The Easy Credit, High Interest Rate Swindle
Posted by freedomforall 1 week, 4 days ago to Government
Excerpt:
"The easy credit, high interest rate swindle has been a financial feature of the landscape for so long it's rarely examined for what it is: not just a reliably profitable swindle, but as a safety valve for a broken system. We all know how it works, either from experience or observation: credit cards are distributed like candy on Holloween, with one little kicker: a dose of financial fentanyl is included: insanely high rates of interest, i.e. 21% and up, and rapacious late fees."
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The real swindle is that the federal reserve act creates credit/money from nothing at virtually ZERO cost to the banksters who lend it at 21% and more.
Yes, eventually the debtors default - and the taxpayers bail out the banksters who have been stealing from customers and gambling on the side.
The fedgov is the source of this swindle.
D.C. NIFO!
It's the only way to be sure.
"The easy credit, high interest rate swindle has been a financial feature of the landscape for so long it's rarely examined for what it is: not just a reliably profitable swindle, but as a safety valve for a broken system. We all know how it works, either from experience or observation: credit cards are distributed like candy on Holloween, with one little kicker: a dose of financial fentanyl is included: insanely high rates of interest, i.e. 21% and up, and rapacious late fees."
----------------------------------------
The real swindle is that the federal reserve act creates credit/money from nothing at virtually ZERO cost to the banksters who lend it at 21% and more.
Yes, eventually the debtors default - and the taxpayers bail out the banksters who have been stealing from customers and gambling on the side.
The fedgov is the source of this swindle.
D.C. NIFO!
It's the only way to be sure.
The CC companies offered $200 each if I opened an account and used the cards (to pay for my groceries mostly.)
I'm happy to accept their offers and the cards will likely go dormant (now that I have received $400 in free groceries.)
They create money from nothing and get people addicted to credit.
I wish I had the power to stop them.
But, some people are addicts... They have to stop. I start them back with ONLY GAS for 6 months. Then GAS and GROCERIES for 6 months. After that, they understand better what a CC is for, and that it MUST be paid at the end of the month.
TBH, I don't work with people who cannot afford to pay cash for food and gas...
That said, my best friend has been carrying such a balance for decades. As soon as a balance gets paid down a bit he buys more that isn't needed.
I guess that's one reason that the media claims that a family must make $70,000 or more a year just to pay their rent, food, and utilities.
It starts here... EVERYONE has 2 numbers. Below the low number in their checking account. THEY cannot spend money, because they are close to broke. And above the other number, they start thinking about vacations, and things they would like.
I make them split their direct deposit. Mostly into savings, and only enough into Checking that they can barely stay at the low number. It takes about 1-2 months of this for them to realize "savings isn't spendable", and it's EASY to save (if you make it the default position).
A lot to learn around that... But it never ceases to amaze me how quickly the light bulb goes on.
The other thing. If you want something, write it down on a piece of paper, with the date and the price. And in 30 days, if you still want it (and you don't have to go to savings), get it.
But everything you cross off that list because you skipped it. Add it up. And total it by month. That's how much that TECHNIQUE is worth!!!
Make saving (instead of spending) a habit and suddenly life is fun again.
I wish my best friend would try your method.
After a quick intro, I will explain how I operate.
I will give him homework (gathering his information).
Then he schedules a phone call/Zoom meeting.
We walk through things. And The process repeats. I do NOT bother them. If they stop the process, it's 100% on them. I am here to help and to give them the next baby steps. Usually it's 1-2 weeks between calls. Sometimes it's a couple of months.
Honestly after 3-4 months, they are usually "set up", and they only contact me for "next level" stuff (like what do I do with all this cash? LOL. And it happens)
I don't charge anything. I do this to tithe! Same as Tutoring the kids in math/science.
We should all pool our retirement funds and open a bank.