Letter Of The Day

I have never owned a credit card. Sen. Christopher Dodd, D-Conn., introduced a bill that would require credit card companies to let you know how long it would take to pay off your credit card debt if you made the minimum payment each month. If the debt is large, probably the rest of your life. The Republican-controlled Congress responded by voting it down and then passing a bill making it much harder to file for bankruptcy. Bush then signed it into law.

I’m sure these congressmen will look you in the eyes and tell you that by making it harder to declare bankruptcy, the banks will in turn lower interest rates on credit cards. This, of course, is after they have been given money by the bank lobbyists. A question you might ask yourself is how many lobbyists do you think work for the poor and the middle class?

Even a good lawyer has a hard time understanding the fine print on a credit card agreement. Credit card interest is legalized loan-sharking. Miss a car loan payment or have a water bill past due and your interest rate on your credit card may soar. Credit card companies love to add on late fees. They hate people who pay the cards on time, calling them freeloaders. If a person is deep in credit card debt, the best thing to do is to see if you can get a bank loan to pay it off. Then take a scissors to the credit card. Eight percent interest is far better than 16 or 30.

Now, if only we could get rid of the best Congress money can buy. Chuck Grassley works, but for whom? Dittos for Jim Nussle and Tom Latham. And what about our state government? Do you think corporate farm lobbyists have any influence over local control of hog lots? Then there is George Bush. Darn, I’m running out of space. In a way, we deserve who we vote for.

--MARK VANHEEL, Mason City

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