A Better Bail-Out Idea

Reader David Dorfman of Ocean Township sent in this letter with a good idea.  I like it:

 

IMMEDIATE RELIEF TO NJ RESIDENTS WITH CREDIT CARDS

 

One immediate action the state must take is to lower the maximum interest rate that can be charged by credit card companies. This rate is currently at or very close to 30%. Most of the credit companies whose card holders are in NJ face this rate with one "default" - late payment.

 

Paying the minimum balance at 30% puts the cardholder further in the hole.

 

If the cardholder had a problem in the past - this just compounds ): the problem even more and sooner or later the cardholder could face bankruptcy.

 

If the credit card companies don't like it - don't solicit NJ residents.

 

Look at your bill and look at your rate. You might be surprised.

 

David Dorfman
Oakhurst NJ