Credit Card ads are worse and more harmful to the US populace than the cigarette ads of the 50's and 60's.
We have credit cards that are running (every time you use your credit cards you have a chance of being rich) lotteries
Rewards and cash back that do not come close to covering the finance charge and the best one is using cash and you stop the flow of progress and are looked on as an idiot.
Credit card ads should be outlawed the same as cigarettes and hard liquor. Let's put that on the agenda for a debt free America.
[Read More!]
Just this morning I spoke with some one who contacted me about their Debts ..both Secured (home mortgage) and Unsecured debt (credit cards) after they had received and reviewed the services/solutions that I offer. We had a lengthy conversation. More or less this person said that ultimately, facing an impossible financial situation they just might walk away from this mountain of debt. Yes, we see the decision to walk away from debt being taken by many American families. As much as they understand (right or wrong) that they have made a moral obligation to pay their debts, it is their choice to do the immoral thing and walk away. But the point of this writing is a question... What are the COSTS of Walking Away from unbearable Financial and Moral DEBT?
The new rules and regulations concerning the business practices of credit card issuers, known as the Credit Card Act, give your unsecured debt is getting a face lift. What does the New Credit Card Bill mean to you.
So bottom line…if the FED is a Ponzi scheme so are the Banks, so are the credit card companies. Maydoff went to jail for his 50 billion dollar Ponzi scheme so real change would mean use the Rule of Law and sent the Bankers, Wall Street Crooks and Bought Politicians TO Jail!
[Read More!]
This video above is the line that the main media is telling the American public. A lot can be learned by listening and reading between the lines. These "experts" are seeing opportunities to make money while Rome Burns..see if you agree.
[Read More!]
During the time you are not making payments to the credit card company they will constantly attempt to contact you to discuss it. You can send them, the original creditor a letter requesting that they only contact you in writing. You will then be contact by some collection company. They are absolute ruthless in their effort to frighten you into making a payment. Don’t! When they call hang up do not speak to them or insist that they write you. Also, it is very important that you familiarize yourself with your rights under the Fair Debt Collections Practices Act and the Fair Credit Reporting Act. Collections representatives often behave in unscrupulous ways and knowing your rights is your key to fighting back.
[Read More!]
Credit has been with us since time immemorial. In the old days, stores would keep open accounts, or “tabs”, for their customers. The customers would take the merchandise they needed, the store owner would mark their purchases in a ledger, and the tab would be paid at a later date. .
• Western Union issued purchase cards to its best customers as early as 1914.
• With the advent of the automobile in the early 1900’s gas cards were issued by gas stations for fuel purchases and soon were accepted between competitors as payment. Thus the second innovation began… networking!
• Store credit cards were the next to make the scene. They increased the consumer base for retailers and gave the customer the convenience of “buy now and pay later.”
• Revolving credit came onto the scene in the 1930’s and 40’s. This practice actual started a series of changes. Up to that time customers were required to make payment of debt within a certain period of time. This practice changed by doing away with the repayment limits. The customer had to repay a certain amount of debt each month – the minimum monthly payment. Credit card Companies made revenue from fees and interest.
• In the 1950’s, the cards we know today: Visa, American Express, Diner’s Club, and others came into being. These major companies soared in popularity in the 1970’s and 80’s.
• In the early eighties, inflation began to outstrip interest rates, making credit cards a losing proposition for the banks that issued them. At the time, interest rates were limited by anti-usury laws. When South Dakota, discarded its anti-usury law, it opened the way to unlimited interest rates. The banks soon moved offices to South Dakota and Delaware which had also changes its usury laws. This made it possible for the Credit Card Industry using an “obscure” Supreme Court decision to export higher rates across the country.
• The current credit card practices can be traced to one man, Andrew Kahr. Before him, credit cards required customers to pay 5% of their balance every month. Kahr convinced banks to lower minimum payments while raising credit lines, which caused profits to soar. “High balances are more profitable than small balances,” says Kahr. The result as expected is that people charged more and strung it out over longer periods of time. The consumer suffered escalating penalties and fees which caused costumers to complain to no avail.
