Goodbye Credit Cards

The next disaster: Credit Cards are a ticking time bomb about to self destruct.

Credit cards can be a useful. They can also lead to financial disaster. Before credit cards, people had to save up or borrow money to buy something. Credit cards allow people to buy things with no money. They buy things they cannot afford and cannot pay for.
Credit cards are very profitable for banks, Wall Street and politicians. When you charge an item on your credit card, the bank collects a fee from the vendor. (It is reflected in the cost.) If you don’t pay the full amount you owe, the banks charge you interest which can rapidly go over 25% plus endless fees. People are urged to buy more than they can afford. It is a “sucker game” that pushes people deeper into debt which increases the interest rates and fees they pay. The banks and Wall Street make a lot of money and they in turn, pay the politicians.

Pay the politicians? The banks give millions to everyone in government. (Everyone means Congress, the President, the cabinet, etc.) That enables the banks to tell Congress, regulators, etc. what to do. And … Congress, regulators, etc. do what they are told.

Due to the economic crisis, (which the banks helped cause) a lot of people are defaulting on their credit cards. The potential loss is over 1.5 trillion. The banks and Treasury are worried. Massive credit card defaults will make our economy grind to a halt. The government keeps giving them (the banks) your tax-dollars to make up for any losses.

The government reports that “average” credit card debt is over $10,000. The true number is probably a lot higher ($15-20,000). (No one believes our government any more.) Banks report credit card defaults are accelerating. There is growing fear that a “credit card crisis” is looming.

They (Government, Banks and Credit-card companies.) have a plan to freeze credit cards. Many companies have already lowered credit limits and “shut-down” many cards.

“Freeze credit cards!” What does that mean? It means credit cards will no longer work to buy gas or groceries or a dress or TV. Only debit cards will be accepted.

What happens if they stop honoring credit cards? It means that our economy will grind to a halt. Many people will not be able to buy food, gas, pay bills and provide for basic needs.

There is political “noise” to pressure the banks to stop some of the credit card “scams” and abuses. The banks and Wall Street aren’t worried. They believe the money they give to the politicians will prevent any “meaningful” action. They don’t remember what happened in the 1930s.

What should you do? Advice from Charles (a CACTUS participant): Open an account at a bank where you do not have a credit card. Link a DEBIT CARD to that account. The debit card will work (hopefully).

Where can you get money from? Stop paying your current credit card bills. Send the statement you receive to your Congressperson, Representative, Sec. Treasury, etc. Ask them to pay what you owe. The banks give them money so it would be fair if they paid your bills. Also ask them to give you $1,000,000 as a “retention bonus”. That is what Congress does with you tax dollars.

According to Charles, “hurting” the banks, Wall Street and politicians is OK; because they are greedy immoral liars and they hurt you.

Charles also wants to remind you that nobody forced you or other people to spend foolishly, go into debt and help destroy the future of your children.
You are at fault too!

Bottom line:
Put money in a segregated account and get a DEBIT card.
Stop buying things “on credit”.
Send your bills to Congress and the President. Tell them to stop giving away your money.
Stop buying junk you don’t need.
And … you should blame the politicians and bankers. But also blame yourself for buying things you can’t afford.

Also …. Advice from Mary (Mary works with us): Get a new credit card. Spend as much as you can. Obama and Congress and the Banks and Wall Street urge people to spend money to help the economy.
Then send the bills to Obama and Congress and the Banks and Wall Street.

Do it! People are doing it!