…people have woken up to the sad reality that credit cards are toxic. Especially when the companies that issue such cards then slip in higher interest rates or penalties for late payments that were unavoidable for one reason or another. A rise in personal bankruptcies is inevitable for a lot of people here in the States, especially for those who lost their full–time jobs — and thus lost their main means in keeping up with those monthly payments.
It's the downside of what ex–singer/songwriter (and quintessential Long Islander) Lou Stevens once described in 1980 as "Plastic Money from America."
Thankfully, some people in Congress have understood what is happening on Main Street and have been drafting legislation that would rein in one of the most renegade industries in the world.
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The fight for sanity is far from over. Stay tuned.