Tuesday, April 1, 2008

Up Yours

This falls in the category of you can't make this stuff up. Today, a newscaster , reporting on the abuses in the credit card industry said:

If you default in 1 payment on your credit card, they can up your interest rate to 2 or 3 times the previous rate. Further, even if you miss a payment on another credit card, they can UP YOURS.

Were truer words never spoken?

In a system that seems to find everyone credit worthy, whether you be 10 years old or 100, or a tree stump, there appears to be no limit to the way customers get screwed. How many people, long deceased, have been sent a notice of congratulations on qualifying for a credit card? There is a boundless willingness to give, along with an even greater desire to take away. It is a cycle meant to entrap and engulf.

In the setting of an administration that has spent almost 8 years studiously avoiding regulation, except where it serves its own needs, the credit card fiasco has run amok. Any calls for reform now are too little , too late. While Nero has fiddled, Rome has burned. In the dying days of the Bush presidency, there is no reason to believe the music will stop.

We have been seduced by easy money in the mortgage and credit markets. We have been led to the brink, looked over the edge, and had no answers. While personal bankruptcy regulations have been tightened , we sit with empty pockets and unfulfilled dreams. We are broke emotionally and financially.

Credit card companies live in a world of revisionist history. If we do something wrong, we not only pay for it tomorrow, but we pay more for it yesterday. We have not only increased rates on prospective borrowing, but we now have to pay exorbitant rates RETROACTIVELY on monies we have already borrowed.We pay coming and going for our transgressions.

There seems no limit to the greed. We have come to a point in time where its repercussions threaten all of us , rich and poor alike. If the system remains unchecked, then in the very near term, we will find the results will have destroyed the haves as well as the have nots.. The uncontrolled forces that would take and take, will wake up to find they have not only screwed others but also themselves in the process. If that occurs, it will be the largest UP YOURS of all

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