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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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