On this podcast which I urge you to listen to by clicking on the PODCAST icon is an interview with Gerald Celente - editor of Trends Journal -Gerald is particularly passionate, energetic and entertaining. But oh so accurate about our times. the audio is 35 minutes.
[Read More!]
Debt consolidation is undoubtedly a good debt help option as it prevents you from filing bankruptcy and can help you to reorganize your finances. Of late, debt consolidation and debt settlement companies have come under the spotlight due to the wrong reasons. Although the economy is gradually recuperating, investor sentiment and consumer confidence hasn’t picked up yet. This is because the damage done by subprime mortgage crisis and its subsequent aftermath has left consumers hapless. More and more people started falling into debt and flocked to debt help centers.
Remember when you listened to our 13 minute detailed overview at www.creditcardrip.com where we explained the Credit Card Companies change the terms and conditions on your unsecured debt when ever they want. What is good for the goose is good for the gander, so you could do it back to them. Well some did exactly that but most said Na… it’s too good to be true, what if it doesn’t work and I get sued?
Have you looked at the interest rate on your cards lately….if it hasn’t gone up to 29.9% it will be soon. You think that maybe they change the terms & conditions? You see next year, the law on how much interest they can charge (30%) is going into effect. Between now and then there is more money to be made! We all know that they are in a world of hurt and deserve it even if it forces you into file for Bankruptcy ..like Chapter 13.
How much more can we take?
Facing A Sharp Credit Card Interest Rate Increase?
By Chris Earl
Story Created: Oct 20, 2009 at 3:43 PM CDT
Story Updated: Oct 21, 2009 at 12:58 PM CDT
CEDAR RAPIDS - Claire Hanson has spent a quarter century helping people straighten out their bottom line. She is the owner of Financial Counseling Center in Cedar Rapids.
With some people facing higher interest rates on credit cards, Hanson said she hears the desperation in her financial counseling office in Cedar Rapids.
"It becomes a spiral," said Hanson. "A cycle. The timing is really out of sync."
With all the talk about bankrupcty, debt relief, folk loosing their homes and all the unsecured debt (credit card) are you just going along on a wing and a prayer, forgetting about growth, barely managing to stay afloat? It is understandable that all the doom and gloom would get anyone down--even the latest national 10% unemployment news is not positive, however this is only part of the picture. What about the other 90% of the workforce who are still participating in the economy? Well they are looking for solutions to all this debt.
[Read More!]
First Posted: 09-14-09 10:30 AM | Updated: 09-14-09 12:14 PM
For years, Ann Minch of Red Bluff, Calif., has carried a balance of several thousand dollars on her Bank of America credit card, making minimum monthly payments of about $130, sometimes paying an extra $50 or $100. She says she's never missed a payment.
Bank of America rewarded her loyalty this year by repeatedly raising her interest rate, which reached 30 percent in July.
Fed up, the 46-year-old stepmother of two turned to YouTube.
"Our health care system is failing. It is expensive, bureaucratic, and denies care to many in need. Americans die younger, get less care, face greater restrictions, are less satisfied, and spend at least $1,500 more per person on health care than Canadians or Western Europeans - nations that have opted for non-profit national health insurance."
This is a link to the article in quotes from Frontline.
Click this link for that article, but read on first…. The Articles
When we talk about medical bills and Bankruptcy we are in the arena of DEBT and the accompanying stress that results in illness. Many think that in America we have the best medical health system in the world which would include the delivery systems as well as (Insurance Companies) the private payer institutions.
[Read More!]
The goal of the now several years old Bankruptcy Law is to shift filers from Chapter 7 bankruptcy, in which consumer debt is typically liquidated, to Chapter 13 bankruptcy, which requires that you repay secured and much unsecured debt within five years.
