Easy Credit Wrecking America

[11/28/07 debate submission from Rick Booth of Bensalem, Pennsylvania] The credit card industry in America has become a huge, predatory fool-and-his-money-are-quickly-parted machine destroying people's futures. It foists economic traps on those who are marginally solvent and intellectually defenseless against feel-good advertising and the instant gratification impulse. Usury is alive and well in the U.S., and increasigly gets its backing from Congress (including stricter bankruptcy laws enforcing unsecured debt at 25% interest). Isn't it about time we turn things around?

Category:

News & Politics

Tags:

• credit
• card
• debate
• usury
• debt
• interest
• insurance

[visionvictory]

Good job, thx for the post.

[2cOthers]

The bank & credit card companies are pathetic when it comes to preventing fraud.

My sister now lives with her family in Illinois & is disabled.

The ex-husband has been opening credit cards in her name. Credit cards & statements are sent to his Georgia address.

The cards are maxed & The credit card companies come after my sister for payment.

We have spent hundred of hours talking & writing to credit card companies.

& they keep on issuing more cards based on his fraudulent applications.

[drwindow1]

People are simply not savvy enough when it comes to luxuries, they need the latest items and from the high street instead of getting a bargain. As for necessities like homes and cars most people don't invest in commodities and sell them at a later date to get a investment return on them. They'd rather go into debt.

[sallyann22]

As the dollar sheds value and loses its privileged position as reserve currency, US living standards will take a serious knock.

If the US government cannot balance its budget by cutting its spending or by raising taxes, the day when it can no longer borrow will see the government paying its bills by printing money like a third world banana republic.

Vote Ron Paul

[sheffieldmvp]

Ok, I hate to say this but the consumers best weapon against things like this is to get everything in writing and to read the fine print. Then, issues like this become moot.

I've heard a lot worse than what you've described. It's called subprime practices.