For about 30 years, there has been effectively no limit on the interest rates lenders can charge. This means some loans—especially payday loans, tax refund anticipation loans, overdraft protection loans, and car title loans—can have effective interest rates as high as 3,500%.
United Health Care, not content with merely denying life saving cancer procedures or refusing to pay for basic (covered!) checkups, took things to a new level by retroactively un-approving procedures they paid for in 2005. They sent reader Suzanne a letter and a bill for $7700, claiming the pay-out was an “administrative error”, and she needed to pay up. Check out the details, inside.
Farm policy for the next five years will remain largely the same under a bill passed Friday by the House. The $286 billion measure, H.R. 2419, was approved 231-191. Despite Michael Pollan’s pleas, the farm bill never transformed into a consumer-friendly food bill; though several billion dollars will go towards conservation spending, nutrition programs, and aid to fruit and vegetable growers, a significant chunk of the bill, $42 billion, will fund subsidies to farmers and agribusiness. The Senate is expected to write its own version of the farm bill in September.
When Illinois’ 10-year price freeze ended January 1st, people were told to expect an increase of around 22-55%, according to BusinessWeek. Now the legislature is looking into why some Amren customers are paying on average up to 170% more than before the price freeze melted: