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Picking the Proper Plastic
By Martin H. Bosworth
ConsumerAffairs.Com
July 31, 2006
Using plastic for payment is becoming so commonplace that most shoppers don't think twice about which card they're pulling out of their wallet.
Indeed, from hidden fees to security risks to rewards and benefits, credit and debit cards are becoming more and more similar.
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STAYING AFLOAT
Does it make sense to sock money away while you've got a bucketful of debt to pay back?
BY JOHN WAGGONER
USA TODAY
For many couples, it's a familiar dilemma: You've got debt. You don't have much savings. And you have a bit of extra money at the end of the month. Should you pay off your debt or add to your savings?
Both, experts say. Having emergency savings is your best protection against running up debt. And paying down high-interest debt is probably the best investment you can make.
Click here to Read the Review.
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I hope you have read my previous posting so that you realize I am interested in providing answers. With that being said, I urge you to read the review of Aaron Russo’s Film which just premiered in several major cities. It’ a film I will not miss when it come to a theater near me.
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Business & Technology | Personal Finance
By PATRICIA SABATINI
A new report on credit card debt accuses card issuers of pushing consumers to borrow beyond their means and calls for new regulations to end the most abusive industry practices.
The report, released by the National Consumer Law Center in Boston, says the industry's tactics are particularly devastating to older Americans who have fewer resources to dig themselves out of a hole.
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July 27th 2006
You've probably heard that debt consolidation can help you get control of your money and reduce your overall debt. And you probably know that you can finance it yourself, without using a professional debt consolidation company. But is that the right move for you? That depends on your personal situation, but, in most cases, it's a smart choice if: you have equity in your home
Click here to Read the article.
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By Curtis Arnold, CardRatings.com Founder
Credit cards geared toward students often come with high interest rates and other unfavorable terms. This is largely because students usually have limited credit histories and also due to the fact that students have a higher default rate than other age groups. In spite of these facts, however, students should not settle for the "first offer that comes their way". Remember, there is keen competition among student card issuers and use this to your advantage. Compare offers by reading terms and conditions carefully and choose the best offer!
Click here to Read the article.
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Thursday, June 15, 2006
What happens when the credit card industry writes the laws? According to judges, it’s called anarchy. See this article. Credit cards are the modern tool of empire building, instead of guns. The more we use our credit cards, the more power we give our credit cards.
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Here is an example website that could be the king of deceptive advertising. When you do, however, take a close look at the fine print. Be careful not to let yourself be tempted.
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The ruthless unfair business practices of credit card companies, may come back to roost when merchants who accept credit cards fight back. A lawsuit was filed back in Sept. 2005.
Click here to Read the article.
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When you make charges on your credit cards in a foreign country, there are fees hidden in the currency exchange. Exchange rates fluctuate all the time, but the charge is made to your account in U.S. Dollars. When that is done, the bank charges a 1% currency‐exchange fee, and then on top of that, they most likely tack on another 2% for overseas purchases. The fees are extremely difficult to find on your statement because they aren't listed. They also don't make it easy to see in the cardholder agreement either. Like many other credit card company policies, they aren't clear. Sometimes they aren't even expressed to you until you complain about them. Bankrate.com reports that there are currently a number of lawsuits over this currency exchange policy.
However, don't believe their propaganda that credit cards are still cheaper. If you understand what simply having the account open is costing you, it is cheaper to avoid credit cards.
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When Congress passed the bankruptcy bill in 2005, what were they thinking? Look at the large number of lawsuits! Citibank forced to make changes in its marketing practices and cease billing card holders for products never ordered, and is caught allowing mortgage fraud.
Class action against MBNA certified for breach of contract, fraud, and other claims. FIRST USA settles for $84.9 million in a class action suits over charges that the bank had illegally hiked interest rates on consumers. Fleet Boston loses case over violations of Truth in Lending. Next Card gets closed by the Office of Comptroller of the Currency. There are many more cases that show a steady pattern of abuse of customers.
On 17 May 2005 there was a US Senate Bank Committee Hearing on Abusive Credit Card Practices. Link to full hearing, download PIRG’s testimony, download Credit Card Reform Platform released at hearing by PIRG.
