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Predatory Lenders Devour the Unwary

By AAN Staff
february 27, 2002  10:19 am
Predatory Lenders Devour the Unwary
In "Swimming with Sharks," the Colorado Springs Independent looks into how predatory lenders are eating credit-hungry debtors alive in this faltering economy. Terje Langeland writes that, "Julio Bonilla just wanted to borrow $4,000 to pay for some improvements to his split-level home ... By the time he walked out of the loan office, the 47-year-old Bonilla -- who speaks limited English -- had been talked into refinancing both of his mortgages, consolidating various credit-card debts and purchasing thousands of dollars worth of insurance, all rolled into one new loan totaling $164,000." Now his wife has lost her job, and they can't make the payments on the high-interest loan. Worse yet, the practice is perfectly legal.
View full article at Colorado Springs Independent