Here are seven ruthless practices that credit card issuers engage in and loan sharks don’t:
1. Loan sharks don’t raise your interest rate if you’re late paying a bill to another creditor.
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2. Loan sharks don’t solicit.
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3. Loan sharks don’t change the terms whenever they want.
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4. Loan sharks don’t penalize you for paying off your debt.
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5. Loan sharks don’t charge you for not borrowing more money.
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6. Loan sharks don’t make you sign a document that says that you can’t sue them.
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7. Loan sharks don’t lobby the government to make it harder for you to go bankrupt.
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Last time I checked, loan sharking was still illegal. The banking industry’s questionable practices are fully protected under the law.
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March 11th, 2008 at 11:24 pm
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