Sam Sez

Date: Wednesday, June 08, 2005

Question: "What are the 3 D's"


Answer: Disability, Death and Default. These are three different ways that financial institutions reap extraordinarily high and unfair rates of interest.

Many credit card and mortgage companies are inserting clauses that in the event that a borrower is disabled or dies then the creditor will apply a default rate often in the high 20 percent or even 30 percent level. It seems that these clauses will go in effect even if the account is current...and the rich are not immune.

We all die. This action is disguised greed and effectively a financial institution "Death and Estate Tax."

If allowed to continue and upheld it will damage the economy by destroying consumer prosperity. Society will be harmed because it is tantamount to an unagreeable wealth transfer.Aspirants to political offices who successfully tackled this pernicious problem would increase their voting appeal while doing something beneficial.

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