Word: loan
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...investor bought stock on his credit card after being assured that he would double his $25,000 investment and that "nothing can go wrong." He didn't and it did. He lost $15,000 and was forced to take out a home equity loan to cover his losses...
...June 1998 the Smiths filed a bankruptcy petition under Chapter 13, with the understanding they would make $100 monthly payments to a trustee who would distribute the money to creditors. By that time, the loan against their home had swelled to $64,000, and they owed $51,000 on their credit cards and charge accounts, double their annual income. That November, Carolyn Smith died. With the loss of her Social Security income, Smith struggled. His situation was further complicated by a run of misfortune. He was hospitalized after a stroke; he had cataract surgery; the friend who promised to collect...
After payroll deductions for taxes and Social Security, she had about $1,850 a month to pay her bills. After her rent of $580, a car loan of $400 and an insurance premium of $200, she was left with $670 a month to feed and clothe the boys and herself and pay for her utilities, child care, other miscellaneous expenses--and her credit-card bills...
...overall. But that proposal went nowhere because it was opposed by the credit-card industry. The Senate version of the bill requires companies to include on monthly statements a toll-free number that cardholders can call to find out how long it would take them to pay off their loan...
Welcome to the world of payday lending, where annual interest rates would make Mob loan sharks of an earlier era blush in embarrassment. The business flourishes in working-class neighborhoods, where people run out of money before their next payday. The lender may charge up to $40 for a $200 loan to be repaid in two weeks. That's an annual interest rate of 521%. In exchange for the advance, the lender requires the borrower to write a check for $240, dated to coincide with his next paycheck. When the two weeks are up, the borrower may repay the loan...