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If you are still hoping for some miracles to help you with your unsecured debt or home foreclose this video will I hope stir you to take action while there is still time! • Western Union issued purchase cards to its best customers as early as 1914.
• With the advent of the automobile in the early 1900’s gas cards were issued by gas stations for fuel purchases and soon were accepted between competitors as payment. Thus the second innovation began… networking!
• Store credit cards were the next to make the scene. They increased the consumer base for retailers and gave the customer the convenience of “buy now and pay later.”
• Revolving credit came onto the scene in the 1930’s and 40’s. This practice actual started a series of changes. Up to that time customers were required to make payment of debt within a certain period of time. This practice changed by doing away with the repayment limits. The customer had to repay a certain amount of debt each month – the minimum monthly payment. Credit card Companies made revenue from fees and interest.
• In the 1950’s, the cards we know today: Visa, American Express, Diner’s Club, and others came into being. These major companies soared in popularity in the 1970’s and 80’s.
• In the early eighties, inflation began to outstrip interest rates, making credit cards a losing proposition for the banks that issued them. At the time, interest rates were limited by anti-usury laws. When South Dakota, discarded its anti-usury law, it opened the way to unlimited interest rates. The banks soon moved offices to South Dakota and Delaware which had also changes its usury laws. This made it possible for the Credit Card Industry using an “obscure” Supreme Court decision to export higher rates across the country.
• The current credit card practices can be traced to one man, Andrew Kahr. Before him, credit cards required customers to pay 5% of their balance every month. Kahr convinced banks to lower minimum payments while raising credit lines, which caused profits to soar. “High balances are more profitable than small balances,” says Kahr. The result as expected is that people charged more and strung it out over longer periods of time. The consumer suffered escalating penalties and fees which caused costumers to complain to no avail.
We now move to the landscape in the 21st century. This all powerful industry was the prime mover in changes made to the bankruptcy laws. Americans facing dire economic times find that the new law makes it vertically impossible to have a fresh start. The new law forces them to repay the debt over time and ruins their credit your 10 years. The record shows that 75% of consumers are failing to complete Bankruptcy or other settlement programs.
There is nothing to prevent Credit Card issuer from raising their interest rates. Credit Card Companies can change their terms at will. Fees are not regulated. Due dates on Sundays and holidays are intentional, and designed to generate late fees. The credit card industry has become the most profitable sector of banking.
Over the last 10 years the industry has been marketing to the sectors of the economy that are the least credit worth. It has become common for college student to graduate with, $1000Â’s of credit card debt. When the mail is delivered to your home expect the Credit Card Companies to send with teaser offerings of 0% interest for 6 months. We then saw a wave of balance transfers. This resulted in an additional line of credit with the an interest rate due to increase and a 0 balance. It came in handy for the next emergency which was sure to happen. Families were effected by 9-11 (resulted in business losses) lay offs (Treaties NATA and GAT producing the exodus of manufacturing and service jobs)and the medical bills for illness faced by the un-insured and the insured as well.
The latest trends to effected many of us, has been the rush by the Credit Card Industry to increase interest rates to 29.9% before the new law puts a cap on interest rates that the industry can charge to 29.9 % effective in 2010, and they are cutting credit limits for existing cardholders without regard to their payment history. We have also seen a consolidation in banking industry! Where there were 1000Â’s of national and local banks, we have a shrinking of the number of banks nationally which had competed for your business down to a few big national banks. These banks are too big to fail and along with Wall Street having received $100Â’s of billions in tax bailouts.
If you see all the darkening landscape, then you understand that a whole new system of governance is in the works, and the US is not going to be part of it. Credit Card Companies are reducing or removing Americans' credit lines-- this will be completed by 2010. People will be expected to save money instead. This money will be used for loans and investments in new markets like China. US companies are continuing to move offshore, and 40% of all trade is now between international corporations rather than nations. You understand, of course, that this is were your jobs have gone but you will still be expected to fund their expansion into new virgin territory. Examine the Global Credit Card Industry - Emerging MarketsSo what to do? Ask yourself when you are making a purchase, do I really NEED this? Buy locally and not from Wal-Mart or any of the large national chains. Bank at a local credit union Lastly Get out of DEBT FAST!KEEP IN MIND WE ARE MANY AND CAN BE ONE PEOPLE Â….NOT Here is a solution to your unsecured debt. This is an ethical, moral and completely legal program to show you how to get out of the spiraling clinches of “Credit Card Hell” and take back your credit worth reputation. This is NOT-- Debt Consolidation, Debt Settlement, Arbitration or Credit Consumer Counseling. Don’t even think about considering the stigma bankruptcy would carry for you—and the additional expense that goes with it… Visit us at Credit Card Rest In Peace or call us at (949) 240-7401 We look forward to getting you back in control of your financial future! keywordterms: credit card debt, credit card company, credit card industry, debt consolidation,credit cards,bankruptcy,Debt Settlement
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One day in the not to distant future the value of the dollar is going to CRASH! You see it happening now. It is also happening with all the major currencies
Credit has been with us since time immemorial. In the old days, stores would keep open accounts, or “tabs”, for their customers. The customers would take the merchandise they needed, the store owner would mark their purchases in a ledger, and the tab would be paid at a later date. .
Republican/ Democrat/ Liberal/ Conservative /man/woman/ child/ straight/ gay/ hyphenated Irish-American, Latin-American/ even illegalÂ’s and on and on! These are just identifier that the ruling elite through the media, education all of it have used to divide and enslave. I for one am sick of it! Show me a human being who is in the service of others and we will get along just fine, I know that I can count on them to defend our rights (the Constitution here) and be around to rebuild a better world!
I applaud you resolution! With the dollar in peril, sub prime hurting Americans, Person Bankruptcy loom and Credit Card Debt in record levels it is time to work toward becoming debt free in '08