Predator is one that preys, destroys or devours, relating to, or practicing plunder, pillage or rapine, showing disposition to injure or exploit others for personal gain. Prey is one that is helpless or unable to resist attack.

Millions of credit card holders became innocent victims of credit card companies. Slick advertising lead applicants to believe they were applying and pre-approved for a zero or a low fixed interest loan but soon to learned that was not necessarily the case. They learned that Interest rates are set on a “risk based” interest level which is predetermined by the loan company. So, much to their surprise their account interest was not zero but some level above zero and subject to increase under certain circumstances. Those who questioned this change learned that provisions hidden in fine print in their application gave the company permission to adjust their interest rate based on their credit score again determined by the credit card company.

Predator financing became legal and lucrative when our legislators lifted the usury rate for credit card companies and giving them authority to add late fees for late payments, overdrawn accounts, non sufficient funds checks and even if the company learns that their debtor violated any of those sins with any other creditor. Lending agencies trade information with our national credit reporting agencies on a monthly basis leaving very little chance that they would not learn of any of these rules were violated with other creditors. Continue reading »