posted on Jan, 6 2005 @ 02:16 PM
Ever wonder why your credit card bill comes from South Dakota or Delaware? These two States have little or no consumer protection laws freeing credit
card companies able to charge any interest rate they want!Credit card companies are able to raise rates at will
In Sioux Falls, S.D. — 1,200 miles from Wall Street — the lending laws are as wide open as the skies. With no ceiling on interest rates or fees, this
rural state is home to the nation's largest issuer of credit cards — Citibank.
I realize that if people are stupid enough to use these cards they are knowingly paying these exorbinate fee's but some people are not in a position
to argue.They need credit cards to stay afloat! There should be some way to control what these companies are legally able to charge!