Your Wallet

Got debt?

Have been interested in the hearings now being held on credit card debt now that Democrats have supervisory powers. In 2004, the credit card issuing element got about $1.x billion, in 2006 it was $17.x billion. How about that! We are really a burgeoning economy.

Six years of GOPerversion and we have credit card issuers getting huge interest payments making huge profits. Average per household debt is just short of $10,000 per household. Since a lot of people can manage their debt, it seems that those that owe at all owe around $18,000 each.

One item cited was that a late payment resulted in increasing debt interest on the entire amount owed, [which includes amounts owed before the interest was increased], was assessed as the existing debt limit. So when fees were charged, the debt limit was exceeded, and the penalties were for exceeding debt limit in addition to late fees.

The profits of this kind of theft are legitimitized by allowing theft against the public.

As one of those who pays cash, and has never not paid on time for anything, I am sitting here in debt free ownership protection. If I suddenly were to have huge health expenses, which are the greatest part of debt incursion, what would I do?

I am looking to public interested Democrats to make this work for the voters, instead of for the paying lobbies.