In this session MBNA's General Counsel testified that MBNA does not use "universal default", while there were simultaneously many complaints from cardholders to the contrary on many consumer websites claiming the very tings that describe universal default.
What has Congress done since then? NOTHING!!! What is the answer? Don’t use credit cards folks! Don’t make yourself vulnerable to these oppressors. Proverbs 22:7 is holding true even now.
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OMBWatch.org
Mirroring the federal government's penchant for spending more money than it collects, the American public now has a negative net savings rate. Home prices, medical care, and college tuition are all growing faster than wages, and debt has become increasingly pervasive among American households.
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Turning the Tables on Credit Card Companies Inspires Students and Saves Cash
July 25,2006 12:00 AM EST
A New Class at the Los Angeles Learning Annex based on the best selling E-book “Balance Transfer Magic” Inspires Students by Saving them Cash. (FVNEWSWIRE Jul 12, 2006)
Los Angeles, CA (FV Newswire) - A new class at the Los Angeles Learning Annex based on the best selling E-book “Balance Transfer Magic” inspires students by saving them cash.
“I’ve taken some great courses at the Learning Annex over the years, but this has to be the best.” Los Angeles business owner Cindy Howe marveled at the results the “Balance Transfer Magic” class produced for her: “I took a $20,000 balance on a credit card with a 20% interest rate and converted it to 0% for a year on the same credit card. It was simple to do, and it saved me about $4000 in interest. Just like that. Wow.”
Click here to Read the article.
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Baltimore Sun opinion
EDITORIAL NOTEBOOK
ORIGINALLY PUBLISHED JULY 22, 2006
At a convenience store in Washington recently, a twentysomething professional bought a pack of gum. The total was $1.25 - he paid with his credit card.
The perilous piece of plastic has become an alluring payment method for all Americans, but especially for young people, on whom the card's magnetic strip has a particularly strong pull. But it's not entirely their fault.
As the economy expanded during the 1990s, the options for mortgages, pensions, insurance and credit cards increased. Teenagers growing up during that increasingly complex time were left unprepared and financially vulnerable by high schools, universities and the government. Click here to Read the article.
This article segments the issue of education into various groups. It is true if we had a more educated population the country would not be in the mess we are in. I more educate popular would not have surrendered so much to Government and Big Business. The causes of all are ills could be said to the dubbing down of Americans.
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I am committed to the financial wisdom, which says not to substitute or change an unsecured Debt for a secured Debt. You walk into a bank for a loan to start a business or buy a home. They are going to make you put up security which is more than the loan is worth (add the value of the assigned asset and the interest over time- what a deal) and you’ll be adding the year of worry sweet and toile to meet the note month after month for years.
From a statistical point of view, I understand the way the numbers work out in favor of re-finance a high interest rate loan for a lower interest rate loan. But the calculation is a lot more complicated then that. The most serious calculation is the unknowable. Looking into the future it is best to be very conservative, especially in the current economy.
I can see re-financing if you have a solid career, home secure, lots of saving. You know the more I think about it, the more I convince myself the idea stick. Any way you cut it the bank is more secure and you are not. It’s the same old story the grim reaper is put of for another day.
It may look easy, but it's not simple
By Roger Schlesinger
Saturday, July 22, 2006
Townhall.com
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By Michelle Singletary
WashingtonPost
Sunday, July 23, 2006; Page F01
My grandmother, Big Mama, didn't like lending folks anything.
She wouldn't let anyone borrow her fancy church-going hats. To my knowledge, she never lent her car to anyone. She wouldn't lend money. And she especially wouldn't let people borrow her good credit name -- meaning she would not co-sign for a soul, not even me.
Ms. Singletary explains a little know aspect of authorizing the use of your Credit Card to another person, family member or otherwise.
Click here to Read the article.
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Source Liberty Haven
By:Jorge Amador
This is a long article, worth reading and I want to highlight the last topic:
"Abolish" Interest?
Click here o Read the article.
The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.
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Hypothetical Scenario:
Q. Mr.\Mrs Ave. American, there is a new poll that states that money troubles trumped terrorism as a cause of personal worry…. Does that surprise you?
