Tuesday, May 16, 2006

PBS and Credit Card Banking

This PBS show gives a new perspective on South Dakota. The Marquette Decision by the supreme court allows loan conditions to be exported to another location. For example, if a loan is made in South Dakota at 25 percent interest then that interest rate can be exported to Florida at the same rate. This transferrable "usury" rate resulting from South Dakota and other state laws opened the door for credit card loans. If you have a credit card you should watch this show. Are you a "revolver" or a "deadbeat?" The meanings of these words are upside down in the credit card world. Worried about the NSA monitoring your phone calls? That is nothing compared to the data that the credit card companies are mining from us.

12 comments:

Anonymous said...

Open Pod Bay doors HAL...

I'm sorry Dave.

Anonymous said...

Hey, that does look like Hal's "eye" doesn't it?

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