Loan money person to person at a better rate!

Sun, 02 Dec 2007 20:15:24 GMT

clipped by: clipmaureen
clipper's remarks: Could this be the way to avoid the usury of the credit card industry? I haven;t checked Proser.com out yet but wouldn't it be wonderful to have a fixed rate and clear terms?

Clip Source: today.msnbc.msn.com

Colin Nash, 35, was struggling with $12,000 in credit card debt late last year. Meanwhile, Michael Fisher, 24, was looking for a new investment. So, Fisher loaned Nash $200.

The two men, however, had never met.

Nash and Fisher are members of Prosper.com, the U.S. leader in a growing trend known as peer-to-peer lending, which facilitates loans between complete strangers.

Tags: credit, loan, debt

Common Sense & Credit Cards

Sat, 06 Oct 2007 22:07:10 GMT

clipped by: clipmaureen
clipper's remarks: This industry is practically unregulated and is a major cause of rising personal debt. You purchase an item when the rate is 9% and end up paying for it at 19% while never missing a payment. You are subject to mediation by an entity controlled by the banks. Most of what you are paying is not related to what you actually bought. The consumer needs protection.

Clip Source: www.nytimes.com

After years of looking the other way, Congress seems finally poised to rein in the predatory practices that have become all too common in the credit card business. Several bills now pending would outlaw unfair billing practices, like the one known as universal default, under which a late payment on an unrelated bill — a utility bill, for example — allows credit card companies to raise their interest rates through the roof. Other legislation would place limits on the way companies market to college students.

Tags: credit cards, credit legislation

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Loan money person to person at a better rate!

Common Sense & Credit Cards