Usury update

Since the bankruptcy bill passed earlier this year, I read the letters from my credit card companies with alacrity, to uncover how draconian their agreements have become. Today's usury update features a latter from Citi: "these charges are imposed in connection with your account." (Love that use of the passive voice.) Purchase rate up to 18.24, Cash advance up to 21.24, and importantly, if you default, your APR "may increase up to 23.990% plus the Prime Rate." Which currently would hike the penalized APR to 30.230% !! Houston, we've topped 30 percent....

What constitutes default? Failing to pay by the due date the Minimum Amount Due, for one. Also filing for bankruptcy or bouncing a check. Late fees are rising too. If you balances is under $100 bucks, they'll charge you $15.00. (Do the math). From $100 to $1000 the late fee is $29, and over a thousand it's $39. And the new agreement imposes binding arbitration, which waives the right to class action suits going to court, and trial by jury.

That Lee Greenwood song just popped in my head..."proud to be an American, where at least I know I'm free..."