Credit card debt in combination with high high interest rate charges amounts to american consumers paying 15-25 billion dollars EVERY MONTH in INTEREST RATE CHARGES on EXISTING, OLD CREDIT CARD DEBT. 15-25 billion dollars EVERY MONTH of precious "after payroll tax" dollars bypasses local economies and instead goes directly to banks and not into local economies resulting in lost local jobs.
Lost local jobs equals less revenue for states even as the states spend more and more to take care of those who are out of work. Less revenue for states leads to increased state and local consumption taxes. Increased state and local taxation results in local businesses cutting additional jobs and spending. The local community loses jobs and the ability to buy goods or services. Repeat the process for the same result, fewer jobs, more debt, and no way out.
Credit Card Debt creates 15 to 25 billion dollars of spending money each and every month for Wall Street executives to invest in overseas job opportunities. Americans with credit card debt are financing overseas jobs that create knock off, lower cost products that desperate americans then buy because they cannot "afford" anything better.
The irony is, after a few years of increasing credit card debt caused by the loss of local jobs, americans would have been better off paying DOUBLE for an american made product in cash.
Spending more money locally in cash can actually be more cost effective than buying a knock off made out of the country for less up front money because of all of the credit card interest rate charges that get tacked on over time.
Because the usurious credit card interest rate scandal is too good to be true, Credit card enslavement has been created by raising interest rates to record levels so that people cannot afford to pay down their credit card debt.
Profiteers from the above endeavor simply ridicule anybody with credit card debt to keep them in line, to make them feel ashamed and beaten down and embarrassed to publicly protest about what is going on.
Federal, State, and Local governments, nervous that their own revenues are falling, swoon at the banks feet because amazingly enough, the banks have cash and can help salvage local governments through the troubled times that the banks themselves helped create.
The banks generously offer low interest rates to all branches of government to help offset the "deadbeat" taxpayer that was originally victimized by the same banks that the government is swooning over.
You have to wake up your local government officials and demand that interest rates on EXISTING CREDIT CARD DEBT, not new credit cared debt, BUT EXISTING CREDIT CARD DEBT, needs to be SEVERELY REDUCED, to 1 or 2%, for any consumer that can afford to pay down their credit card debt, YOUR JOB, YOUR LIVELIHOOD, YOUR HOME, may depend on it.
Don't forget, the Cat Who Ate Chase Bank Book, coming this November.
