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Consumer Credit & Predatory Lending

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Research predatory lending on the Internet and create an informative slide presentation that you could present at your local Rotary meeting.

1. How unethical lending companies make their money.
2. How to detect unscrupulous lending practices and companies.
3. Specific dangers, worst case and common case, of falling victim to a predatory
4. What other unethical methods and strategies are used by companies for high profit in the areas of consumer credit and some types of insurance?
5. How are individuals persuaded to take jobs with companies which practice taking advantage of others?

Please include all your research sites and resources. Thank you.

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https://brainmass.com/business/credit-management-credit-policy-analysis-and-risk/consumer-credit-predatory-lending-105969

Solution Summary

In analyzing the advantages and disadvantages of consumer credit, this solution examines several aspects related to the practice of predatory lending e.g. how unethical lending companies make their money; how to detect unscrupulous lending practices and companies; dangers, worst case and common case, of falling victim to a predatory; other unethical methods and strategies used by companies for high profit in the areas of consumer credit and some types of insurance; and, finally, how individuals are persuaded to take jobs with companies which practice taking advantage of others. References and links are provided.

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1. You are the legislative assistant to either U.S. Senator Bob Corker or a newly re-elected Al Gore, Jr. (your choice). Your boss has recently sent you a memo, asking your opinion on Senate Bill 192, also known as the Anti-Predatory Lending Act of 2011. This bill would prohibit banks from raising the interest rate they originally gave to a customer on any credit card for any reason. After S. 192 becomes law, if a bank no longer desires to offer a customer a credit card at the initially agreed-upon rate, the bank's only recourse would be to close the costumer's account, and then send that customer an offer for a new credit card at a higher interest rate.

2. Write a memo to your boss either in favor of or against S. 192. Make sure your memo includes a discussion of the laws that currently protect credit card customers, and whether or not you believe that these existing laws are sufficiently effective.

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