debt snowball, debtsnowball
I’ve seen what the banks have been doing to the population lately. It is really sad that the congress of the United States of America has done such a poor job of protecting the people of the country from usury. It has been going on for a long time.
It seems that banks have some type of plan to self destruct. They’ve been pushing the limits of what people can accept for decades. Now they have gone over the line and are committing suicide. Customers won’t put up with their new practices for long. This must be obvious to the people running the banks.
It is my opinion that banks are precipitating a revolt.
They are actually intending to cause the citizens to default on their accounts. This is a long term plan to extort money from the government in an even bigger way. I don’t know the actual plan but it is clear to me that something is up. Nobody abuses their customers in such an obvious way if they intend to keep them as customers. Who wants to pay 25%-33% interest on a credit card? Who will keep using a 33% interest rate credit card? NOBODY!
If the banks want to precipitate a revolt then I agree with them. Why don’t all of the people being abused by their banks join the revolt. Join the Credit Card Protest and participate in the National Default Day beginning January 3, 2010. The protest will continue until the citizens win the war on banks.
I must confess that I can’t participate. I have been debt free for years by following the formula in my book “How to Be Debt Free Fast!”.
Please post a comment to the blog and forward the link to your friends. Let them participate in the National Default Day too.
I have wondered about the government actually bungling along on purpose. Is it possible that protests will be used to justify more control over the internet and people assembling in public?
Protests leading to an excuse for more control over blogs and protest groups?
If any protest gets out of control, which is very easy to do by either planting instigators or simply waiting for people to get mad and out of control, then the government gets to look like the good guy trying to stop growing anger before people get hurt.
On the other hand, the government does not have to solve problems, just not get in the way of logical simple steps.
Perhaps that is the real challenge, actually getting people to agree on solutions that don’t give the government a reason to worry or step in and stomp.
http://www.thecatwhoatechasebank.com
http://www.bloggersagainstchasebank.com
http://www.robotsagainstchase.com
http://www.daily-protest.com
You make several good points. Any time there are protests where people gather you can bet that government people will be hiding in the midst of the protestors. If people decide to not pay their credit cards in protest it is done singularly. It is just one person at home making a decision.
The beauty of the internet is that millions of people can get the same information and make the same decision. This is not new. Television news stories have been swaying public opinion for as long as TV has existed. Youtube is becoming the new TV. We can only hope that enough people take the time to alert their friends and family about the stories that make a real difference in the world.
I agree with you. The bank shave been ripping off the public for years. When my credit card rate went up in 2000..I Stopped paying and again this time, total over 200,000
I say let’s do it!
I agree. The government has bailed out all the “biggies”, but how about the people?
On one side, I agree the credit card companies are unfair and greedy. But on the other hand, people are irresponsible who get in trouble with credit cards. Know your budget and limit! That should be the rule with users. Lets face it people who get in trouble charge more than they can afford. I personally think, there should be a law where when people can’t pay a payment, the companies should revoke their credit card until it is paid. The interest rate should be capped to a reasonable rate.
I personally use a credit card for 2 things. 1, is mileage points and 2, to delay for one month. Without these 2, I would not need a credit card. I pay all my balances every month. ALL!! Even if they increased the interest rate it would not matter because you paid it off in one month avoiding the interest charge. Easier said than done? Well, those are the rules ever since the credit card had been invented. You use it, you pay interest if you don’t pay the whole balance. People in this country who have balances only pay a fraction or just the minimum. How incredibly dumb is that! If a person can’t figure out that his/her payments will grow by just paying the minimum they don’t deserve a credit credit.
Look, while I agree credit card companies should be held accountable in escalating interest rates, the users should also be equally accountable. This country is too much on the blame game but greatly lack in accountability and responsibility!
Hi Michael, here is another blog I started to inform people about parallel foreclosure, something I’m sure you have probably helped people deal with.
http://www.parallelforeclosure.com
There are two very powerful youtube videos posted as thumbnails on the blog as well.
Your site seems to be getting a lot of hits today as my other blogs have gotten hits from your site. Congratulations, I bet you were on a television or radio show.
Your information is very helpful. I hope that American citizens will partake in this refusal to pay these Banks who have reduced credit lines for great customers. They have also cancelled credit cards with zero balances to great customers and the interest rates as you stated have become criminal. I feel that 8% for good customers is fair. We pay on time, we do not go over our credit limits yet the banks are treating us as if we were paying late, going over our limits. Our credit scores are now being hurt due to the banks lowering our credit limits to near our balances. Therefore, it appears to everyone who see’s your credit report,including your other credit card companies,that we are MAXED out with our cards,when in fact, we were not until they lowered our credit limits. This must stop. The American public must refuse to be walked all over by these banks. Enough is enough. Let’s unite and take action and send these Banks a message that we are not going to be used by them or by anyone.
You’re nuts.
I take full responsibility for my debt and want to pay them off, however when a credit card company decides I’m a risk and jacks my interest rate up to 29.99% for no reason other than they think I MIGHT be a risk and I can’t make my payments-they get what they deserve!
Another point, I’d really like to know what do these banks and businesses want people to do when they work hard their whole lives, pay their bills and totally out of the blue are laid off or let go? It damn sure isnt that we don’t want to pay what we incurred, just make sure the re-payment arrangements are FAIR!!!!!
Remember, people don’t pay their bills, financial institutions don’t make ANY money.
