Interest rates on credit cards should never exceed 10% of the amount loaned or it should be considered usury. The penalty should be a bad credit card rating or legal procedures taken to recapture the money after a reasonable amount of time has passed and the interest has not been paid.

A lien on personal property is an example of a reasonable penalty if the loan was secured with the property in the first place. Unsecured loans shouldn’t  have liens placed on private property.

Late payment fees should be limited to no more than 10% of the monthly payment due.

Humans in trouble financially should not be extorted usurious rates of interest on a loan when they already are in trouble financially and can’t pay the minimum monthly payment on time.

Usurous rates are unjust and the credit card companies should not be permitted to practice their usury and get away with it legally!!!!!! 

Extorting money with usurious interest rates should cease and be illegal once and for all time. An unsecured loan is the credit card company risk and not the customer’s!

We desperately need a just financial system and not an unjust one which credit card policies are today and the problem must be addressed as soon as possible or the economy will collapse from the ongoing extortion corruption of the banking  or financial system.

I won’t mention the credit card company but we went through some tough financial times and the interest rate on credit card payments for late payments skyrocketed to 29% of the outstanding loan which is truly usurious extortion of the worst kind. It caused financial injury to an already financially injured customer mainly due to the unjust housing bubble bursting in 2008 caused by corrupt government, bank, and mortgage company collusion.

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