A. No it doesn’t not at all. You see it’s a double whammy.
Q. What do you mean…I am confused?
A. Americans are worried by “money troubles” and then terrorized by Collection Practices
Q. I see what you mean.
A. Here’s another double whammy for you.. Do you know the top 2 causes for filing Bankruptcy? Medical Expenses and Credit Card Debt!
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My previous post spoke about the profits being made by the Banks on their Credit Card Business and I reference the 20-40% interest rate they charge American Consumers. This article tells us about the profits on FEES being made by Band of America since acquiring MBNA. Think Billions and Read the article.
Bank of America Profit Exceeds $5 Bln on Card Fees (Update3)
July 19 (Bloomberg) -- Bank of America Corp., the No. 2 U.S. bank by assets, said profit topped $5 billion for the first time last quarter as its acquisition of MBNA Corp. fueled a surge in credit-card fees.
Second-quarter net income exceeded analysts' highest estimate, rising 18 percent to $5.48 billion, or $1.19 a share, from $4.66 billion, or $1.14, a year earlier, the Charlotte, North Carolina-based bank said today in a statement. Excluding merger costs, earnings were $5.6 billion, or $1.22 a share.
Revenue at Bank of America's card-services unit accounted for almost a third of the total as the bank added 20 million customers from MBNA. Chief Executive Officer Kenneth Lewis boosted fees by selling MBNA-branded cards to existing Bank of America customers and cut 4,000 jobs to keep a lid on expenses.
P.S. I would re-phrase the statement above about cutting 4,000 jobs to a keep a lid on expenses to something more in line with revenue enhancing. Not only does BofA save on salaries and employee benefits but also think of the fees possible from these former job holders ….you know people with families. You know they must all be MBNA cardholder.
We urge you to visit www.creditcardrip.com. Follow the guide through the Law, Frequently Asked Questions, Testimonial and more. I urge you to listen to the 25 minute detailed overview. Take action and don't feed into feeling powerless. "If You Don't Know Your Rights ...You have none!"
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Debt
Are you wondering what kind off Profits are possible for “Lender” charging interest rates of 20% to 40% for unsecured non-funded “loans”…. Think Billions and Read the article.
JPMorgan's 2nd-Qr Profit Triples on Trading, Credit-Card Gains
July 19 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. bank, said second-quarter profit more than tripled to a record as trading revenue rebounded and fewer credit-card customers defaulted on debts.
Net income climbed to $3.54 billion, or 99 cents a share, from $994 million, or 28 cents, a year ago, the New York-based company said today in a statement. Revenue rose 19 percent to $14.9 billion. JPMorgan was expected to earn 87 cents a share, according to a survey of 20 analysts by Thomson Financial.
We urge you to visit www.creditcardrip.com. Follow the guide through the Law, Frequently Asked Questions, Testimonial and more. I urge you to listen to the 25 minute detailed overview. Take action and don't feed into feeling powerless. "If You Don't Know Your Rights ...You have none!"
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Debt
Life Cincinnati.Com » Community Press & Recorder »
Last Updated: 3:43 pm | Wednesday, July 19, 2006
Bottom line, there are many of these debt consolidation and management companies which claim they can help you settle your outstanding debts, but you must be very careful before signing up with them.
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By TAMMY JOYNER
The Atlanta Journal-Constitution
Published on: 07/19/06
Despite a growing economy and low unemployment, nearly one in four Americans say they frequently fall behind in their monthly bills because they're in debt, according to a national survey being released today.
Worries over debt are so pervasive that 82 percent of the 1,000 people surveyed said debt is a "very serious or somewhat serious problem" that's growing worse.
The survey, conducted by a Republican pollster and a Democratic pollster on behalf of the Center for American Progress and the Center for Responsible Lending, shows the country's growing "economic anxiety."
Click here for the Article!
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I previously made the point that the Credit Card Industry is not interested in creating a relationship with financially responsible Consumers. If fact if you are among the least credit worthy …guess what, you are their target market.
