Washblog

When card users are late making payments, as the complex algorithms used by card issuers predict they will, interest rates rise dramatically and multiple user fees are added to the monthly bill. Millions of card users spend most of their income paying exorbitant user fees, without reducing the balance or reducing it only minimally. The bankers are raking in billions, while working class families are becoming debt slaves to the predatory capitalists of the credit card industry. This was made possible with the blessings of Congress operating under the influence of the corporate lobbyists that swarm on Capitol Hill like maggots on a corpse.

Bankruptcy laws that once provided working people a way out of debt are no longer available to them as an avenue of escape. It should be noted, however, that bankruptcy courts remain open to corporations and provide them with debt relief, a chance to start over with a clean slate.

Thus the banker thieves will continue to rob working families until death do them part; and then the debt burden is passed on to the next of kin. More than a cash cow designed to bilk the people of their hard earned income, credit card debt is also a way to control the debtors and keep them in line; and it is a major battle front in the class war that rages across the continent.

Like genetically modified poultry with abnormally large breasts, the American consumer is bred to consume and to be consumed by predatory capitalists. They are taken in by seductive advertising campaigns that nourish the urge to consume, no matter how destructive to the self or to the planet.

Credit card agreements are so complex and deliberately misleading that few consumers, or even lawyers can fully comprehend them; and they are mined with hidden traps and pitfalls guaranteed to produce lifetimes of debt.

From the previously cited statistics it should be clear that the people stand naked and vulnerable before the predatory capitalists and their cohorts in government. Massive personal debt is yet another example of a profit driven system that does not work for the working people of this nation. The trust that should prosper between people and government no longer exists, leaving the majority of citizens without representation. Predatory capitalism creates enormous wealth for a privileged few by exploiting workers who are trying to survive by working multiple jobs that yield non-living wages, and few or no benefits.