Kerry Wants Abuse Reined In

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If elected president, Democratic nominee John Kerry said he plans to pursue broad legislation that would address abusive credit tactics by mortgage lenders, payday lenders and credit card issuers. Among the practices Kerry wants to see reined in: credit cards that raise interest rates on existing outstandings when the cardholder misses a payment on another loan; subprime loans in which fees are also financed and terms are not fully disclosed, and most balloon-payment loans. In addition, Kerry said he wants to see payday lenders who prey upon young members of the military to be subjected to greater regulation.

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