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
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.