A story in the Washington Post earlier this month, Credit Card Sharks, compared credit card companies to loan sharks, and the loan sharks came out on top. Here are the highlights, and, for the curious, an provocative commentary by Starling Hunter.
Loan sharks don't raise your interest rate if you're late paying a bill to another creditor.
Loan sharks don't solicit.
Loan sharks don't change the terms whenever they want.
Loan sharks don't penalize you for paying off your debt.
Loan sharks don't charge you for not borrowing more money.
Loan sharks don't make you sign a document that says that you can't sue them.
Loan sharks don't lobby the government to make it harder for you to go bankrupt.
If nothing else, I guess that gives the loan sharks something to think about.
