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State Shouldn't Rob Peter to Pay Paul

June 15, 1993

I always enjoy The Times' Sunday Business section, but Bradley Inman's piece on the credit card industry was especially good ("Legislature's Dilemma: Help Consumers or State's Credit Card Industry?" May 9).

The industry's attempt to revive California's economy on the backs of borrowing consumers, whose spending does, after all, constitute a good chunk of our state's gross domestic product, is quite harmful.

When I recently received a bill from First Card (Elgin, Ill.) listing my annual percentage rate as 64.60%, I was astounded. I thought that kind of usury went out with the Middle Ages or was practiced only by underworld loan sharks.

If Illinois wants to allow those charges, let them have all California's credit card employees. I hope the latter enjoy their new location and their new rates.

JOHN G. FALLON

San Marino

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