San Diego Bankruptcy Attorney comments on the Credit Card Act
In speaking with a San Jose Bankruptcy Attorney who also does bankruptcies in the greater San Diego Area, he had to say with the rollout of the Credit CARD Act of 2009 coming very soon, credit card companies are doing everything they can to get paid before time runs out.
He asked Bay Area consumers as well as southern California consumers to consider this: a credit card with a 79.9% interest rate. That’s right. That’s not a typo: that’s seventy nine point nine percent interest. See a movie for $10, you’ll end up paying $17.99 if you fail to make the payment in full. The link is below. While I doubt anyone will actually sign up for the card (except those sad few who don’t read the fine print, perhaps), it’s a sign of the evil associated with subprime lending. I’m not saying all subprime lending is evil; if it’s profitable, it’s worth doing in a purely business sense. But there are other considerations than just profitability. The interest rate itself is not illegal because it is spelled out in the fine print, but, again, that’s not the point. This is predatory and that’s what makes it bad. So, don’t get the 79.9% card. Even if you file a San Diego Chapter 7 bankruptcy, you’ll get credit card offers immediately after the case, and at a rate much less than 79.9%.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
