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Is Debt Elimination for Real?


semiaz
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Yeh, I found the whole AG/OCC 'battle' disheartening. The OCC regulating credit card issuers is to me a conflict of interest... (no pun)

Guess the question is, is there law forbidding the practice? I don't think our Founding Fathers had any idea what might have been. If they did, they'd all have started credit card companies.

The transition to a total paperless society is well under way. You could technically carry a single $20 with you and not have to use it for the rest of your life...

Along comes issuing credit. Is it like the old days when you go into a bank, and show collateral and walk out with a check that represents the bank's assets? No. Today we have limited issue banks. These aren't even real banks. There is no such bank called "Direct Merchant's", where you can walk in and deposit money into an account.

The other thing is, when they extend "credit" to you, you're obligated to pay what you borrowed - not the entire credit line... and each time you use that card, you've just filled out a new loan agreement.

Predatory? You bet. Will our government do anything about it? Probably not. In spite of what our Pres says, our economy is NOT strong. The Dow takes a dive because they're waiting for the quarterly report from one or companies? Sounds like trouble to me.

So these companies rake in billions in profit, which means they dish out millions in taxes (wasn't it MBNA that dished out some $750M in taxes?). Those taxes, of course, goes into the open checkbook that our leaders use.

Then you dangle the latest greatest consumer goods in front of a mass of people who buy simply to one-up their neighbor, even though they can't afford it, and you've got a profitable equation for disaster.

So as long as we are willing to pay (often times) double or even tripple what something is worth (making minimum monthly payments) because we are consumer whores, then I think we share the blame in this too.

MBNA raises rates to 29%? They should have gotten hudreds of thousands of cut-up credit cards during the following week. Never happened. Credit cards are like crack, and we're all addicted.

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Yeh, I found the whole AG/OCC 'battle' disheartening. The OCC regulating credit card issuers is to me a conflict of interest... (no pun)

Guess the question is, is there law forbidding the practice? I don't think our Founding Fathers had any idea what might have been. If they did, they'd all have started credit card companies.

The transition to a total paperless society is well under way. You could technically carry a single $20 with you and not have to use it for the rest of your life...

Along comes issuing credit. Is it like the old days when you go into a bank, and show collateral and walk out with a check that represents the bank's assets? No. Today we have limited issue banks. These aren't even real banks. There is no such bank called "Direct Merchant's", where you can walk in and deposit money into an account.

The other thing is, when they extend "credit" to you, you're obligated to pay what you borrowed - not the entire credit line... and each time you use that card, you've just filled out a new loan agreement.

Predatory? You bet. Will our government do anything about it? Probably not. In spite of what our Pres says, our economy is NOT strong. The Dow takes a dive because they're waiting for the quarterly report from one or companies? Sounds like trouble to me.

So these companies rake in billions in profit, which means they dish out millions in taxes (wasn't it MBNA that dished out some $750M in taxes?). Those taxes, of course, goes into the open checkbook that our leaders use.

Then you dangle the latest greatest consumer goods in front of a mass of people who buy simply to one-up their neighbor, even though they can't afford it, and you've got a profitable equation for disaster.

So as long as we are willing to pay (often times) double or even tripple what something is worth (making minimum monthly payments) because we are consumer whores, then I think we share the blame in this too.

MBNA raises rates to 29%? They should have gotten hudreds of thousands of cut-up credit cards during the following week. Never happened. Credit cards are like crack, and we're all addicted.

WOW... Well Put!

For those that read this thread... Take Heed... Much is at stake here! :shock:

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