Another in a series of setups: First, controlling interests decide what direction, or policy, will be implemented. Next, many months ahead, they dispense “talking points” to certain major publications and pliable “news” sources. Then, people are incrementally (sold) “informed” as to what is inevitably upcoming. Under the guise of facts simply being reported, it works like a well-timed machine: “With losses from credit card defaults rising and with capital to back credit cards harder to come by, issuers are likely to increase rates to 16 or 17 percent by the fall. . . .” The latter facade (of a warning) was presented from a minute marketplace/”business environment” context. No references to the recent (weak) CARD Act or relative history to rampant abuses which brought its passage were mentioned. Instead, we are given the usual: a slanted “why” of what will be (for manipulative preparation) – but not a broader “why” of what IS, in an ongoing sense. In short, credit card companies will continue escalating the Variable floor rate, before the Prime Rate even begins to be altered upwardly, step-by-step. As an intended result, a new 20% average rate will be on our planned and coordinated horizon. Remember Providian? Their predatory practices were the focus of many lawsuits. Remember their standard 19.9% “Gold” cards – which were enticements for the downtrodden, and fodder for comedians? Soon, that rate will evolve – from oppressive joke material to a “National Average.” And, the consequences will be used against us.
Left out in the Bail Outs? Final straws as the colluding monopolies continue to pilfer us out of existence (at 30% rates)? Have they eased lending? Or, have most dominant lenders used their propped-up fortunes (borrowed at 0.25% rates) to expand (take) – without giving anything back (as supposedly intended)? In direct relation to the latter, as well as ongoing predatory practices from the credit card industry (syndicate), there are positively assertive ways to make stands for ourselves and our communities in this regressive environment:
Time For a Credit Union Movement:
Combined with the following, we can make significant impacts, while sending irrefutable (“bottom line”) messages:
Time for a Community Bank Movement:
Update (02-23-2013): More than three years since Predatory giants (like Capital One) caused uproars from millions, their practices remain the same. If my local credit union assesses a credit score of 796 combined with a perfect credit history as worthy of a new credit card account with more than double the credit limit and half the interest rate of a card I have maintained (in the most exemplary fashion) with Capital One for almost fifteen years, why would Capital One refuse to either lower the interest rate or raise my credit limit (on the same card/account they targeted along with almost everyone in the nation during their “Due to the Economic Environment” scam of 2008 and 2009)? Because a certain “Environment” continues – without repercussions (they can’t just laugh at).