Beneficial's behavior also raises the questions as to why they're entitled to review anyone's credit history, without permission, in order to send an unsolicited check. The company does inform would-be borrowers of the total finance charge is during the life of the loan if minimum payments are made. It's nothing more than a sad gesture to assuage their parasitic conscience. U.S. News reported last year that approximately 15 million Americans have been contacted by a collection agent. Credit card debt exceeds hundreds of billions of dollars.
Consumers hesitate to challenge credit card interest rates because of pride.
No one wants to admit that they've been played for a fool, especially if they have a wall of expensive degrees. Many are successful in their jobs. Many others have blue-collar pride. History condemns usury. It's morally wrong.