YOUR BANK IS CALLING

Let’s say your bank just called to tell you it is going to double the interest rate on your mortgage starting in July, and change it from a fixed rate loan to a flexible rate. You hang up the phone and you think, “Wow, my bank just did me such a big favor. It helps me so much to pay more for my home.” Of course you wouldn’t. The house voted today to not only double the interest rate on student loans, but to make all student loans flexible rate loans. Here is what Speaker John Boehner said shortly after the bill was passed: “Today we are one step closer to taking the politics out of student loans, which will make paying for college easier and fairer for students. With our bill, students will have access to the best interest rates available .” He is saying that banks, who are guaranteed interest rates of less than 1% by the government can now charge whatever they please from students, AND that this actually benefits students. Does this sound rational? Does it sound honest? No, it just sounds republican. I keep waiting for the American people to have enough, to yell stop. I guess they will when we all hit bottom, bled dry while we slept. Only then it could be too late. Get informed. Get involved. Make a difference.