable things,”?
Ezekiel considered charging high Interest Rates as horrible as rape, murder, robbery and idolatry (Ezekiel 18:19-13).
- The American colonies adopted Usury laws, capping the interest rate at 8% for loans.
- Fast forward to the 1970′s when The Supreme Court rules that National Banks can export State interest rate laws of their Home State into any other State where they do business. After that, South Dakota removes interest rate caps. Many Banks that issue Credit Cards move to South Dakota and operate nationally with no interest rate caps.
What You Should Know: The Credit Card Act of 2009, Does Not Cap Interest Rates:
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So what can you do about high Inerest Rates for Credit Cards?
- You can join the fight to place caps on Usury Rates.
- You can donate whatever you can to Americans for Fairness in Lending (AFFIL.ORG). AFFIL has boots on the ground around Washington. They know how the Legislative Process works. And they are successful at bringing positive change to American Consumers.
- You can also learn how Credit Card Debt is calculated, the terms and conditions for credit and what your Rights are regarding Predatory Lending.
