What Is A Credit Predator?

What is a "Credit Predator"?

A Credit Predator [CP], is any business who asks for your business without considering YOUR best interest.

For example, the Mortgage Broker who fails to disclose their Customer that their Interest Rate is a "Variable Rate" and will "Re-Set" higher after so many months. In my professional experience this lack of disclosure is a primary contributor of our current Mortgage Crisis.

As you may know, Interest Rates determine how much money you'll pay over the life of any loan with interest.

Why are many Lenders Credit Predators?

In the Bible, Deuteronomy Chapter 23: Verse 19, states, "Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury". That's one reason why. This scripture means that interest and not money is the root of all evil business transactions.

Another reason DEBT WARRIORS consider most lenders to be CP's is because CP's will lie to people while asking for their trust and business at the same time. But once the contract is signed with a CP, the Borrower / Debtor may never hear from the the CP (unless the Borrower is late or missed a payment).

This is why we feel most lenders are CPs. A Credit Union [CU} on the other hand, IS NOT a CP. CU's usually have your best interest in mind with any loan. If you are not in a CU have you considered joining one?

Let us know what you think about CP's or CU's.

Wishing you Financial Security!

We are Debt Warriors!