Well, here we go again. Yes banks are making it impossible
to qualify for a new mortgage but giving away plenty of new
credit cards a those killer interest rates, But please, don’t
take my
word for it. Here is an article from Fox News Business
entitled
Have credit card companies learned nothing?
http://www.foxbusiness.com/personal-finance/2012/09/19/have-credit-card-companies-learned-nothing/?goback=.gde_3970104_member_165863817
The article talks about the remarkable increase in credit
card debt.
Here we go again. And here is the worst part. All that new
debt
is at usurious interest rates. You know, that means the
rates
Uncle Vito the leg breaker used to charge for credit. Credit
is not a privilege it is a trap. Ask yourself how can it be that the
banks are giving out credit cards like candy again. Well for
one thing
they only have to put up 10% of the actual money currently.
That is correct, the Federal Reserve puts up the rest, so the bank is really
only on the hook for 10%, hat is our reserve banking system The part that is
on reserve changes periodically and this is how the Fed controls whether we are
in a tight or slack credit market. Of course, very few Americans have any
idea about how the American banking system works, to busy worried about
debt issues.
Here is a quote from the article “The economy's getting
better. As Equifax chief economist Amy Crews Cutts put it in a recent press
release: "The economic recovery is increasing both demand for new credit
cards and the supply of credit." So, as long as that recovery continues,
most consumers should be able to stay on top of their credit card debt.” Well,
are you laughing yet? What recovery, and whatever
it might be is being driven by credit card debt.
The economy is getting better? Are these people kidding? Exactly what are they
looking at? The Gross Domestic Product is dropping like a stone,
and the
spending ability of the average American is dropping dramatically.
Americans
who were making 100 thousand annually and up are now making less, and
realizing that they can no longer afford their debt service.
This is
absolutely nothing to be ashamed of. The incoming calls to
counselors
now are from professionals who never had money problems.
All this
t say if you are in this situation, there is help available and
it does
not have to be complicated. So unlike
most other counseling professionals credit
counseling is free. What stops most people from getting help is a
topic for another article.
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Yours Truly
Steven Ciantro
Consumer Advocate
American Debt Enders
Certified Credit Counselor
TalkShoe Radio
Host
Member National Association of Certified Credit Counselors
Debt Expert for Gail Kasper's Top 1% Club
Gail Kasper's Top 1% Club
877-766-2465
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