I politely asked my congressman, John Olver of Massachusetts, why the credit card companies were allowed to raise rates to usuary levels, and his emailed response was just a big pat on his own back for voting for credit card reform. Never did he address my question. I asked him a second time. In a very civil manner. No response whatsoever this time. My father, when he was alive, told me that the public was protected from usuary rates by our elected officials. I told this to Mr. Olver. Not a peep.
I agree we are all responsible for what we charge, but when one credit card company drops your limit to what you owe, your credit score goes down, then the interest rate goes up because the score goes down, the next credit company picks up on this and away we go! What was manageable before, has become a mountain. I could pay my payments plus extra, now it is impossible. And they screwed my credit. I lost my job a year ago, been paying faithfully, credit score 710, and out of the blue, they drop my limit which I worked years to obtain and it seems why bother. Pay or not my score will never go up for years, unless I get very rich.
Minding my own business, paying my bills and the banks says “ah….I know a way to make millions more”! Well, I have no intention of using my cards every again and could care less if the banks go under. Owing on a credit card is not the best thing to do, but for years it has been done and mostly they have been paid. This is a collapse of the United States.
I completely agree with the analysis and intent of the video. The bankers are simply criminals, as are virtually every every member of congress. They should be hurt, and made to pay for the hurt they have inflicted on millions of Americans. The members of congress who have proved to be nothing but ass-licking toadies in the service of profit and kickback/campaign donations should also be made to pay. The lot should spend their remaining days in prison cells or…. I used to be against capital punishment. I am changing my mind. It should only be used on those in positions of power who have abused this power. They are the only ones who have sufficient power and money to lose, that the threat of taking their lives actually has a possibility of having an effect on them. This is precisely what we see here, and examples should be made. In the interim, crippling the credit card industry tapeworm is a just and worthy goal.
I just ran 5 credit cards through the shredder. How’s that? Will never use them again.
I believe if people will stick together, we can get America back again. We as American have lost all rights and what we are seeing will only get worse
Screw the banks, Ins companys, GMAC, and all the lawyers who represent them. They are builking the hard working American people trying to make ends meat. That goes for our goverment and all electeced officials aswell. They must think we are a bunch of bafoons. They are all out for them selves and could give a rats ass about common day americans. foget about the days what I can do for this country, but what can the country and its peoplr do for me.
I will cut up and close every credit card account i AND MY WIFE HAVE. WE ONLY AHVE ABOUT 10 OR 15 OPEN LINES OF CREDIT, MOST OF WHICH WE DO NOT CARRY A BALANCE.
Lets do it together.
A small Business Account with Advanta.
Always Paid on Time
Always Paid Off Balance.
Then got a notice they are raising my rate to 35%.
(they knew i always paid on time and in full)
I refused to pay 35%.
They cancelled my card and STILL charging me 35%.
Q. What do ya do?
They are the last ones to get paid and if at all.
With my history of 20 years of excellent credit scores, the governments ruling, intent on helping people is causing tremendous difficulty. Card limits cut or closed, interest rates explode and payments double or more. The banks have taken advantage of the very people who saved their ass! Now they are running us over like a fast moving train. As you suggest, it’s time to create our own citizen’s train and send it back to the banks supersonically. The famous line in the movie Network applies: “We’re mad as Hell and we’re not going to take it anymore!”
Thanks for the video~I’m passing it on! ALL ABOARD!!
To all my fellow Americans out there, I agree with the man in the video. First they bail out the banks with our tax dollars and let’s not forget about the automobile industry and then all of us hard working Americans get in return is high interest rates on our credit cards afterwords. Now give me a break! They put these people in government to work for us and what they really do they stick us for it. That’s my comment. I don’t have to wait till January 3rd, I already started not paying my credit cards. I’m sick of it. Thank you.
Good idea. We only need 50 million credit cards to bring them to their knees. I’m in, but I would have had to do in another month anyway, since the interest has gotten so high that the balance has not come down except by a few bucks a month, and I have no work or other compensation anymore.
Exceptional idea… all it takes is “guts” as in any civil disobedience…. the risk is credit score… but how long can you hold out at 30%…. the rule of 72 says about 2 yrs and a few months without any added fees or charges
I support this cause, consider me in! The credit card companies deserve what they get.
Lets get onboard to end the financial turmoil that has affected a great number of people due to the appalling interest rate hikes of these credit card companies. It should be illegal!!! While we are at it…lets put an end to the Federal Reserve, and help solve our countries economic crisis as well!
Another idea would be to break the biggest entity in each category. This would send a clear message that the people have the power. In some ways this is better because you don’t have to ruin your credit.
Example: If we want to protest gas a one day protest is silly they just laugh. But if we all buy gas (we have to have gas) anywhere but at the biggest company, Exxon in this case, I believe soon they will start to falter and prices will come down.
Example: Everyone should change there checking, savings, CD’s, IRA’s, credit cards etc. from the biggest banks use only local banks and credit unions. These would include Bank America, Citi, Chase can’t think of the other one now. We all have to bank.
As far as credit cards go if you could pay them off and tear them up the benefits to America and yourselves would be enormous.
You can forget Congress Democrat or Repulican. The supreme court just gave big business the right to contribute whatever they want to elections funds. Congress will be bought and sold.
Get it through your heads they do not care about us. Repeat after me “Our representatives in Congress do not care about the people of this country. Our representatives in Congress have sold us down the river.” Keep repeating this until you believe it. Then go vote. Vote them out over and over until they realize they won’t be staying long unless they do what We the People want.
Wake up America! Take off the blinders! Start fighting back! Don’t just cruise along hoping for the best. Take Action!