Student will graduate with several Credit Cards, maybe one from their Freshmen year and one for every school year there after. As Senior they will be right up there with the national average of $8-10,000 on Credit Card Debt. What a great start! The payments on their Student loans, Living Expense, Insurance (car) Medical if they can afford it should be a great motivator to get a job that pays $50,000 plus. Boy how realistic is that?
Parent Read This Article!.
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Recently the Fed issue a report that exonerated the Credit Card Industry of accusations that the Industry is to liberal with issuing Credit Card to consumers. The Industry position is that they will continue this practice because in spite of the losses this market is their most profitable.
Read this article because it will give you a heads up about their latest marketing campaigns.
Click here for the Article!
By the Editors of Consumer Reports
NEWSPAPER ENTERPRISE ASSN.
More than 6 billion credit-card offers were mailed to Americans last year. That's a record. With so much competition for your attention, credit-card companies are coming up with new come-ons to entice you toward their piece of plastic. Zero-percent teaser rates and cash-back rewards are old hats. Nowadays, look for rebates on your dog's vet bill or offers for a free laptop computer.
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Jackie Cameron
Posted: Tue, 18 Jul 2006 07:55 | © Moneyweb Holdings Limited, 1997-2006
By now you’ll be feeling the effect of interest rates turning the corner and petrol prices shooting upwards. And, with more interest rate hikes being predicted by economists, now’s a great time to tweak the way you manage your finances.
Here are some suggestions to help you stretch your cash
Click here for the Article!
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Press of AtlanticCity.com
Published: Sunday, July 16, 2006
Updated: Sunday, July 16, 2006
had $80,000 of debt. “He said to me, ‘Doesn't everybody?'”
In “Hamlet,” Shakespeare's Lord Polonius said, “Neither a borrower nor a lender be.” Today's consumer philosophy is closer to the 1980s bumper sticker: “He who dies with the most toys wins.” Polonius would be laughed out of the home electronics superstore.
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LIZ PULLIAM WESTON:
MONEY TALK
July 16, 2006
Dear Liz: Eight years ago we incurred credit card debt and were not able to pay it. This is something that we've been very ashamed of because before that we had excellent credit. Recently, a debt collection agency called us and offered to pay one-half of our debt if we paid them the other half by the end of the month. Should we take them up on their offer?
Click here for the Article!
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THE LECKEY FILE
Rising interest rates add peril to slippery slope, making it easy to let a good credit rating go bad
By Andrew Leckey
Tribune Media Services columnist
Published July 16, 2006
Credit card users face a wall of worry in 2006 over rising interest rates, higher minimum payment requirements and bankruptcy laws that make it tougher to write off unsecured debts.
You can write your own sad story of being swept along by economic events beyond your control, or you can take firm control of your credit.
The following is the true tale in progress of an acquaintance of mine who owns a small business.
Click here for the Article!
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By SEAN MUSSENDEN
Media General News Service
Jul 14, 2006
My Comment on this article Sneaky credit card tricks.
There is good advice from Mr. Mussenden and I like from where he is coming…
”Of all the industries that deserve our scorn, it's the credit racket” so I urge you to read the Article. Especially, if you are current on your accounts and you need to use Credit Cards. He addresses some practices that you really ought to know about.
“Credit card companies are powerful, and if you don't pay attention to the fine print, you could find yourself in a world of financial trouble. Every year, they find craftier ways to sneakily hike up interest charges, tack on extra fees, and send you closer to bankruptcy.
Are you way over your head and fear that you won’t be able to meet the credit card companies recent increases in minimum payments, then I urge you to take a serious look at these issues regarding Credit Card Debt Elimination.
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Please read this article by Ms. Cherryl and after you have read it, I want to make a few comments.
They won’t be what you might expect. After you read my take, I would like to hear yours.
Credit Card Crisis
YOUR MONEY
Cherryl Hanson-Simpson
Thursday, July 13, 2006
Help! I moved out of my parents' house six months ago, and I've run up balances of over $90,000 on three credit cards since then. I had to buy things for my apartment, and I think I went overboard. I can now only afford to pay a few thousand dollars every month on the cards, and it seems like it's taking forever to reduce the balances. What can I do? - Maxed out
You're not alone in your credit card crisis. News reports have indicated that credit card use in Jamaica has grown significantly in recent times. The resulting increase in credit card debt has left many customers feeling desperate for solutions to get rid of this seemingly endless liability.
