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Banks Still Putting Screws To Consumers With Credit Cards

Did anyone happen to catch the wonderful show put on by the bank CEO’s appearing before congress last week? It’s almost like a quickly rehearsed badly produced, thrown together, made for TV movie. The congressman looking down from their towers, wave letters from constituents who are bitterly complaining that are being charged 30% interest on their credit cards. The waving of the letterswas a pretty nice touch, from a production standpoint. The bankers sit their looking blank, (can’t be accused of anything with that blank stare), and say, yes they are getting it.

I want to know what drug they are all taking, because, I want some. Whatever it is, it seems to create a peaceful sense of unreality. Could it be that they are taking Soma, from Huxley’s Brave New World, and are just keeping it all to themselves? Lets see. People who are never late on there payments are getting pounded with higher interest rates and raised payments. This is happening to a greater and greater extent. The congress was so concerned about this when they passed the “Credit Card Reform Act” that they actually gave the banks 18 months to freely jam consumers before its implementation. Not to mention, that the bill simply does not stop usurious interest charges at any point. Now, the banks just have to give you more notice. Even better.

You would think it would be in the interest of the banks to give more reasonable terms when a consumer enrolls in a debt management program. The banks are carrying one trillion dollars of credit card debt. Yes, they lower the interest rates but 9 times out of 10 the payment increases to a point where it is simply Unmanageable, forcing the consumer to look at debt settlement or bankruptcy as the only way out.

If you are trapped in this cycle, and have had enough. Contact someone who has not yet been put onto Soma, and really cares, by visiting the American Debt Enders website, and seeing what we have to offer by way of debt relief.

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Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders

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