Unconscionable credit card fees

How onerous are credit card fees. Consider this example described by the NYT:

Robert Triozzi . . . found that over a period of several years, Ms. Owens had paid nearly $3,500 on an original balance of $1,900. But Discover was suing her for $5,564, mostly for late fees, compound interest, penalties and other charges. He called Discover’s actions “unconscionable” and threw the case out.

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Man arrested at the Large Hadron Collider claims to be from the future

As reported by CNET UK:

A would-be saboteur arrested today at the Large Hadron Collider in Switzerland made the bizarre claim that he was from the future. Eloi Cole, a strangely dressed young man, said that he had traveled back in time to prevent the LHC from destroying the world.

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Five minutes is all it takes to help cap Missouri payday loans at 36%

As I indicated here, Missouri is considering a 36% rate cap for payday loans. Currently, payday lenders often charge 400% and 500% interest on such loans that are financially devastating to the poor and the working poor (Missouri’s 9% “usury” cap does not apply to payday loans). Bill 2116 is now pending before The House Committee on Financial Institutions, which is chaired by Republican State Representative Mike Cunningham. This important bill will not get a hearing unless Mr. Cunningham decides to grant a hearing, at his discretion. This single bill, HB 2116, “combines two bills filed by Representative Mary Still in January into one bill dealing with both annual percentage rates (APR) caps and restrictions of nursing homes offering payday services to employees.” Here’s how you can help. Please consider writing to Mr. Cunningham today, requesting him to hold a hearing regarding Bill 2116, to consider capping Missouri payday loans at 36% interest. Your letter can be two sentences, or you can spell out your reasons in more detail. Mr. Cunningham can be reached at mike.cunningham@house.mo.gov . His snail mail address is:

Representative Mike Cunningham 201 West Capitol Avenue, Room 411-2 Jefferson City MO 65101 Office Phone: 573-751-3819 Fax: 573-526-1888 Even a small number of emails, faxes or letters will make a big difference. If you want to be part of a citizens’ movement cap interest rates of payday loans at 36%, please take a moment to write to Mr. Cunningham. I can’t emphasize enough that your single email, fax or letter could be the difference between this bill getting a hearing, or nothing being done. As for the detailed reasons for imposing a rate cap, see my earlier post on the proposed legislation. I have also inserted (below) a letter written by John Campbell (an attorney with whom I work). Thank you so very much for considering this. Please do consider sending me a copy of any emails you send to Mr. Cunningham. [Letter from John Campbell to Mr. Cunningham]

Representative Cunningham:

I am writing to request that the House Committee on Financial Institutions grant a hearing on Bill 2116, a bill to limit the interest rate on payday loans to 36%.

I have extensive personal experience with payday loans. I am an attorney, and I spend much of my time representing consumers. In the course of my practice, I have talked with dozens of payday loan borrowers. Their stories are remarkably similar. Payday loan borrowers are generally low wage earners with high school degrees or less, and they are typically in desperate situations when they go to a payday lender. In my experience, payday loans lead to create a debt cycle that is difficult for most borrowers to escape.

[more . . . ]

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The magic and the power of music

Back in the 1970’s, when I was 17, I assumed the role of co-leader of a St. Louis 8-piece jazz-rock bank we called “Ego.” It was great fun (you’ll find a photo here). We learned a lot about performing music and we learned even more about people. I loved playing music back then—it unleashed something in me, something ineffable. Five years later, though, I was fully absorbed with law school, because I had come to the conclusion that I needed to have a stable career. I made this choice assuming that I could always play music on the side. But then I became a lawyer, a career that is a demanding mistress. Over the years, there was always something else that had to get done, much of it law-related, so I haven’t played much music for the past few decades, not until this past year. During the past year, I’ve been working hard at becoming a better guitarist, and there’s no better way to do that than by practicing an hour every day. That’s what I used to tell hundreds of guitar students during the nine years that I taught lessons. I told them to practice every day and that they would see dramatic results, guaranteed. It’s absolutely true. I’ve also worked hard to improve my singing over the past year. I never considered myself to be a singer, though I occasionally sang. Over the past six months, I’ve received a few voice lessons from local musician Leslie Sanazaro, and more recently a lesson from Charles Glenn, the other co-leader of Ego, whose talents are well-recognized in Saint Louis. I shouldn’t have been surprised by the result of putting time into music again. My guitar chops have improved dramatically. I am now a better jazz player than ever before. My voice is now something that no longer embarrasses me; I now see my voice as an instrument that has the ability to command at least as much attention as my guitar playing, and I’ve worked hard to shape my voice to mesh with various types of tunes. [caption id="attachment_11977" align="alignright" width="300" caption="Image by clearviewstock at Dreamstime.com (with permission)"]Image by clearviewstock at Dreamstime.com (with permission)[/caption] Last week was a benchmark of sorts. I performed at the Culinaria, a downtown grocery store for three hours. I was joined for thirty-minutes by an excellent violinist named Stephanie To, but the remainder of the three-hour session consisted of me playing the guitar and singing (pop, jazz and folk). Since that performance, I was invited to sign up to perform two additional gigs, and there are several others in the works at local Saint Louis establishments. I am now feeling that once again I can honestly and proudly claim that I am a “musician.” It was ironic that after making music a significant part of my life again, I came across Yusuf Islam’s DVD, Yusuf’s Café. Islam, formerly known as Cat Stevens, is an extraordinary musician (songwriter, guitarist, pianist and vocalist) who rebelled against the pace, the superficiality and the artificiality of life (his lyrics were autobiographical in these regards). As a result of this mismatch back in the late 70’s, he jumped from his then-hectic world into a much simpler world permeated by the Islamic faith, a world where his family and his God were priorities. For almost thirty years, Yusuf Islam had been under the belief that the Islamic faith did not allow the performance of his type of music, so he totally gave it up. He didn’t even own a guitar.

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