OCTOBER 26, 2007 --

LPR demands that any credit card company that imposes punitive interest rates on credit card accounts state the amount of loss incurred by any alleged late payment and the amount of return to the credit card company realized by the punitive interest rate.

It should be noted that the punitive rate is imposed on top of other late charges.

Accordingly, if the usual interest rate is 14.99% and it is increased to 32.40 %, the credit card company must disclose a) the reason for the increase, b) the loss resulting from a late payment at the 14.99% rate and c) the sums received for as long as the 32.40%. rate is in effect.

LPR contends that if the monies received at the punitive rate, plus any other late charges, exceed the amount of loss, the credit card company is realizing unconscionable gains.

Specifically, LPR here directs such demand to HSBC and Bank of America, both of which impose punitive interest rates in excess of 32% in addition to late charges. Hey guys, why stop at 32%? How about 50%, 100%, 150% -- even forfeiture for life of all property? Plus re-instituting debtor's prison.

After all, if state and federal governments, if the courts, look the other way as you to take measures that once would have been deemed unconscionable, why not wallow fully in unjust enrichment?