Credit cards are not necessarily bad - they can be an extremely convenient way to pay bills, or to provide funds in the case of an emergency. However, a credit card can be like an out-of-control racehorse that has thrown its rider if proper money management skills are not used. In the coming weeks, we'll learn more about how the credit card companies charge you interest, and ways you can use credit cards to your benefit.
Let's look at some strategies to get you out of this debt:
Pay more than the minimum required
Paying only the minimum required by the credit card company is a recipe for debt disaster! You'll incur interest costs many times your original debt and extend the life of your loan for several years. Adding even a small amount extra each month can make a huge difference.
For example, if you owed $40,000 on a card with a 40% interest rate and paid $2,500 per month, it would take you 16 years and five months to pay off the debt. In that time you would have paid more than $45,000 in interest. However, if you paid just an extra $1,000 per month, your debt would be paid off in only two years and three months, with only one-third the interest - just over $15,000.
Visit www.genus.com to calculate your credit card payoff time.
Click here for the Article!
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At the center of the education offered by North American Educational Services (NAES) to consumers burdened with Credit card Debt is the right to dispute the accounting of their account(s) with the Credit Card Companies. This right in guaranteed by contract and Consumer Law Click here for Fair Credit Billing Act(15 USC ß1601). and Click here Fair Debt Collection Practices Act (15 USC ß1692). For several reasons the Banking Industry ignores the full requirements of these laws, Contract Law as well as their own Banking Law. This posting focuses on Generally Accepted Accounting Principles. Our experience over the last six years has been that when forced by Court Orders to produce document to verify the Debt they submit billing statements NOT evidence under GAAP.
The Sources of this information is Click here for Beginnersguide.com. I urge you to do your own search as I have done. I selected this site because it these Principles are explained step by step in a clear manner with links to more research.
GAAP Overview
by the Beginners Guide Staff
Last updated February 23, 2006
Every industry has certain rules and guidelines to follow and the accounting field is no different. Before you get involved in accounting you must know and follow these guidelines and principles. These guidelines and principles are known as Generally Accepted Accounting Principles (GAAP). If these rules and guidelines are followed on a regular basis, everything is fine. But when someone goes off course and decides to go by his own principles, accounting fraud develops. GAAP comprises many standards, interpretations, opinions, and more that is developed by the FASB (Financial Accounting Standards Board), the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission (SEC).
FASB: FASB is the group that developed GAAP. They developed the standards and guidelines that make up GAAP, and put them into practice.
AICPA: This organization enforces GAAP for all accountants and CPAs. They make sure that anyone who is a CPA, CMA, or bookkeeper upholds the standards and set forth in the bylaws of the FASB.
SEC: Here is a government agency that is in force to make sure that all securities markets are handled correctly and properly going by GAAP.
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Updated 7/10/2006 4:29 AM ET
By Kathy Chu, USA TODAY
A new Federal Reserve report that finds little evidence that card issuers are offering credit to consumers "indiscriminately" has triggered criticism from consumer groups, who say the report is unduly protective of banks.
In its report, the Fed wrote that "as a matter of industry practice ... card issuers do not solicit customers or extend credit to them indiscriminately" without assessing their ability to repay.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
The Motley Fool
By Dayana Yochim (TMF School)
July 10, 2006
Putting off investing for your future because of some blanket rule about being debt-free is nearly as dangerous to your future financial health as putting everything on plastic and praying for a carefree retirement.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By BETSY STARK-ABC News
July 10, 2006 — Erin Browne is only 27 but she is already living under a mountain of debt with a $130,000 mortgage and $50,000 in student loans.
"I had immense amounts of debt leaving school. I had student loans and credit card debt and I have sort of been working the past four or five years just to get out of that hole," Browne said.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By HELEN HUNTLEY, Times Personal Finance Editor
Published July 9, 2006
Say you have some spare cash. Do you pay extra on your mortgage, your home equity credit line, car loan, student loan or one of those pesky credit cards on which you're carrying a balance?
