Christian Debt Recovery

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February 16th, 2009 |

Author: Gavin

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Debt and the Bible (part 3)

In conclusion, the Bible has several books, and was written throughout the ages–and for a specific group of people. The Judeo-Christians.

What it prescribes or even orders (Laws) about debt may not be applicable to everybody–except that Christianity is still the dominant religion in the world today. Especially in the United States.

One wonders how the credit card system in the U.S. took a turn that’s very anti-Christian, if you think about it, in terms of interest rates and their collection methods. The Bible may be right about giving a lot of warnings, even harsh words toward the creditors/lenders, and just some for the debtors, if none at all, for it happened that they abused whatever power they have over the borrowers.

In 2009, President Obama met up with creditors and signed a credit card disclosure act that would prevent the creditors from wielding their magic wand on the interest rates secretly. Other features of that law (Credit Card Accountability, Responsibility, and Disclosure Act of 2009), are the following:

1) The credit card company can only increase the interest rate if the consumer’s payment is 60 days late

2) Unless the consumer has asked for an over-limit fee, the creditors can’t charge the consumer for it. Also, banks may not charge late fees if they were also late in crediting a payment.

3) Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.

4) Credit card companies must give the consumers 45 days before they can up the interest rates.

5)The consumer’s payment must first be applied to the highest interest rate balance.

Whether or not that law would help the consumers, remains to be seen. This is not to say that all faults lie with the creditors or lenders though.

About the Author

June May is debt consultant at http://debtfreedestiny.com

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