ARTICLES BY AMERICAN DEBT ENDERS
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Banks Still Putting Screws To Consumers With Credit Cards
Did anyone happen to catch the wonderful show put
on by the bank CEO's appearing before congress last week?
It's almost like a quickly rehearsed badly produced, thrown
together, made for TV movie. The congressman looking down from
their towers, wave letters from constituents who are bitterly
complaining that are being charged 30% interest on their credit
cards. The waving of the letterswas a pretty nice touch,
from a production standpoint. The bankers sit
their looking blank, (can't be accused of anything with that
blank stare), and say, yes they are getting it.
I want to know what drug they are all taking, because,
I want some. Whatever it is, it seems to create a peaceful
sense of unreality. Could it be that they are taking Soma,
from Huxley's Brave New World, and are just keeping it all
to themselves? Lets see. People who are never late on there
payments are getting pounded with higher interest rates and
raised payments. This is happening to a greater and greater extent.
The congress was so concerned about
this when they passed the "Credit Card Reform Act" that they
actually gave the banks 18 months to freely jam consumers
before its implementation. Not to mention, that the bill simply
does not stop usurious interest charges at any point. Now,
the banks just have to give you more notice. Even better.
You would think it would be in the interest of the banks
to give more reasonable terms when a consumer enrolls in a debt
management program. The banks are carrying one trillion dollars of
credit card debt. Yes, they lower the interest rates but 9 times
out of 10 the payment increases to a point where it is simply
Unmanageable, forcing the consumer to look at debt settlement
or bankruptcy as the only way out.
If you are trapped in this cycle, and have had
enough. Contact someone who has not yet been put onto Soma,
and really cares, by visiting the American Debt Enders
website, and seeing what we have to offer by way of debt relief.
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Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465
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