That's the kind of question I often get asked. Here's one example:
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
The Debt Counsellors say credit card debt reduction should be a priority for everyone who owes money on their plastic.
(PRWEB) July 9, 2006 -- Only weeks after several major credit card providers had announced they were lowering their penalty charges, one of those companies, Barclaycard, have officially informed customers that they are increasing their interest fees. In light of this, debt help experts The Debt Counsellors are urging consumers to prioritise credit card debt reduction.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By Phaedra Ellington
Summer Reporter
At the first moment of college life, stories of how a fellow student drowned in credit card debt are used as warnings to deter unsuspecting students from signing up for their first credit card.
However, on a college campus, the temptation is everywhere. Fliers are posted inside classrooms and there are times when free food is used to lure students into signing the application. Sharon DeVaney, a professor of family and consumer economics, said credit card companies target college students because creditors know they will eventually receive payment if a student is late on his or her payments.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
MONEYBOX: COMMENTARY ABOUT BUSINESS AND FINANCE.
This is not science fiction. It's really happening.
By Daniel Gross
Posted Friday, April 22, 2005, at 3:14 PM ET
This should be a springtime of joy for credit card companies. On Wednesday, President Bush signed the new bankruptcy bill, which they helped to write. Short-term interest rates are on the upswing, which means they can jack up interest rates from, say, 13 percent to 17 percent, without customers asking too many questions. And with employment growing modestly and new unemployment claims down, credit card delinquencies should be on the decline.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By Nathan Alderman
The Motley Fool
July 8, 2006
It seems so very tempting: instant riches, all the material goods you desire, right there in the palm of your hand. Hard work? Sacrifice? Naaaaah, you can worry about that boring stuff later. One little signature is all it takes, and the world is yours. And by the time you realize that you're in deep trouble, it's too late; you're going to pay, and pay, and pay for what feels like an eternity of torment.
Your basic infernal contract with the Prince of Lies? Nope. I'm talking about the devil that likely lurks in your wallet: your credit card.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
Best Syndication
July 6th 2006
With the rise of interest rates, debt consolidation is becoming more common. It entails taking out one loan to pay off many others, and is often done to secure a fixed interest rate or for convenience. It is easier to write one check than many.
It may also be advantageous, especially if you are consolidating credit card debt into a fixed home loan. Although there is some risk in converting unsecured debt into secured debt, there may also be a tax write-off. Also, the change in the bankruptcy laws has made it more difficult to remove debt via bankruptcy. Consolidation could also entail placing unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, which is often a house.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
The hot new savings machine: paying off your credit card.
By Selena Maranjian
The Motley Fool.
Updated: 7:31 a.m. PT July 6, 2006
It's awful to be saddled with credit card debt. But you're not alone. A big chunk of America is struggling under the crushing load of credit card debt -- and "crushing" is a rather appropriate word, given that many of us are being socked with interest rates above 30%.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By Dave Anderton
Deseret Morning News
American households piled on more debt between 2001 and 2004, while their net worth barely increased.
According to the Federal Reserve Board's most recent Survey of Consumer Finances, U.S. families took on 34 percent more debt from 2001 to 2004, while net worth during the same period increased just 1.5 percent.
The triennial survey, which asked questions on income, assets and debt, tracked roughly 4,500 families representing a cross section of the country.
The report said that as debt levels rose during the three-year period, families devoted more of their incomes to servicing debts, despite a general decline in interest rates.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
My goal is to help you get ahead with your online business as well as to help American struggling with the burden of Credit Card Debt. The Credit Card Companies are defrauding and abusing our friends, families and millions of USA citizen. At Credit Card Rest In Peace (RIP), our goal is to eliminate the debt in a legal and ethical manner.
If you are skeptical, that's OK! I am sure that at some time some one told you something you found hard to believe but when you took the time to listen, read and learned the truth won out and you adjusted your understanding. Maybe it was disturbing but still the truth. CreditCardRIP.com provide better then 90% of the information to research the strategy. There is a 35 minute detailed overview, the moral issue is addressed, and the law that applied is explained and sited for investigation. Hear in their own words the testimonies of Clients. Fill out the contact information when you are ready and I will speak with you about our pricing once I understand the details of your circumstance.
