Chuck, take any money from Citibank?

Check out this article from the Des Moines Register discussing Senator Chuck Grassley's support of legislation to overhaul fedearal bankruptch laws. Yeah, the laws almost certainly need some tweaking, but the credit cards companies that are pushing this bill (with tons of money in contributions, what are the odds that Grassley got some of that money?) have to take some of the blame for many bankrupcies. They offer credit very liberally, and then if anyone is late on their bill with any creditor, they will often raise the rate is high as 28% as a penalty. Now if you are someone struggling to make ends meet, why bother making payments when you know you will never get out from under without bankruptcy. How about this Chuck- add a rider to the bill prohibiting credit card companies from charging more than 10% above prime for any reason. I am a grassley fan, especially of his war on pentagon waste, but I disagree on this one.

The credit card companies have been trying to get this past for years now because they want to have their cake and eat it too.

You can read the article here:
http://www.dmregister.com/apps/pbcs.dll/article?AID=/20050122/NEWS08/501220336/1001&lead=1