Taiwan Church News 3273 Edition November 17 - 23, 2014 Church Ministry By A Street Drama, Taiwan's Credit Card Debt Slaves Urges Banks To Lower Interest Reported by Lin Yi-yin Protesting Taiwan banks' unreasonably high interestsimposed on credit card debtors,which isusually hover above 18% per annum, a street drama is performed in the public plaza before Executive Yuan onNovember 10 Taipei. Based on such high interest rates, it is estimated that the debt will double every three years. Lawyer Lin Yong-song, counselor of Credit Card Debtors Self-Help Association and Elder of Chi-nan Presbyterian Church,urges government should amend laws to lower the interests rate level for of current bank stipulations to solve this deteriorating problem. A female teacher talks in straight that she borrowed 3 millions NT dollars for his brother a decade ago. From 2005 to 2011, she stated to pay back about 4 million NT dollars to bank. But, when a total liquidation negotiated with the bank in 2011, she astonishingly found there was still 10 millions debts she has to pay. She angrily rebukes such bank as blood sucker! Lawyer Lin Yong-song strongly criticizes the official Financial Supervisory Commission: not only stubbornly keep a high bank interests within this universal low interest age, but also mercilessly prevent any legal amendment to solve this credit card slaves phenomenon. Lin urges the KMT regime should revise the related laws as soon as possible, in order to prompt banks to lower the interest rates; otherwise, he would advise 1 million credit card slaves to vote against KMT candidates in the impending nine-in-one super-election. Translated by Peter Wolfe |