Sunday, December 07, 2008

Exactly Just What is Priceless?

Master the Possibilities” my fuckin’ ass.

The only possibilities “mastered” by Bank of America, MasterCard, Visa, Discover, Chase, CitiBank, American Express et al. are their ability to change the terms and conditions under which the price we pay for goods can be changed to pull more money from our pockets than ever before.

Those possibilities are endless my friends.

Think about it: you buy a TV for 300 dollars on a major credit card, then you break one of their adjusted terms, like making a late payment -with an entirely different creditor- and they can change the interest on something you’ve already bought, not just what you’ll buy from that point onward.

This doesn’t happen anywhere else in business. Nowhere else in business or commerce is the rate of interest allowed to be raised retroactively on an existing debt. This should be against the law, but the credit card companies long ago bought our representatives allegiance on this issue.

Now the Credit Card companies that are breaking your back with double digit APRs and changing agreements in order to get more money out of you, want something else. They want part of the bail out fever sweeping our Democrats and Republicans in Washington.

The credit card companies claim that their risk is our problem. The powerful Credit Card Lobby claims that if their businesses can’t lend, the country will fall apart. They do not acknowledge their own role in saddling consumers with interest-addled debt, progressively structured so that the principal is never substantially paid down, insuring their own profits but creating a consumer class that cannot buy new goods and services. They take no responsibility for creating a consumer class that does not contribute to the economy, but only pays off interest. In effect they do not acknowledge their own responsibility for their own industry. They take no responsiblitiy for their greed and excesses.

Suddenly, more and more people can’t pay and are defaulting on credit card debt like never before... and just as suddenly? Credit card companies want a guarantee. Suddenly, credit card companies want no part of the free market. They want no part of the reality that they’ve been engineering since the state of Delaware relaxed its incorporation laws for the credit business in the early 80s. Now they don’t like deregulation so much.

Credit card companies treat consumers, no differently than organized crime has treated the working class for decades.

These days the government is throwing our future earnings around like some lipoed, botoxed, Orange Country trophy-wife who just woke up and realized she doesn’t have to even fuck us anymore to spend our money… And like the poor sucker who put as much thought into his marriage as he did the red sports car in his garage, -there is not a damn thing he can do about it now except watch half his shit walk out the door

Or is there?

Find your senators and representative using these tools here:

While you’re at it, contact your State AG:

Write to them about your credit card problem. Do it today and then do it every time your credit card statements come in every single month, or whenever some weird change in terms arrives in the mail that you don’t understand. If possible, send a written letter, and put some real thought into it, about 16.99% or whatever your APR happens to be. Everyone should all put all the thought into this that we didn’t put into this issue when all the legislation that allowed credit card companies to legally change agreements (and contracts whenever they felt they could squeeze their customers for some fuck-around money) was proposed and then passed by own our representatives. Fight for yourself. Fight for your money. No one else will.

It’s at times like this that I really do wish Eliot Spitzer had kept his dick in his pants.

What is “priceless”? Apparently anything you ever paid for with a credit card. By the way Citibank wishes us all a very merry Christmas.


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