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Political Factoid
Some people use prepaid debit
cards in lieu of cash -- so that
they cannot spend more money
than they have and can afford.
But now the greedy issuers
of such cards have gotten
the Consumer Financial
Protection Bureau to modify
the rules to allow the cards
to be used to buy more than
the amount on the cards
. . . through so-called
"overdraft protection."
This creates triple debt-threat:
- The amount of over spending.
- High interest on that amount.
- Massive bank fees.
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