In the last 6 years the service has eliminated over 145 million dollars in credit card debt. We are currently servicing since January 2006 over 135 million dollars in credit card debt. Why such a jump? This growth was speared by the change to the bankruptcy law on October ’05 and minimum payment doubled in January '06 resulting in an increase in financial stress to American.
Corporate America, the banks in particular write off their debt regardless of their mismanagement or crimes. Don't allow yourself and family to become their financial "road kill". I promise that whether you are a financial whiz or an alien in the world of finance the "truth" starts here!
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit Card Debt
With offers of loans and credit constantly filling the mailboxes of college-age students, few escape those years without some debt.
For the most part, student loans are expected. With their low interest rates and grace periods before payments begin, they are, according to many credit cards, however, are an entirely different matter. While some use of credit is beneficial to develop a credit rating, the inexperience of young adults often makes them prey to aggressive marketing tactics and ultimately unhealthy debt experts, one of the best ways to borrow money.
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The Greatest Con in the History of Money
“It is only in periods of decadence that truth becomes complicated.”
-- Henry Miller, American writer
The history of money and banking is a history of thieves, scoundrels, and scumbags. Today, I want to tell you about their greatest con.
Money was once a very different thing than it is today. Money grew out of the free, spontaneous, and evolutionary process of the market, like language or common law. Governments did not create it. That came later. Later, governments seized and monopolized the creation of money -- just as they too came to monopolize the creation of law. These were long, torturous processes.
But to get back to money… In man’s early history, all kinds of things acted essentially as money. But over time, gold evolved to dominate. The market -- that is to say, the people -- chose gold for a variety of reasons. It was durable, portable, divisible -- and rare.
Banking, too, was once a very different thing than it is today. Banks began as simple safekeeping houses for customers to hold their money (i.e., gold). The banks paid no interest on these deposits. They did not loan them out. They kept the gold in a vault, and that was that. The bank offered other services, such as simple cashier services and facilitating payments involving third parties.
Customers paid banks for these services. It was all a pretty simple and straightforward business. This was the case in ancient Greece. Athenians did not look at banks as sources of credit.
How Bankers Screw You out of Your Savings
Nevertheless, unscrupulous bankers sometimes couldn’t help it. Cheating was so easy -- and so profitable. So they sometimes took deposits and loaned them out.
Cheating? Yes. See, if I placed my gold with you to store, it was against the law for you to take my gold and lend it out. This was a basic violation of property rights. In fact, we have records of an early trial featuring a depositor suing a banker because the depositor was unable to get his gold -- since the banker had lent it out and could not collect it.
We have a word for this today. We call it embezzlement. But for many sad reasons, we do not apply the term to bankers. We call it “fractional reserve banking.” This, dear reader, is the greatest con ever foisted upon a money-using public.
The long history of banking is one of a fight between that depositor and his unscrupulous bankers and thieving governments. For over 2,000 years, the depositor has fought a losing rear-guard action, as the bankers, in cahoots with their governments, found new ways to prop up their dubious legal claims -- and slip their fingers into savers’ pockets.
Today, the bankers prevail. Few would challenge the legality of fractional reserve banking.
The Solution: The 100% Pure Gold Standard
As a result, our money is a wasting asset. Our savers lose their savings to inflation -- the constant increase in the supply of money, always chipping away at the buying power of our money. It is an insidious tax.
Our economy endures recurrent booms and busts. (More on this below…) Our government pursues wars and spends money at a level that a pure gold standard would never sustain or permit.
But it’s important to start with the history of money, because it asserts two things:
1. Money is not a creation of the state. It grew out of the free market.
2. Long legal tradition supports the idea of a 100% reserve system.
Therefore, the cure for our monetary ills has a definite atavistic flavor. That is part of its charm and part of its strength. We are not hoeing new ground here.
As the great economist Murray Rothbard wrote: “The only coherent long-term solution: a free banking system with a 100% reserve requirement, the abolition of the central bank, and the establishment of a pure gold standard.”
Basically, restore the creation of money to the market.
