June 30, 2004 — Nelson Locke is a Florida resident working for a financial services firm specializing in programs for senior citizens. His company is one of a handful of companies in the United States that dedicate their practice to serving persons over 62. They are experts at working with the senior demographic.

Mr. Locke stated, "In our Industry, we see daily examples of abusive practices by Credit Card Lenders. Almost never Mortgage Companies. But FREQUENTLY, Credit Card Lenders. We do our best to help these victims and get them out from under the "pile of debt" that the credit card lenders "create" for themselves through their use of abusive practices, confusing terms, and unilateral modifications to credit granting agreements. Generally we succeed in helping them. But in the process - we have NEVER been able to effect material change to a credit card lender's practices. The credit card lenders, almost as if they have a formula for financial ruin, take all they can get from their clients before finally agreeing to some sort of settlement. And then, they simply move on to their next victim."

Mr. Locke continued, "Sometimes families need to use their credit to survive. Interruptions in employment, health issues - all these things and more cause families to struggle to meet essential needs while trying to maintain good credit standing. So they pay ever increasing amounts, are assessed ever increasing fees and miscellaneous charges, and see their available credit unilaterally reduced or denied despite steady payment histories. We have seen cases where APR's on credit card debt routinely exceed 25% or more. This is egregious. And we maintain that this is also illegal. This kind of unilateral abuse would NEVER be allowed to happen in Mortgage Lending, yet most regulatory and consumer advocate group attention is focused on home mortgages. We would like to change that."

So Mr. Locke has taken a personal stand against predatory credit card lending practices. In the past few days he has filed 9 predatory lending lawsuits in Broward County, naming the five largest banks in the US. He is seeking to create a new tort named "Tortious Predatory Lending". When he succeeds, this tort will specifically address the illegal and unethical practices of the major credit card issuers in the United States - and provide a mechanism for consumer relief. A law that will benefit ALL Florida consumers, and yes, consumers nationwide.

He has taken this matter to the Attorney General of Florida, and asked for his support. He has also taken this matter to AARP and ACORN, two of the country's largest consumer advocate groups.

Mr. Locke is represented by Attorney Gary Barcus, who can be reached at (954) 438-4222. In the alternative, use barcusgab@aol.com .

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