It sure looks like banks and credit card companies are continuing to squeeze consumers for every last penny they can. Consumers are upset, and rightfully so, that the same lenders who begged for, and received, billions of taxpayer dollars -continue to want more out of our wallets regardless if we have the money or not.
With continued reports of lenders doubling and in some cases tripling interest rates, tacking on new monthly fees and moving payment due dates giving consumers less time to mail out payments, consumers are fed up and are banning together and considering a class action lawsuit. Many believe that this type of behavior is greedy and only serves to harm both consumers and our chances of economic recovery.
See ABC's Action News out of Philadelphia's video report:
Watching out for Hidden Charges
An earlier blog referred AFFIL's Principles of Fairness in Lending. Have your voice heard, go to the Americans For Fairness in Lending's Legislative Action Center and have your voice heard. Endorse the Principles of Fairness and tell Congress to force credit card companies play fair!
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UPDATE on: The Helping Families Save Their Homes in Bankruptcy Act (HR 200)
The Helping Families Save Their Homes in Bankruptcy Act is an important piece of legislation because it would allow bankruptcy judges to modify mortgages on primary residences - just like they are already allowed to do for debt owed on vacation homes, yachts, and family farms.
The bill would allow bankruptcy judges to circumvent the constraints that are presently preventing sustainable mortgage modifications and would enable them to:
cram-down the principal of the mortgage to market value;
prohibit, reduce or delay an adjustable interest rate;
extend the repayment period up to 40 years;
recalculate the APR to a fixed rate that is commensurate with conventional mortgages; and/or allow for the waiver of prepayment penalties.
Tell your Congressperson that you want them to vote YES to the Helping Families Save Their Homes In Bankruptcy Act.
Follow the Action Alert link and Zip Code Locator to find your Congresspersons' telephone numbers and relevant talking points. Please Make Your Calls Today this will likely be voted on as early as Wednesday.
With continued reports of lenders doubling and in some cases tripling interest rates, tacking on new monthly fees and moving payment due dates giving consumers less time to mail out payments, consumers are fed up and are banning together and considering a class action lawsuit. Many believe that this type of behavior is greedy and only serves to harm both consumers and our chances of economic recovery.
See ABC's Action News out of Philadelphia's video report:
Watching out for Hidden Charges
An earlier blog referred AFFIL's Principles of Fairness in Lending. Have your voice heard, go to the Americans For Fairness in Lending's Legislative Action Center and have your voice heard. Endorse the Principles of Fairness and tell Congress to force credit card companies play fair!
********************************************************
UPDATE on: The Helping Families Save Their Homes in Bankruptcy Act (HR 200)
The Helping Families Save Their Homes in Bankruptcy Act is an important piece of legislation because it would allow bankruptcy judges to modify mortgages on primary residences - just like they are already allowed to do for debt owed on vacation homes, yachts, and family farms.
The bill would allow bankruptcy judges to circumvent the constraints that are presently preventing sustainable mortgage modifications and would enable them to:
cram-down the principal of the mortgage to market value;
prohibit, reduce or delay an adjustable interest rate;
extend the repayment period up to 40 years;
recalculate the APR to a fixed rate that is commensurate with conventional mortgages; and/or allow for the waiver of prepayment penalties.
Tell your Congressperson that you want them to vote YES to the Helping Families Save Their Homes In Bankruptcy Act.
Follow the Action Alert link and Zip Code Locator to find your Congresspersons' telephone numbers and relevant talking points. Please Make Your Calls Today this will likely be voted on as early as Wednesday.
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