I love it. Barack Obama is proposing to cap the interest percentage that credit card companies can charge. Almost ever state has implemented a cap on this predatory lending practice of getting people to sign up for a low-interest credit card, only to later find themselves being charged 30-40% interest on their Credit Card. The consumer signs up for the card under a 10-15% interest rate and given the 4 page contract of words that require a magnifying glass to read, which somewhere states that at any point in time their percentage is variable and the % rate could change, and in most cases, does, then consumers end up paying a credit card minimum balance for years and years.
When the states began to cap this interest, what do the Credit card companies do? They move their offices to a state that doesn’t cap, which then, allows them to continue charging these mafia-like % rates to get consumers stuck with this debt and they forever make their money.
Now Barack is working to cap their interest rates, and what do corporations like Citibank do? They begin their lobbying tactics…ahhh…the wonders of corporate lobbying. Always seeming to be able to buy someone off with their billions of dollars they spend each year just to lobby. The worse part about this now, is that we have given them bailout money to keep them from going under…oh hail to corporate welfare..
So lets break this down. We give a corporation tax-payer money so they can turn around and lobby our congress to fuck us some more. That’s wonderful. We are getting fucked with our own money. Good Job guys…well played out.
I understand a lot of people are going to say..”well they signed the contract.” Or “They can charge what they want because it was their money that they loaned to you.” These are the talking points of the right, but the fact remains the same. It isn’t right for a company to treat it’s customers in this fashion. “Borrow money from me, and I’ll get you stuck in a rut so long that your grandchildren will be paying it back.” This is what they want.
I know of lots of people that are close to being maxed out…miss a payment by ONE day, and get charged 75$+ in late fees and THEN they get charged sometimes 200$ in over-charge fees BECAUSE of the late fee. Wow…that’s completely ridiculous. one day and you have to pay almost 300 dollars for that money just to get back to where you were the day before. That’s insane, and one of the reasons this country is in the shape it’s in today.
Granted. I think people rely on credit waaaay too much, and people should stop borrowing money all together. If you don’t have the money for something, then DON’T FUCKING BUY IT. I do not put all of the fault on the banks. Some of the blame lies with the consumer trying to “keep up with the jones’” That being said, I still do not believe it’s right for a company to do that to their customers.
I dunno..what do you think?
America used to be a nation of men.
Now, it’s a nation of women.
In the future it will be a nation of children.
The so called “leaders” speak:
They tell us about how they protect our national security.
Just look around.
USA has already been invaded.
What foreign countries could not achieve with armies they have achieved through federal policy.
I was born in America.
Now, I live in a foreign country.
The point being is:
Those criminals in Washington D.C. don’t represent the America people.
They represent “big business”.
And : Failure is big business in America.