Some people believe in the return to a gold standard. But what they support is, unfortunately, “a spurious gold standard rooted in fractional reserve banking” (in the words of Rothbard).
The Proud Tradition of the Pure Gold Standard
Distrust of fractional reserve banking has a long history, as I’ve alluded to. The Salamancans warned against it at least as far back as the 16th and 17th centuries. David Hume, the Scottish philosopher of the 18th century, was another prominent witness to the implicit theft and the dangers of it. Even American presidents, such as Thomas Jefferson and Andrew Jackson, distrusted it.
And there is a long line of great thinkers who tried to impart the public with the knowledge that fractional reserve banking was a terrible mistake. The great Austrian economists Ludwig von Mises and Murray Rothbard are among the more recent. But there is a line that goes way back. (The great American economist Amasa Walker was a particularly outstanding advocate in the 19th century.)
A great new book that deals with all of this is Jesus Huerta de Soto’s Money, Bank Credit, and Economic Cycles . It’s a doorstopper of a book -- you have to hold it with two hands. Printed in large, readable text, the book is handsomely produced under the Mises Institute’s imprint.
This book supplants all monetary treatises before it. I used to say Ludwig von Mises’ The Theory of Money and Credit was the best book on money I’ve ever read. Now I say it is Huerta de Soto’s tome. It is the new standard in monetary thought. In it are fascinating bits of history and lots of theoretical material dealing with all facets of money and banking.
Avoid Widespread Economic Crisis
De Soto also gives full treatment to the idea of a 100% gold standard -- with no fractional reserve banking and no central bank. The final 100-page chapter alone, titled “A Proposal for Banking Reform: The Theory of a 100 % Reserve Requirement,” is worth the price of the book. The advantages of such a system are numerous, and Huerta de Soto’s exposition is brilliant.
A 100% standard prevents the cyclical economic crises that arise from credit creation. Malinvestments, those widespread economic errors that cause cyclical crises, occur when there are distortions in the economic fabric. An economy has only so much real savings; credit makes it appear as if there were more. That’s why we see economy-wide busts. The house of cards built by fractional reserve banking reaches its natural end.
Importantly, in the words of Huerta de Soto, a 100% gold standard “would not avert all economic crises and recessions. It would only avert the recurrent cycles of boom and recession which we now suffer.”
Years of credit expansion inured people to the damages of credit. So they think credit expansion is needed for economic development. If you’re not booming, you’re stagnant -- and there is some stigma to that, as if we must always be hitting some growth targets.
As Huerta de Soto writes: “People fail to see that rapid, exaggerated economic expansion is always likely to have an artificial cause and must be reverse in the form of a recession.” A 100% standard prevents the contractions and inflations of money supply that wreak havoc.
Make Bankers and Governments Honest -- And Poorer
Banks would not disappear. A 100% standard merely ensures that only voluntary savings bank loans. Banks could still lend money, but it would have to be via explicit contracts with savers. Banks could still take deposits for a fee, intermediaries, ancillary services (cashier, records), safe deposits boxes, etc., etc.
Credit availability would decrease. Again, a 100% system guarantees that only “that which has been saved would be lent.” Increased difficulties would be the logical outcome of a market-based system. The current housing bubble, with its ridiculous price increases, would be impossible under such a system. Housing would be more affordable, and our reliance on credit severely lessened.
Beyond fitting squarely in the tradition of property rights and providing immeasurable economic benefits, there are other considerations, too.
War is much harder to wage, for example. This alone makes it worth it. The First World War, the Second World War, and countless others would have simply been impossible while maintaining a 100% gold standard. These disasters needed bucketfuls of credit, and they consumed their nation’s currencies.
Who loses? A 100% gold standard penalizes those who benefit from fractional reserve banking -- banks and the government, chiefly. It protects savers -- usually older people and those living on fixed incomes.
For all these reasons, a 100% gold standard is the only gold standard worth pursuing. Will it happen? As with most revolutions, things have to get really bad before people consider radical change. The American poet Charles Bukowski said it best: “True revolution comes from true revulsion; when things get bad enough the kitten will kill the lion.”
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Posted on 07/05/06 at 16:23:00 by Richard Garcia
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