It is said that Jesus warned us to "Beware the Money Lenders." Modern credit card companies are great examples of why Christians and non-Christians alike should heed Jesus's advice. Forever ready to "rip you off," these immoral institutions entice you with "too good to be true" offers then look for every opportunity to alter your interest rates, often doubling them with little or no warning even if you pay your bills on time! These unethical institutions can't seem to wait for a late payment from you. It gives them the contractual right to "take you to the cleaners" and to ruin your credit for years to come, thereby increasing the revenue for their lending buddies in the home and auto loan businesses. If they can shorten the payment cycle or delay your payment, they will. Sometimes, these are in part, attempts to get you into their home equity loans.
Unfortunately, usury is subjectively defined by the laws controlled indirectly by these same institutions. These banks have well paid lobbyists to make sure that the law works in their favor. Even when they lose "slap on the hand" class action law suits, the penalties are never enough to stop their usurious practices. Most people throw out class action law suit letters because they are worded in a complicated manner with too much bother for the amount of money they would obtain if the suit is won. The banks are well aware of the public's apathy and laziness. When the public has an opportunity to be responsible, they instead seem to go shopping. It is one of the most favored methods of temporarily relieving stress over doing something that is goal achieving, income producing, or debt relieving. Furthermore, when they shop, they tend to use Credit Cards.
What is being done?
Sure, there are well intentioned folks like David Horowitz who sited a recent survey saying that out of 140 credit-card users, a consumer advocacy group found that 85 percent of the banks mentioned raise interest rates even after only one late payment. They also raise rates on customers who they find out are in arrears with other institutions. Much of what they find is based on inaccurate credit reports by companies like Experian who was also caught losing loads of personal information to corrupt criminals. The corruption is found at every level and we the people have tolerated it for far too long.
Take a gander at Cardweb.com that tracks the industry. According to Horowitz's article in Costco's "The Consumer Connection," credit card fees rose to nearly 34 percent of total credit-card revenue in 2003 while banks are raking in all time high profits during this same period. Though some folks are looking into possible illegal activities by these banks, I say "consumer beware." Quit using credit cards and holding balances on them. You are supporting evil and corruption in America while killing your own financial future.
What can you do?
Use DNN!
These banks represent all that is wrong in modern business and deserve to be shunned and put out of business by the public. Credit cards are convenient. However, there can be an extreme price to pay for taking the apple from these little devils.